The Hague, November 2, 2021 – Aegon today announces that it is committed to its $ 156 billion corporate sustainability policy. In this context, Aegon will join the Net-Zero Asset Owner Alliance, a United Nations-convened group of institutional investors who have committed to converting their portfolios to net zero greenhouse gas emissions.
To ensure progress towards this 2050 commitment, Aegon has set a clear medium-term goal. By 2025, Aegon wants the weighted average CO2 intensity of its around 55 billion. Aegon will set additional targets at 5-year intervals for the period after 2025 to 2050. To meet the 2025 target, Aegon will adjust its general account portfolio.
In addition, Aegon will regularly work with the companies in its global investment portfolio that are most carbon-intensive to drive real-world greenhouse gas emissions reductions. Aegon will regularly update its Group-wide Responsible Investing Exclusion Criteria to reflect the latest scientific knowledge on climate change.
“Climate change is one of the most pressing environmental and social problems of our time, and Aegon is committed to helping the transition to a carbon-free economy,â said Lard Friese, CEO of Aegon. âWith today’s announcements, Aegon is embarking on a journey to Conversion of its investment portfolio to net zero emissions by 2050. In order to live up to this obligation, we have a premiere medium term Goal, underpinned by concrete action plans. I’m convinced that from If we build a sustainable company, we can create lasting value for all of our stakeholders. “
Further measures are in progress in the local markets. For its Dutch business, Aegon will commit to an expanded Climate Action Plan 2050, which includes general account assets as well as segregated accounts and off-balance sheet investments. Earlier this year, Aegon UK announced its commitment to reduce carbon emissions from its standard company pension funds by 50% by 2030 and net zero by 2050. In addition to Aegon’s accession to the Net-Zero Asset Owners Alliance, Aegon Asset Management becomes the Net Zero Asset Managers Initiative.
Aegon’s roots go back more than 175 years – to the first half of the 19th century. Since then, Aegon has grown into an international company with businesses in America, Europe and Asia. Today, Aegon is one of the world’s leading financial services companies offering life insurance, annuities and asset management. Aegon’s purpose is to help people achieve lifelong financial security. More information on aegon.com.
Statements in this document that are not historical facts are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. The following words identify such forward-looking statements: may, expect, anticipate, predict, project, calculate, plan , continue, want, forecast, aim, should, would, could, is confident, want and expressions similar to those used to relate to Aegon. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon assumes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which only reflect the company’s expectations at the time of writing. Actual results could differ materially from the expectations expressed in forward-looking statements due to changes due to various risks and uncertainties. These risks and uncertainties include but are not limited to the following:
- Changes in general economic and / or governmental conditions, particularly in the United States, the Netherlands and the United Kingdom;
- Changes in the performance of financial markets, including emerging markets, e.g. B. in relation to:
- The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
- The impact of corporate bankruptcies and / or accounting adjustments on financial markets and the resulting depreciation in the value of stocks and debt securities that Aegon holds; and
- The impact of the deteriorating creditworthiness of certain public sector securities and the consequent depreciation of Aegon’s government exposure;
- Changes in the performance of Aegon’s investment portfolio and deterioration in the ratings of Aegon’s counterparties;
- The downgrading of one or more of Aegon’s debt ratings issued by recognized rating organizations and the negative impact such actions may have on Aegon’s ability to raise capital, liquidity and financial condition;
- The downgrading of one or more ratings of the insurer financial strength of Aegon’s insurance subsidiaries and the negative impact such actions may have on the premium booked, insurance retention, profitability and liquidity of its insurance subsidiaries;
- Aegon must maintain the effect of the Solvency II requirements of the European Union and other regulations in other legal systems that affect capital;
- Changes that affect interest rates and persistently low or rapidly changing interest rates;
- Changes in exchange rates, in particular the EUR / USD and EUR / GBP exchange rates;
- Changes in the availability of and related costs of sources of liquidity such as bank and capital market financing, and in credit market conditions in general, such as changes in the creditworthiness of borrowers and counterparties;
- Increasing competition in the United States, the Netherlands, the United Kingdom and emerging markets;
- Catastrophic events, either human or natural, including, for example, acts of God, acts of terrorism, acts of war and pandemics, could result in material loss and materially disrupt Aegon’s business;
- Frequency and severity of insured loss events;
- Changes affecting longevity, mortality, morbidity, persistence and other factors that could affect the profitability of Aegon’s insurance products;
- Aegon’s forecast results are very sensitive to complex mathematical models of financial markets, mortality, longevity and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions about these models later prove incorrect, or should errors in these models escape the controls to detect them, future performance will differ from projected results;
- Reinsurers to whom Aegon has assigned material underwriting risks may not be able to meet their obligations;
- Changes in customer behavior and public opinion in general relating to the nature of the products Aegon sells, including any legal, regulatory or commercial need to meet changing customer expectations;
- Customer responsiveness to both new products and sales channels;
- Since Aegon’s business supports complex transactions and is highly dependent on the proper functioning of information technology, operational risks such as system malfunctions or failures, security or data protection breaches, cyber attacks, human error, lack of protection of personal data, changes in operating practices or inadequate controls, also with respect to third parties with whom we do business could disrupt Aegon’s business, damage its reputation and affect its results of operations, financial condition and cash flows;
- The effects of acquisitions and divestments, reorganizations, product withdrawals and other unusual factors, including Aegon’s ability to integrate acquisitions and achieve the expected results and synergies from acquisitions;
- Aegon’s failure to achieve expected earnings levels or operational efficiencies and other management initiatives related to cost savings, cash in the holding company, gross financial debt and free cash flow;
- Changes in central bank and / or government policy;
- Litigation or regulatory action that could oblige Aegon to pay material damage or to change Aegon’s business;
- Competitive, legal, regulatory or tax changes that affect profitability, distribution costs or demand for Aegon products;
- Consequences of an actual or potential breakup of the European Monetary Union in whole or in part or the withdrawal of the United Kingdom from the European Union and possible consequences if other countries of the European Union leave the European Union;
- Changes in laws and regulations, particularly those that affect Aegon’s ability to hire and retain key personnel, the taxation of Aegon businesses, the products Aegon sells and the attractiveness of certain products to its consumers;
- Regulatory changes related to the pension, investment and insurance industries in the jurisdictions in which Aegon operates;
- Standard-setting initiatives by supranational standard-setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that have an impact on the regional (e.g. application for Aegon, including the appointment of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII ); and
- Changes in accounting rules and guidelines, or a change by Aegon in the application of such rules and guidelines, voluntarily or otherwise, that may affect Aegon’s reported results, equity or regulatory capital adequacy.
Further details of potential risks and uncertainties affecting Aegon are described in the filings, including the annual report, with the Dutch Financial Market Authority and the US Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. Except as required by applicable law or regulation, Aegon expressly disclaims any obligation or obligation to publicly publish updates or revisions to any forward-looking statements contained herein to reflect changes in Aegon’s expectations relating thereto or changes in events, conditions, or circumstances on which such Statement is based.
20211102 – PR – Aegon is committed to net zero by 2050