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About J C Penney Life Insurance Company Inc

Dutch life insurance giant Aegon serves nearly 30 million customers worldwide. Its subsidiaries, which include Transamerica and Scottish Equitable plc, operate primarily in the US, the Netherlands, and the UK, offering personal and commercial life insurance, annuities, and accident and supplemental health insurance, as well as retirement and savings advice and management services. Aegon has insurance operations in more than 20 countries in the Americas, Europe, and Asia, as well in the Netherlands. In 2019, Aegon has changed its grouping of the operating segments. From the previously separate Spain & Portugal segments, and Central & Eastern Europe, it is now combined under Southern & Eastern Europe segments.

Operations

Aegon divides its operations along geographic lines. The Americas is its biggest market, representing about 45% of revenue and more than 55% of earnings. It covers business units in United States, Brazil, and Mexico.

In Asia (around 5% of total revenue), Aegon operates partnerships in China, India, and Japan and also serves high-net-worth individuals in Singapore and Hong Kong. The Europe segment covers the operations in UK (nearly 30% of sales), the Netherlands (around 15%), and Southern & Eastern Europe (around 5%).

Aegon Asset Management is a global active investment manager, serving institutional and private investors. It offers fixed income, equities, real estate, absolute return, liability-driven, and multi-asset solutions. The division trades under the Aegon name in most of the world, except the UK, where it does business as Kames Capital, and the Netherlands, where is operates as TKP Investments. The segment accounts for less than 5% of total revenue.

Geographic Reach

The Americas and Europe are by far Aegon's largest markets, together bringing in some 95% of total revenue. Europe generates nearly 50% of revenue. The UK gets most of its revenue from insurance products while the Netherlands is a bigger source in investment income. The Americas accounts for around 45% of revenue but is more profitable, more than 55% of earnings.

Aegon is based in The Hague in the Netherlands.

Sales and Marketing

Aegon primarily sells its products and services through brokers, agents, independent financial advisors, employee, benefit consultants, and banks. It also does some direct selling. Aegon's partnership with Banco Santander allows Aegon to sell products through the Spanish banking giant's branch network.

Aegon Asset Management uses several sales and distribution channels, including affiliated companies, direct to institutional clients, independent investment advisors, investment consultants, joint ventures, and third-party investment platforms.

Financial Performance

Note: Growth rates may differ after conversion to US Dollars.

Aegon's revenues have generally declined in the last five years. It fell 17% between 2015 and 2019, struggling to return to its peak of €33.9 billion in 2015. Net income has seen a similar trend, despite surpassing its net loss of €523 million in 2015; overall it rose 392% over the same period.

Aegon's revenues in 2019 fell 2% to €28.2 billion from €28.9 billion in the year prior due to declines in premium and fee and commission income, despite a slight increase in its investment income.

Net income in 2019 rose considerably to €1.5 billion as underlying earnings before tax of €1.9 billion were partly offset by fair value losses, other charges, net impairments and income taxes.

Aegon's cash balance rose €3.5 billion to €12.3 billion during 2019. Operating activities generated €7.3 billion, while investing activities used €86 million and financing used €3.7 billion. Aegon's main cash uses in 2019 were repayment of trust pass-through securities, perpetual repayments, and treasury share purchases.

Strategy

Aegon has embarked on its next three-year plan, which runs from 2019-2021. Its focus is on capital generation and shareholder returns, and sustainable growth. In 2019, it sold its stake in the partnership with Sony Life in Japan which allows Aegon to fully focus on its most promising businesses, customer, segments, and opportunities in Asia.

Going further, Aegon announced in late 2019 that it will scrap the Kames Capital and TKP Investment asset management brands in the UK and Netherlands in favor of combining them with its US business. The newly formed €300 million global asset manager will trade under the Aegon name. The move aims to leverage Aegon's greater brand recognition globally and to make it more responsive to changing market conditions.

Aegon has also made further strides in transferring the administration of its Transamerica brand's life and annuity business to a third-party, TCS, as well as the transfer of the administration and claims management for the long-term care insurance business line.

The company also continued to make investments intended to make it a more data-driven, innovative, customer-centric, and agile company. It invested in training programs to ensure its employees are developing to become knowledgeable analysts and skilled stewards of Aegon's data. It has also ramped up the Aegon Analytical Academy and is inspiring its leaders of the future with the PULSE program.

J C Penney Life Insurance Company Inc

2700 W Plano Pkwy
Plano, TX 75075-8205
Phone: 1 (972) 881-6000

Firm Stats

Employer Type: Privately Owned
Senior Vice President: John D Joseph
Treasurer: Susan Peters
Employees (This Location): 1,200
Employees (All Locations): 1,520

Major Office Locations

Plano, TX