Aegon sign record longevity protection deal
Deutsche Bank on Friday struck a deal with Aegon to protect the Dutch insurer against the financial impact of its customers living longer than expected. Aegon is to pay 12 billion euros ($15.65 billion) to insure against the “risk.”
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Under the biggest such deal ever signed in Europe, Deutsche Bank covers the cost of unforeseen increases in the life span of Aegon clients.
Such deals are tipped for stro ralph lauren outlet online ng growth as unexpected increases in pensioner life spans fueled by medical advances and lifestyle changes inflict potentially crippling extra costs on insurers and pension funds.
“We believe the market will continue to grow as insurance companies and pension funds look to new ways to manage their liabilities, while investors seek diversified opportunities,” Deutsche Bank’s Head o ralph lauren outlet online f Structured Insurance Solutions, Clare Hennings, said in a statement.
In November, Deutsche Bank provided protection from longevity increases on three billion pounds (3.6 billlion euros, $4.72 billion) of liabilities in British aero engine maker Rolls Royce’s pension fund.
The Aegon Deutsche Bank deal on Friday coincided with the Dutch life insurer’s announcement that it missed estimates for the fourth quarter of 201 ralph lauren outlet online 1. Aegon posted a profit of 81 million euros in the final quarter of last year, whereas analysts had expected profits to reach 176 million euros in the period under revision.