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Aegon: Transamerica settles universal life litigation

AEGON (AEG)  More Company Research Source: Business Wire
US:NYSE Investor Relations: aegon.com/investors
PDF THE HAGUE, Netherlands--(BUSINESS WIRE)-- Aegon’s subsidiary Transamerica today announces an agreement that would resolve litigation challenging certain monthly deduction rate adjustments on universal life insurance policies in the United States. This settlement for an amount of USD 195 million removes the uncertainty of ongoing litigation for the company and its customers. Transamerica’s universal life insurance policies permit the company to adjust monthly deduction rates up to a contractually guaranteed maximum, subject to certain conditions. Plaintiffs in lawsuits challenged increases to monthly deduction rates on approximately 70,000 universal life policies that were enacted in 2015 and 2016. Transamerica implemented these adjustments, necessitated by low long-term interest rates, changes in expectations as to future mortality experience, and other factors, and in accordance with the policies’ contractua [Read more]

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