Aegon's Transamerica to Pay $195 Million to Settle Life-Insurance Lawsuits
October 04 2018 - 3:23AM
Dow Jones News
By Adam Clark
Aegon N.V. (AGN.AE) said Thursday that its U.S. subsidiary
Transamerica will pay $195 million to settle litigation over
raising the cost of universal life-insurance policies.
The Dutch insurance and asset-management company said the
settlement relates to lawsuits over Transamerica's increase in
costs on around 70,000 insurance policies in 2015 and 2016.
The settlement will apply to all policyholders hit by the cost
increases, although individuals can choose to opt out. The
settlement includes monetary awards and protection against new
increases for five years. Transamerica will also absorb fee and
administrative costs.
Aegon said the hit to its capital position and pretax profit is
expected to be in the range of the settlement amount.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
October 04, 2018 03:08 ET (07:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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