Aegon announces significant step to capture greater operational efficiencies
This agreement is expected to lead to annual run-rate expense savings for
TCS will administer Transamerica’s life insurance, annuity, supplemental health insurance and workplace voluntary benefits products and take on administration of over 10 million policies. In addition,
This decision supports execution of Transamerica’s customer centric strategy and focus on sustainable growth. “We continue to put our customers at the forefront of everything we do. I’m very excited to embark on this partnership with TCS, whose transformation and technology innovation capabilities will supplement our focus on improving our customers’ experience in a digitally enabled way. This supports meaningful growth in all business lines – including insurance and annuities – and advances our competitive positioning. TCS was carefully selected because of its significant, ongoing investments in technology and its expertise in the insurance and annuity industry,” said
All of the
Founded in 1968, TCS is a leading global IT services, digital, consulting, operations, and business solutions company that has operated in the US for more than 40 years. It offers deep expertise in the insurance sector and works with more than 100 insurers today, including six of the world’s top 10 insurance companies. TCS will expand its existing relationship with
“TCS continuously invests in the latest technologies, local talent and US facilities to help leading US companies adapt to rapidly evolving customer demands. This agreement marks TCS’ entry into a highly specialized
TCS has invested nearly
About
Aegon’s roots go back more than 170 years – to the first half of the nineteenth century. Since then,
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, digital, consulting, operations and business solutions organization that delivers real results to global business. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 389,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US
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Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the
- Changes in general economic conditions, particularly in
the United States ,the Netherlands and theUnited Kingdom ; - Changes in the performance of financial markets, including emerging markets, such as with regard to:
- The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
- The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities
Aegon holds; and - The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that
Aegon holds;
- Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
- Consequences of a potential (partial) break-up of the euro;
- Consequences of the anticipated exit of the
United Kingdom from theEuropean Union ; - The frequency and severity of insured loss events;
- Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products;
- Reinsurers to whom
Aegon has ceded significant underwriting risks may fail to meet their obligations; - Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;
- Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
- Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
- Increasing levels of competition in
the United States ,the Netherlands , theUnited Kingdom and emerging markets; - Changes in laws and regulations, particularly those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of
Aegon companies, the productsAegon sells, and the attractiveness of certain products to its consumers; - Regulatory changes relating to the pensions, investment, and insurance industries in the jurisdictions in which
Aegon operates; - Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the
International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof toAegon , including the designation ofAegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII); - Changes in customer behavior and public opinion in general related to, among other things, the type of products
Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations; - Acts of God, acts of terrorism, acts of war and pandemics;
- Changes in the policies of central banks and/or governments;
- Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
- Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability and liquidity of its insurance subsidiaries;
- The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting the capital
Aegon is required to maintain; - Litigation or regulatory action that could require
Aegon to pay significant damages or change the wayAegon does business; - As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, a computer system failure or security breach may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
- Customer responsiveness to both new products and distribution channels;
- Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
- Changes in accounting regulations and policies or a change by
Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results and shareholders’ equity; - Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
- The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;
- Catastrophic events, either manmade or by nature, could result in material losses and significantly interrupt Aegon’s business;
- Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving and excess capital and leverage ratio management initiatives; and
- This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Further details of potential risks and uncertainties affecting
View source version on businesswire.com: http://www.businesswire.com/news/home/20180111006014/en/
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