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## Overview of the Netherlands 

Aegon has operated in the Netherlands for more than 150 years, and is today known as Aegon the Netherlands, one of the country's leading 1  providers of life insurance and pensions, with approximately 4,300 employees. Aegon the Netherlands is headquartered in The Hague, has offices in Leeuwarden and Groningen, and owns the Unirobe Meeùs Group, one of the largest 2  intermediaries in the Netherlands. 

## Organizational structure 

Aegon the Netherlands operates through a number of brands, including TKP Pensioen, Optas and Unirobe Meeùs. Aegon itself is one of the most widely recognized brands in the Dutch financial services sector 3 . 

Aegon the Netherlands’ primary subsidiaries are: 

■ Aegon Bank N.V. 

■ Aegon Levensverzekering N.V. 

■ Aegon Schadeverzekering N.V. 

■ Aegon Spaarkas N.V. 

■ Optas Pensioenen N.V. 

■ Aegon Hypotheken B.V. 

■ TKP Pensioen B.V. 

■ Unirobe Meeùs Groep B.V. 

■ Aegon PPI B.V. 

Aegon the Netherlands has four lines of business: 

■ Life & Saving; 

■ Pensions; 

■ Non-life; 

■ Distribution. 

## Overview of sales and distribution channels 

Aegon the Netherlands sells through several channels. The Pensions business line includes Sales and account management, which serves large corporations and financial institutions such as company and industry pension funds. In general all business lines use the intermediary channel, which focuses on independent agents and retail sales organizations in the Netherlands. Aegon Bank uses the direct channel, primarily for savings, and Aegon Schadeverzekering has strategic partnerships for the sale of its products and uses an online channel. Aegon the Netherlands launched online bank Knab in 2012 and online insurer Kroodle in 2013, in line with its drive to embrace technology to meet the evolving needs of its customers. Furthermore, Aegon the Netherlands has made significant investments in the direct online channel, which is starting to generate results. 

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## Overview of business lines Life & Savings 

Aegon the Netherlands provides a range of individual savings products, mortgage loans and life insurance and personal protection products and services, including traditional, universal and term life. Based on underlying earnings before tax, Life & Savings is Aegon the Netherlands’ largest line of business. 

## Products 

## Endowment insurance 

Endowment insurance includes several products that accumulate a cash value. Premiums are paid at inception or over the term of the contract. 

Accumulation products pay benefits on the policy maturity date, subject to survival of the insured. Most policies also pay death benefits should the insured die during the term of the contract. Death benefits may be stipulated in the policy or depend on the gross premiums paid to date. Premiums and amounts insured are established at inception of the contract. The amount insured can be increased as a result of profit sharing, if provided for under the terms and conditions of the product. 

Minimum interest guarantees exist for all generations of accumulation products written, except for universal life type products for which premiums are invested solely in equity funds. Older generations contain a 4% guarantee; in 1999 the guarantee decreased to 3% and in 2013 the guarantee decreased to 0%. 

There are various profit-sharing arrangements. Bonuses are either paid in cash (usually for a pension, as described later) or used to increase the sum insured. A common form of profit sharing is to set bonus levels by reference to external indices that are based on pre-defined portfolios of Dutch government bonds. The bonds included in the portfolios have differing remaining maturities and interest rates. Together they are considered an approximation of the long-term rate of return on Dutch high-quality financial investments. 

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