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AEG

Aegon

$6.46

0.06 (0.94%)

05:35
10/04/18
10/04
05:35
10/04/18
05:35

Aegon: Transamerica settles universal life litigation

Aegon's subsidiary Transamerica 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 $195M 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' contractual terms. The agreement creates a settlement class of all Transamerica policyholders that were subject to the 2015 and 2016 monthly deduction rate adjustments. The settlement will be filed with the United States District Court for the Central District of California on or about October 4, 2018, and is subject to court approval. Impacted policyholders will receive notice approved by the court with details of the settlement. While policyholders may choose to opt out, policyholders who participate in the settlement will receive a monetary award - either through the crediting to policy account values for policies in force or in cash for certain policies no longer in force - and protection against new monthly deduction rate increases on their policies for five years. In turn, these class members will release all claims related to or arising out of the monthly deduction rate increases. This will allow Transamerica to retain its monthly deduction rate increases. Under the terms of the settlement agreement, Transamerica will pay the settlement amount into a common fund, and absorb additional costs for attorneys' fees, class notice and administration. The capital and pre-tax IFRS impacts are expected to be in the range of the amount of the settlement.

AEG Aegon
$6.46

0.06 (0.94%)

07/10/18
EVER
07/10/18
INITIATION
EVER
Underperform
AEGON initiated with an Underperform at Evercore ISI
07/05/18
HSBC
07/05/18
UPGRADE
HSBC
Buy
AEGON upgraded to Buy from Hold at HSBC
06/15/18
06/15/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Southwest (LUV) downgraded to Hold from Buy at Argus with analyst John Staszak saying that despite being well managed and financially strong, its focus on the domestic market will lead to slower relative growth based on better expected performance in the international space. 2. Motorcar Parts (MPAA) downgraded to Neutral from Buy at Roth Capital with analyst Matt Koranda saying he expects margin erosion to intensify in the coming quarters as better industry growth is awaited. 3. BHP Billiton (BHP) and Rio Tinto (RIO) were downgraded to Hold from Buy at Investec. 4. AEGON (AEG) downgraded to Underperform from Neutral at BofA/Merrill with analyst Michael van Wegen citing "relatively strong" stock performance. 5. Splunk (SPLK) downgraded to Sell from Neutral at Citi with analyst Walter Pritchard saying he sees "growth drivers plateauing" and "some warning signs in numbers." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/15/18
BOFA
06/15/18
DOWNGRADE
Target $5.4
BOFA
Underperform
AEGON downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Michael van Wegen downgraded AEGON to Underperform and cut its price target to $5.40 from $5.90 following "relatively strong" stock performance.

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