Aegon appoints Michele Bareggi as Chief Strategy, Transformation and Growth Officer
13 Septiembre 2024 - 2:30AM
UK Regulatory
Aegon appoints Michele Bareggi as Chief Strategy, Transformation
and Growth Officer
The Hague, September 13, 2024 - Aegon today announces the
appointment of Michele Bareggi as Chief Strategy, Transformation
and Growth Officer, and member of Aegon’s Executive Committee,
starting November 1, 2024. Michele succeeds Duncan Russell, who
took on the role of Group CFO in September 2024.
Mr. Bareggi brings over 25 years of experience in the financial
services industry, including his tenure at Athora, a leading
European savings and retirement services group. Mr. Bareggi has
been instrumental in establishing Athora, leading the group through
a significant period of growth including its expansion into
Belgium, Ireland, Italy and the Netherlands. Prior to his role at
Athora, he held various positions at major global investment banks,
including Morgan Stanley and Credit Suisse, covering both private
and public markets.
Lard Friese says: “I am pleased Michele is joining Aegon. His
extensive experience in investment banking,
transforming organizations and leading customer-focused
innovation will be invaluable as we accelerate our strategy to
transform our businesses into leaders in their markets.”
Michele Bareggi comments: “I’m excited to join Aegon at such a
pivotal time. I look forward to working with the teams at Aegon and
its business units to drive transformation initiatives that will
support Aegon's strategy and create sustainable growth for the
company and all its stakeholders.”
Contacts
Media
relations |
Investor
relations |
Richard
Mackillican |
Yves Cormier |
+31(0) 62 741
1546 |
+31(0) 70 344
8028 |
richard.mackillican@aegon.com |
yves.cormier@aegon.com |
About Aegon
Aegon is an international financial services holding company.
Aegon’s ambition is to build leading businesses that offer their
customers investment, protection, and retirement solutions. Aegon’s
portfolio of businesses includes fully owned businesses in the
United States and United Kingdom, and a global asset manager. Aegon
also creates value by combining its international expertise with
strong local partners via insurance joint-ventures in Spain &
Portugal, China, and Brazil, and via asset management partnerships
in France and China. In addition, Aegon owns a Bermuda-based life
insurer and generates value via a strategic shareholding in a
market leading Dutch insurance and pensions company.
Aegon’s purpose of helping people live their best lives runs
through all its activities. As a leading global investor and
employer, Aegon seeks to have a positive impact by addressing
critical environmental and societal issues, with a focus on climate
change and inclusion & diversity. Aegon is headquartered in The
Hague, the Netherlands, domiciled in Bermuda, and listed on
Euronext Amsterdam and the New York Stock Exchange. More
information can be found at aegon.com.
Forward-looking statements
The statements contained in this document that are not historical
facts are forward-looking statements as defined in the US Private
Securities Litigation Reform Act of 1995. The following are words
that identify such forward-looking statements: aim, believe,
estimate, target, intend, may, expect, anticipate, predict,
project, counting on, plan, continue, want, forecast, goal, should,
would, could, is confident, will, and similar expressions as they
relate to Aegon. These statements may contain information about
financial prospects, economic conditions and trends and involve
risks and uncertainties. In addition, any statements that refer to
sustainability, environmental and social targets, commitments,
goals, efforts and expectations and other events or circumstances
that are partially dependent on future events are forward-looking
statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. Aegon undertakes no obligation, and
expressly disclaims any duty, to publicly update or revise any
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which merely
reflect company expectations at the time of writing. Actual results
may differ materially and adversely from expectations conveyed in
forward-looking statements due to changes caused by various risks
and uncertainties. Such risks and uncertainties include but are not
limited to the following:
- Unexpected delays, difficulties, and expenses in executing
against Aegon’s environmental, climate, diversity and inclusion or
other “ESG” targets, goals and commitments, and changes in laws or
regulations affecting us, such as changes in data privacy,
environmental, health and safety laws;
- Changes in general economic and/or governmental conditions,
particularly in Bermuda, the United States, the Netherlands and the
United Kingdom;
- Civil unrest, (geo-) political tensions, military action or
other instability in a country or geographic region;
- 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;
- The effects of declining creditworthiness of certain public
sector securities and the resulting decline in the value of
government exposure that Aegon holds;
- The impact from volatility in credit, equity, and interest
rates;
- Changes in the performance of Aegon’s investment portfolio and
decline in ratings of Aegon’s counterparties;
- 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 written premium, policy retention,
profitability and liquidity of its insurance subsidiaries;
- The effect of applicable Bermuda solvency requirements, the
European Union’s Solvency II requirements, and applicable
equivalent solvency requirements and other regulations in other
jurisdictions affecting the capital Aegon is required to
maintain;
- Changes in the European Commissions’ or European regulator’s
position on the equivalence of the supervisory regime for insurance
and reinsurance undertakings in force in Bermuda;
- Changes affecting interest rate levels and low or rapidly
changing interest rate levels;
- Changes affecting currency exchange rates, in particular the
EUR/USD and EUR/GBP exchange rates;
- Changes affecting inflation levels, particularly in the United
States, the Netherlands and the United Kingdom;
- 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, particularly in the United
States, the Netherlands, the United Kingdom and emerging
markets;
- Catastrophic events, either manmade or by nature, including by
way of example acts of God, acts of terrorism, acts of war and
pandemics, could result in material losses and significantly
interrupt Aegon’s business;
- 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 and management of derivatives;
- 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;
- Reinsurers to whom Aegon has ceded significant underwriting
risks may fail to meet their obligations;
- 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;
- Customer responsiveness to both new products and distribution
channels;
- Third-party information used by us may prove to be inaccurate
and change over time as methodologies and data availability and
quality continue to evolve impacting our results and
disclosures;
- As Aegon’s operations support complex transactions and are
highly dependent on the proper functioning of information
technology, operational risks such as system disruptions or
failures, security or data privacy breaches, cyberattacks, human
error, failure to safeguard personally identifiable information,
changes in operational practices or inadequate controls including
with respect to third parties with which Aegon does business, may
disrupt Aegon’s business, damage its reputation and adversely
affect its results of operations, financial condition and cash
flows, and Aegon may be unable to adopt to and apply new
technologies;
- The impact of acquisitions and divestitures, restructurings,
product withdrawals and other unusual items, including Aegon’s
ability to complete, or obtain regulatory approval for,
acquisitions and divestitures, integrate acquisitions, and realize
anticipated results, and its ability to separate businesses as part
of divestitures;
- Aegon’s failure to achieve anticipated levels of earnings or
operational efficiencies, as well as other management
initiatives related to cost savings, Cash Capital at Holding, gross
financial leverage and free cash flow;
- Changes in the policies of central banks and/or
governments;
- Litigation or regulatory action that could require Aegon to pay
significant damages or change the way Aegon does business;
- Competitive, legal, regulatory, or tax changes that affect
profitability, the distribution cost of or demand for Aegon’s
products;
- Consequences of an actual or potential break-up of the European
Monetary Union in whole or in part, or further consequences of the
exit of the United Kingdom from the European Union and potential
consequences if other European Union countries leave the European
Union;
- Changes in laws and regulations, or the interpretation thereof
by regulators and courts, including as a result of comprehensive
reform or shifts away from multilateral approaches to regulation of
global or national operations, particularly regarding those laws
and regulations related to ESG matters, those affecting Aegon’s
operations’ ability to hire and retain key personnel, taxation of
Aegon companies, the products Aegon sells, the attractiveness of
certain products to its consumers and Aegon’s intellectual
property;
- Regulatory changes relating to the pensions, investment,
insurance industries and enforcing adjustments 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 to Aegon, including the designation of Aegon by the
Financial Stability Board as a Global Systemically Important
Insurer (G-SII);
- 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, shareholders’
equity or regulatory capital adequacy levels;
- Changes in ESG standards and requirements, including
assumptions, methodology and materiality, or a change by Aegon in
applying such standards and requirements, voluntarily or otherwise,
may affect Aegon’s ability to meet evolving standards and
requirements, or Aegon’s ability to meet its sustainability and
ESG-related goals, or related public expectations, which may also
negatively affect Aegon’s reputation or the reputation of its board
of directors or its management; and
- Other risks and uncertainties identified in the Form 20-F and
in other documents filed or to be filed by Aegon with the SEC.
- Reliance on third-party information in certain of Aegon’s
disclosures, which may change over time as methodologies and data
availability and quality continue to evolve. These factors, as well
as any inaccuracies in third-party information used by Aegon,
including in estimates or assumptions, may cause results to differ
materially and adversely from statements, estimates, and beliefs
made by Aegon or third-parties. Moreover, Aegon’s disclosures based
on any standards may change due to revisions in framework
requirements, availability of information, changes in its business
or applicable governmental policies, or other factors, some of
which may be beyond Aegon’s control. Additionally, Aegon's
discussion of various ESG and other sustainability issues in this
document or in other locations, including on our corporate website,
may be informed by the interests of various stakeholders, as well
as various ESG standards, frameworks, and regulations (including
for the measurement and assessment of underlying data). As such,
our disclosures on such issues, including climate-related
disclosures, may include information that is not necessarily
"material" under US securities laws for SEC reporting purposes,
even if we use words such as "material" or "materiality" in
relation to those statements. ESG expectations continue to evolve,
often quickly, including for matters outside of our control; our
disclosures are inherently dependent on the methodology (including
any related assumptions or estimates) and data used, and there can
be no guarantee that such disclosures will necessarily reflect or
be consistent with the preferred practices or interpretations of
particular stakeholders, either currently or in future.
Further details of potential risks and uncertainties affecting
Aegon are described in its filings with the Netherlands Authority
for the Financial Markets and the US Securities and Exchange
Commission, including the 2023 Integrated Annual Report. These
forward-looking statements speak only as of the date of this
document. Except as required by any applicable law or regulation,
Aegon expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Aegon’s expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
- 20240913_PR_Aegon appoints Michele Bareggi as Chief Strategy,
Transformation and Growth Officer
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