Report: Aegon to Close 2 Units, Cut Costs 25%
Aegon NV reportedly announced that it plans to cut more jobs, and will close two additional British operations in an effort to improve profitability in its fourth-largest market, according to Reuters.
As part of an effort to cut costs by 25% at the end of 2011, the Amsterdam-based insurer allegedly will close its third-party pension administration and employee benefits software businesses. These moves were initially outlined in June as part of AEGON's British restructuring plan.
Additionally, Reuters says the insurer announced a reorganization of its British sales division earlier this month, which will eliminate 106 jobs.
AEGON says it doesn't yet know how many jobs will be lost, but notes that a total of 89 people will lose their jobs at the two British businesses (82 at the third-party pension administration office, and seven from the employee benefits software unit), Reuters reports.