Aegon secures Dutch government funding and cuts dividend

Aegon has become the latest financial house to seek government funding and will cut its 2008 dividend...

Aegon has become the latest financial house to seek government funding and will cut its 2008 dividends. The group has secured €3bn of capital from the Dutch government via its largest shareholder Vereniging Aegon following an announcement earlier this month by the state to make €20bn available to financial companies that are fundamentally sound. The cash will be used to accelerate a risk reduction and capital release strategy to provide the structure with security in the event of significant market deterioration. It will also give flexibility to avoid excessive overcapitalisation if the ...