Dutch Insurer Aegon NV, confirmed reports that as part of an ongoing restructuring, it will cut approximately 5% of its workforce , or approximately 400-500 jobs in the U.S. over the coming two years. The action will result in $70 million annual cost-savings.

Aegon is also restructuring its operations in the U.K., and hopes to cut costs by at least 25% by end of 2011.

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