Aegon is also restructuring its operations in the U.K., and hopes to cut costs by at least 25% by end of 2011.
The latest U.S. move is the result of the insurer’s desire to stop selling new executive non-qualified benefit plans. It will also discontinue a related life insurance business. Aegon plans to take $290 million in writedowns including $80 million in restructuring charges and an additional write-off of goodwill and intangible assets of $210 million.
The largest number of job cuts will occur in Dallas, but Aegon also confirmed its intention to move its break up operations in its Louisville, Ky., office and move them to other areas within the U.S., and will outsource some of its back-office functions currently underway in Cedar Rapids, Iowa.
Thanks to support from the Dutch state, Aegon endured the 2008 financial crisis, and last month