Aegon, a Dutch insurance company, is preparing to re-organize its company’s Asian operations. Since experiencing losses in Asia, they want to address their business in both Asia and Hong Kong to turn losses into growth. These are changes that have been on their horizon for some time, but are now ready to help move their Asia market into the spotlight.
To begin the changes for 2011, Aegon has created a CEO position for Asia. Douglas Henck, the newly-hired CEO of Aegon Asia, plans to operate Asian insurance businesses as if they were one regional division. Henck has had multiple years of experience in management in the insurance industry. He has spent much of the last 25 years of his career in Asia, so he understands the market well. The headquarters for these changes is located in Hong Kong.
The company seeks to reinforce its core business. They are aiming to increase their US market share in the Life and Protection areas. They also want to move to fee-based products in Retirement and Savings markets to drive up their profits in those areas. They also seek to grow in the other insurance markets, including Pensions and Employee Solutions.
Once Asia and Hong Kong are combined into the new, concise division led by Henck, Aegon hopes to increase product expertise, as well as their distribution. By working to attain geographic balance in their differing markets, Aegon hopes to see a higher level of growth, especially related to their long-term financial goals.