Aegon Makes $1.3 Billion Deal With JCP

March 8, 2001

Aegon will pay $1.3 billion in cash for the direct marketing services division of J.C. Penney, allowing the Dutch insurer to offer its own financial service products to J.C. Penney’s 12 million North American customers.

Separately, Aegon said its net profit last year rose 32 percent, meeting analyst estimates. Including the J.C. Penney unit, it expects this year to post an increase in earnings per share of 10 to 15 percent, after a rise of 23 percent last year.

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