Outgoing Aegon CEO Optimisitic on 2002

April 19, 2002

Kees J. Storm, who’s set to retire in July after 9 years as the CEO of the Netherlands insurance and financial services giant Aegon, N.V., told the annual meeting of shareholders that the company expected to at least equal 2001’s net profit of €2.4 billion ($2.14 billion), and still hoped to achieve a 10 percent increase in earnings per share.

Storm and his designated successor, Donald J Shepherd, were both cautiously optimistic, warning that it’s still a bit too soon to be sure that the international economy was on the road to recovery. Shepherd specifically expressed concerns about Aegon’s credit portfolio, indicating that it had added reserves to cover potential defaults of € 200 million ($178.4 million).

After he retires in July, Storm will continue at Aegon as a member of the Supervisory Board.

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