By Adam Clark

 

Aegon N.V. (AGN.AE) said Thursday that its U.S. subsidiary Transamerica will pay $195 million to settle litigation over raising the cost of universal life-insurance policies.

The Dutch insurance and asset-management company said the settlement relates to lawsuits over Transamerica's increase in costs on around 70,000 insurance policies in 2015 and 2016.

The settlement will apply to all policyholders hit by the cost increases, although individuals can choose to opt out. The settlement includes monetary awards and protection against new increases for five years. Transamerica will also absorb fee and administrative costs.

Aegon said the hit to its capital position and pretax profit is expected to be in the range of the settlement amount.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

October 04, 2018 03:08 ET (07:08 GMT)

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