The European Commission (EC) has made Aegon overhaul its variable annuity (VA) hedging programme as a condition of granting full retrospective approval of the 2008 Dutch state-financed bailout of the Hague-based insurer which plunged into difficulties following the financial crisis.
The EC temporarily approved the €3 billion (£2.4 billion) recapitalisation in 2008 which was conditional upon the Dutch government subsequently submitting a plan demonstrating how the firm would secure long-term
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