AEGON N.V., one of the world’s largest life insurance and pension groups, has informed US Department of the Treasury that it is withdrawing its application for participation in the Troubled Asset Relief Program (TARP).

The company has already withdrawn its application to the Office of Thrift Supervision in the United States to gain a thrift charter, a prerequisite for participation in TARP.

Jos Streppel, Chief Financial Officer, AEGON quoted, "The company has decided not to seek access to TARP funds.”

He further added, the ongoing steps we are taking have positioned AEGON to enter 2009 with a strong capital position.

AEGON is one of the world's largest life insurance and pension groups, and a strong provider of investment products. Its businesses serve millions of customers in over twenty markets throughout the Americas, Europe, and Asia. The company employs almost 32,000 people worldwide.