Insurance group Aegon said on Monday it had reached a final agreement with two foundations representing customers who lost out in the investment linked insurance policy scandal.

The bones of the deal were worked out last year but the details still had to be finalised. Aegon is to spend a maximum of €250m on compensating clients for the cost of so-called ‘profiteering policies’.
Aegon said it had previously spent €380m on reducing fees, so that 70% of customers now pay less than the maximum agreed on costs.