Insurance group Aegon is pressing ahead with a reorganisation of its US activities which involves cutting the workforce by 5%, or up to 500 jobs.

Aegon puts the cost of the revamp at around €61m, of which the bulk will be written off in the fourth quarter of this year.
The restructuring follows Aegon’s decision to stop selling some insurance products in the US and to concentrate on its ‘strategic focus on its core business – life insurance, pensions and asset management,’ the company said in a statement.