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EFG to challenge premium hikes in US

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EFG to challenge premium hikes in US

EFGInternational AG plans to challenge in the U.S. courts theimplementation of premium hikes relating to 12 of 48 of its holding of policiesissued by AEGON NVunit Transamerica Life InsuranceCo., saying the increases are significant and unjustified.

The firm made the announcement ahead of its April 29 annualgeneral meeting in Zurich. Noting that the policies are part ofits held-to-maturity life insurance portfolio, EFG said further such increasesby Transamerica or any other carrier could force it to carry out impairments onthe current carrying value of its holdings of life insurance policies.

EFG has a total of 217 policies in the held-to-maturity lifeinsurance portfolio.