47 Overview of the Netherlands Aegon has operated in the Netherlands for more than 150 years, and is today  known as Aegon the Netherlands, one of the country's leading 1  providers of life  insurance and pensions, with approximately 4,300 employees. Aegon the  Netherlands is headquartered in The Hague, has offices in Leeuwarden and  Groningen, and owns the Unirobe Meeùs Group, one of the largest 2  intermediaries  in the Netherlands. Aegon the Netherlands operates through a number of brands,  including TKP Pensioen, Optas and Unirobe Meeùs. Aegon  itself is one of the most widely recognized brands in the Dutch  financial services sector 3 . Aegon the Netherlands provides a range of individual savings  products, mortgage loans and life insurance and personal  protection products and services, including traditional, universal  and term life. Based on underlying earnings before tax, Life &  Savings is Aegon the Netherlands’ largest line of business. Aegon the Netherlands’ primary subsidiaries are: Organizational structure Overview of business lines Life & Savings Products Endowment insurance Overview of sales and distribution channels  1 Source: DNB/CVS Reports 2012. 2 Source: AM 2012 Jaarboek, published by Assurantie Magazine. 3 Source: Tracking Report Motivaction+. ■ Aegon Bank N.V. ■ Aegon Levensverzekering N.V. ■ Aegon Schadeverzekering N.V. ■ Aegon Spaarkas N.V. ■ Optas Pensioenen N.V. ■ Aegon Hypotheken B.V. ■ TKP Pensioen B.V. ■ Unirobe Meeùs Groep B.V. ■ Aegon PPI B.V. ■ Life & Saving;  ■ Pensions; ■ Non-life; ■ Distribution. Aegon the Netherlands has four lines of business: Aegon the Netherlands sells through several channels. The  Pensions business line includes Sales and account management,  which serves large corporations and financial institutions such as  company and industry pension funds. In general all business lines  use the intermediary channel, which focuses on independent  agents and retail sales organizations in the Netherlands. Aegon  Bank uses the direct channel, primarily for savings, and Aegon  Schadeverzekering has strategic partnerships for the sale of its  products and uses an online channel. Aegon the Netherlands  launched online bank Knab in 2012 and online insurer Kroodle  in 2013, in line with its drive to embrace technology to meet  the evolving needs of its customers. Furthermore, Aegon the  Netherlands has made significant investments in the direct  online channel, which is starting to generate results. There are various profit-sharing arrangements. Bonuses are  either paid in cash (usually for a pension, as described later)  or used to increase the sum insured. A common form of profit  sharing is to set bonus levels by reference to external indices  that are based on pre-defined portfolios of Dutch government  bonds. The bonds included in the portfolios have differing  remaining maturities and interest rates. Together they are  considered an approximation of the long-term rate of return on  Dutch high-quality financial investments.  Minimum interest guarantees exist for all generations of  accumulation products written, except for universal life type  products for which premiums are invested solely in equity  funds. Older generations contain a 4% guarantee; in 1999 the  guarantee decreased to 3% and in 2013 the guarantee  decreased to 0%.  Accumulation products pay benefits on the policy maturity date,  subject to survival of the insured. Most policies also pay death  benefits should the insured die during the term of the contract.  Death benefits may be stipulated in the policy or depend on the  gross premiums paid to date. Premiums and amounts insured are  established at inception of the contract. The amount insured can  be increased as a result of profit sharing, if provided for under  the terms and conditions of the product. Endowment insurance includes several products that accumulate  a cash value. Premiums are paid at inception or over the term of  the contract.