Aegon(AEG)

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Aegon publishes its Integrated Annual Report 2024
GlobeNewswire News Room· 2025-03-27 07:00
Core Insights - Aegon Ltd. has published its Integrated Annual Report 2024, which outlines the company's business overview, strategy, sustainability approach, and both financial and non-financial performance [1] - The report discusses key trends affecting Aegon's businesses and stakeholders, emphasizing how these trends influence value creation and sharing [1] Company Overview - Aegon is an international financial services holding company focused on investment, protection, and retirement solutions [5] - The company operates fully owned businesses in the United States and the United Kingdom, along with a global asset manager [5] - Aegon creates value through partnerships in various countries, including insurance joint ventures in Spain, Portugal, China, and Brazil, as well as asset management partnerships in France and China [5] Sustainability and Impact - Aegon's purpose is to help people live their best lives, with a commitment to addressing critical environmental and societal issues, particularly climate change and inclusion & diversity [6] - The company aims to have a positive impact as a leading global investor and employer [6] Reporting and Accessibility - The Integrated Annual Report 2024 can be downloaded from Aegon's website, and a hard copy can be requested from the Investor Relations department [2] - Aegon will also file its Annual Report 2024 on Form 20-F with the United States Securities and Exchange Commission (SEC), which will be available on both Aegon's website and the SEC website [3]
Aegon launches community investment program in partnership with Bermuda Foundation
Globenewswire· 2025-03-14 07:00
Core Viewpoint - Aegon has launched a community investment program aimed at supporting the Bermuda community, focusing on education, financial and social empowerment, and contributions to the Bermuda Foundation, reinforcing its long-standing relationship with the region [1][2][4]. Education - The program will provide scholarships of up to $30,000 per academic year for students pursuing careers in key local industries such as healthcare, trades, and technology, starting in the 2025/2026 academic year [2]. Financial and Social Empowerment - Aegon will grant funds to local nonprofit organizations that promote financial literacy, entrepreneurship, and social inclusion, helping individuals develop skills to engage actively in Bermuda's economy [3]. Bermuda Foundation - Aegon will invest in the Bermuda Foundation to support its long-term sustainability and mission, which includes managing philanthropic funds for nonprofit organizations [4]. Program Duration - The community investment program is set to run for an initial term of three years starting in 2025 [5].
Aegon(AEG) - 2024 Q4 - Earnings Call Presentation
2025-02-20 16:31
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Aegon(AEG) - 2024 Q4 - Earnings Call Transcript
2025-02-20 16:30
Financial Data and Key Metrics Changes - Aegon reported an operating result of nearly €1.5 billion for 2024, consistent with last year's results, with improved claims experience following assumption updates [5] - Free cash flow for 2024 was €759 million, meeting guidance, and a final dividend of €0.19 per common share was proposed, bringing the full-year dividend to €0.35 per share, a 17% increase from 2023 [6][59] - The group's operating results increased to €776 million, driven by U.S. Strategic Assets and Aegon Asset Management, with a 14% increase in IFRS operating results compared to the prior year [28][30] Business Line Data and Key Metrics Changes - In the U.S., annuity sales through the WFG network increased by 22% compared to 2023, while new life sales decreased by 3% [12][15] - The U.K. saw net deposits in the Workplace platform amounting to £3.7 billion, more than double the level of 2023, while the Adviser platform experienced net outflows of £3.5 billion [17] - Aegon Asset Management reported strong results with third-party net deposits of €9.2 billion, driven by inflows in alternative fixed income funds [21] Market Data and Key Metrics Changes - New life sales in the International segment decreased by 15% compared to 2023, primarily due to pricing actions in China reflecting lower interest rates [19] - In Brazil, gross written premiums increased by more than 15%, indicating strong customer retention despite a slight decrease in new life sales [97] - The U.K. market showed a favorable increase in assets under administration, which amounted to £115 billion, up 11% compared to the end of 2023 [18] Company Strategy and Development Direction - Aegon is focused on transforming Transamerica into a leading middle-market life insurance and retirement company in the U.S. and is executing a strategy to reverse outflows in the Adviser platform [7][10] - The company aims to reduce exposure to Financial Assets while growing Strategic Assets, with a target of €1.2 billion in operating capital generation for 2025 [62] - Aegon is committed to generating attractive returns for shareholders, evidenced by a €150 million share buyback program [6][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 targets, highlighting solid growth in Strategic Assets and a commitment to expense discipline [62] - The company acknowledged challenges in the International segment, particularly in China, due to low interest rates impacting life insurance sales [90][101] - Management noted that while 2024 was a record year for the Workplace business, they expect continued growth but recognize the need for caution due to exceptionally high performance [120] Other Important Information - The group solvency ratio decreased by 2 percentage points to 188% at the end of December 2024 [28] - Aegon is making steady progress towards reducing capital employed in Financial Assets, targeting $2.2 billion by the end of 2027 [52] - The company completed a program to purchase institutionally owned Universal Life policies ahead of schedule, reducing exposure to mortality risks [9][54] Q&A Session Summary Question: Can you help me understand the moving parts leading you to reiterate your 2025 guidance? - Management reiterated that the guidance remains stable, with favorable tailwinds from higher equity markets and dollar strength, offset by weaker performance in the International segment, particularly in China [66][70] Question: What kind of interest rate benefits are you modeling? - Management indicated that while they are reinvesting at higher rates, competitive pressures are limiting the benefits to operating capital generation [72][73] Question: Can you say what the solvency is now in China? - The local comprehensive solvency ratio in China was reported at 228%, significantly above regulatory thresholds [88] Question: What can you say about potential disposals or restructuring in the international business? - Management confirmed that international businesses are core to the group, with ongoing monitoring of the situation in China, but no plans for disposals [96][101] Question: Is there anything else that you are looking at in your accounting? - Management noted that the reclassification of onerous contracts was appropriate and that they will continue to monitor the situation for any necessary adjustments [108][115]
Aegon reports second half year 2024 results
GlobeNewswire News Room· 2025-02-20 06:00
Core Insights - Aegon has made significant progress in its transformation strategy and is on track to meet its 2025 targets, with a strategy update scheduled for December 10, 2025 [4] - The company achieved an operating capital generation (OCG) of EUR 1.2 billion and free cash flow exceeding EUR 700 million for 2024, indicating strong financial performance [5][9] - Aegon's valuation equity per share increased by 12% to EUR 8.91, reflecting enhanced shareholder value [5][9] Financial Performance - Aegon reported a full-year IFRS operating result of EUR 1.5 billion, with a net profit of EUR 741 million [5][9] - The operating result for the second half of 2024 was EUR 776 million, a 14% increase compared to the second half of 2023 [9] - Free cash flow for 2024 totaled EUR 759 million, meeting the guidance of more than EUR 700 million [9] Business Unit Highlights - In the Americas, World Financial Group (WFG) increased its licensed agents by 17% to over 86,000, contributing to a 22% rise in the operating result of Transamerica's distribution segment, which reached USD 191 million [6] - The UK Workplace platform saw net deposits of GBP 3.7 billion in 2024, driven by new schemes and higher contributions [7] - Aegon's Asset Management business returned to growth with approximately EUR 14 billion in third-party net deposits [8] Shareholder Returns - Aegon proposed a final dividend of EUR 0.19 per common share for 2024, a 19% increase compared to the previous year, resulting in a total dividend of EUR 0.35 for the full year [9][11] - The company completed a EUR 200 million share buyback program in December 2024, following a EUR 1.535 billion program in the first half of the year [10] Strategic Initiatives - Aegon is focused on improving customer service through a new brand identity and digital experiences [6] - The company is executing a strategy to return its UK Adviser platform to growth by 2028, targeting the top 500 financial adviser firms [7]
H'ART Museum and Aegon announce partnership
GlobeNewswire News Room· 2025-01-08 07:06
Partnership Announcement - H'ART Museum and Aegon Ltd announce a strategic partnership effective January 1, 2025, for an initial period of two years [1] - The collaboration aligns with H'ART Museum's reputation as a hub for world-class art collections and Aegon's international strategy [2] - The partnership aims to support H'ART Museum's efforts to showcase famous works of art and stories from around the world in unique exhibitions [3] H'ART Museum Overview - H'ART Museum connects a broad audience to a wide variety of art collections ranging from antiquity to the present day [3] - The museum is preparing the exhibition 'From Rembrandt to Vermeer, Masterpieces from The Leiden Collection' [3] - H'ART Museum collaborates with esteemed partners such as the Smithsonian American Art Museum, the British Museum, and the Centre Pompidou [8] - The museum is housed in a historic landmark building and features a courtyard garden and a Grand Café [8] - H'ART Museum hosts a wide array of events, including concerts, lectures, movie nights, and educational programs [8] Aegon Overview - Aegon is an international financial services holding company with businesses in the United States, United Kingdom, and global asset management [9] - The company operates insurance joint-ventures in Spain & Portugal, China, and Brazil, and asset management partnerships in France and China [9] - Aegon owns a Bermuda-based life insurer and holds a strategic shareholding in a leading Dutch insurance and pensions company [9] - Aegon's purpose is to help people live their best lives, with a focus on climate change and inclusion & diversity [10] - The company is headquartered in The Hague, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange [10] Strategic Alignment - The partnership with H'ART Museum aligns with Aegon's international strategy and commitment to supporting cultural institutions [5] - Aegon's upcoming move to its new headquarters at WTC Schiphol in mid-2025 coincides with the partnership [5] - The collaboration aims to inspire a wide audience through unique exhibitions, in line with Aegon's international strategy [5]
Aegon: Price-To-Book Valuation Provides Upside (Rating Upgrade)
Seeking Alpha· 2024-12-17 23:46
Group 1 - The article discusses the investment research service The Aerospace Forum, which focuses on the aerospace, defense, and airline industries, providing insights and data analytics for investment opportunities [1] - Aegon Ltd. was previously analyzed in relation to AT1 bonds of Credit Suisse, with a hold rating assigned due to a lack of perceived risk at that time [1] - The analyst, Dhierin, has a background in aerospace engineering and aims to provide context to industry developments that may impact investment theses [1] Group 2 - The investing group offers direct access to data analytics monitors, enhancing the research capabilities for investors in the aerospace sector [1] - The article emphasizes that past performance does not guarantee future results, highlighting the importance of careful investment consideration [2] - It is noted that the analysts contributing to the platform may not be licensed or certified, indicating a diverse range of perspectives in the analysis provided [2]
Aegon sets net-zero investment targets for 2030
GlobeNewswire News Room· 2024-12-11 07:30
Core Points - Aegon has updated its net-zero targets for 2030, building on existing targets and reinforcing its commitment to transition its investment portfolio to net-zero GHG emissions by 2050 [1][3] - The new targets align with the guidance from the United Nations-convened Net-Zero Asset Owner Alliance (NZAOA), which provides a framework for science-based goals in line with the Paris Agreement [3] Summary by Categories 2030 Targets - Aegon aims to reduce the weighted average carbon intensity of its corporate fixed income and listed equity general account assets by 50% from a 2019 baseline [4] - The company plans to reduce the scope 1 and 2 carbon intensity of its directly held real estate investments by 42% from a 2019 baseline [4] - Aegon will invest an additional USD 1 billion, in addition to its existing USD 2.5 billion commitment, in activities to mitigate climate change or adapt to its impacts by 2030 [4] - The company will continue engagements with at least the top 20 corporate carbon emitters in its portfolio [4] Future Commitments - Beyond 2030, Aegon will update its targets every five years, in line with NZAOA guidelines [5]
Aegon: Supportive Operating Capital Generation, Buy Confirmed
Seeking Alpha· 2024-11-16 10:14
Core Viewpoint - Aegon (NYSE: AEG) is expected to see a positive stock price reaction following its Q3 performance, driven by a beat on free cash flow (FCF), operating capital generation (OCG), and a planned €250 million share buyback [1] Group 1 - The company reported strong performance metrics, particularly in free cash flow and operating capital generation [1] - Aegon is initiating further share buybacks amounting to €250 million, which is anticipated to positively influence stock prices [1]
Aegon(AEG) - 2024 Q3 - Earnings Call Transcript
2024-11-15 14:13
Financial Data and Key Metrics - Operating capital generation for Q3 2024 was $336 million, driven by US businesses, with year-to-date generation exceeding EUR 900 million [5] - Full-year operating capital generation guidance increased to EUR 1.2 billion from the previous EUR 1.1 billion [5] - Cash capital at holding decreased to EUR 1.5 billion due to EUR 650 million returned to shareholders via dividends and share buybacks [7] - New share buyback program of EUR 150 million announced, expected to begin in January 2025 [7] - US RBC ratio decreased by 11 percentage points to 435% due to the termination of universal life policies [17] Business Line Performance - US new life sales decreased by 6% to EUR 112 million in Q3 2024, driven by lower index universal life sales [9] - Retirement plans business in the US saw net outflows of $373 million, primarily due to discontinuance of low-margin record-keeping plans [10] - UK Workplace platform recorded net deposits of GBP 865 million, while the Advisor Platform saw net outflows of GBP 960 million [11] - International new life sales decreased by 17% to EUR 65 million, with cyclical headwinds in Brazil and Spain [13] - Global Asset Management recorded third-party net deposits of EUR 2.8 billion, with assets under management increasing to EUR 324 billion [15] Market Performance - US business saw a 19% increase in licensed agents for World Financial Group, reaching over 82,000 agents [9] - UK platform assets under administration increased to GBP 112 billion, driven by favorable markets and net deposits [12] - China saw temporary higher sales ahead of regulatory pricing changes at the end of Q3 2024 [13] Strategy and Industry Competition - Company continues to execute its strategy to reduce exposure to financial assets in the US, with a target to reduce capital employed to $2.2 billion by 2027 [24] - Transformation of Transamerica remains on track, with a focus on increasing agent productivity and diversifying revenue streams [9] - Company plans to manage cash capital at holding down to the midpoint of the operating range (EUR 0.5 billion to EUR 1.5 billion) by the end of 2026 [8] Management Commentary on Operating Environment and Future Outlook - Management highlighted commercial volatility in Q3 but remains confident in achieving 2025 targets [30] - Company expects to achieve operating capital generation of EUR 1.2 billion in 2025 and free cash flow of EUR 800 million [28] - Management plans to provide an update on strategy and targets at the Capital Markets Day on December 10, 2025 [31] Other Important Information - Company completed the purchase of 41% of the $2.9 billion face value of institutionally owned universal life policies, achieving targeted investment hurdles [26] - Regulatory approvals for actuarially justified premium rate increases in long-term care now amount to $457 million, representing 55% of the target [25] Q&A Session Summary Question: Impact of US macro environment on capital reduction plans - Company’s capital reduction plans are mostly unilateral and bilateral, with limited reliance on third-party actions, making them largely within the company’s control [33][34] Question: Mortality experience variance and IFRS impact - Limited IFRS variances observed in Q3, with no significant impact from mortality experience [37] Question: Criteria for capital returns versus value creation - Company prioritizes investments that accelerate strategic progress and meet financial and non-financial criteria, with disciplined capital deployment [39][40] Question: US government strategies and WFG regulation - Company is well-positioned for potential regulatory changes, including the fiduciary rule, with a focus on best interest regulation [42][43] Question: Buyback program and capital reduction timeline - Company plans to reduce cash capital to EUR 1 billion by end of 2026, with EUR 150 million buyback program including EUR 40 million for share-based compensation [49][50] Question: OCG and free cash flow outlook for 2025 - Company maintains OCG guidance of EUR 1.2 billion for 2025, with new business strain expected to offset benefits from equity markets and reinvestment rates [56][78] Question: WFG agent productivity and activation program - WFG agent productivity is supported by a granular activation program, with newer agents receiving training and support to accelerate productivity [61] Question: US retirement plans competitiveness - Company is focused on improving retention and profitability in the retirement plans business, with strong written sales and a robust pipeline [82][83] Question: Inorganic growth and ASR stake - Company remains open to inorganic opportunities that align with its strategy, while maintaining a patient approach to its ASR stake [89][90]