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]

Aegon Ltd. (NYSE:AEG) Q3 2024 Sales Call Transcript November 15, 2024 3:00 AM ET Company Participants Yves Cormier - Head of Investor Relations Lard Friese - CEO, Chairman of Management Board & Executive Director Duncan Russell - CFO & Member of Management Board Conference Call Participants Farooq Hanif - JPMorgan Nasib Ahmed - UBS Michael Huttner - Berenberg Benoit Petrarque - Kepler Farquhar Murray - Autonomous Iain Pearce - Exane BNP Paribas David Barma - Bank of America Jason Kalamboussis - ING Operator ...

Th aegon 3Q 2024 Trading Update Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer November 15, 2024 Key messages 2 ▪ EUR 336 million operating capital generation 1, now expecting FY 2024 operating capital generation of around EUR 1.2 billion ▪ Continued strong growth in UK Workplace and in third-party net deposits in Asset Management ▪ US Strategic Assets experience commercial volatility with lower new life sales and net outflows in retirement ▪ Lower new business volumes in Brazil ...

The Hague, November 15, 2024 - Please click here to access all 3Q 2024 trading update related documents.  EUR 336 million operating capital generation, before holding funding and operating expenses. Full-year 2024 guidance raised to around EUR 1.2 billion, from around EUR 1.1 billion previouslyCapital ratios of the main units remain above their respective operating levelsPlanned new EUR 150 million share buyback program announced; completion expected in the first half of 2025. The program includes neutraliz ...

The Hague, September 13, 2024 - Aegon today announces the appointment of Michele Bareggi as Chief Strategy, Transformation and Growth Officer, and member of Aegon’s Executive Committee, starting November 1, 2024. Michele succeeds Duncan Russell, who took on the role of Group CFO in September 2024. Mr. Bareggi brings over 25 years of experience in the financial services industry, including his tenure at Athora, a leading European savings and retirement services group. Mr. Bareggi has been instrumental in es ...

PoulssenAt the Lab, we have a long history of Aegon (NYSE:AEG), but we should remind our new readers that this company provides life insurance, asset management activities, and pension solutions. Aegon was funded in 1880 in The Hague (Netherlands) and served more than ten countries, with critical operations in the UK and the United States. Indeed, our investment equity story was backed by 1) the Transamerica division's upside, 2) a supportive Shareholders' Remuneration, and 3) a sound management team wi ...

Aegon Ltd. (NYSE:AEG) Q2 2024 Earnings Conference Call August 22, 2024 3:00 AM ET Company Participants Yves Cormier - Head of Investor Relations Lard Friese - Chief Executive Officer Matthew Rider - Chief Financial Officer Conference Call Participants David Barma - Bank of America Steven Haywood - HSBC Michael Huttner - Berenberg Farquhar Murray - Autonomous Nasib Ahmed - UBS Jason Kalamboussis - ING Farooq Hanif - JPMorgan Operator Good day and thank you for standing by. Welcome to Aegon First Half 2024 Re ...

Financial Performance - Aegon's operating result decreased by 8% to EUR 750 million in 1H 2024 compared to EUR 818 million in 1H 2023, primarily due to unfavorable mortality experience in the Americas [226]. - Aegon's operating result after tax for the first half of 2024 was €633 million, a decrease of 9.4% compared to €671 million in the first half of 2023 [306]. - The total operating result for the first half of 2024 was €722 million, down from €768 million in the same period last year, reflecting a decline of 6.0% [306]. - The net result for 1H 2024 was a loss of EUR 65 million, an improvement from a loss of EUR 199 million in 1H 2023 [225]. - Aegon's total New Business Value decreased to EUR 290 million in H1 2024 from EUR 316 million in H1 2023, with IFRS new business value at EUR 182 million [252]. Capital Management - Aegon aims to generate operating capital of approximately EUR 1.2 billion and free cash flow of around EUR 800 million by 2025, with a target dividend per share of EUR 0.40 [157]. - Aegon announced an interim dividend for 2024 of EUR 0.16 per common share, an increase of EUR 0.02 compared to the interim dividend for 2023 [217]. - Aegon's Cash Capital at Holding decreased from EUR 2,387 million to EUR 2,090 million, largely due to EUR 686 million of capital returns to shareholders [216]. - Aegon aims to maintain Cash Capital at Holding between EUR 0.5 billion and EUR 1.5 billion to ensure liquidity and meet obligations [282]. - The group solvency ratio decreased from 193% to 190% due to the redemption of EUR 700 million Tier 2 securities and a new EUR 200 million share buyback program [214]. Asset Management - Aegon plans to grow assets under management in the General Account Stable Value product and IRAs to USD 16 billion and USD 18 billion, respectively, by 2027 [170]. - Aegon's account balances in Retirement Plans increased to USD 229 billion at the end of the first half of 2024, up from USD 206 billion a year earlier [169]. - Assets under management increased by EUR 25 billion to EUR 318 billion compared to June 30, 2023, driven by favorable markets and positive net deposits [209]. - Total Platform Assets under Administration increased by 11% to GBP 111 billion compared to June 30, 2023 [195]. - Aegon UK expects to grow combined assets under administration to above GBP 135 billion by 2028, with operating capital generation increasing by around 12% per year [191]. Sales and Deposits - In the first half of 2024, Aegon Americas reported a 17% increase in gross deposits for Retirement Plans, totaling USD 16.5 billion, while net deposits showed a 19% improvement compared to the previous year [160]. - New life sales in Individual Life reached USD 245 million in the first half of 2024, a 5% increase year-over-year, driven primarily by indexed universal life products [173]. - New premium production for Workplace Health insurance increased by 10% to USD 67 million in the first half of 2024, driven by a new large voluntary benefits contract [176]. - Net deposits for Indexed Annuities amounted to USD 505 million in the first half of 2024, with RILA products contributing USD 531 million, up from USD 197 million in the same period of 2023 [175]. - Net deposits in the Workplace platform amounted to GBP 1.7 billion in the first half of 2024, compared to GBP 1.5 billion in the same period of 2023 [193]. Operational Challenges - Aegon's operating result from the Americas decreased by 12% to EUR 550 million in 1H 2024, driven by unfavorable mortality experience [227]. - The operating result of Financial Assets decreased to USD 64 million in H1 2024, down from USD 261 million in H1 2023, primarily due to unfavorable mortality claims of USD 116 million [232]. - The operating result from the UK was GBP 80 million in H1 2024, a decrease from GBP 97 million in the prior year, driven by unfavorable claims experience in the protection book [234]. - The operating result from the International segment decreased by 5% to EUR 90 million in H1 2024, mainly due to lower results in TLB from unfavorable claims and expenses [236]. - The company faced challenges from external factors such as changes in financial markets and regulatory environments, impacting its operational strategies [303]. Risk Management - Aegon continues to optimize its risk-return profile through an active global reinsurance program and by monitoring new business risks [279]. - The company emphasizes maintaining adequate liquidity and capital management to support its strategic objectives and stakeholder interests [273]. - Aegon's US RBC ratio was 446% and the Scottish Equitable Plc (UK) solvency ratio was 189% as of June 30, 2024, exceeding the minimum dividend payment levels [278]. - The Group solvency ratio is subject to ongoing supervisory review and is not final until filed with the regulator [310]. - The financial numbers presented in this release are unaudited [310].

Core Viewpoint - Aegon has appointed Shawn C.D. Johnson as the new CEO of Aegon Asset Management, effective September 23, 2024, succeeding Bas NieuweWeme, who is leaving to pursue other career opportunities [1][2]. Group 1: Leadership Transition - Shawn C.D. Johnson brings extensive experience, having previously served as CEO of AMP Capital and founded Guidon Global LLC, with a notable 15-year tenure at State Street Global Advisors [1]. - Bas NieuweWeme will remain as an advisor until December 1 to ensure a smooth transition [1]. - Lard Friese, CEO of Aegon, expressed confidence in Shawn's ability to guide Aegon AM through its next phase of transformation, emphasizing his expertise in asset management and strategic consulting [2]. Group 2: Organizational Growth - Under Bas NieuweWeme's leadership since 2019, Aegon AM has become more client-driven and has shown strong growth in its global platforms and alternatives business [2]. - The organization is moving towards a global platform operating under one brand to leverage Aegon AM's international expertise and product suite [2]. - Shawn Johnson expressed enthusiasm for supporting Aegon's ambition to create leading businesses in investment, protection, and retirement solutions [2]. Group 3: Company Overview - Aegon is an international financial services holding company focused on building leading businesses that offer investment, protection, and retirement solutions [4]. - The company operates fully owned businesses in the United States and the United Kingdom, along with a global asset manager [4]. - Aegon aims to create value through partnerships in various countries, including insurance joint ventures in Spain, Portugal, China, and Brazil [4].

Core Insights - Aegon reported a net loss of EUR 65 million in the first half of 2024, primarily due to fair value losses in the US and unfavorable mortality experience [2] - The operating result decreased by 8% year-over-year to EUR 750 million, reflecting challenges in the US Financial Assets segment [2] - Shareholders' equity per share fell by 6% to EUR 4.02, while the CSM per share increased by 14% to EUR 4.17 after tax adjustments [2] Financial Performance - Operating capital generation before holding funding and operating expenses decreased by 5% to EUR 588 million, but is on track to meet the 2024 guidance of EUR 1.1 billion [3][5] - Cash Capital at Holding remained strong at EUR 2.1 billion, with a completed share buyback program of EUR 1.535 billion and a new program of EUR 200 million initiated [3][8] - Free Cash Flow was reported at EUR 373 million, which includes the final dividend from 2023 and an interim dividend of EUR 0.16 per common share, up EUR 0.02 from 2023 [3] Strategic Developments - Aegon made progress in its strategy to become a leading provider of investment, protection, and retirement solutions, with strong sales growth in US Strategic Assets and the UK Workplace platform [4] - The capital employed in US Financial Assets decreased by USD 0.4 billion, with a target to reduce it to EUR 2.2 billion by the end of 2027 [4] - In the US, Transamerica's individual life new sales increased by 5% to USD 245 million, and the sales force of World Financial Group grew by 13% [6] Market Position and Growth - Aegon UK's Workplace platform saw net deposits increase to GBP 1.7 billion, while the Adviser platform experienced net outflows of GBP 1.8 billion due to reduced customer activity [7] - The global asset management segment reported strong commercial results, with third-party net deposits totaling almost EUR 8 billion [7] - In Brazil, the Mongeral Aegon Group's life sales rose by 9% to EUR 64 million, benefiting from Aegon's increased economic stake [8]