Aegon reports first half year 2024 results

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]