Aegon reports second half year 2024 results

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]