Financial Data and Key Metrics Changes - The operating result for the first half of 2025 was €845 million, a 19% increase compared to the previous year, driven by profitable business growth and improved claims experience in the US, UK, and international segments [5][16][19] - Operating capital generation before holding and funding expenses decreased by 2% to €576 million [5][16] - Free cash flow increased significantly to €442 million from €373 million in the previous year [17][29] - The group solvency ratio decreased by five percentage points to 183% due to the new share buyback program and the reservation of the interim dividend [18][27] Business Line Data and Key Metrics Changes - In the Americas, Transamerica's strategic assets grew, with a 14% increase in the number of licensed agents and a 13% increase in new life sales [10][11] - Aegon UK saw growth in business, although the advisor platform was negatively impacted by market consolidation [13] - The international segment reported higher new life sales in joint ventures in Brazil, China, Spain, and Portugal, but faced lower sales in Singapore due to competitive changes [14] Market Data and Key Metrics Changes - The US market accounts for approximately 70% of Aegon's operations, making it central to the company's strategy and long-term growth [8] - The company reported strong growth in net deposits in the retirement plan business, driven by mid-sized plans [12] Company Strategy and Development Direction - Aegon is focused on growing and transforming its businesses, with a commitment to return excess capital to shareholders through share buybacks [6][7] - The company is reviewing the potential relocation of its head office to the US to align its corporate structure with its primary market [8][9] - The implementation of US GAAP reporting is planned, which is expected to take two to three years [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial targets for 2025, citing strong commercial momentum and growth in key markets [30] - The company is monitoring the impact of equity market fluctuations on its capital generation and earnings profile [36][38] Other Important Information - Aegon announced a €200 million increase to its share buyback program, totaling €400 million for 2025 [6][29] - The company aims to reduce cash capital at holding to around €1 billion by 2026 [7][29] Q&A Session Summary Question: What drove the decision to cover 25% of the variable annuity based fee? - Management indicated that this was part of ongoing risk management to stabilize capital generation and was executed recently [36] Question: Can you provide insights on the US GAAP implementation? - Management stated it is too early to provide guidance on the impact of US GAAP on operating profit [42] Question: What are the main challenges of potentially redomiciling? - Key challenges include implementing US GAAP and managing the transition process effectively [65] Question: How clean is the reported operating profit? - Management confirmed that the operating profit is considered clean, with adjustments leading to a strong adjusted number [50] Question: What is the size of the pool plan mentioned? - The pool plan is approximately €1.9 billion, contributing to net deposits growth [41][93] Question: How does the US redomiciliation impact M&A opportunities? - Management indicated that being closer to the US market would position the company better for potential acquisitions, but the M&A approach remains disciplined [71]