1Q 2024

Financial Performance & Targets - Aegon's operating capital generation was EUR 256 million in 1Q 2024, putting the company on track to meet its guidance of around EUR 11 billion for 2024[2, 40] - Cash capital at the Holding company stands at EUR 20 billion, reflecting the completion of 85% of the current share buyback program by the end of 1Q 2024[2] - A new share buyback program of EUR 200 million is planned, starting in July and expected to conclude by the end of 2024[2] - Aegon aims to reduce gross financial leverage to around EUR 50 billion, increase operating capital generation to around EUR 12 billion, grow free cash flows to around EUR 800 million, and increase the dividend to shareholders to around EUR 040 per share by 2025[60] Business Segment Performance - US Strategic Assets, UK Workplace, and Brazil experienced continued strong sales growth, while Asset Management saw positive third-party net flows; UK Retail faced challenges[2, 62] - In the Americas, operating capital generation decreased, with earnings on in-force increasing due to growth in Strategic Assets, offset by unfavorable mortality experience; new business strain increased due to growth in Individual Life and Retirement Plans[43, 46] - International experienced lower new life sales in China (-32%) and Spain (-34%) due to pricing regulations and higher interest rates, respectively[20] - Aegon Asset Management saw improved net deposits in 3rd-party business and Strategic Partnerships, with increased operating capital generation driven by a non-recurring expense benefit in China[23] Capital Positions - The US RBC ratio was 441% at the end of 1Q 2024, a +5%-pts increase compared to the end of 2H 2023[39] - The UK Solvency II ratio was 192% at the end of 1Q 2024, a +9%-pts increase compared to the end of 2H 2023[39]