Aegon : Trading Update Supplement 1Q 2024

May 16, 2024 at 01:14 am EDT

1Q 2024 Trading Update Supplement

May 16, 2024

1Q 2024 Trading Update Supplement

Contents

Business update

Americas	4
United Kingdom	6
International	8
Asset Management	10

Financial highlights

Aegon Ltd. Main capital ratios	12
Aegon Ltd. Capital generation	13
Aegon Americas Capital generation	13
Aegon Ltd. Cash Capital at Holding	14

Other information

Exchange rates

Unaudited

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1Q 2024 Trading Update Supplement

Aegon Americas

Unaudited

Page 3 of 20

1Q 2024 Trading Update Supplement

Aegon Americas

unaudited

Business update

amounts in millions

USD

2023

2024

Full Year

First

Second

Third

Fourth

First

Second

Third

Fourth

2023

2024

Quarter

Distribution KPIs - World Financial Group (WFG)
Number of licensed agents (end of period)	66,915	69,846	69,104	73,719	75,652
Number of multi-ticket agents (end of period)	33,314	34,265	35,521	36,232	37,211
Transamerica's market share in WFG (US Life)	64%	64%	65%	64%	64%
Savings & Investments KPIs

Gross deposits Retirement Plans	7,786	6,298	6,218	6,215	9,699
Net deposits Retirement Plans	346	(1,381)	(1,539)	(2,134)	1,032
of which: net deposits mid-sized Retirement Plans	932	64	243	(64)	1,165
Individual Retirement Accounts AuA	9,043	9,539	9,458	10,408	10,996
General Account Stable Value AuA	10,468	10,732	10,797	11,074	11,307
Gross deposits Mutual Funds	1,575	1,426	1,210	1,268	1,249
Net deposits Mutual Funds	(21)	(225)	(315)	(675)	(627)
Protection Solutions KPIs
Term Life	20	20	19	19	17
Whole Life	12	11	11	13	12
Traditional Life	31	31	29	32	29
Indexed Universal Life	82	89	89	103	90
New life sales (recurring plus 1/10 single) Individual Life	113	119	118	135	119
Traditional Life	5	2	1	1	3
Universal Life	23	14	13	10	22
New life sales (recurring plus 1/10 single) Workplace Life	27	16	14	11	25
New premium production Workplace Health	40	21	22	23	44
Net deposits Indexed Annuities	70	109	141	142	214
Financial Assets KPIs
Capital employed in Financial Assets (at operating level)	3,889	4,082	4,093	3,875	3,692
Net deposits Variable Annuities	(1,115)	(1,254)	(1,309)	(1,311)	(1,558)
Net deposits Fixed Annuities (excluding SPGAs)	(153)	(252)	(341)	(246)	(195)
	97%	99%	99%	99%	99%
Variable Annuities dynamic hedge effectiveness ratio (%) ¹
LTC actual to expected claim ratio (%) (IFRS)	89%	77%	103%	79%	102%
NPV of LTC rate increases approved since end-2022	42	86	108	245	335

1. Dynamic Hedge effectiveness ratio (%) represents the hedge effectiveness on targeted risk, in particular impact from linear equity and interest rate movements.

73,719

36,232

64%

26,517

(4,708)

1,175

10,408

11,074

5,479

(1,237)

124

362

486

105

463

3,875

(4,989)

(992)

99%

87%

245

Unaudited

Page 4 of 20

1Q 2024 Trading Update Supplement

Aegon United Kingdom

Unaudited

Page 5 of 20

1Q 2024 Trading Update Supplement

Aegon United Kingdom

unaudited

Business update

amounts in millions

GBP

2023

2024

Full Year

First

Second

Third

Fourth

First

Second

Third

Fourth

2023

2024

Quarter

Retail platform	(413)	(724)	(903)	(1,018)	(896)
Workplace Solutions platform	733	773	(379)	687	546
Total platform business	320	49	(1,282)	(331)	(350)
Traditional products	(264)	(260)	(378)	(294)	(377)
Total platform and traditional business	56	(211)	(1,660)	(625)	(727)
Institutional	2,786	239	(258)	(274)	499
Total net deposits/(outflows)	2,841	28	(1,919)	(899)	(228)

New life sales (recurring plus 1/10 single)	6	3	-	-	-
Strategic KPIs
Annualized revenues gained/(lost) on net deposits	(2.6)	(3.4)	(5.5)	(4.1)	(4.6)
Platform expenses / AuA (bps)	23 bps	24 bps	24 bps	24 bps	24 bps

(3,058)

1,814

(1,244)

(1,196)

(2,441)

2,492

(15.6)

24 bps

Unaudited

Page 6 of 20

1Q 2024 Trading Update Supplement

Aegon International

Unaudited

Page 7 of 20

1Q 2024 Trading Update Supplement

Aegon International											unaudited
Business update										amounts in millions
EUR

		2023					2024			Full Year
	First	Second	Third	Fourth		First	Second	Third	Fourth	2023	2024
	Quarter	Quarter	Quarter	Quarter		Quarter	Quarter	Quarter	Quarter
Spain & Portugal	12	13	10	11	8				46
China	46	36	14	8	31				103
Brazil	23	36	49	36	28				144
TLB and others	5	5	6	5	6				21
New life sales (recurring plus 1/10 single)	86	89	79	59	73				314
New premium production accident & health insurance	15	14	12	23	12				65
New premium production property & casualty insurance	18	20	14	17	17				69

Unaudited

Page 8 of 20

1Q 2024 Trading Update Supplement

Aegon Asset Management

Unaudited

Page 9 of 20

1Q 2024 Trading Update Supplement

Aegon Asset Management											unaudited
Business update										amounts in millions
EUR

		2023					2024			Full Year
	First	Second	Third	Fourth		First	Second	Third	Fourth	2023	2024
	Quarter	Quarter	Quarter	Quarter		Quarter	Quarter	Quarter	Quarter
General Account	(935)	242	(364)	2,248	(1,286)				1,191

Affiliate	483	(1,025)	(477)	103	(677)				(916)
Third Party	(367)	(207)	(1,208)	1,160	2,604				(621)
Global Platforms	(819)	(989)	(2,049)	3,511	641				(347)
Strategic Partnerships	(1,259)	644	(322)	(1,790)	2,091				(2,727)
Net deposits/(outflows)	(2,078)	(345)	(2,371)	1,721	2,732				(3,074)
Strategic KPIs

Annualized revenues gained/(lost) on net deposits - Global Platforms	0.5	0.3	(1.5)	1.4	4.0				0.8
General Account	91,788	90,765	67,027	70,024	68,933				70,024

Affiliate	63,531	63,698	37,928	39,674	40,764				39,674
Third Party	83,306	83,834	132,911	139,821	145,756				139,821
Global Platforms	238,626	238,297	237,866	249,519	255,453				249,519
Strategic Partnerships	57,037	54,799	57,467	55,483	58,593				55,483
Assets under Management	295,663	293,096	295,334	305,002	314,047				305,002

Unaudited

Page 10 of 20

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Disclaimer

AEGON NV published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 05:13:01 UTC.

	1st Jan change	Capi.
AEGON LTD.	+13.80%	11.35B
AXA	+12.07%	78.95B
METLIFE, INC.	+9.44%	50.57B
AFLAC INCORPORATED	+8.93%	49.99B
MANULIFE FINANCIAL CORPORATION	+20.90%	46.11B
PRUDENTIAL FINANCIAL, INC.	+16.04%	42.56B
GENERALI	+23.53%	39.5B
GREAT-WEST LIFECO INC.	-6.79%	28.53B
PRUDENTIAL PLC	-15.80%	26.19B
CATHAY FINANCIAL HOLDING CO., LTD.	+22.84%	25.18B

1st Jan change

Capi.

AEGON LTD.

+13.80%

11.35B

AXA

+12.07%

78.95B

METLIFE, INC.

+9.44%

50.57B

AFLAC INCORPORATED

+8.93%

49.99B

MANULIFE FINANCIAL CORPORATION

+20.90%

46.11B

PRUDENTIAL FINANCIAL, INC.

+16.04%

42.56B

GENERALI

+23.53%

39.5B

GREAT-WEST LIFECO INC.

-6.79%

28.53B

PRUDENTIAL PLC

-15.80%

26.19B

CATHAY FINANCIAL HOLDING CO., LTD.

+22.84%

25.18B

End-of-day quote Euronext Amsterdam Other stock markets 06:00:00 2024-05-29 pm EDT			5-day change	1st Jan Change
5.972 ^EUR	-0.83%		-4.66%	+13.80%

May. 28	Aegon: in the red with a broker downgrade	CF
May. 28	UBS Dowgrades Aegon to Neutral from Buy, Lifts PT	MT

Aegon: in the red with a broker downgrade	May. 28	CF
UBS Dowgrades Aegon to Neutral from Buy, Lifts PT	May. 28	MT
AEGON : UBS downgrades its recommendation	May. 28	CF
News Highlights : Top Financial Services News of the Day - Friday at 12 AM ET	May. 17	DJ
AEGON : New SBB and CFO, results broadly in line	May. 16
AEGON : Model update: IFRS 17 earnings and attractive profile	May. 16
Aegon appoints new CFO	May. 16	CF
Tranche Update on Aegon Ltd.'s Equity Buyback Plan announced on July 6, 2023.	May. 16	CI
Aegon: capital generation forecast confirmed	May. 16	CF
Aegon Appoints Chief Transformation Officer as New CFO	May. 16	MT
Aegon Appoints Chief Transformation Officer as New CFO	May. 16	MT
Dutch Insurer Aegon Plans EUR200 Million Share Buyback	May. 16	MT
Transcript : Aegon Ltd., Q1 2024 Sales/ Trading Statement Call, May 16, 2024	May. 16
Dutch insurer Aegon to launch 200 mln euro share buy-back	May. 16	RE
Aegon Announces CFO Changes	May. 16	CI
Anglo shareholder welcomes proposed strategic revamp	May. 14	RE
AEGON A.M. SAYS REVAMP APPEARS TO GIVE INVESTORS "A MARKED SIMPL…	May. 14	RE
ANGLO AMERICAN SHAREHOLDER AEGON ASSET MANAGEMENT SAYS WELCOMES…	May. 14	RE
Aegon N.V. Proposes Final Dividend for 2023	May. 08	CI
Aegon: successful placement of bond issue	Apr. 10	CF
Aegon Prices $760 Million Note for General Corporate Purposes	Apr. 10	MT
Aegon: share buyback announcement	Apr. 09	CF
Tranche Update on Aegon Ltd.'s Equity Buyback Plan announced on July 6, 2023.	Apr. 04	CI
Aegon Plans Redemption of EUR700 Million Notes in April	Mar. 19	MT
Aegon Calls EUR 700 Million of Fixed-To-Floating Subordinated Notes	Mar. 19	CI

Aegon Ltd.

Equities

AGN

BMG0112X1056

Life & Health Insurance

Aegon : Trading Update Supplement 1Q 2024

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