Aegon N : Interim Financial Information 2Q 2022

Condensed consolidated interim financial information

for the periods ended June 30, 2022

The Hague, August 11, 2022

Helping people live their best lives

Condensed consolidated interim financial information for the periods ended June 30, 2022

Table of contents

Interim Report	2
Strategic highlights	2
Financial highlights	6
Condensed Consolidated Interim Financial Statements	11
Condensed consolidated income statement	11
Condensed consolidated statement of comprehensive income	12
Condensed consolidated statement of financial position	13
Condensed consolidated statement of changes in equity	14
Condensed consolidated cash flow statement	16
Notes to the condensed consolidated interim financial statements	17
Management statement	36
Review report	37

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Condensed consolidated interim financial information for the periods ended June 30, 2022

Interim Report

Strategic highlights

Aegon's strategy

Aegon is taking significant steps to transform the company in order to improve its performance and create value for its customers and shareholders. To ensure delivery against these objectives, a rigorous and granular operating plan has been developed across the organization. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, Brazil, and China) and one global asset manager. Aegon's businesses within its core markets have been separated into Financial Assets and Strategic Assets. The aim is to release capital from Financial Assets and from businesses outside of Aegon's core and growth markets, and to reallocate capital to growth opportunities in Strategic Assets, growth markets and the global asset manager. Throughout this transformation, the company aims to maintain a solid capital position in the business units and at the Holding. Through proactive risk management actions, Aegon is improving its risk profile and reducing the volatility of its capital ratios.

Operational improvement plan

Aegon has an ambitious plan that now comprises more than 1,200 detailed initiatives designed to improve the operating performance of its business by reducing costs, expanding margins and growing profitably. Between the launch of the operational improvement plan and the end of the first half of 2022, a total of 1,058 initiatives have been executed, of which 819 are related to expense savings.

Aegon is implementing an expense savings program aimed at reducing addressable expenses and driving business growth. Aegon targets EUR 400 million expense savings from expense savings initiatives by 2023, of which EUR 150 million is expected to be reinvested in growth initiatives. In the trailing four quarters, Aegon reduced addressable expenses through expense savings initiatives by EUR 250 million compared with the base year 2019. Aegon remains confident in delivering on its expense savings target, while absorbing expense inflation. These expense savings were partly offset by EUR 66 million of additional expenses related to growth initiatives in the trailing four quarters. Combined, addressable expenses have been reduced by EUR 185 million compared with the base year 2019, on a constant currency basis. The growth initiatives are aimed at improving customer service, enhancing user experience, and developing new products, and contributed EUR 215 million to the operating result in the trailing four quarters. The company will continue to execute the expense savings and growth initiatives at pace.

Strategic Assets

Strategic Assets are businesses with a greater potential for an attractive return on capital, and where Aegon is well positioned for growth. In these businesses, Aegon invests in expanding its customer base and increasing its margins to realize profitable growth.

Americas

In the US Individual Solutions business, Transamerica's aim is to achieve top-5 positions in term life, whole life final expense, and indexed universal life through profitable sales growth. New life sales in first half of 2022 amounted to USD 200 million, a 12% increase compared with the same period last year, and were driven by increased indexed universal life and whole life final expense sales. Indexed universal life growth was driven by the World Financial Group (WFG) distribution channel, which benefited from further structural actions expanding the distribution strength of this channel. These included activating dormant producers and growing the number of licensed life agents to 58,000 at the end of June 2022, an increase by 12% compared with the end of June 2021. Together with the continued competitiveness of Transamerica's products, this resulted in a market share of 61% for Transamerica in this channel. Whole life final expense sales grew due to targeted segmentation efforts on key brokerage relationships and following enhancements made to the product, the application process, and to customer service.

In the US Workplace Solutions business, Transamerica aims to compete as a top-5 player in new sales in the MiddleMarket segment of Retirement Plans. Written sales were USD 2.1 billion in the first half of 2022, compared with USD 2.2 billion in the same period last year. Lower equity markets and higher interest rates had a negative impact on plan assets, and plan sponsors are more reluctant to move retirement plans given the current volatile markets. Net deposits for the MiddleMarket increased and amounted to USD 756 million in the first half of 2022 compared with USD 86 million of net deposits in the same period last year. Net deposits are benefiting from strong written sales in prior periods, which translate into higher recurring deposits.

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The Netherlands

Aegon is a leading mortgage originator in the Netherlands, and benefits from its scale, high service levels to intermediaries and customers, and diversified sources of funding. The company originated EUR 4.8 billion of residential mortgages during the first half of 2022. This is lower than the EUR 5.9 billion originated in the first half of last year due to reduced refinancing activity as a result of increased mortgage interest rates. In the first half of 2022, over half of the mortgages were originated for third-party investors, who pay Aegon a fee for originating and servicing these mortgages. Despite the reduction in mortgage origination, the portfolio of mortgages under administration grew by EUR 3.6 billion compared with June 30, 2021 to EUR 61.6 billion on June 30, 2022, also reflecting lower prepayments.

Net deposits for the Workplace Solutions defined contribution pension products (PPI) in the Netherlands increased by 2% to EUR 377 million in the first half of 2022. Higher recurring gross deposits from continued strong demand for PPIs were in part offset by one-time outgoing value transfers. These value transfers are part of an industry-wide plan to consolidate small pensions.

Aegon aims to develop its online bank Knab into a digital gateway for individual retirement solutions. In the first half of 2022, Knab grew its fee-paying customer base by almost 24,000 to 325,000. This growth was mainly driven by the small business segment, which underscores the bank's ability to attract and retain customers through its clear way of communicating, its customer-friendly service and the way it offers customers an easy and cost-effective way of managing their banking matters online.

United Kingdom

In the United Kingdom, Aegon's aim is to grow both the Retail and Workplace channels of its platform business. The platform business

• excluding the low-margin Institutional business - generated net deposits of GBP 1,041 million in the first half of 2022. This compared with GBP 1,236 million in the first half of 2021, largely driven by a large scheme win in the Workplace space in 2021. Net deposits in the current period benefited from improved persistency reflecting enhancements made to the platform's functionality and investments in providing improved service to intermediaries. Net deposits on the platform contributed positively to revenues, but were more than offset by the revenues lost from the anticipated gradual run-off of the traditional product portfolio. Platform expenses as a percentage of assets under administration remained stable compared with the first half of last year at 20 basis points, with expense savings offsetting the impact from market movements on assets under administration.

In the first half of 2022, Aegon UK moved over GBP 3 billion of customers' assets into strategies that consider ESG credentials, as part of the commitment to make their default pension funds carbon net-zero by 2050. Aegon has transitioned approximately GBP 15 billion into ESG strategies within its default funds in the last three years. The funds track the newly launched Morningstar ESG Enhanced indices. The new indices target a reduction in carbon emissions intensity and applies a set of exclusionary screens to limit exposure

to controversial companies. The securities are then reweighted to favor those with stronger ESG attributes. The methodology aims to maintain risk characteristics in line with standard market benchmarks and manage emerging ESG tail risks.

Financial Assets

Financial Assets are blocks of business which are capital intensive with relatively low returns on capital employed. New sales for these blocks are limited and focused on products with higher returns and a moderate risk profile. Dedicated teams are responsible for managing these businesses and maximizing their value through active in-force management, disciplined risk management and capital management actions. To achieve this, Aegon considers unilateral and bilateral actions as well as third-party solutions. Unilateral actions are those that can be executed fully under Aegon's control, while bilateral actions require the interaction and consideration of other stakeholders.

Americas

Having made significant progress since the Capital Markets Day in December 2020 on management actions to better manage the variable annuity portfolio, the company is directly engaging with third parties to investigate further options to release capital and improve the riskreturn profile of Transamerica.

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In the second half of 2021, Transamerica expanded the dynamic hedge program to variable annuity products with guaranteed minimum death benefits and guaranteed minimum income benefits. In the first half of 2022, Transamerica achieved a hedge effectiveness of

98% on its variable annuity dynamic hedge program, continuing its strong track record. Furthermore, Transamerica is taking actions to reduce the basis risk between underlying investment funds and hedge instruments. To this end, enhancements have been made to its hedging program as of the end of June 2022, which further increase the predictability of cash flows from the variable annuity portfolio. As previously announced, in April 2022 Transamerica adopted a long-term implied volatility assumption for the valuation of its variable annuity guarantees, which was higher than the prevailing implied volatility at that time. Previously, spikes in short-term volatility could result in more variability in the RBC ratio. Given that implied volatility tends to revert to the mean over time, the adoption of a long-term volatility assumption will better protect Transamerica's capital position against short-term market dislocations.

Transamerica is actively managing its long-term care business. The primary management action regarding long-term care is a multi-year rate increase program. In the first half of 2022, the company obtained regulatory approvals for additional rate increases worth USD 49 million, bringing the total value of approvals achieved since the start of the program to USD 391 million. The company is on track to achieve the upgraded target of USD 450 million rate increases from this program.

Claims experience for the long-term care business in the first half of 2022 was favorable relative to the company's long-term expectations due to the impact of the COVID-19 pandemic. Actual to expected claims experience was 64% for the first half of 2022, and reflected the release of the remaining USD 30 million incurred but not reported (IBNR) reserve that was previously setup for delayed long-term care claims, higher than expected claims terminations, while the number of new claims returned to pre-pandemic levels.

The Netherlands

The dedicated team responsible for the Dutch Life business - Aegon Levensverzekering N.V. - is actively managing risks and the capital position to enhance the consistency of remittances to the Group. The Solvency II ratio of the Dutch Life business increased from 186% on December 31, 2021 to 200% on June 30, 2022 driven by model updates and the sale of fixed income investments to protect the liquidity position in the context of rising interest rates. The ratio stands above the operating level of 150%. In May 2022, the company updated its interest rate hedging program to reduce the sensitivity of the ratio to flattening of the interest rate curve at the longer end.

Management actions taken since the 2020 Capital Markets Day to strengthen the capital position, improve the risk profile, and increased capital generation have allowed the Dutch Life business to double the quarterly remittances of the Dutch Life business from EUR 25 million in 2021 to EUR 50 million in 2022.

Growth Markets and Asset Management

To align the organization to its strategy, Aegon's Brazilian joint venture Mongeral Aegon Group (MAG) has become part of Aegon International instead of Aegon Americas as of January 1, 2022. As a result, Aegon International now includes all three growth markets, Spain & Portugal, Brazil, and China. This will sharpen the focus on growth, and offer the necessary support to these important markets.

In its growth markets - Spain & Portugal, Brazil, and China - Aegon is investing in profitable growth. New life sales from these markets increased by 2% to EUR 120 million due to sales growth in the bancassurance channel in Spain.

New premium production for accident & health insurance amounted to EUR 18 million in the first half of 2022, a decrease of 3% compared with the first half of 2021. New premium production for property & casualty insurance increased by 15% compared with the first half last year to EUR 48 million in the first half of 2022, driven by the continued demand for household insurance products in Spain & Portugal.

On May 23, 2022, Aegon announced its decision to sell its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. The sale followed the change of control in Liberbank after its merger with Unicaja Banco in 2021. The gross proceeds of the transaction amount to EUR 177 million. Aegon Spain intends to upstream the net proceeds to the Group. The transaction is expected to close in the second half of 2022, subject to regulatory approval.

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