Aegon N : Presentation 2Q 2021

2Q 2021 results

Lard Friese

Chief Executive Officer

Duncan Russell

Chief Transformation Officer

Matt Rider

Chief Financial Officer

August 12, 2021

Helping people achieve a lifetime of financial security

Steady progress on strategic priorities

1. Steady progress on strategic priorities and financial targets
2. Executing the operational improvement plan and achieving expense savings
3. Maximizing value of Variable Annuities
4. Continued commercial momentum in Strategic Assets
5. Increasing dividends to shareholders

2

Executing on Aegon's granular operating plan

Initiative delivery	• Continued rapid pace and execution
(in no. of initiatives)	rhythm

	1,140	44	528
		107		•	Executed on 45% of initiatives, which
Growth	278					will contribute to the operating result
initiatives					over time
				45% executed
			421
				656	•	Achieved half of our EUR 400 million
					expense reduction target
				190
Expense	862
initiatives
				466
	CMD	Net change	Executed	In progress
		in number
		of initiatives

3

Achieving continuous growth in US Strategic Assets

US - Individual Solutions

US - Workplace Solutions

New life sales

(in USD million)

	95
76
2Q20	2Q21

New business strain

(in USD million)

82	71
2Q20	2Q21

Value of new life business

(in USD million,

MCVNB)

	73
50
2Q20	2Q21

Retirement Plans Middle-Market written sales

(in USD million)

	1,114
576
2Q20	2Q21

Retirement Plans Middle-Market net deposits

(in USD million)

340	324
2Q20	2Q21

• Continued growth with Indexed Universal Life product
• Growing sales from increasing number of licensed agents and increasing market share in World Financial Group (WFG)
• Supporting value of new business by volume growth, favorable product mix, and lower expenses

• Maintaining top-5 position in Middle-Market new sales
• Strong momentum in written sales supported by contract wins in Pooled Plan Arrangements
• Continued positive net deposits

4

Consistently delivering in NL and UK Strategic Assets

NL

Mortgage origination

(in EUR billion)

3.0	2.9
2Q20	2Q21

Workplace net deposits

(in EUR million)

	198
165
2Q20	2Q21

Net growth Knab customers

(in 1,000 customers)

9.5
	5.6
2Q20	2Q21

UK

Workplace net deposits

(in GBP million)

	1,060
587
2Q20	2Q21

Retail net deposits

(in GBP million)

1. (78)
   2Q20 2Q21

Platform Revenues

expenses/AuA	gained/(lost) on
(in bps)	net deposits

(in GBP million, annualized)

26
	21
		0
			(1)
2Q20	2Q21	2Q20	2Q21

• Continued high mortgage origination volumes
• Growing net deposits in low-cost defined contribution products by 20%
• Further increasing number of customers for online bank Knab

• Achieved GBP 200 billion assets under administration supported by net deposits and favorable markets
• Growing net deposits in Workplace from middle-market employers as well as large corporates (Master Trust)
• Improving platform efficiency from expense savings, favorable markets
• Revenues lost driven by run-off of traditional product portfolio, while in 2Q20 net outflows were subdued due to reduced activity in a COVID-19 environment

5