4Q 2022 Results
Lard Friese
Chief Executive Officer
Matt Rider
Chief Financial Officer
February 9, 2023
Helping people live their best lives
Accelerating strategy execution and delivering on financial commitments
- Shareholders approved transaction with a.s.r.; on track for closing in 2H23
- Exceeding operating result target of operational improvement plan
- Commercial results underscoring importance of broad product offering
- Announcing new EUR 200 million share buyback based on strong capital position
- Proposing final DPS of EUR 0.12 in cash1; full year DPS of EUR 0.23
1. Barring unforeseen circumstances, and the dividend is subject to AGM approval | 2 |
Creating new ways of working at Aegon
Operational improvement plan
(Number of initiatives)
1,371
172Initiatives in progress
1,140
278Growth initiatives executed
921Expenseexecutedinitiatives
CMD | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||
2020 | 2021 | 2022 | |||||||||||
Aegon's new ways of working
- Embedded a focus on efficiency and operational execution in the organization
- Executed 1,199 initiatives, more than the 1,140 announced at the Capital Markets Day 2020
- Established a routine of setting ambitious yet realistic expense savings and growth targets with a clear focus to deliver
- Disciplined execution with accountability at all levels underpinned with a granular bottom-up planning
- Increased the organizational rhythm supported with real-time initiative tracking and follow-ups
- Created a culture of transparency, early escalation, and focus on developing talent to support new ways of working
3
Concluding reporting on the operational improvement plan
Achievement year-end 2022
Initiatives reducing expenses
Addressable expenses
Growth | Corporate |
and other | Center |
markets | 5% |
13% | US |
AM | 27% |
2% | EUR 366 |
UK | |
million | |
14% | |
NL | |
39% |
Initiatives increasing revenue
Operating result impact
Growth and | ||
other markets | ||
AM 14% | ||
4% | ||
UK | ||
1% | EUR 262 | |
NL | million | US |
57% | ||
24% |
Operating result uplift
Actual
EUR 627
million
CMD target to | EUR 400 | |
be achieved | ||
million | ||
by 2023 | ||
EUR 150
million
EUR 550
million
4
Continuing commercial momentum in the US
US Strategic Asset: Individual Solutions
US Strategic Asset: Workplace Solutions
New life sales
(in USD million)
New business strain | Value of new life |
(in USD million) | business |
(in USD million, MCVNB) |
RP Middle-Market written sales
(in USD million)
RP Middle-Market net deposits
(in USD million)
RP Middle-Market assets under admin.
(in USD billion)
431 | |
360 | |
FY21 | FY22 |
279 | 303 |
FY21 | FY22 |
228 | 267 |
FY21 | FY22 |
4.862 | |
3.901 | |
FY21 | FY22 |
(417) | |
(4.437) | |
FY21 | FY22 |
53.6 | |
39.9 | |
FY21 | FY22 |
- 20% growth in new life sales with commensurate higher new business value, driven by indexed universal life
- Increased market share in World Financial Group (WFG) to 67% due to improved service experience and continued product competitiveness
- Expanded number of licensed agents in WFG distribution channel to more than 62,600 agents
- Launched new indexed universal life product for brokerage channel
- Maintained written sales at strong levels despite adverse market conditions and plan sponsors being hesitant to change provider in volatile markets
- Net outflows impacted by USD 5.2 billion discontinuance of one large multiple-employer-plan contract, offsetting net deposits from strong written sales in prior periods
- Assets under administration impacted by adverse market movements
RP = Retirement Plans | 5 |
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AEGON NV published this content on 09 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2023 06:12:47 UTC.