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

  1. Shareholders approved transaction with a.s.r.; on track for closing in 2H23
  2. Exceeding operating result target of operational improvement plan
  3. Commercial results underscoring importance of broad product offering
  4. Announcing new EUR 200 million share buyback based on strong capital position
  5. 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.