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The Hague, March 9, 2023 - Aegon will today host an educational webinar to outline its implementation of the accounting standards IFRS 17 and IFRS 9, which have become effective on January 1, 2023. IFRS 17 is the first international accounting standard for insurance contracts and aims to create more consistency and comparability between companies. While the new accounting standard will impact Aegon’s financial reporting, it will not impact its strategy, capital management approach, financial targets, and outlook.
During the webinar, Aegon will explain the choices it has made in implementing IFRS 17 and IFRS 9 and the impact of the new standards on its balance sheet and income statement by using selected key financial information.Reducing earnings volatility
The new standard more closely aligns the valuation of assets and liabilities, which will reduce the impact from accounting mismatches in the financial results compared with the previous standards. Aegon has made accounting choices in implementing IFRS 17 where possible that allow for alignment of earnings with the relevant local capital frameworks and limit earnings volatility from accounting mismatches.
Financial impact of the transition to new accounting standards
In the IFRS 17 and IFRS 9 opening balance sheet of January 1, 2022, Aegon’s shareholders’ equity is expected to decline to around EUR 11.7 billion from around EUR 17.8 billion excluding revaluation reserves under IFRS 4. This reflects the establishment of a contractual service margin (CSM) of EUR 11.8 billion pre-tax. The CSM represents a substantial stock of future value that is expected to be released through the operating result over time and to lead to a higher operating result than under IFRS 4.Further details will be shared during the educational webinar, that will be hosted by Matt Rider, CFO, and Jan Willem Weidema, Head of Investor Relations. The webinar will commence at 12:30 pm CET and a link to register for the livestream is available on the corporate website. After the presentation, analysts will have the opportunity to ask questions through the webinar platform. A replay will be available later today.
The link to access the webinar, the supporting presentation and explanatory videos are located on the investor relations page of our website at aegon.com.
About Aegon
Aegon is an integrated, diversified, international financial services group. The company offers investment, protection, and retirement solutions, with a strategic focus on three core markets (the United States, the United Kingdom, and the Netherlands), three growth markets (Spain & Portugal, Brazil, and China), and one global asset manager. Aegon's purpose of Helping people live their best lives runs through all its activities. As a leading global investor and employer, the company seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.
Contacts | |
Media relations | Investor relations |
Dick Schiethart | Jan Willem Weidema |
+31(0) 70 344 8821 | +31(0) 70 344 8028 |
dick.schiethart@aegon.com | janwillem.weidema@aegon.com |
Forward-looking statementsThe statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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