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Please click here to access all 3Q 2023 Trading Update related documents The Hague, November 16, 2023 - Continued commercial momentum in US business and increased capital generation
Lard Friese, Aegon CEO, commented:“For the third quarter in a row, we saw continued commercial momentum in the US and strong overall operating capital generation which benefited from exceptional items. We expect the full-year 2023 operating capital generation from the units to be around EUR 1.2 billion; up from the previous guidance of more than EUR 1.0 billion. I am proud of what the teams have achieved so far and would like to express my gratitude to my colleagues for all of their hard work.
As outlined at our Capital Markets Day 2023 in June, a key strategic focus is to ensure that our US business, Transamerica, reaches its full potential. In the third quarter, Transamerica’s Strategic Assets have continued to deliver growth. Individual Solutions generated new life sales of USD 118 million, an increase of 10% compared with the prior year period. World Financial Group’s (WFG) sales force grew by 17% compared with a year earlier to almost 70,000 licensed agents. Workplace Solutions more than doubled its written sales of mid-sized retirement plans to USD 1.8 billion compared with the same period last year. We expect that this progress in the middle market will translate into higher gross deposits in the coming quarters. These are important achievements in our ambition to build America’s leading middle market life insurance and retirement company.
Our joint venture in Brazil, Mongeral Aegon Group, also delivered strong growth, with new life sales almost doubling to EUR 49 million compared with the year ago period. This follows our recent investment that increased Aegon’s economic ownership of Mongeral Aegon Group to almost 60%.
Results at Aegon’s UK Retail business continued to be affected by reduced customer activity because of the current macro-economic environment, as well as an industry-wide reduction of transfers from defined benefit to defined contribution pensions. Our UK Workplace segment saw continued high levels of inflows due to the onboarding of new schemes and higher net deposits on existing schemes. However, these were more than offset by the departure of a large, low margin pension scheme.
While results at Aegon Asset Management (Aegon AM) continued to be affected by adverse investor sentiment across the industry, we did see positive net flows at our Chinese asset management partnership. We are adapting to the reality of current market conditions and have taken cost reduction measures in our Global Platform business that we expect will improve Aegon AM’s performance. In addition, as a result of its asset management partnership with a.s.r., Aegon AM has further strengthened its leading positions in Alternative Fixed Income and Retirement Investment Solutions in the Netherlands.
Transamerica continued to reduce its exposure to Financial Assets and to improve the level and predictability of its capital generation. A clear example is the ongoing program of purchasing institutionally owned universal life policies to reduce the mortality risk of the portfolio. At the end of the third quarter, 20% of the face value of this book had been purchased, which is half of the amount targeted by 2027.
Finally, at the end of September, Aegon moved its legal seat to Bermuda and in doing so became a Bermuda entity: Aegon Ltd. Following this, responsibility for Aegon’s group supervision moved to the Bermuda Monetary Authority.
As we move to the fourth quarter, our continued commercial performance and operating capital generation provides Aegon with a solid basis as it continues with the next chapter of its transformation. And, while many things have recently changed in our company, our focus remains the same: delivering value to all of our customers, shareholders and other stakeholders.”
Additional information
PresentationThe conference call presentation is available on aegon.com as of 7.00 am CET.
SupplementsAegon’s third quarter 2023 Trading Update Supplement and other supplementary documents are available on aegon.com.
Conference call including Q&AThe conference call starts at 9:00 am CET, with an audio webcast on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen and additionally you will receive an email with the call details and again your personal pin to enter the conference call. To avoid any unforeseen connection issues, it’s recommended to make use of the ‘call me’ option. Two hours after the conference call, a replay will be available on aegon.com.
Click to joinWith ‘Call me’, there’s no need to dial-in. Simply click the following registration link and select the option ‘Call me’. Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the ‘click to join’ function, dial-in numbers are also available.
Dial-in numbers for conference callUnited States: +1 864 991 4103 (local) United Kingdom: +44 808 175 1536 (toll-free) The Netherlands: +31 800 745 8377 (toll-free) The Netherlands: +31 970 102 86838 (toll)
Passcode: you will receive a personal pin upon registration.Financial calendar 2023/2024Second half 2023 results – March 1, 2024 First quarter 2024 trading update – May 16, 2024 Annual General Meeting – June 12, 2024First half 2024 results – August 22, 2024
The conference call and Q&A can be followed via a live audio webcast on our website.
About AegonAegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection and retirement solutions. Its portfolio of businesses includes fully owned subsidiaries in the US, UK and a global asset manager. In addition, Aegon has partnerships in Spain & Portugal, Brazil, and China, which create value by combining strong local partners with Aegon’s international expertise. In the Netherlands, Aegon generates value via a strategic shareholding in a market leading insurance and pensions company.
Aegon's purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon 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 |
Carolien van der Giessen | Hielke Hielkema |
+31(0) 6 11953367 | +31(0) 70 344 7697 |
carolien.vandergiessen@aegon.com | hielke.hielkema@aegon.com |
Currency exchange ratesThis document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.
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:
This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). 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 2022 Integrated 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.
World Financial Group (WFG)WFG consists of:In the United States, World Financial Group Insurance Agency, LLC (in California, doing business as World Financial Insurance Agency, LLC), World Financial Group Insurance Agency of Hawaii, Inc., World Financial Group Insurance Agency of Massachusetts, Inc., and / or WFG Insurance Agency of Puerto Rico, Inc. (collectively WFGIA), which offer insurance and annuity products. In the United States, Transamerica Financial Advisors, Inc. is a full-service, fully licensed, independent broker-dealer and registered investment advisor. Transamerica Financial Advisors, Inc. (TFA), Member FINRA, MSRB, SIPC, and registered investment advisor, offers securities and investment advisory services. In Canada, World Financial Group Insurance Agency of Canada Inc. (WFGIAC), which offers life insurance and segregated funds. WFG Securities Inc. (WFGS), which offers mutual funds. WFGIAC and WFGS are affiliated companies.
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