Aegon reports first half year 2024 results

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Aegon Ltd.
Aegon Ltd.

The Hague, August 22, 2024 - Please click here to access all 1H 2024 results related documents.

IFRS results

  • Net loss of EUR 65 million with operating result more than offset by fair value losses in the US and the impact of assumption updates

  • Operating result decreases by 8% compared with the first half of 2023 to EUR 750 million, reflecting unfavorable mortality experience mainly related to US Financial Assets

  • Shareholders’ equity per share decreases by 6% compared with December 31, 2023 to EUR 4.02, while CSM per share after estimated tax adjustment increases by 14% to EUR 4.17

Capital generation, cash and capital management

  • Operating capital generation before holding funding and operating expenses decreases by 5% compared with the first half of 2023 to EUR 588 million reflecting unfavorable mortality experience in the US, and is on track to meet 2024 guidance

  • Capital ratios of main units increase, remaining above their respective operating levels

  • Cash Capital at Holding remains above the operating range at EUR 2.1 billion. EUR 1.535 billion share buyback program completed in June 2024. New EUR 200 million share buyback program started in July; expected to be completed in the second half of 2024

  • Free Cash Flow of EUR 373 million, which includes 2023 final dividend from a.s.r.

  • 2024 interim dividend of EUR 0.16 per common share, an increase of EUR 0.02 compared with 2023 interim dividend

Lard Friese, Aegon CEO, commented:

“In the first half of 2024 we made solid progress to deliver on our strategy to create leading providers of investment, protection, and retirement solutions. This was evidenced by continued strong sales growth across all our US Strategic Assets, further growth in our UK Workplace platform and the business in Brazil, and strong third-party net deposits in our asset management business. Consistent with our strategy to reduce capital employed by US Financial Assets, we saw our capital employed fall by USD 0.4 billion, and we are on track to reduce it to EUR 2.2 billion by the end of 2027.

While unfavorable mortality experience in our US Financial Assets negatively impacted both IFRS results and operating capital generation in the first half, we remain on track to meet our EUR 1.1 billion OCG guidance for 2024. Going forward, we expect the assumption updates to reduce IFRS claims experience variances and lead to an increase in our operating result. Capital ratios of our business units in the US and UK increased to 446% and 189% respectively, and our holding cash position at the half year remained above the operating range at EUR 2.1 billion.