Economia
Aegon trading update for first quarter 2024
The Hague, May 16, 2024 - Please click here to access all 1Q2024 Trading Update related documents.
Lard Friese, Aegon CEO, commented:
“ The beginning of the year was marked by continued positive commercial momentum in the US and Brazil, as well as net inflows at our asset manager, and was underscored by solid operating capital generation of EUR 256 million, as well as healthy capital ratios in our main operating units.
In the US, we continued to execute upon our strategy to transform Transamerica into America's leading middle market life insurance and retirement company. Individual Life generated new life sales of USD 119 million, an increase of 5% compared with the same period in 2023. World Financial Group's (WFG) sales force grew by 13% to almost 76,000 licensed agents, driven by continued successful recruiting and training efforts. Retirement Plans reported net deposits of USD 1.0 billion, driven by the middle market. We also continued to execute the management actions we announced last year to reduce our exposure to Financial Assets, including the repurchase of institutionally owned universal life policies and the premium rate increase program in long-term care.
Our joint venture in Brazil, Mongeral Aegon Group, continued its strong performance, with life sales increasing by 22% to EUR 28 million.
Our UK Workplace segment saw continued high levels of inflows due to the onboarding of new schemes and net deposits from existing participants, despite being negatively impacted by the loss of a low margin scheme. Performance at the UK's Retail segment continued to be impacted by reduced customer activity due to the current macro-economic environment, as well as an industry-wide reduction of transfers from defined benefit to defined contribution pension schemes.
In our asset management business, both Global Platforms and Strategic Partnerships saw net inflows. Global Platforms third party reported net inflows of EUR 2.6 billion, mostly driven by fixed income in the UK. Strategic Partnerships saw net inflows of EUR 2.1 billion, driven by Aegon's Chinese asset management joint venture.
Today, we announce a planned new share buyback program of EUR 200 million. We expect the new program to start at the beginning of July 2024, and to complete it by the end of 2024.
These results represent a good start to the year as we continue to work hard to transform our company and deliver upon our 2025 financial targets. I look forward to providing you with an update on our plans to drive growth in our UK business at our teach-in on June 25.”
Additional information
Presentation
The conference call presentation is available on
aegon.com as of 7.00 am CEST.
Supplements
Aegon's first quarter 2024 Trading Update Supplement and other supplementary documents are available on
aegon.com .
Conference call including Q&A
The conference call starts at 9:00 am CEST, with an
audio webcas t 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 is 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 join
With '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. For passcode: you will receive a personal pin upon registration .
Dial-in numbers for conference call:
United 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)
Financial calendar 2024
Annual General Meeting – June 12, 2024
Aegon UK Strategy Teach-In (webinar) – June 25, 2024
First half 2024 results – August 22, 2024
Third quarter 2024 trading update – November 15, 2024
About Aegon
Aegon is an international financial services holding company. Aegon's ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon's portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch 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, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.
Contacts
Currency exchange rates
This 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 statements
The 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.
Attachment
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