1Q 2024 Trading Update Supplement
May 16, 2024
1Q 2024 Trading Update Supplement
Contents
Business update
Americas | 4 |
United Kingdom | 6 |
International | 8 |
Asset Management | 10 |
Financial highlights
Aegon Ltd. Main capital ratios | 12 |
Aegon Ltd. Capital generation | 13 |
Aegon Americas Capital generation | 13 |
Aegon Ltd. Cash Capital at Holding | 14 |
Other information
Exchange rates | 16 |
Unaudited | Page 2 of 20 |
1Q 2024 Trading Update Supplement
Aegon Americas
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1Q 2024 Trading Update Supplement
Aegon Americas | unaudited | ||||||||||||
Business update | amounts in millions | ||||||||||||
USD | |||||||||||||
2023 | 2024 | Full Year | |||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | 2023 | 2024 | ||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||
Distribution KPIs - World Financial Group (WFG) | ||||||
Number of licensed agents (end of period) | 66,915 | 69,846 | 69,104 | 73,719 | 75,652 | |
Number of multi-ticket agents (end of period) | 33,314 | 34,265 | 35,521 | 36,232 | 37,211 | |
Transamerica's market share in WFG (US Life) | 64% | 64% | 65% | 64% | 64% | |
Savings & Investments KPIs | ||||||
Gross deposits Retirement Plans | 7,786 | 6,298 | 6,218 | 6,215 | 9,699 | |
Net deposits Retirement Plans | 346 | (1,381) | (1,539) | (2,134) | 1,032 | |
of which: net deposits mid-sized Retirement Plans | 932 | 64 | 243 | (64) | 1,165 | |
Individual Retirement Accounts AuA | 9,043 | 9,539 | 9,458 | 10,408 | 10,996 | |
General Account Stable Value AuA | 10,468 | 10,732 | 10,797 | 11,074 | 11,307 | |
Gross deposits Mutual Funds | 1,575 | 1,426 | 1,210 | 1,268 | 1,249 | |
Net deposits Mutual Funds | (21) | (225) | (315) | (675) | (627) | |
Protection Solutions KPIs | ||||||
Term Life | 20 | 20 | 19 | 19 | 17 | |
Whole Life | 12 | 11 | 11 | 13 | 12 | |
Traditional Life | 31 | 31 | 29 | 32 | 29 | |
Indexed Universal Life | 82 | 89 | 89 | 103 | 90 | |
New life sales (recurring plus 1/10 single) Individual Life | 113 | 119 | 118 | 135 | 119 | |
Traditional Life | 5 | 2 | 1 | 1 | 3 | |
Universal Life | 23 | 14 | 13 | 10 | 22 | |
New life sales (recurring plus 1/10 single) Workplace Life | 27 | 16 | 14 | 11 | 25 | |
New premium production Workplace Health | 40 | 21 | 22 | 23 | 44 | |
Net deposits Indexed Annuities | 70 | 109 | 141 | 142 | 214 | |
Financial Assets KPIs | ||||||
Capital employed in Financial Assets (at operating level) | 3,889 | 4,082 | 4,093 | 3,875 | 3,692 | |
Net deposits Variable Annuities | (1,115) | (1,254) | (1,309) | (1,311) | (1,558) | |
Net deposits Fixed Annuities (excluding SPGAs) | (153) | (252) | (341) | (246) | (195) | |
97% | 99% | 99% | 99% | 99% | ||
Variable Annuities dynamic hedge effectiveness ratio (%) ¹ | ||||||
LTC actual to expected claim ratio (%) (IFRS) | 89% | 77% | 103% | 79% | 102% | |
NPV of LTC rate increases approved since end-2022 | 42 | 86 | 108 | 245 | 335 |
1. Dynamic Hedge effectiveness ratio (%) represents the hedge effectiveness on targeted risk, in particular impact from linear equity and interest rate movements.
73,719
36,232
64%
26,517
(4,708)
1,175
10,408
11,074
5,479
(1,237)
77
46
124
362
486
8
60
68
105
463
3,875
(4,989)
(992)
99%
87%
245
Unaudited | Page 4 of 20 |
1Q 2024 Trading Update Supplement
Aegon United Kingdom
Unaudited | Page 5 of 20 |
1Q 2024 Trading Update Supplement
Aegon United Kingdom | unaudited | |||||||||||||
Business update | amounts in millions | |||||||||||||
GBP | ||||||||||||||
2023 | 2024 | Full Year | ||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | 2023 | 2024 | |||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||
Retail platform | (413) | (724) | (903) | (1,018) | (896) | |
Workplace Solutions platform | 733 | 773 | (379) | 687 | 546 | |
Total platform business | 320 | 49 | (1,282) | (331) | (350) | |
Traditional products | (264) | (260) | (378) | (294) | (377) | |
Total platform and traditional business | 56 | (211) | (1,660) | (625) | (727) | |
Institutional | 2,786 | 239 | (258) | (274) | 499 | |
Total net deposits/(outflows) | 2,841 | 28 | (1,919) | (899) | (228) | |
New life sales (recurring plus 1/10 single) | 6 | 3 | - | - | - | |
Strategic KPIs | ||||||
Annualized revenues gained/(lost) on net deposits | (2.6) | (3.4) | (5.5) | (4.1) | (4.6) | |
Platform expenses / AuA (bps) | 23 bps | 24 bps | 24 bps | 24 bps | 24 bps | |
(3,058)
1,814
(1,244)
(1,196)
(2,441)
2,492
52
9
(15.6)
24 bps
Unaudited | Page 6 of 20 |
1Q 2024 Trading Update Supplement
Aegon International
Unaudited | Page 7 of 20 |
1Q 2024 Trading Update Supplement
Aegon International | unaudited | |||||||||||||
Business update | amounts in millions | |||||||||||||
EUR | ||||||||||||||
2023 | 2024 | Full Year | ||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | 2023 | 2024 | |||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||
Spain & Portugal | 12 | 13 | 10 | 11 | 8 | 46 | ||||||||
China | 46 | 36 | 14 | 8 | 31 | 103 | ||||||||
Brazil | 23 | 36 | 49 | 36 | 28 | 144 | ||||||||
TLB and others | 5 | 5 | 6 | 5 | 6 | 21 | ||||||||
New life sales (recurring plus 1/10 single) | 86 | 89 | 79 | 59 | 73 | 314 | ||||||||
New premium production accident & health insurance | 15 | 14 | 12 | 23 | 12 | 65 | ||||||||
New premium production property & casualty insurance | 18 | 20 | 14 | 17 | 17 | 69 | ||||||||
Unaudited | Page 8 of 20 |
1Q 2024 Trading Update Supplement
Aegon Asset Management
Unaudited | Page 9 of 20 |
1Q 2024 Trading Update Supplement
Aegon Asset Management | unaudited | |||||||||||||
Business update | amounts in millions | |||||||||||||
EUR | ||||||||||||||
2023 | 2024 | Full Year | ||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | 2023 | 2024 | |||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||
General Account | (935) | 242 | (364) | 2,248 | (1,286) | 1,191 | ||||||||
Affiliate | 483 | (1,025) | (477) | 103 | (677) | (916) | ||||||||
Third Party | (367) | (207) | (1,208) | 1,160 | 2,604 | (621) | ||||||||
Global Platforms | (819) | (989) | (2,049) | 3,511 | 641 | (347) | ||||||||
Strategic Partnerships | (1,259) | 644 | (322) | (1,790) | 2,091 | (2,727) | ||||||||
Net deposits/(outflows) | (2,078) | (345) | (2,371) | 1,721 | 2,732 | (3,074) | ||||||||
Strategic KPIs | ||||||||||||||
Annualized revenues gained/(lost) on net deposits - Global Platforms | 0.5 | 0.3 | (1.5) | 1.4 | 4.0 | 0.8 | ||||||||
General Account | 91,788 | 90,765 | 67,027 | 70,024 | 68,933 | 70,024 | ||||||||
Affiliate | 63,531 | 63,698 | 37,928 | 39,674 | 40,764 | 39,674 | ||||||||
Third Party | 83,306 | 83,834 | 132,911 | 139,821 | 145,756 | 139,821 | ||||||||
Global Platforms | 238,626 | 238,297 | 237,866 | 249,519 | 255,453 | 249,519 | ||||||||
Strategic Partnerships | 57,037 | 54,799 | 57,467 | 55,483 | 58,593 | 55,483 | ||||||||
Assets under Management | 295,663 | 293,096 | 295,334 | 305,002 | 314,047 | 305,002 | ||||||||
Unaudited | Page 10 of 20 |
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Disclaimer
AEGON NV published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 05:13:01 UTC.