Aegon Ltd. · EURONEXT:AGN
Aegon — Merger or Acquisition (October 2022)
14 slides from Aegon's merger presentation, Oct 27, 2022
Slide 1: Aegon to combine its Dutch operations with a.s.r.
Change picture Change picture Aegon to combine its Dutch operations with a.s.r. Lard Friese Chief Executive Officer Matt Rider Chief Financial Officer Duncan Russell Chief Transformation Officer October 27, 2022 Helping people live their best lives
Slide 2: Key messages
Key messages 1 Combination of Aegon the Netherlands and a.s.r. creates a leader in the Dutch insurance market 2 Aegon to receive 29.99% strategic stake in a.s.r.1 and EUR 2.5 billion in gross cash proceeds Transaction enables Aegon to accelerate its strategy of releasing capital from mature business
Slide 3: Creating a leader in the Dutch insurance market
Creating a leader in the Dutch insurance market Compelling strategic and financial rationale Pro forma market shares1 • Combination leading to substantial synergies and benefits for Defined Contribution Defined benefit pensions pensions customers, business partners, employees, and shareholders 32% 6
Slide 4: Becoming a strategic shareholder in a.s.r.
Becoming a strategic shareholder in a.s.r. Business combination parameters a.s.r. shareholder base • Aegon to receive a 29.99% strategic stake in a.s.r. at closing1 – irrespective of post-transaction any equity offering by a.s.r. as part of the funding of the transaction – and EUR 2.5 billion gross
Slide 5: Deploying cash proceeds in line with disciplined capital management approach
Deploying cash proceeds in line with disciplined capital management approach Cash Capital at Holding development Net cash proceeds to be fully deployed (in EUR billion) • EUR 1.5 billion capital to be returned to shareholders3, which contributes to free cash flow per share accretion • Deleveraging o
Slide 6: Improving outlook for free cash flow
Improving outlook for free cash flow • Capital return expected to neutralize the near-term impact from the transaction on free cash flow per share • Synergies from the combination are expected to drive growing dividends from a.s.r.. Together with lower funding costs for Aegon, this is expected to le
Slide 7: Providing attractive capital distributions to shareholders
Providing attractive capital distributions to shareholders • Total paid and announced capital distributions to Capital distributions to shareholders since 2020 CMD shareholders amount to EUR 2.5 billion since 2020 Capital (Paid and announced since Dec. 10, 2020, in EUR million) Markets Day, equal to
Slide 8: Accelerating Aegon's strategy
Accelerating Aegon’s strategy Delivering on CMD commitments Transaction accelerates strategy • Creating a market leader in the Netherlands Sharpened strategic focus • Releasing capital from mature businesses Successfully executing on the operational improvement plan • In line with strategy to be
Slide 9: Process steps
Process steps Aegon to submit the proposed combination for approval to its shareholders Shareholder votes at an EGM on January 18, 2023 The process to seek the required advice of the Aegon and a.s.r. works Employee consultations councils has already been initiated Closing is expected in the second h
Slide 10: Transaction provides unique benefits and accelerates strategy
Transaction provides unique benefits and accelerates strategy Clear strategic focus, building • Creating a leader in the Dutch pension, life and non-life insurance markets on our • Strengthening asset management capabilities in focus areas strengths Value- • Accelerating release of capital from Dutc
Slide 11: Appendix
Appendix For questions please contact Investor Relations +31 70 344 8305 ir@aegon.com P.O. Box 85 2501 CB The Hague The Netherlands Helping people live their best lives
Slide 12: Details on asset management agreement
Details on asset management agreement Aegon AuM1 impacts of asset management agreement • Aegon will enter into a long-term asset management (in EUR billion, per April 30, 2022) agreement with a.s.r. to manage parts of the combination’s general account investments and a.s.r.’s mortgage Transferred Tr
Slide 13: Selected details on financial impacts
Selected details on financial impacts Indicative impact on Group Solvency II ratio Indicative impact on IFRS equity (in EUR billion) 2Q22 2Q22 Group Solvency II ratio reported 214% IFRS equity reported 17.1 Transaction1 Around 5% Remove Aegon the Netherlands equity3 (8.3) EUR 1.5 billion capital ret
Slide 14: Disclaimer
Disclaimer Forward-looking statements • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private technology,