Slide 1: 1Q 2025 Trading Update
1Q 2025 Trading Update Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer May 16, 2025
Slide 2: Key messages
Key messages ▪ EUR 267 million operating capital generation1, reflecting business progression offset by unfavorable mortality experience in the US ▪ US Strategic Assets growing with more WFG agents and increasing new life sales volumes, and good momentum in Retirement Plans written sales ▪ Strong in
Slide 3: Growing Transamerica's business focused on middle-market America
Growing Transamerica’s business focused on middle-market America Americas Distribution Savings & Investments Protection Solutions ▪ Increasing number of WFG agents; WFG licensed agents Net deposits mid-sized plans New individual life sales higher agent productivity for (number in thousand) (in USD b
Slide 4: Starting the year with renewed commercial momentum in most businesses
Starting the year with renewed commercial momentum in most businesses UK International Asset Management Net deposits New life sales Third-party net deposits UK (in GBP billion) (in EUR million) (in EUR billion) ▪ Growing inflows from new and existing schemes in the UK Workplace platform 0.5 81 4.7 ▪
Slide 5: 1Q 2025 Trading Update
1Q 2025 Trading Update Duncan Russell Chief Financial Officer
Slide 6: 1Q 2025 trading update
1Q 2025 trading update (in EUR million) Operating capital Cash Capital generation1 at Holding 267 +4% 1,636 (89) Free cash Gross financial flow leverage 34 +142% 5,137 (64) compared with 1Q 2024 compared with 2H 2024 6 1. Excluding holding funding and operating expenses of EUR (77) million; total op
Slide 7: 4% increase in OCG
4% increase in OCG Operating capital generation (OCG) 1 (in EUR million, before holding funding and operating expenses) 1Q 2024 1Q 2025 Change ▪ In US Strategic Assets, business growth was partly offset by a higher new business strain Americas 152 156 +3% UK 35 44 +25% ▪ In US Financial Assets, OCG
Slide 8: Capital positions of main units remain above operating levels
Capital positions of main units remain above operating levels US RBC ratio1 ▪ 5%-pts negative market impacts from lower equity markets and lower interest rates 436% ▪ 5%-pts one-time negative impact mainly from restructuring and the termination of some purchased Universal Life policies at the end of
Slide 9: Aegon's group solvency under the Bermuda solvency framework
Aegon’s group solvency under the Bermuda solvency framework BMA review of Aegon’s capital instruments Group solvency calculation Capital instruments1 Perpetual Cumulative Subordinated Bonds (PCSB) ▪ Fully adopting the Bermuda solvency (in EUR million) ▪ Currently treated as Restricted Tier 1 framewo
Slide 10: Cash Capital at Holding above the top end of the operating range
Cash Capital at Holding above the top end of the operating range Cash Capital at Holding (in EUR million) 34 1,725 1,636 (74) ▪ Free cash flow driven by remittances from US and (49) International, as well as Aegon’s participation in 1,500 a.s.r.’s share buyback Operating ▪ EUR 101 million cash outfl
Slide 11: Confirming our financial targets for 2025
Reduce gross financial leverage Around EUR 5.0 billion Increase operating capital generation2 Confirming our financial Around EUR 1.2 billion targets for 2025 1 Grow free cash flow Around EUR 800 million Increase dividend to shareholders Around EUR 0.40 per share 1. Baring unforeseen circumstances,
Slide 12: Q&A
Q&A
Slide 13: Appendix
Appendix
Slide 14: Operating capital generation in the Americas stable as business growth is offset by unfavorable claims experience
Operating capital generation in the Americas stable as business growth is offset by unfavorable claims experience Americas operating capital generation (in USD million) 1Q 2024 1Q 2025 Change ▪ Earnings on in-force decreased by 2%, with business growth and USD 14 million of favorable non-recurring E
Slide 15: Executing the US Financial Assets strategy
Executing the US Financial Assets strategy Americas – Financial Assets (in USD million) Capital employed Variable Annuities Fixed Annuities (at operating level) Net deposits1 Hedge effectiveness Net deposits1 4,083 99% 95% 3,554 2027 target: 2,200 -8.2% -9.4% -9.8% -11.3% 2022 1Q25 1Q24 1Q25 1Q24 1Q
Slide 16: Key capital sensitivities and assumptions
Key capital sensitivities and assumptions Capital sensitivities1 UK SE US Solvency II Scenario US RBC (1Q 2025 , in percentage Solvency II equivalent points) Equity markets +25% -4% -16% -27% Equity markets +10% -2% 0% +2% Equity markets -10% +2% -9% -15% Equity markets -25% +7% -24% -38% Interest r
Slide 17: Investing in Aegon
Investing in Aegon Aegon’s ordinary shares Aegon’s New York Registry Shares (NYRS) ▪ Traded on Euronext ▪ Traded on NYSE since 1991 and quoted in Amsterdam since 1969 US dollars and quoted in euros ▪ One Aegon NYRS equals one Aegon Amsterdam-listed common share ▪ Cost effective way to hold internati
Slide 18: Aegon Investor Relations
Aegon Investor Relations Contact Investor Relations Yves Cormier, Head of Investor Relations +44 782 337 1511 Karl-Otto Grosse-Holz, Investor Relations Officer +31 70 344 7857 Hielke Hielkema, Investor Relations Officer +31 70 344 7697 Jan-Willem Stokhuijzen, Investor Relations Officer +31 70 344 83
Slide 19: Disclaimer (1/2)
Disclaimer (1/2) Local currencies The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable This document contains certain information about Aegon’s results, financial condition and revenue generating investments equivalent solvency requi
Slide 20: Disclaimer (2/2)
Disclaimer (2/2) Changes in the policies of central banks and/or governments; Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data Litigation or regulatory action that could require Aegon to pay significant damages or chang
Slide 21: Y® aegon
Y® aegon