Aegon Ltd. · EURONEXT:AGN
Aegon — Investor Day (June 2023)
100 slides from Aegon's investor day presentation, Jun 22, 2023
Slide 1: Aegon
Yi aegon
Slide 2: Agenda
13:00 Welcome Jan Willem Weidema Group strategy Lard Friese Transamerica strategy Will Fuller Q&A session Presenters and Duncan Russell Agenda 10-minute break 15:00 Transamerica Individual Solutions Jamie Ohl Transamerica Workplace Solutions Phil Eckman Group financials Matt Rider Q&A session Presen
Slide 3: Group strategy
Group strategy 1
Slide 4: Transforming Aegon: The Next Chapter
Transforming Aegon The Next Chapter Lard Friese Chief Executive Officer June 22, 2023
Slide 5: Key messages and financial targets
Key messages and financial targets Key messages Ambitious financial targets 20251 ▪ On track to close a.s.r. transaction and start ▪ Increase operating capital generation to associated capital return in the coming weeks around EUR 1.2 billion in 2025 ▪ Building America’s leading middle market ▪ Grow
Slide 6: Successful chapter 1 – Focus. Execute. Deliver.
Successful chapter 1 – Focus. Execute. Deliver. ▪ Exited from non-core and sub-scale businesses Clear strategic focus, ▪ Focused on building leading fully-owned businesses and strong partnerships in attractive markets building on our strengths ▪ Created leader in the Dutch insurance market through t
Slide 7: Strong delivery on financial targets 2020 CMD
Strong delivery on financial targets 2020 CMD Benefit from operational improvement plan1 Cumulative Free Cash Flow 2 (operating result in EUR million) (in EUR billion) 627 ▪ Achieved targeted benefit 2.1 ▪ Achieved cumulative 2021- 550 to operating result one 1.4-1.6 0.6 2023 target one year early 2
Slide 8: Chapter 2: Clear priorities to create value
Chapter 2: Clear priorities to create value Change Increase Drive improvement and Manage corporate profile Transamerica’s value value in rest of portfolio capital actively ▪ Change corporate profile ▪ Increase quantum and ▪ Continue to strengthen and ▪ Use significant financial by closing transactio
Slide 9: On track to close a.s.r. transaction and start share buyback
Transaction nearing completion ▪ Disentanglement solutions for Aegon NL have been agreed with a.s.r. and are being implemented, on track for a timely closing ▪ Asset Management agreement and related asset swaps ready to On track to close be implemented a.s.r. transaction ▪ Majority of disentanglemen
Slide 10: Generating value by creating competitive advantages
Same purpose Helping people live their best lives, with continued commitment to sustainability Same mission Generating Building a leader in investment, protection, and retirement solutions value by creating competitive Sharpened operating model Accelerating organizational advantages rhythm to ensure
Slide 11: Sharpening operating model to accelerate momentum
Sharpening operating model to accelerate momentum Creates value in areas in which it has deep expertise ▪ Provides strategic direction Aegon way Role of ▪ Allocates capital in disciplined and rational manner of working holding company ▪ Drives organizational rhythm and creates catalysts ▪ Shares bes
Slide 12: Aegon has an attractive set of businesses
Aegon has an attractive set of businesses US1 ▪ Established, large markets for investments, Fully-owned protection and retirement solutions UK activities ▪ Aegon has clear differentiators or potential AM – Global to develop them Platforms ▪ Strategic shareholder in a Dutch market leader; NL - Stake
Slide 13: Making progress in building leading businesses
Making progress in building leading businesses Status today US Strategic Assets Weak Strong Key strengths Key improvement areas Proven ability to grow a diverse WFG Further improve agent productivity and younger agent base Advantaged distribution enables Operating model efficiency and Life attractiv
Slide 14: Ambitious goals to win in the US middle market
Ambitious goals to win in the US middle market Strong market position Advantaged access points Ambitious goals WFG: growing number of Third largest Life insurance World Financial Group licensed agents and improving distribution agency in productivity Individual Solutions North America Life: drive sa
Slide 15: Significantly reducing exposure to Financial Assets
Significantly reducing exposure to Financial Assets Capital employed in US Financial Assets ▪ Reduced capital employed in Financial Assets since (at operating level, in USD billion) 2020 CMD mainly by expanding dynamic hedge 5.6 program and setting up voluntary reserves for USD 1.8 billion variable
Slide 16: Considerations regarding third-party transactions
Actively making trade-offs: ▪ Opportunity to accelerate the reduction Considerations of exposure to Financial Assets ▪ Financial terms must be reasonable regarding ▪ Due to their inherent complexity, transactions third-party need to be sizeable to make them worthwhile transactions for ▪ Transamerica
Slide 17: Increase value of Aegon UK, Asset Management and International
Increase value of Aegon UK, Asset Management and International Key achievements since 2020 CMD Near-term priorities ▪ Sold protection business to focus on platform ▪ Maintain expense discipline to create room for ▪ Turned core platform from outflows to net deposits investments in platform, incl. new
Slide 18: Generating substantial value from strategic stake in a.s.r.
Generating substantial value from strategic stake in a.s.r. Value of 29.99% stake in a.s.r. per Aegon share1 Aegon uniquely placed to generate value (in EUR) 2.04 ▪ Aegon will be a strategic, supportive shareholder in a.s.r. with board seats and affirmative rights on certain matters for up to 5 year
Slide 19: Significant financial flexibility at Holding
Significant financial flexibility at Holding Proceeds a.s.r. Cash Capital Gross financial transaction at Holding leverage Capital deployed to create value Reduce over time At comfortable level ▪ EUR 1.5 billion capital to be ▪ Expect to reduce Cash Capital at ▪ Gross financial leverage post returned
Slide 20: Financial targets for 2025
Reduce gross financial leverage Around EUR 5.0 billion Increase operating capital generation1 Around EUR 1.2 billion Financial targets for Grow free cash flows 20252 Around EUR 800 million Increase dividend to shareholders Around EUR 0.40 per share 1. Before holding and funding expenses 2. Barring u
Slide 21: Leader in investment, protection, and retirement solutions
Change corporate profile Leader in investment, Increase Transamerica’s value protection, and retirement solutions Drive improvement and value in rest of portfolio Manage capital actively A-18
Slide 22: Transamerica strategy
Transamerica strategy Y® aegon
Slide 23: Transamerica
Change foto to sth that highlights a “young, diverse customer base” Transamerica Building America’s leading middle market Life Insurance and Retirement company Will Fuller President & Chief Executive Officer, Transamerica June 22, 2023
Slide 24: Key messages
Key messages 1. Successfully delivered on 2020 CMD commitments 2. Leveraging established access points to build America’s leading middle market Life Insurance and Retirement company 3. Growing earnings through disciplined investing in Strategic Assets at attractive financial returns 4. Taking manage
Slide 25: Transamerica is an industry icon
Transamerica Pyramid is Generated momentum built, fortifying a strong to strengthen foundation and long-lasting iconic and accelerate brand transformation Transamerica is 1972 2020-2022 an industry icon 1904 1999-2005 2023+ Building America’s leading middle market Life Insurance and Founded in San A
Slide 26: Successfully delivered on 2020 CMD commitments
Successfully delivered on 2020 CMD commitments Clear strategic focus, ▪ Sharpened focus and execution on Strategic Assets building on our strengths ▪ Dedicated team focused on maximizing value of Financial Assets Value-creating ▪ Improved commercial momentum in Strategic Assets; doubling of new busi
Slide 27: Transamerica is positioned to succeed
3rd largest Life insurance Top 5 mid-sized plan position distribution agency in and leading Pooled Employer North America via Plan recordkeeper by sales World Financial Group (WFG) Transamerica Top 10 position in Life Taking actions to address large is positioned Insurance; #1 Indexed Universal Life
Slide 28: Building America's leading middle market Life Insurance and Retirement company
Building America’s leading middle market Life Insurance and Retirement company Clear strategic focus Disciplined Reducing exposure Ambitious and investments in to Financial Assets credible financial Strategic Assets targets Building on strong brand Growing earnings at Taking management Improving the
Slide 29: The middle market offers attractive opportunities
The middle market offers attractive opportunities Middle market represents … is highly diverse and … has significant and The middle market is majority of US younger and … growing protection and attractive to serve households, … savings needs Low- ▪ ~40% of households are ▪ USD ~3 trillion Life ▪ USD
Slide 30: Differentiated access to win in the middle market
Differentiated access to win in the middle market Competitive ▪ Unique, diverse and young ▪ Access to ~24,000 employers advantages distribution force of ~70,000 and ~3.5 million participants Differentiating agents ▪ Expertise in serving small / capabilities ▪ 7,000 offices serving their medium and P
Slide 31: Making progress in building leading businesses
Making progress in building leading businesses US Strategic Assets Status today Key strengths Key improvement areas Weak Strong Unique access to middle market Further improve agent WFG Proven ability to grow a productivity diverse and younger agent base Advantaged distribution enables Invest to buil
Slide 32: WFG's large, growing, diverse agent force results in unique access
WFG’s large, growing, diverse agent force results in unique access to the underserved middle market Earnings drivers Strong current position ▪ 3rd largest agent force in US and one of the Number of licensed agents largest agent forces in Canada1 +13% CAGR Diverse agent base2 ~63k ▪ Scalable recruiti
Slide 33: WFG's high-quality distribution earnings and capital-light model
WFG’s high-quality distribution earnings and capital-light model offers substantial upside Targets: Operating result (in USD million, before tax) 225 - 250 +42% by 2025 ~175 Growing earnings by 42% by 2025 and nearly 123 doubling by 2027 ▪ Growing the number of licensed agents ▪ Improving industry l
Slide 34: Life business is advantaged given WFG distribution
Life business is advantaged given WFG distribution and an attractive risk-return profile Earnings drivers Strong current position New Life sales (in USD million) ▪ Leverages strength of WFG distribution and 8% CAGR strategic third-party partners 431 Life product sales ▪ WFG distribution ▪ ~200,000 p
Slide 35: Increasing Life earnings by growing sales at attractive returns
Increasing Life earnings by growing sales at attractive returns and investing to build an efficient operating model Targets: Earnings on in-force (in USD million, Individual Life excl. WFG and UL) 11% by 2025 700 - 725 ~675 609 Growing earnings by 11% by 2025 Add back COVID ▪ Increasing Life product
Slide 36: Retirement business meets middle market needs through at-scale workplace platform
Retirement business meets middle market needs through at- scale workplace platform and ancillary services Earnings drivers Strong current position Strong position in retirement recordkeeping with access to middle market Scalable Retirement platform with growth in recordkeeping Leading Pooled 3.5 mil
Slide 37: Retirement earnings driven by scaling recordkeeping and ancillary services
Retirement earnings driven by scaling recordkeeping in growth markets and expanding ancillary services Targets: Earnings on in-force (in USD million, Retirement Plans excl. SPGA annuities) 275 - 300 Nearly 2x by 2025 Nearly doubling earnings by 2025 ~200 ▪ Driving organic growth within retirement re
Slide 38: Financial Assets strategy has shifted to releasing capital and accelerating run-off
Financial Assets strategy has shifted to releasing capital and accelerating run-off 2020 – 2022 2023 onwards Reducing risk profile and minimizing range of outcomes Releasing capital and accelerating run-off USD 513 million Reinsured Fixed annuity LTC rate increases VA buyout Increase TLB closed UL b
Slide 39: Driving sustainable growth in operating capital generation and remittances
Driving sustainable growth in operating capital generation and mid-single digit increase in remittances Operating capital generation (OCG) (in USD billion) 0.9 ▪ Operating capital generation from Financial Assets adds to 0.7 0.8 0.2 Transamerica’s financial flexibility from management actions to Fin
Slide 40: Key takeaways
Key takeaways Building America’s middle market Life Insurance and Retirement company Clear strategic focus Disciplined Reducing exposure Ambitious and investments in to Financial Assets credible financial Strategic Assets targets Building on strong brand Growing earnings at Taking management Improvi
Slide 41: Transamerica Individual Solutions
Transamerica Individual Solutions 1
Slide 42: WFG and Life
WFG and Life Jamie Ohl President, Individual Solutions June 22, 2023
Slide 43: WFG
WFG C-2
Slide 44: Key messages - WFG
Key messages - WFG 1. WFG provides unique, differentiated access to attractive underserved middle market 2. Meet customers’ needs with high-quality proprietary products and by partnering with established third-parties 3. Clear roadmap to achieve significant growth and double earnings by 2027 4. Targ
Slide 45: WFG has a strong middle market presence across the US and Canada
WFG has a strong middle market presence across the US and Canada that addresses underserved customer needs United States Canada Agent force WFG meets middle (Number of agents) market customer’s needs <250 1,000-4,999 and offers attractive 250-999 >5,000 proprietary WA MT ND ME Transamerica and OR ID
Slide 46: A view of WFG directly from agents
A view of WFG directly from agents C-5
Slide 47: WFG has a proven record of execution and value-creation
WFG has a proven record of execution and value-creation Licensed Life agents Productive agency force1 Revenue4 (in thousands) (in USD millions) +13% CAGR +14% CAGR 63 1,041 931 43 49 52 32k 711 714 Multi-ticket agents2 6k Multi-product agents3 2019 2020 2021 2022 2019 2020 2021 2022 Agent growth dri
Slide 48: Clear roadmap to growing high-quality WFG earnings
Clear roadmap to growing high-quality WFG earnings Targets: Operating result Earnings drivers (in USD million, before tax) 2022 2025e 2027e 225 – 250 +42% by 2025 Growing number of ~175 63k ~90k ~110k licensed life agents 123 Improving agent productivity ▪ Life multi-ticket agents1 32k ~50k ~60k ▪ M
Slide 49: Growing the number of licensed life agents
Growing the number of licensed life agents Improved agent recruiting and training Number of licensed life agents (in thousands) ▪ Partnering with our ~70,000 agents and ~7,000 offices to scale recruiting +12% CAGR ~110 ▪ Building 30+ person team to enhance agent onboarding and training to increase l
Slide 50: Improving agent productivity
Improving agent productivity Improved tools and systems Life multi-ticket agents (in thousands) ▪ Allowing agents to manage business via web and +13% CAGR ~60 mobile-enabled platform, including maintaining ~50 client profiles and commission tracking 32 ▪ Enhancing agent portal across carrier platfor
Slide 51: Individual Life
Individual Life C-10
Slide 52: Key messages - Life
Key messages - Life 1. The Life product portfolio’s broad solutions are aligned to the underserved middle market 2. Leveraging WFG and key distribution partners to increase sales at attractive risk-adjusted returns 3. Investing in high-value, customer focused capabilities to sustain volume capacity
Slide 53: The Life product portfolio's broad solutions are aligned to the underserved middle market
The Life product portfolio’s broad solutions are aligned to the underserved middle market Customers need to… Our solutions Momentum in Life business Estimated 2022 Product Current position market size ▪ Protect growing family and large Term and Term with purchases through temporary coverage living b
Slide 54: Targeted actions to drive significant earnings growth
Targeted actions to drive significant earnings growth Targets: Earnings on in-force Earnings drivers (in USD million, Individual Life excl. WFG and UL) (in USD) 2022 2025e 2027e 11% by 2025 700 - 725 ~675 Increasing Life product 609 431 ~690 ~750 sales from WFG and million million million third-part
Slide 55: Increasing life sales by leveraging flagship IUL product
Increasing life sales by leveraging flagship IUL product which offers consumer value and attractive economics About Transamerica’s IUL products Sources of pre-tax earnings1 (in %) ▪ Permanent protection product featuring 21 accumulation savings opportunity tied to indices (e.g., S&P 500) 12 ▪ Featur
Slide 56: Investing to build an efficient operating model with scalable volume capacity
Investing to build an efficient operating model with scalable volume capacity Building operating model around high-value capabilities Go-forward operating model supports business built for volume (in % of FTE) • Owning high-value, critical customer touchpoints Current model Future model • Establishi
Slide 57: Key takeaways – WFG and Life
Key takeaways – WFG and Life Building America’s middle market Life Insurance and Retirement company WFG has a strong Clear roadmap to Life solutions aligned Driving significant middle market growing high-quality to the underserved growth in Life presence WFG earnings middle market Accessing highly d
Slide 58: Transamerica Workplace Solutions
Transamerica Workplace Solutions 1
Slide 59: Retirement
Retirement Phil Eckman President, Workplace Solutions June 22, 2023
Slide 60: Key messages - Retirement
Key messages - Retirement 1. Expanding leadership positions in most attractive segments 2. Targeted actions to drive significant growth in earnings on in-force 3. Leveraging recordkeeping market leadership and differentiated Pooled Employer Plan capabilities 4. Growing and diversifying revenues by e
Slide 61: Industry-leading Retirement business well-positioned in the most attractive segments
Industry-leading Retirement business that is well-positioned in the most attractive segments Focus on growing and profitable markets with leading position in pooled Transamerica’s differentiated and mid-sized plans and established position in small and large plans… capabilities drive leading positio
Slide 62: Leveraging recordkeeping to drive differentiated access to Stable Value and IRA
Leveraging recordkeeping to drive strategically differentiated access to Stable Value and IRA Momentum in retirement Market Leading Pooled Growing revenue via recordkeeping Employer Plan Distribution Stable Value and IRA Mid-sized plans gross deposits Number of new distribution contracts Share of ne
Slide 63: Providing middle market participants access to retirement solutions
Providing middle market participants access to retirement solutions ▪ Over 24,000 plans, including pooled, mid-sized and large / mega ▪ Covering wide range of employers – healthcare, higher education, We serve a wide range of US employers … manufacturing, small business owners ▪ USD ~190 billion in
Slide 64: Meeting middle market customers' financial needs with broad range of products
Meeting middle market customers’ financial needs with broad range of attractive products and services In plan Out of plan Our solutions Retirement plans Stable Value Ancillary products IRA and services Source of Fees on AuA Investment margin Fees on AuA Fees on AuA earnings and / or per participant
Slide 65: Key earnings drivers well positioned to deliver strong growth
Key earnings drivers well positioned to deliver strong growth Targets: Earnings on in-force Earnings drivers (in USD million, Retirement Plans excl. SPGA annuities) (in USD billion) 2022 2025e 2027e 275 - 300 Organic recordkeeping (8)% ~5% ~5% Nearly 2x by 2025 ~200 growth in mid-sized plans1 Growin
Slide 66: Driving organic growth within retirement recordkeeping while managing fee compression
Driving organic growth within retirement recordkeeping while managing fee compression Takeover deposits Recordkeeping AuA1 (in USD billions) ▪ Expanding Middle Market Sales Retention of plans Team to meet growing demand Mid-sized plans +12% CAGR Large plans +2% CAGR ▪ Investing in large market plan
Slide 67: Growing and diversifying revenue streams by expanding in Stable Value and IRA
Growing and diversifying revenue streams by expanding in Stable Value and IRA ▪ Including within allocation-based retirement solutions Stable Value assets under administration (models typically allocate 12-15%) (in USD billion) Growing Stable ▪ Product manufacturing, coupled with stronger +10% CAGR
Slide 68: Key takeaways – Retirement
Key takeaways – Retirement Building America’s middle market Life Insurance and Retirement company Leadership in Providing a broad Driving strong growth attractive retirement range of products and in Retirement segments services Leading position in pooled Leveraging recordkeeping Growing recordkeepin
Slide 69: Group financials
Group financials 1
Slide 70: Improving the quantum and quality of capital generation
Improving the quantum and quality of capital generation Matt Rider Chief Financial Officer June 22, 2023
Slide 71: Main takeaways
Main takeaways 1. Delivered on financial commitments 2. Improving the quantum and quality of capital generation through profitable growth of US Strategic Assets 3. Taking management actions to accelerate release of capital from US Financial Assets 4. Significant financial flexibility at the Holding
Slide 72: Delivered on financial commitments
Delivered on financial commitments 2020 CMD priorities Strong delivery Clear strategic focus, Strengthened balance sheet, which allows building on our strengths management to focus on business performance Value-creating capital Enhanced value through targeted actions allocation on Financial Assets I
Slide 73: Continued disciplined capital management
Continued disciplined capital management Capital in Cash Capital Gross financial business units at Holding leverage Manage to operating level and Maintain within range of Manage to around maintain above minimum EUR 0.5 – 1.5 billion EUR 5.0 billion1 dividend payment level ▪ Maintain capital in busin
Slide 74: Transamerica financials
Transamerica lilatslaletslis ® aegon
Slide 75: Transamerica's value
Strategic Assets ▪ Grow earnings on in-force by growing customer base, increasing customer retention and expanding margins ▪ Reinvest part of earnings in profitable new business to secure long-term growth ▪ Fund growing remittances to the Group from increasing operating capital generation Clear plan
Slide 76: Growing earnings on in-force by investing capital in US Strategic Assets
Growing earnings on in-force by investing capital in US Strategic Assets Capital employed (US Strategic Assets, at operating level, in USD billion) CAGR: 7% 5.2 5.8 ▪ Capital employed in US Strategic Assets will increase 4.2 through investments in profitable new business 2022 2025e 2027e Earnings on
Slide 77: Reinvest part of earnings in profitable new business
Reinvest part of earnings in profitable new business to secure long-term growth of US Strategic Assets Earnings on in-force (US Strategic Assets, in USD billion) 1.5 1.0 1.2 ▪ Increase in earnings on in-force from US Strategic Assets as a result of profitable growth in WFG, Life and Retirement Plans
Slide 78: Financial implications of plans to sustainably grow US Strategic Assets
Financial implications of plans to sustainably grow US Strategic Assets Strategic Announced today One-time impacts ambitions ▪ Build America's leading ▪ Significantly improve customer ▪ RBC ratio: around -15%-pts middle market life insurance service and product manufacturing: ▪ IFRS 17: reduction in
Slide 79: Expanding scope of US Financial Assets following reduction in required capital
Expanding scope of US Financial Assets following successful reduction in required capital Reduction of capital employed in US Financial Assets Expanding scope of US Financial Assets (at operating level, in USD billion) (at operating level, in USD billion) (37%) 4.1 1.5 4.1 VA 2.6 FA 2.6 (1.5) LTC CM
Slide 80: Without management actions, results from US Financial Assets would be unattractive
Without management actions, results from US Financial Assets would be unattractive Capital employed without management actions (US Financial Assets, at operating level, in USD billion) 4.1 3.6 3.4 Without management actions, capital employed would reduce by only USD 600 to 700 million over the next
Slide 81: Newly identified management actions to accelerate release of capital
Newly identified management actions to accelerate the release of capital from US Financial Assets Capital employed after management actions (US Financial Assets, at operating level, in USD billion) ▪ New management actions are expected to reduce (1.2) capital employed in Financial Assets by an addit
Slide 82: Financial implications of plans to reduce exposure to US Financial Assets
Financial implications of plans to reduce exposure to US Financial Assets Strategic Announced today One-time impacts1 ambitions ▪ Significantly reduce ▪ Management actions to mitigate ▪ RBC ratio: around -5%-pts exposure to Financial Assets future impact from increasing ULSG ▪ IFRS 17: reduction in
Slide 83: Maintaining a strong balance sheet throughout transformation
Maintaining a strong balance sheet throughout transformation RBC ratio development (RBC ratio in %) 436% ~(20%) (26%) 400%; operating level 350%; minimum dividend payment level Near-term resilience Medium-term financial flexibility 1Q23 One-time Moderately Additional actions Capital release and Depl
Slide 84: US Financial Assets generate financial flexibility while Strategic Assets drive remittances
US Financial Assets generate financial flexibility while US Strategic Assets drive growing remittances US operating capital generation and remittances (In USD billion) Remittances OCG Financial Assets Operating capital generation from Financial Assets adds to OCG Strategic Assets Transamerica’s fina
Slide 85: Group financials
Group financials ® aegon
Slide 86: Group capital generation expected to increase
Group capital generation expected to increase Operating capital generation from units (Before holding and funding expenses, in EUR billion) ▪ Improvement in quantum and quality of operating capital ~1.2 generation from US >1.0 ▪ Operating capital generation from Aegon UK and Asset Management’s Globa
Slide 87: Growing remittances drive increase in free cash flows
Growing remittances drive increase in free cash flows Gross remittances from units1 (in EUR million) US AM, partnerships, other ▪ Gross remittances from units expected to increase in line UK a.s.r. with operating capital generation ~1,000 ~1,100 ▪ Contribution from a.s.r. to grow as synergies emerge
Slide 88: Significant financial flexibility at Holding
Significant financial flexibility at Holding Proceeds a.s.r. Cash Capital Gross financial transaction at Holding leverage Capital deployed to create value Reduce over time At comfortable level ▪ EUR 1.5 billion capital to be ▪ Expect to reduce Cash Capital at ▪ Gross financial leverage post returned
Slide 89: Increasing dividend well covered by free cash flows
Increasing dividend well covered by free cash flows Free cash flows (In EUR million) ~800 Financial flexibility Financial flexibility ▪ Financial flexibility to be deployed in value-creating ~600 manner Dividend ▪ Growing dividend well covered by growing free cash flow ▪ Furthermore, dividend per sh
Slide 90: Financial targets for 2025
Reduce gross financial leverage Around EUR 5.0 billion Increase operating capital generation1 Around EUR 1.2 billion Financial targets for Grow free cash flows 20252 Around EUR 800 million Increase dividend to shareholders Around EUR 0.40 per share 1. Before holding and funding expenses 2. Barring u
Slide 91: Leader in investment, protection, and retirement solutions
Grow US Strategic Assets capital generation sustainably Release capital of and reduce Leader in investment, exposure to US Financial Assets protection, and retirement solutions Significant financial flexibility at Holding Increase dividend per share throughout transformation E-22
Slide 92: Appendix
Appendix
Slide 93: Economic Assumptions
US UK Economic Exchange rate against euro 1.10 0.90 Assumptions Annual gross equity market return 8% 6% (price appreciation + dividends) 2023 - 2025 Grade to 3% Grade to 2.5% 10-year government bond yields in 10 years in 10 years E-24
Slide 94: Disclaimer (1/2)
Disclaimer (1/2) Local currencies and constant currency exchange rates ▪ Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action This document contains certain information about Aegon’s results, financial condition and revenue gene
Slide 95: Disclaimer (2/2)
Disclaimer (2/2) ▪ Changes in the policies of central banks and/or governments; World Financial Group (WFG) ▪ Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business; WFG consists of: ▪ Competitive, legal, regulatory, or tax changes t
Slide 96: Biography Transamerica Management Team
Biography Transamerica Management Team 1
Slide 97: Will Fuller, President & CEO of Transamerica
Biography Transamerica Management Team Will Fuller President & CEO of Transamerica Throughout Will Fuller’s nearly 30-year career in financial services, he has worked relentlessly to help consumers and their families achieve a lifetime of financial security. Whether he’s serving in senior leadership
Slide 98: Phil Eckman, President, Workplace Solutions
Biography Transamerica Management Team Phil Eckman President, Workplace Solutions For more than 30 years, Phil Eckman has worked diligently to help take the guesswork out of retirement planning. With life expectancy rates on the rise, Phil is passionate about providing consumers and their families w
Slide 99: Matt Keppler, Chief Financial Officer
Biography Transamerica Management Team Matt Keppler Chief Financial Officer Matt Keppler has spent the last 25 years providing strategic insight to help companies across the financial services sector best serve their customers. He is a collaborative leader whose guiding belief is that leaders should
Slide 100: Jamie Ohl, President, Individual Solutions
Biography Transamerica management team Jamie Ohl President, Individual Solutions Jamie Ohl has dedicated her career to helping people secure their financial futures. Over the past three decades, she has focused on ensuring that people have access to innovative, customer-focused financial solutions a