Aegon Limited (AEG) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I would like to welcome you to this conference call on Agon's first quarter 2025 trading update. My name is Yves Cormier, Head of Investor Relations, and joining me today to take you through our progress are Agon CEO, Lars Friese, and CFO, Duncan Russell. Before we start, we would like to ask you to review our disclaimer on forward-looking statements, which you can find at the end of the presentation. With that, I would like to give the floor to Lars. Thank you, Eve, and good morning, everyone. I will start today's presentation by running through our strategic and commercial developments before handing over to Duncan, who will update you on our capital results in more detail. So let me begin on slide number two with the key messages for the quarter. In Q1 2025, we continued to execute our strategy to grow and transform our businesses, and Despite the recent volatility in the financial markets, we are confident in our ability to deliver on our strategy and our targets. Operating capital generation before holding and funding expenses amounted to 267 million euros, driven by business growth in most strategic assets, which was partly offset by unfavorable mortality experience in our U.S. financial assets. From a commercial perspective, it was a good quarter. In the U.S., World Financial Group continues to grow its agent base. Life sales increased in both WFG and our protection solutions business. In retirement plans, we generated positive net deposits overall, and written sales were strong once again, although we experienced some outflows in midsize retirement plans. In the U.K., trends remain consistent with the path set out in our teach-in webinar last year. In international, we recorded an 11% year-over-year increase in new life sales after som...