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Laatste update:

Aegon reports strong increase in earnings and capital ratio in 3Q 2017

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Algemeen advies 09/11/2017 08:16
Net income increases by 31% driven by US
•Underlying earnings up by 20% to EUR 556 million reflecting favorable claims experience, higher fee revenue as a result of favorable equity markets, and lower expenses in US
•Gain from fair value items of EUR 159 million driven by positive real estate revaluations and hedging gains in US
•Charge from assumption changes and model updates of EUR 198 million caused by conversion of the largest block of universal life business to a new model
•Higher underlying earnings, fair value items and realized gains drive increase in net income to EUR 469 million
•Return on equity for the quarter increases to 8.9%

Record gross deposits driven by fee-based business; outflows from contract discontinuances in Mercer block
•Gross deposits increase by 65% to EUR 41 billion as a result of exceptionally strong asset management and UK platform deposits; net outflows of EUR 0.6 billion driven by lapses on retirement business acquired from Mercer
•New life sales decline by 8% to EUR 202 million due to lower sales in US and exit from UK annuities
•Accident & health and general insurance sales down by 17% to EUR 180 million from lower sales in US
•Market consistent value of new business increases by 75% to EUR 121 million benefiting from management actions

Strong increase in Solvency II ratio to 195%
•Solvency II ratio increases by 10%-points compared with last quarter to 195%. Capital generation and benefit from divestment of UK annuity book more than offset interim 2017 dividend
•Capital generation of EUR 809 million including favorable market impacts and one-time items of EUR 485 million
•Holding excess capital temporarily decreases to EUR 0.9 billion driven by capital injection into Dutch business
•Gross financial leverage ratio improves by 20 basis points sequentially to 29.2% as a result of retained earnings

Our underlying earnings are up for the fifth consecutive quarter, reflecting growth across our businesses, expense savings and management actions taken to improve returns.

Alex Wynaendts
Aegon CEO

•Aegon launches mutual fund joint venture in Mexico
•Robot processes customer requests to improve administrative efficiency in Dutch business
•Aegon Asset Management receives top ratings for responsible investment
•Launch of mobile- and user-friendly global careers site

Aegon’s ambition

Aegon’s ambition is to be a trusted partner for financial solutions at every stage of life, and to be recognized by its customers, business partners and society as a company that puts the interests of its customers first in everything it does. In addition, Aegon wants to be regarded by its employees as an employer of choice, engaging and enabling them to succeed. This ambition is supported by four strategic objectives embedded in all Aegon businesses: Optimized portfolio, Operational excellence, Customer loyalty, and Empowered employees.

Optimized portfolio

Aegon has joined forces with Administradora Akaan to create the mutual fund company Akaan Transamerica in Mexico. Akaan Transamerica recently received formal approval from the Mexican Banking and Securities Commission (CNBV) to initiate operations and go to market. It will offer a wide variety of Mexican and international mutual funds, as well as diversified global investment solutions, including alternative investments, actively- and passively-managed funds, and bespoke investment strategies. Akaan Transamerica will leverage the extensive investment knowledge and experience from Transamerica Asset Management’s highly skilled team of investment management professionals.

Aegon the Netherlands has entered into a four-year strategic partnership with UK online lending platform Funding Circle. Direct loans will be provided to small businesses online, with initial plans to help approximately 2,600 small businesses with funding of GBP 160 million in its first year of the partnership. Using data analysis, Funding Circle is able to assess a company’s prospects and provide an immediate response about a possible loan. The partnership offers Aegon strong returns, while enabling small business owners to grow their businesses with transparent funding.

In the Netherlands, Aegon has entered into a strategic partnership with Dynamic Credit, an Amsterdam-based alternative fixed income asset manager. Under the agreement, Aegon will become a 25% shareholder of Dynamic Credit. With over EUR 8 billion of assets under management, Dynamic Credit aims to serve its customers by matching savings with credit investments. As part of the partnership, Dynamic Credit’s innovative LoanClear platform will be upgraded and extended into an investment hub for loans from marketplace lenders.

On November 1, 2017, Aegon announced the successful completion of the sale of Unirobe Meeùs Groep (UMG) to Aon Groep Nederland for EUR 295 million. The transaction is consistent with Aegon's strategic objective to optimize its portfolio across its businesses and is expected to result in an increase of the Solvency II ratio of Aegon the Netherlands by an estimated 6%-points in the fourth quarter of 2017. The divestment will also lead to a book gain of approximately EUR 180 million, which will be reported in Other income.

On September 22, 2017, Aegon completed the Legal & General Part VII transfer related to the divestment of the UK annuity book as announced last year. The completion led to a 2%-points uplift of the group solvency ratio. This transfer completes the divestment of Aegon’s own annuity book in the United Kingdom and is a further milestone in the company’s transformation.

Aegon received approval from the Polish Financial Supervision Authority to take over the management of Nordea’s second-pillar pension fund. The takeover of the management of Nordea’s pension fund in combination with Aegon’s existing fund will result in the fourth largest second-pillar pension fund in Poland, with approximately EUR 3.5 billion of net assets and 1.9 million pension customers. The larger pension fund will benefit from economies of scale and improved investment opportunities, and will share best practices for pension administration.

Operational excellence

In the Netherlands, Aegon is now utilizing a robotic process to handle customer requests to change addresses or bank account details for products that have recurring premiums collected. Every day, Aegon receives more than 100 such requests, which previously meant manually updating information across various systems. By using Robotics Process Automation (RPA), 95% of all requests can be automatically completed, with no manual intervention from employees. The RPA can process these change requests quickly, with a notification automatically sent to customers informing them the change has been completed. Aegon is examining other opportunities to utilize the RPA technology to streamline processes across its business.

Customer loyalty

Aegon’s Chinese joint venture unveiled Zeus, an industry-leading digital platform for agents, at the company’s Digital Day. The system, which is specifically designed for individual agents, improves customer experience, and enhances traditional sales, underwriting and administration processes.

Empowered employees

Management Board member Mark Mullin, responsible for Aegon Americas, was appointed Chairman of the Board for the American Council of Life Insurers (ACLI), the most prominent association representing the life insurance industry in the United States. The ACLI represents 95% of all industry assets in the United States, and advocates on policy matters in federal, state and international forums. Mark joined the Board of Directors of the ACLI seven years ago, and has been active in advocating on behalf of the industry for the retirement enhancement and savings act and the Department of Labor fiduciary rule.

Aegon launched a new global careers site that enables potential employees to identify career opportunities across Corporate Center, Asset Management, Aegon Global Technology, the Netherlands and Transamerica in one easy to use site. The site has a number of new features to help direct top talent, including videos and testimonials from current Aegon employees, an overview of the work environment, company history and other information relevant to potential employees.
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tijd 09.00
De AEX 554,47 -0,30 -0,05% Aegon EUR 5,313 +23ct vol. 1,8 milj.

d.d. 10 nov.
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