Net income more than doubles driven by US tax reform
•Underlying earnings decrease by 5% to EUR 525 million as a result of a weakening of the US dollar; expense savings and higher fee revenue from favorable equity markets were offset by one-time items
•Gain from fair value items of EUR 85 million driven by positive real estate revaluations and hedging gains
•Other charges of EUR 132 million, as net book gain on divestments is more than offset by a charge from model updates and a provision related to a regulatory settlement expected later this year
•Net income more than doubles to EUR 986 million, as US tax reform leads to one-time tax benefit
•Return on equity for the quarter amounts to 8.4%

Strong growth in gross deposits; continued momentum in asset management and UK platform business
•Gross deposits increase by 54% to EUR 35 billion; net outflows of EUR 13 billion driven by contract discontinuances in the retirement business acquired from Mercer
•Lower new life sales of EUR 225 million, mostly as a result of a weakening of the US dollar
•Accident & health and general insurance sales down to EUR 175 million due to lower supplemental health production
•Market consistent value of new business increases by 10% to EUR 130 million, partly due to increased scale in UK

Strong increase in Solvency II ratio to 201%
•Solvency II ratio increases by 6%-points during the quarter to 201%. Solid business performance, management actions and divestments more than offset adverse impact from US tax reform and market movements
•Capital generation excluding market impacts and one-time items of EUR 381 million
•Remittances from units totaling EUR 0.9 billion drive increase in holding excess capital to EUR 1.4 billion
•Gross financial leverage ratio improves by 60 basis points in the quarter to 28.6% as a result of strong net income
•Final 2017 dividend per share of EUR 0.14; on track to deliver on EUR 2.1 billion capital return commitment

Significant increase in future recurring earnings and capital generation from US tax reform
•Shareholders' equity increased by EUR 1.0 billion in the fourth quarter resulting from US tax reform, due to a reduction in net deferred tax liabilities, of which EUR 554 million was recognized in the profit and loss account
•Expected recurring annual benefit of EUR ~85 million to capital generation and EUR ~120 million to net underlying earnings. Earnings uplift to lead to over 50 basis points increase in group return on equity
•RBC ratio of US business could be impacted by increase in required capital, contingent on regulatory action to change RBC factors. RBC ratio expected to remain above mid-point of 350-450% target range
•Remittances from Aegon's US operations are expected to remain unchanged in short term, with medium term upside

Aegon’s solid fourth quarter results conclude a year in which we have grown our business and strongly increased our financial results.

Alex Wynaendts
Aegon CEO

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https://www.aegon.com/en/Home/Investors/News-releases/2018/4Q-results-2017/

tijd 09.01
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