Aegon cijfers 1ste kw. 2014

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Overig advies 15/05/2014 07:57
Solid business growth drives higher underlying earnings before tax
Underlying earnings up 7% to EUR 498 million, driven by growth, higher equity markets and lower holding leverage cost, partly offset by unfavorable exchange rates
Fair value items loss of EUR 116 million, mainly due to hedging programs without accounting match
Net income up strongly to EUR 392 million
Return on equity increases to 8.4%

Strong sales growth driven by pensions, variable annuities and asset management
Gross deposits up 35% to EUR 13.5 billion, driven by pensions and variable annuities in US and asset management; net deposits impacted by transfer of Polish pension assets and replacement of a large investment mandate
Life sales down 8% to EUR 459 million; growth in US more than offset by lower UK sales post-RDR
Increase of 17% to EUR 279 million in accident and health and general insurance sales
Market consistent value of new business remains strong at EUR 223 million

Active capital management lowers funding costs
Redemption and refinancing of debt supports achieving leverage goals by year-end 2014
Holding excess capital of EUR 1.7 billion following deleveraging; solvency ratio remains at 212%
Operational free cash flows of EUR 331 million

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Statement of Alex Wynaendts, CEO

"Aegon delivered again a strong set of results, maintaining the positive momentum of previous quarters. Pensions, variable annuities and asset management all drove strong sales as many new and current customers placed their trust in Aegon. This is the result of ongoing improvements to products, service levels and operations that the group is implementing to enhance customer engagement.

"We are executing on our objective to reduce outstanding debt, which further strengthens our balance sheet and reduces funding costs. At the same time, we continue to make the necessary investments to accelerate the use of digital technology to get closer to our customers and to further enhance efficiencies across our organization.

"Aegon's strong performance gives us every confidence in our business and its continued ability to gain and retain customers and achieve a leadership position in each of our chosen markets."

Cash flows

Operational free cash flows were EUR 331 million in the first quarter of 2014. Excluding one-time items of EUR (22) million and market impacts of EUR 48 million, operational free cash flows amounted to EUR 305 million.

One-time items were primarily related to temporary higher reserve strain for term and universal life business in the United States and business transformation costs in the United Kingdom. The impact of market movements during the first quarter mainly resulted from credit spread movements.

Changes in accounting policies

Effective January 1, 2014, Aegon has made voluntary changes to its accounting policies to improve the consistency, comparability and transparency of Aegon's financial results. The following changes became effective:
Aegon has considered and sought alignment with the proposed description of deferrable policy acquisition costs in the current proposals for future insurance accounting under IFRS. Under the new accounting policy, deferred policy acquisition costs only include costs that are directly attributable to the acquisition or renewal of insurance contracts. The previous accounting policy was based on a broader definition of costs that could be deferred, including sales support costs.
Aegon has established its longevity reserves in the Netherlands on prospective mortality tables instead of observed mortality tables. Its IFRS reserves were previously based on observed mortality tables, while actual experience was taken through underlying earnings. The adoption of prospective mortality tables ensures that Aegon's IFRS reserving for longevity is consistent with that of its regulatory solvency calculations and internal economic framework.

Aegon has applied these changes retrospectively and therefore restated its 2013 financial position, in accordance with IFRS, for reasons of comparability. As a result, shareholders' equity was negatively impacted by EUR 2.4 billion, and underlying earnings before tax were positively impacted by EUR 23 million at the date of adoption (January 1, 2014).

More details of these changes and a summary of their effects on the financial position of the company are shown in Aegon's adjusted financial supplement for the fourth quarter of 2013.

lees meer op
http://www.aegon.com/Home/Investors/News-presentations/Press-Releases/2014/Earnings-Q1-2014/

o.a. grafieken.

tijd 11.24
Aegon EUR 6,485 +10,3ct vol. 6,5 miljoen.

het kan verkeren
tijd 15.37
Aegon EUR 6,278 -10,5ct vol. 11,9 miljoen.



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