Underlying earnings up 6% driven by US expense reductions and higher fee income
•Underlying earnings of EUR 488 million reflect the benefit of expense reductions in the US and higher fee income as a result of favorable equity markets, partly offset by seasonally adverse mortality experience
•Fair value items of EUR (53) million due to losses on hedges in place to protect the capital position
•Net income increases strongly to EUR 378 million mainly from improved fair value items
•Return on equity amounts to 7.2%

Continued strong sales and improved margins

•Record revenue-generating investments of EUR 847 billion following Cofunds acquisition and favorable markets
•Gross deposits increase by 13% to EUR 34 billion due to first time inclusion of Cofunds; net outflows of EUR 6.0 billion driven by loss of asset management contract related to previous Guardian divestment
•New life sales declined by 8% to EUR 246 million, as lower sales in US and NL were partly offset by higher sales in Asia
•Accident & health and general insurance sales up 5% to EUR 300 million driven by disability insurance sales in NL
•Market consistent value of new business increases 30% to EUR 172 million benefiting from higher interest rates

Solvency II ratio stable at 157%

•Solvency II ratio unchanged at an estimated 157%, as capital generation offset the Cofunds acquisition and accrual for the final 2016 dividend
•Capital generation of EUR 0.5 billion including favorable market impacts and one-time items of EUR 0.2 billion
•Holding excess capital decreases by EUR 0.1 billion to EUR 1.4 billion driven by funding and operating expenses
•Gross leverage ratio improves by 40 basis points to 29.4% as a result of retained earnings

I am pleased with the continued earnings momentum that we are seeing as a result of our ambitious expense savings program...

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https://www.aegon.com/en/Home/Investors/News-releases/2017/q1-2017-earnings/
Alex Wynaendts
Aegon CEO

tijd 17.04
Aegon EUR 4,571 -34,3 35.6 miljoen