Aegon CEO Alex Wynaendts discuss the first half-year 2019 results.

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Overig advies 15/08/2019 08:34
Net income increases to EUR 618 million reflecting realized gains and lower other charges
Underlying earnings decrease by 5% to EUR 1,010 million, reflecting lower fee income as a result of lower average asset balances in the US, and investments in the business to support growth
Fair value losses of EUR 394 million, driven by a strengthening of insurance provisions in the Netherlands as a result of adverse credit spread movements
Realized gains on investments of EUR 275 million, driven by the sale of bonds to optimize the investment portfolio in the Netherlands
Other charges of EUR 93 million include EUR 64 million model & assumption changes, mainly in the US
Return on equity declines to 9.6% due to lower net underlying earnings

Net outflows of EUR 2.7 billion despite higher gross deposits
Net outflows of EUR 2.7 billion driven by contract discontinuances in US Retirement Plans as well as outflows in the US annuities businesses and on the UK institutional platform. These are partly offset by net inflows in Asset Management and the Netherlands
New life sales decline by 4% to EUR 405 million
Accident & health insurance sales down by 45% to EUR 117 million, as a result of the previously announced exit of certain product lines and lower voluntary benefits sales in the United States
Property & casualty new premium production up by 7% to EUR 65 million

Increased interim dividend supported by strong capital position and normalized capital generation
Interim 2019 dividend increases by 7% to EUR 0.15 per share
Solvency II ratio of 197% at the top of the target zone; ratio decreases due to adverse market impacts
Normalized capital generation after holding expenses of EUR 714 million. Capital generation of EUR (788) million, including adverse market impacts of EUR 1.4 billion and one-time items of EUR (114) million
Market impacts are driven by adverse credit spread movements in the Netherlands, notably mortgage spreads, which increased to levels significantly above the long term average
Holding excess cash increases to EUR 1.6 billion, reflecting EUR 765 million gross remittances from subsidiaries. Aegon the Netherlands retained its planned remittance over the first half of the year
Gross financial leverage ratio amounts to 29.3% and remains in the 26 to 30% target range

Note: All comparisons in this release are against 1H 2018, unless stated otherwise

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tijd 09.12
De AEX 535,41 -1,25 -0,23% Aegon EUR 3,482 -26,8 ct vol. 2,2 miljoen.

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