Presentation 1Q 2022

U.S. Regulated Equity Markets (Alternative Disclosure) via PUBT

1Q 2022 Results

Lard Friese

Chief Executive Officer

Matt Rider

Chief Financial Officer

Duncan Russell

Chief Transformation Officer

May 12, 2022

Helping people live their best lives

Making further progress on transformation

1Delivering on strategic and financial objectives
2Continued commercial momentum in Strategic Assets and Asset Management
3Sharpening Aegon's strategic focus and increasing financial flexibility
4Maintaining a high pace in maximizing value of Financial Assets
5Engaging with external parties to explore potential for VA reinsurance transaction

Executing on Aegon's granular operating plan

Operational improvement plan

(1Q 2022, in EUR million)

•Continued rapid pace in execution of the operational improvement plan

•Remaining confident to deliver target of EUR 400 million expense savings, while absorbing expense inflation
•Achieved targeted contribution from growth initiatives to operating result
•Addressable expenses related to growth initiatives in trailing four quarters of EUR 52 million

Expense initiativesGrowth initiatives

Number of initiatives

1,255

executed

in progress

728

209

318

Continued new business development in US Strategic Assets

US - Individual Solutions

•12% sales growth in indexed universal life and whole life final expense supported by enhanced service program for top-selling agents and a higher number of licensed agents within World Financial Group (WFG)
•Sales mix having favorable impact on new business strain
•Increased sales volume has partly offset reduced underwriting margins from higher interest rates, leading to lower value of new business

RP = Retirement Plans

US - Workplace Solutions

•Maintaining top-5 position in Middle-Market new sales with the seventh consecutive quarter of written sales above one billion US dollars
•Net deposits benefitted from strong written sales in prior periods

•Increase in asset balances driven by favorable equity markets compared with the first quarter of 2021

Building further momentum in NL and UK Strategic Assets

•Generating solid mortgage sales, of which approximately two thirds are originated for third-party investors, who pay Aegon a fee for originating and servicing these mortgages
•Successfully onboarded the pension fund for the metal and technology industry with 600,000 participants, which enhances scale of TKP - Aegon's pension administration business

•Increase in fee-paying customers for online bank Knab benefiting from its customer orientation and attractive propositions

•Improving net deposits from enhanced platform functionality and investments in the servicing of intermediaries
•Net deposits for the Retail channel turned positive and were the highest since the re-platforming of the Cofunds business in 2018

•Better platform efficiency from expense savings and favorable markets
•Revenues gained on core platform more than offset by revenues lost from run-off of traditional product portfolio

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AEGON NV published this content on 12 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2022 05:38:07 UTC.