Michiel van Katwijk, CFO of Transamerica, provides an update on how Aegon is delivering cash flows & returns in the US, at the December 2016 Aegon Analyst & Investors Conference in New York.
Aegon A&I Conference: Accelerating execution of strategyAegon
Mark Mullin, CEO of Aegon in the Americas provide an update on how Aegon is accelerating the execution of its strategy at the December 2016 Aegon Analyst & Investors Conference in New York.
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
- Alex Wynaendts, CEO of Aegon, outlined the company's priorities to accelerate growth, connect with customers, and deliver value.
- Aegon has transformed its business profile through divesting legacy businesses and growing its fee-based and digital offerings. It aims to broaden customer relationships and expand in asset management.
- The company has a solid capital position and plans to improve growth, returns, and capital returns to shareholders through 2018.
Presentation given to investors and media by Aegon CEO, Alex Wynaendts and CFO, Darryl Button, on 14 August 2014. The presentation includes a review of both financial earnings and non-financial results in the second quarter of 2014.
2014 Annual General Meeting (AGM) PresentationAegon
Presentation for Aegon's 2014 AGM on 21 May 2014, including strategic review, update on progress towards financial targets and voting items. For full details of this Annual General Meeting of Shareholders and upcoming meetings visit http://www.aegon.com/agm
Aegon presents its Q4 2014 results, reporting higher earnings and sales for Q4 2014. Proposal to increase final dividend to EUR 0.12 per share. For further detail visit http://www.aegon.com/results
Update on Aegon's strategy, performance and positioning to maximize future opportunities. Presented by Aegon Investor Relations Officers, Bradley Roberts and Jan Willem Weidema. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
Aegon A&I Conference: Accelerating execution of strategyAegon
Mark Mullin, CEO of Aegon in the Americas provide an update on how Aegon is accelerating the execution of its strategy at the December 2016 Aegon Analyst & Investors Conference in New York.
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
- Alex Wynaendts, CEO of Aegon, outlined the company's priorities to accelerate growth, connect with customers, and deliver value.
- Aegon has transformed its business profile through divesting legacy businesses and growing its fee-based and digital offerings. It aims to broaden customer relationships and expand in asset management.
- The company has a solid capital position and plans to improve growth, returns, and capital returns to shareholders through 2018.
Presentation given to investors and media by Aegon CEO, Alex Wynaendts and CFO, Darryl Button, on 14 August 2014. The presentation includes a review of both financial earnings and non-financial results in the second quarter of 2014.
2014 Annual General Meeting (AGM) PresentationAegon
Presentation for Aegon's 2014 AGM on 21 May 2014, including strategic review, update on progress towards financial targets and voting items. For full details of this Annual General Meeting of Shareholders and upcoming meetings visit http://www.aegon.com/agm
Aegon presents its Q4 2014 results, reporting higher earnings and sales for Q4 2014. Proposal to increase final dividend to EUR 0.12 per share. For further detail visit http://www.aegon.com/results
Update on Aegon's strategy, performance and positioning to maximize future opportunities. Presented by Aegon Investor Relations Officers, Bradley Roberts and Jan Willem Weidema. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
Adrian Grace, Aegon UK CEO and Clare Bousfield, Aegon UK CFO provide analysts with an update on Aegon UK's performance, strategy and the challenges and opportunities facing the company.
Aegon Americas Strategy Update - September 8, 2014Aegon
Mark Mullin, Aegon Americas CEO, provide analysts with an update on Aegon's performance, strategy, and the challenges and opportunities in the Americas.
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
It is clear that among investors there is a widely-held aspiration for more ‘long-term’ investing: investing that is both rewarding and sustainable for the future.
Aegon Bank of America Merrill Lynch Financials ConferenceAegon
This document summarizes the CEO of Aegon's presentation at the Bank of America Merrill Lynch Financials Conference on October 1-2, 2014. The CEO discussed how Aegon is well positioned for growth, focusing on capturing opportunities in pension plans, increasing digital capabilities and improving efficiency. Aegon has achieved sales growth while reducing costs and is on track to meet its 2015 targets, positioning it for continued sustainable earnings growth.
This document provides an overview of Aegon's strategic priorities and financial targets from 2016-2018. The key points are:
1) Aegon has transformed its business profile since 2010 by focusing on fee businesses, improving its balance sheet, doubling free cash flows, and returning over EUR 1.4 billion in capital to shareholders.
2) Going forward, priorities include broadening customer relationships across their financial lifecycles, expanding in asset management and advice, and improving performance through growth and expense reductions.
3) Financial targets for 2018 include 10% annual sales growth, reducing operating expenses by EUR 200 million, achieving a 10% return on equity, and maintaining a EUR 1-1
- All financial targets for 2015 have been met by Aegon Netherlands.
- Priorities going forward include simplifying and digitizing products/processes, improving customer experience, optimizing portfolios, reducing expenses by EUR 50 million by 2018, and generating annual cash flows of EUR 250 million.
- Challenges in the changing environment include technological trends, market trends, business model shifts, and evolving customer trends.
Morgan Stanley European Financials Conference (London)Aegon
Aegon CFO, Darryl Button provides an update on Aegon's successful strategy execution. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
BofAML Financials CEO Conference: Alex Wynaendts presents update on Aegon's p...Aegon
- Alex Wynaendts, CEO of Aegon, outlines priorities for the company including accelerating the shift from spread-based to fee-based businesses, connecting digitally with customers, and expanding guidance and advice capabilities.
- Aegon has transformed its profile by focusing on fee businesses, reducing financial market risk, and maintaining a solid capital position. It aims to improve growth and returns by 2018 through various strategic initiatives.
David Paulsen, President Transamerica Distributors, talks Aegon’s strategy, the US insurance market, Transamerica’s products and services, and answers audience Q&As.
Morgan Stanley European Financials Conference March 2014Aegon
The document discusses Aegon's strategy and financial results. Some key points:
- Aegon is focused on executing its strategy to become more customer-centric, which is delivering business growth and increased profitability.
- The company is making progress towards its 2015 targets, including growing underlying earnings by 7-10% annually and increasing operational free cash flow.
- Accounting changes will improve consistency and transparency, and are estimated to have a €2.2-2.5 billion negative impact on shareholders' equity but will reduce leverage over time.
Aegon's fourth quarter results close a year in which we achieved record sales and accomplished many of our strategic objectives, although expectations for underlying earnings were not met in all of our businesses. For the full story visit http://www.aegon.com/results
Aegon reported disappointing underlying earnings this quarter, primarily due to adverse claims experience in the US. We maintained the strong momentum in growing our business profitably, despite the persistent low interest rate environment. Moreover, the record sales that we achieved across the company highlight the trust we enjoy from a growing number of customers who are choosing Aegon to help them secure their financial futures.
Aegon CFO, Darryl Button provides an update on Aegon's successful strategy execution. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
Charlie gets mad at Annabel after talking to Brooke. Charlie then goes on a hunt to find Annabel, looking through classrooms. When Charlie finds Annabel in the social area, she walks toward Annabel while grabbing her hair and dragging her out as Annabel backs away.
Student film auditions will be held on April 30th, 2015 at 1pm in Palmetto Park Beach, Florida for a 2-4 minute scene from Cast Away. The film is for a student video final project with no payment. Students studying acting or available actors with time are encouraged to email their resume and headshot for consideration, especially tall thin men with full beards.
Adrian Grace, Aegon UK CEO and Clare Bousfield, Aegon UK CFO provide analysts with an update on Aegon UK's performance, strategy and the challenges and opportunities facing the company.
Aegon Americas Strategy Update - September 8, 2014Aegon
Mark Mullin, Aegon Americas CEO, provide analysts with an update on Aegon's performance, strategy, and the challenges and opportunities in the Americas.
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
It is clear that among investors there is a widely-held aspiration for more ‘long-term’ investing: investing that is both rewarding and sustainable for the future.
Aegon Bank of America Merrill Lynch Financials ConferenceAegon
This document summarizes the CEO of Aegon's presentation at the Bank of America Merrill Lynch Financials Conference on October 1-2, 2014. The CEO discussed how Aegon is well positioned for growth, focusing on capturing opportunities in pension plans, increasing digital capabilities and improving efficiency. Aegon has achieved sales growth while reducing costs and is on track to meet its 2015 targets, positioning it for continued sustainable earnings growth.
This document provides an overview of Aegon's strategic priorities and financial targets from 2016-2018. The key points are:
1) Aegon has transformed its business profile since 2010 by focusing on fee businesses, improving its balance sheet, doubling free cash flows, and returning over EUR 1.4 billion in capital to shareholders.
2) Going forward, priorities include broadening customer relationships across their financial lifecycles, expanding in asset management and advice, and improving performance through growth and expense reductions.
3) Financial targets for 2018 include 10% annual sales growth, reducing operating expenses by EUR 200 million, achieving a 10% return on equity, and maintaining a EUR 1-1
- All financial targets for 2015 have been met by Aegon Netherlands.
- Priorities going forward include simplifying and digitizing products/processes, improving customer experience, optimizing portfolios, reducing expenses by EUR 50 million by 2018, and generating annual cash flows of EUR 250 million.
- Challenges in the changing environment include technological trends, market trends, business model shifts, and evolving customer trends.
Morgan Stanley European Financials Conference (London)Aegon
Aegon CFO, Darryl Button provides an update on Aegon's successful strategy execution. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
BofAML Financials CEO Conference: Alex Wynaendts presents update on Aegon's p...Aegon
- Alex Wynaendts, CEO of Aegon, outlines priorities for the company including accelerating the shift from spread-based to fee-based businesses, connecting digitally with customers, and expanding guidance and advice capabilities.
- Aegon has transformed its profile by focusing on fee businesses, reducing financial market risk, and maintaining a solid capital position. It aims to improve growth and returns by 2018 through various strategic initiatives.
David Paulsen, President Transamerica Distributors, talks Aegon’s strategy, the US insurance market, Transamerica’s products and services, and answers audience Q&As.
Morgan Stanley European Financials Conference March 2014Aegon
The document discusses Aegon's strategy and financial results. Some key points:
- Aegon is focused on executing its strategy to become more customer-centric, which is delivering business growth and increased profitability.
- The company is making progress towards its 2015 targets, including growing underlying earnings by 7-10% annually and increasing operational free cash flow.
- Accounting changes will improve consistency and transparency, and are estimated to have a €2.2-2.5 billion negative impact on shareholders' equity but will reduce leverage over time.
Aegon's fourth quarter results close a year in which we achieved record sales and accomplished many of our strategic objectives, although expectations for underlying earnings were not met in all of our businesses. For the full story visit http://www.aegon.com/results
Aegon reported disappointing underlying earnings this quarter, primarily due to adverse claims experience in the US. We maintained the strong momentum in growing our business profitably, despite the persistent low interest rate environment. Moreover, the record sales that we achieved across the company highlight the trust we enjoy from a growing number of customers who are choosing Aegon to help them secure their financial futures.
Aegon CFO, Darryl Button provides an update on Aegon's successful strategy execution. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
Charlie gets mad at Annabel after talking to Brooke. Charlie then goes on a hunt to find Annabel, looking through classrooms. When Charlie finds Annabel in the social area, she walks toward Annabel while grabbing her hair and dragging her out as Annabel backs away.
Student film auditions will be held on April 30th, 2015 at 1pm in Palmetto Park Beach, Florida for a 2-4 minute scene from Cast Away. The film is for a student video final project with no payment. Students studying acting or available actors with time are encouraged to email their resume and headshot for consideration, especially tall thin men with full beards.
Aegon Fact Sheet Flexible Retirement in the United StatesAegon
Most Baby Boomers in the United States expect a flexible retirement, either working past 65 or part-time during retirement, however available jobs may be limited. A federal law allows employees to shift to part-time work and receive partial retirement benefits while accruing future benefits by mentoring younger workers. While seen as a best practice, few government agencies currently offer phased retirement to employees.
Student film auditions will be held on April 30th, 2015 at 1pm in Palmetto Park Beach, Florida for a 2-4 minute scene from Cast Away. The film is for a student video final project with no payment. Students studying acting or available actors with time are encouraged to email their resume and headshot for consideration, especially tall thin men with full beards.
This document describes different types of shots used in filmmaking and provides examples of each from a school-based story. An establishing shot orients the audience to the school courtyard setting. A close up shot shows a character's thoughts and feelings as seen on her phone. An extreme close up focuses on an important detail, in this case why she is happy looking at her phone. A canted angle shot conveys an unsettled mood as one character shows the other a concerning text. A shot reverse shot depicts a discussion between two characters and their reactions. A low shot makes a character seem dominant over their thoughts. A long shot shows two characters walking away in the distance.
The theory of multiplier and acceleration principle chapter 3Nayan Vaghela
The theory of multiplier and acceleration principle chapter 3, functioning of investment multiplier, the process of income generation through multiplier, acceleration principle, limitations of multiplier and acceleration.
This document summarizes a clinical skills workshop on overdose prevention and response through administering naloxone. It discusses the rising rates of overdose deaths from prescription drugs and heroin in the US. It outlines when a naloxone prescription is appropriate and emphasizes that prescribing naloxone is safe and can help reduce overdose deaths by enabling family members and others to respond in an overdose situation. The document encourages trainees to educate others on overdose prevention and response.
Aegon Americas: Sustainably growing capital generationAegon
Helping people achieve lifetime financial security. The document discusses Aegon Americas' strong capital position which supports growth and remittances to the holding company. Key points include:
- The capital position is above target levels despite regulatory changes through active management.
- The long-term care block is actively managed with multiple levers to control profitability and has developed in line with expectations.
- A consistent track record of high remittances to the holding company is expected to continue, supported by sustainable capital generation.
Aegon concluded 2017 with solid fourth quarter results. The company's Solvency II ratio improved significantly to 201% due to strong capital generation of EUR 2.1 billion in 2017. Aegon outsourced administration of its US life and annuity businesses to TCS, which is expected to generate annual expense savings of USD 70-100 million. The company exceeded its target to reduce capital allocated to run-off businesses by nearly USD 5 billion since 2009. Aegon continues its transformation with increased focus on digitization.
Aegon concluded 2017 with solid fourth quarter results. The company's Solvency II ratio improved significantly to 201% due to strong capital generation of EUR 2.1 billion in 2017. Aegon outsourced administration of its US life and annuity businesses to TCS, which is expected to generate annual expense savings of USD 70-100 million. The company exceeded its target to reduce capital allocated to run-off businesses by nearly USD 5 billion since 2009. Aegon continues its transformation with increased focus on digitization.
- Masco reported strong first quarter 2017 results, with top line growth driven by its North American Plumbing segment. The company achieved 22 consecutive quarters of sales and operating profit growth.
- Operating leverage led to expanded margins and earnings per share exceeded expectations. The company updated its EPS target range provided in 2015.
- Plumbing Products sales increased 8% excluding foreign exchange impacts, fueled by record sales and profits at Delta. Decorative Architectural Products saw builders' hardware growth despite difficult comparisons.
Alex Wynaendts, Aegon’s CEO, provides an update at the Analysts & Investors conference in New York on the progress made executing the company’s strategy and delivering on financial targets.
Bank of America Merrill Lynch Conference, September 2019Aegon
Delivering in a world of extremes - a presentation on Aegon's performance and strategy given by CEO Alex Wynaendts to the Bank of America Merrill Lynch Conference in London on September 25, 2019.
This document provides details on CNO Financial Group's second quarter 2018 earnings results and a long-term care reinsurance transaction. Some key points:
- CNO entered an agreement to cede approximately $2.7 billion of long-term care reserves to Wilton Re, reducing risk. An $825 million ceding commission was paid.
- The transaction reduces CNO's exposure to risks under stress scenarios and improves various financial metrics like RBC ratios and debt-to-capital.
- For Q2 2018, CNO reported operating EPS growth of 9% and book value per share growth. Various business metrics like annuity account values and fee revenue increased.
- Going forward, CNO
- The company reported strong second quarter 2017 results, with revenue growth of 7% and adjusted EPS growth of 8%.
- Based on first half performance, the company is raising its full-year revenue and adjusted EPS guidance.
- The results were driven by robust growth in North America and China for commercial and residential HVAC products. Industrial performance was steady with continued improvements expected.
- The company continues its strategy of operational excellence to drive margin expansion, while reinvesting in the business and returning capital to shareholders through dividends and share repurchases.
Bank of America Merrill Lynch 2015 Transportation ConferenceDelta_Airlines
- Delta has delivered strong financial performance through industry-leading operations, strategic growth initiatives, and cost productivity measures.
- It has significantly improved earnings, margins, returns on capital, and cash generation over the last few years and is on track for record results in 2015.
- Delta maintains a balanced capital allocation strategy of reinvesting in its business, strengthening its balance sheet by reducing debt, and returning cash to shareholders through dividends and stock repurchases.
Fourth-Quarter 2017 Results
- The company discussed its Q4 2017 financial results and provided guidance for full year 2018. Key highlights included 5% organic revenue growth in Q4, adjusted EPS of $1.02, and free cash flow of $1.3 billion. Guidance for 2018 forecasts 3-3.5% organic revenue growth and adjusted EPS of $5.00-$5.20. The company also discussed its execution of strategies in China, drivers of expected margin improvement in 2018, and recent acquisitions.
Aegon published its 1H 2019 financial results on August 15, 2019. In this presentation CEO Alex Wynaendts and CFO Matt Rider outline the key facts and figures for the review period and outline the company's strategy.
Capital return-announcement-with-non-gaapsDelta_Airlines
Delta provided projections for its future financial performance from 2015-2017. It expects to significantly improve its operating margin to between 14-16% through cost productivity and capacity discipline. Delta plans to generate $7-8 billion in annual operating cash flow and $4-5 billion in free cash flow, which it will use to continue strengthening its balance sheet and increase returns to shareholders. By maintaining its disciplined capital investment of $2.5-3 billion annually and implementing its financial framework, Delta believes it can achieve 15%+ annual EPS growth and a ROIC of 20-25% over the next three years.
The document provides an earnings summary and outlook for Bladex for 4Q16 and full year 2016. Key highlights include:
- Net interest income grew 7% in 2016 due to higher net lending rates despite lower average portfolio balances.
- Provisions increased due to higher expected credit losses on certain exposures.
- Operating expenses declined due to lower variable compensation and cost savings.
- Bladex expects portfolio growth of around 10% in 2017 with continued diversification and cost control remaining priorities.
Investor roadshow presentation april 2016 final-v5TrueBlueInc
- The document is an investor presentation that provides an overview of TrueBlue and its business outlook.
- TrueBlue has grown organically and through acquisitions to become a $2.7 billion company providing staffing, workforce management, and recruiting solutions.
- For fiscal year 2016, TrueBlue expects revenue of $2.8-2.9 billion and adjusted EBITDA of $158-172 million, reflecting challenges from slower organic growth and margin pressure.
Bladex presentación de llamada en conferencia 1 trim15 (inglés)Bladex
This document contains the first quarter 2015 earnings presentation for a bank. Some key highlights from the presentation include:
- Net income for the quarter was $28.8 million, up 23% year-over-year but down 20% quarter-over-quarter.
- The net interest margin was 1.84%, up 5 basis points year-over-year due to higher loan balances and lower funding costs, but down 8 basis points quarter-over-quarter.
- The commercial loan portfolio balances eased 1% quarter-over-quarter but were up 7% year-over-year, as the bank repositions its portfolio in more volatile markets.
- Non-accrual loans rose as
This presentation summarizes the Bank's financial performance for the first quarter of 2015. Key highlights include:
- Net income of $28.8 million, up 23% year-over-year due to higher net interest income and lower operating expenses.
- Net interest margin of 1.84%, up 5 basis points year-over-year from higher loan balances and lower funding costs.
- Commercial portfolio balances of $7.1 billion, up 7% year-over-year, though down 1% quarter-over-quarter.
- Non-accrual portfolio increased to $20.8 million with additional specific reserves of $1.6 million.
- Operating expenses decreased 3% year-
Aegon 2h 2018 results and new targets presentationAegon
Aegon published its 2H 2018 financial results on February 14, 2019. In this presentation CEO Alex Wynaendts and CFO Matt Rider outline the key facts and figures for the review period and outline the strategy behind Aegon's new financial targets for 2019-2021.
Atento reported its fiscal 2016 first quarter results with the following highlights:
- Revenue increased 2.5% year-over-year to $419.4 million driven by 16% growth in the Americas region.
- Adjusted EBITDA grew 5.6% year-over-year to $48.8 million with margins expanding 30 basis points to 11.6%.
- The company remains focused on balancing growth, profitability, and liquidity while diversifying its revenue base and customer portfolio.
- Atento reaffirmed its full-year 2016 guidance targets and expects continued progress on its strategic initiatives.
- The bank reported a 2% year-over-year decrease in net income for Q2 2015 to $20.2 million, driven by higher credit provisions and lower fees. Net income for the first six months of 2015 increased 11% to $49.1 million.
- Net interest income grew 7% for the first six months due to a 6% increase in average loan balances. However, net interest margin declined slightly to 1.79% for Q2 2015 due to pressure on lending margins.
- The commercial loan portfolio balance increased 7% year-over-year to $7.4 billion as of the end of Q2 2015. Credit quality remained strong with non-accruing loans at
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With roots stretching back almost 200 years, Aegon is one of the world's leading providers of life insurance, pensions and asset management. Find out more about our history, markets, performance, and our commitment to sustainability and responsible investment.
Aegon published its 3Q 2021 financial results on November 11 2021. In this presentation CEO Lard Friese and CFO Matt Rider outline the key facts and figures for the review period and outline the company's strategy.
Aegon published its 2Q 2021 financial results on August 12, 2021. In this presentation CEO Lard Friese and CFO Matt Rider outline the key facts and figures for the review period and outline the company's strategy.
The document summarizes Aegon's strong 3Q 2017 results. Key highlights include:
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Aegon Americas: Leveraging leading positions in workplace and individual solu...Aegon
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Aegon Americas: Simplifying and optimizing businessAegon
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Transamerica is strongly positioned to accelerate growth and achieve its 2018 financial targets. It has successfully executed its 5 part plan, delivering on its 9% Return on Capital target two quarters early and exceeding its capital targets. Transamerica will now invest in modernization and growth initiatives to drive approximately $100 million in increased expenses in 2019 and further strengthen its competitive position. These initiatives include partnering with TCS to improve technology and customer experience, leveraging data and analytics, and focusing on key growth areas like Wealth + Health, Workplace Solutions, and Individual Solutions.
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Aegon CEO Alex Wynaendts gives a presentation to the Bank of America Merrill Lynch Annual Financials CEO Conference in London on Tuesday, September 25, 2018.
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The Aegon SAECURE program has issued 15 residential mortgage-backed securities transactions since 2000 to diversify funding for Aegon's Dutch residential mortgage portfolio. The SAECURE portfolios exhibit stable historical performance with low and declining arrears levels, demonstrating the representative quality of Aegon's total Dutch mortgage loan book.
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The document discusses the importance of diversity and inclusion at Aegon, highlighting perspectives from various employees. It notes that diversity allows the company to better serve its diverse customer base and drives innovation. Several individuals emphasize that both women and men should have equal opportunities to achieve their full potential and that diverse teams are stronger and more creative.
Aegon reported strong financial results for the full year 2017, with underlying earnings of 3.9 billion euros. The CEO stated that 2017 concluded a strong year for the company. Key highlights included improving employee engagement through diversity initiatives and surveys, launching new affordable housing funds and investing in technologies to support business growth while divesting non-core parts of the US business.
Netherlands first country to legalize same sex marriageAegon
The 2018 'LGBT Retirement Preparations Amid Social Progress' report from the Aegon Center for Longevity and Retirement, is one of the first to take a global look at the issue of retirement aspirations and planning with the Lesbian, Gay, Bisexual, and Transgender (LGBT) community. http://aegon.me/lgbt
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The 2018 'LGBT Retirement Preparations Amid Social Progress' report from the Aegon Center for Longevity and Retirement, is one of the first to take a global look at the issue of retirement aspirations and planning with the Lesbian, Gay, Bisexual, and Transgender (LGBT) community. http://aegon.me/lgbt
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1. Helping people achieve a lifetime of financial security
Delivering cash flows & returns
Michiel van Katwijk New York City – December 8, 2016
Chief Financial Officer
2. 2
Key messages
• Capital generation of ~USD 1 billion per annum, with growth after 2018
• Strong delivery on expense savings target; doubling 2018 target to USD 300 million
• Achieve a return on capital of 9% by 2018
• Reduce capital allocated to run-off businesses by USD 1 billion
Reaffirming
2018 targets
• Strong US capital position with limited sensitivity to prolonged low interest rate environment
• Limited impact on capital position from US regulatory changes
• Distributed USD 10 billion of remittances to Holding since 2010
• Divestments of non-core businesses contributed ~USD 2 billion of the remittances
Strong
performance &
credible plans
• Delivering original 2018 expense target of USD 150 million in 2017
• Realizing efficiencies through first phase of location strategy implementation
• Monthly deduction rate increases on Universal Life in progress
• Good progress on approvals of LTC rate increases
Execution of
5 part plan
3. 3Delivering on 2018 targets
Actions underway on the pace and scale of 5 part plan delivery
Clear 5 part plan to improve performance
Maximizing the value of our business
• Monthly deduction rate increases on Universal Life in progress
• Good progress on approvals of LTC rate increases
• Deliver integrated worksite strategy to capture growth
• Simplification of product portfolio in progress
– Announced exit of Affinity, Direct Mail and Direct TV
• Announced first phase of location rationalization with closure of
Los Angeles, Folsom and West Chester offices
• Acceleration of expense savings program with focus on
modernization, digitization and sourcing
1
2
3
4
5
In-force management
Starting with Life & Health
Location strategy
Reduced US geographical
footprint
Efficient organization
Focused and disciplined expense
management
Optimizing the portfolio
Disposition of non-core assets
New business & revenue
Strategic overhaul of product
offerings & channel positioning
4. 4
Management actions
• Driving sales of less capital intensive products
• De-emphasizing or withdrawing products due to strong pricing discipline for profitability
• Increasing fee-based earnings to improve risk-adjusted returns
• Expense savings driving incremental capital generation after 2018
• Divesting businesses no longer deemed a strategic fit
Delivering on 2018 targets
Doubling 2018 run rate expense savings target to USD 300 million
Committed to deliver
2018 target
2015 vs 2018
$1bn pa $1 billion
Reduction in IFRS
capital for run-off
Capital generation
$150m $300m 9%
Return on capital
Adjusted operating
expenses
6.8% 9%~1.0bn ~1.0bn 1.7bn* 1.5bn 1.7bn 0.7bn
* Pro forma including the Mercer acquisition
6. 6
ChangeRegulation
Navigating the regulatory environment
Delivering on 2018 targets
Limited impact on strong US capital position
Impact
Principle Based
Reserves (Life)
January 1, 2017
RBC asset charges
December 31, 2017
(at the earliest)
VA capital rules
January 1, 2018
(at the earliest)
• Reserve requirements will become more economic,
resulting in the disappearance of the majority of
redundant reserves for new business
• Proposed change from 6 to 21 NAIC designations is
designed to better align capital charges with
appropriate risk for invested assets
• Proposal designed to reform variable annuity
reserves and capital with a stronger alignment
between hedges and liabilities under RBC
framework
Not material
Negative
20 to 25%-points
on RBC ratio
Not material
Note: Expected impacts based on current interpretation of proposals
$
7. 7
Ongoing management actions to
reduce the impact
• New business
– Design products to be less interest rate
dependent
• In-force
– Rate increases on certain blocks of business
– Expense savings
– Continue to optimize hedging strategies
Delivering on 2018 targets
* 10-year Treasury yield
Note: Capital generation excluding market impacts & one-time items
Manageable impact from lower-for-longer interest rate scenario
Managing through low interest rates
Base assumption
Interest rates flat
at 2% for five years*
Aggregated RBC ratio
Within target zone
of 350-450%
Remains within
target zone
Capital generation
USD ~1 billion pa,
growing after 2018
USD ~0.1 billion pa
lower on average
Dividends USD 0.9 billion pa
Maintain total
dividend plan
Return on Capital
Grows to 9%
in 2018
Grows to 8.5%
by 2018
8. 8Delivering on 2018 targets
Run-off of spread business is offset by growth of fees and cost savings
Growing quality of capital generation
0%
20%
40%
60%
80%
100%
2008
2009
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
Run-off & fixed annuities Core business
• Contribution of run-off businesses and fixed annuities to required capital has declined by over 50%
due to transition to fee-business and other core products
• Trend will continue at slower pace going forward as residual run-off businesses have a relatively long
remaining duration
Composition of required capital
9. 9Delivering on 2018 targets
Dividends to Holding underpinned by strong ongoing capital generation
Demonstrated strong dividend capacity
0
500
1000
1500
2000
2500
3000
2010 2011 2012 2013 2014 2015 2016F 2017F 2018F
Core dividends Transactions Capital generation
• Total dividends paid in excess of
USD 10 billion since 2010
• Stable capital generation of ~USD 1
billion per year through 2018
• Dividends to the holding company
approximately USD 0.9 billion per
year
• Growth from 2018 as fee business
grows and additional expense
savings are realized
Capital generation and dividend payments to Holding
(USD millions)
Note: Capital generation excluding market impacts & one-time items
10. 10
34%
66%
10%
90%
2012
2.4
2018F
1.8
Release of required surplus
Earnings on in-force
Delivering on 2018 targets
Capital generation transitioning towards fee-based business
Sustainable dividend capacity
Capital generation on in-force
(USD billion)
• Lower dependency on release of
required surplus as the fee-based
business grows
~3.6
~2.0
~1.6
In-force Investment in new
business
Capital generation
Capital generation 2017-2018F
(USD billion)
• Focused investment in new business assures
continued capital generation
• 20% reduction of investment in new business
since 2012, resulting from focus on less capital
intensive new business
Note: Capital generation excluding market impacts & one-time items
11. 11
2016 actions
• Run rate savings of USD 75 million
achieved by Q316
• Net reduction of >500 roles
– ~800 roles removed
– ~300 new roles
Delivering on 2018 targets
Delivering additional USD 50 million run rate savings
Accelerating expense savings program
First phase of location strategy implemented
Closing 3 locations – Los Angeles (CA), Folsom (CA)
& West Chester (OH)
BaltimoreCedar Rapids
Folsom
Los Angeles
West Chester
Locations with > 100 employees
Cumulative run
rate savings
USD millions
2016
~75
2017
~150
2018
~300 Closing
Consolidating
12. 12
Adjusted operating expenses
(USD million)
Delivering on 2018 targets
On track to deliver 2018 expense target in 2017 and deliver more thereafter
Ambitious plan to double expense savings
2015 actual Investments Savings from
management
actions taken
2016F Incremental
investments
Incremental
expense savings
2017F Additional run
rate savings
Mercer
Run rate savings of USD 75 million from separations
and savings in travel, external consultants & marketing
150
Incremental savings from December announcement and
operational efficiencies
1,635 100 (60) 1,675 30 (90) 1,615 ~150
13. 13Delivering on 2018 targets
* Adjustments to 2015 include adverse life mortality, health morbidity/claims and adjustments to intangible assets.
Driven by expense savings and organic growth
Earnings growth
0
300
600
900
1200
1500
1800
Life & Health Retirement
Plans
Mutual Funds
+ LatAm
Variable
Annuities
Stable Value
Solutions
Fixed
Annuities
2015
adjusted*
2018F
Underlying earnings before tax
(USD million)
Run ReduceGrow
14. 14Delivering on 2018 targets
* Q3 adjustments include adverse life mortality and adjustments to intangible assets, offset by favorable health morbidity
and VA claims experience
Combined action on expenses and organic growth
Return on Capital of 9% by 2018
Q3 2016
annualized
Q3 2016
adjustments*
Q3 2016
adjusted
Original expense
savings
Additional
expense savings
Organic growth Market impact Q4 2018F
annualized
Management actions
Return on Capital
(%)
6.9 0.5 7.4 0.4 0.6 0.3 0.5 > 9
15. 15Summary
Strong foundation to deliver
Delivering cash flows & returns
Solid capital
position and
resilient to change
Strong dividend
potential from
capital generation
Doubling
expense savings
Delivering on 2018 targets
17. 17Delivering on 2018 targets
No further material issues identified
Model validation program on track
2013
2014
6 key validation areas all models must meet
Methodology
Model production
Data
• Model review program launched
worldwide
• Models covered: IFRS, Regulatory,
Economic Capital and Pricing
• Complex models first
• High and some medium risk
model findings remediated
• Limited impact with exception
of Universal Life (UL)
• Moving to business-
as-usual process
• Models reviewed
routinely going forward
• Conversion of UL
model to new platform
Model development & testing
Application of assumptions
Reporting and use
Reduced model risk going forward
Key steps in model validation process
Documentation & testing in line with standards
Secure environment for production & maintenance
Independent validation of model & reporting gaps
Stringent governance for model changes
2015 2016 2017
18. 18Delivering on 2018 targets
Capital position in US managed on RBC basis
Strong global capital management policy
• The target capitalization range
for the US is 350% - 450% RBC
• RBC ratio used as input for
group Solvency II calculation -
US RBC at 250% CAL
• No diversification benefits
across US legal entities for
purpose of conversion to
Solvency II
• US employee pension plan on
Solvency II basis
Recovery
Opportunity
Regulatory
Plan
Caution
Target
Assessment of accelerated growth
and/or additional shareholder distribution
Capital deployment and dividends
according to capital plan
Capital plan and risk position re-assessed
Capital plan and risk position re-assessed.
Remittances reduced or suspended
Suspension of dividends.
Regulatory plan required
Capital management zones
100% RBC
450% RBC
350% RBC
300% RBC
19. 19
• Life captives finance redundant reserves
• US state regulators recognize the non-
economic nature of these reserves that were
required by actuarial guidelines, resulting in
the development and introduction of Principle
Based Reserving for new business as of
January 1, 2017
• Reserve requirements will become more
economic, resulting in the disappearance of
the majority of redundant reserves for new
business
• Current structures (captives, letters of credit
and reinsurance) will be grandfathered and
historical reserve requirements will not
change
Delivering on 2018 targets
Note: Example of Term/Universal life product mix
Principle Based Reserves to be introduced in 2017
Life captives grandfathered
Example build up of US statutory reserves
(USD millions and years)
-
200
400
600
800
1,000
1,200
2013 2025 2038 2051
Economic Reserves Non Economic Reserves
1 10 20 30
20. 20Delivering on 2018 targets
Note: Expected impacts based on current interpretation of proposals
Proposal supported by Aegon
NAIC VA reserve & capital reform
• NAIC commissioned Oliver Wyman to review
reserve and capital framework for variable
annuities
• Captives for variable annuities are used to
manage valuation mismatch between hedges
and liabilities under the RBC framework
• Presented proposals to address this mismatch
and reduce incentive to use captives
• On balance, the impact on our RBC ratio is not
expected to be material
– The assets held in the captive are sufficient to
offset the required capital anticipated in the new
framework
Positives Negatives
• More tax offsets
recognized in capital
requirements
• Better alignment
between hedging and
regulatory requirements
leading to lower volatility
of capital
• Standardized standard
scenario policyholder
assumptions
• Standardized capital
market assumptions
21. 21Delivering on 2018 targets
* IFRS capital is included in RoC calculations but the associated earnings are not
Allocated IFRS capital to run-off businesses
Legacy businesses
Q3 2016 Duration Comment
Payout annuities USD 0.3 billion > 15 years • Seeking to accelerate release of capital and reduce ALM
mismatch
• Deals likely to be executed together due to offsetting IFRS
and capital impacts
• Potential improvement of up to 30bps to ROC*
• Run off 2-3% per yearBOLI/COLI USD 0.4 billion ~ 8 years
Life reinsurance USD 0.4 billion ~ 12 years
• Majority of IFRS capital is non-cash
• Limited number of suitable counterparties and complexity
with external counterparties.
Institutional
spread-based business
USD 0.3 billion ~ 10 years
• Structures require re-financing primarily by municipals
• Continue to seek early wind-down of the forward delivery
agreement (CP) program.
22. 22
Main US economic assumptions
Exchange rate against euro 1.10
Annual gross equity market return (price appreciation + dividends) 8%
10-year government bond yields Develop in line with forward curves per end November 2016
10-year government bond yields Grade to 4.25% in 10 years time
Credit spreads Grade from current levels to 110 bps over four years
Bond funds Return of 4% for 10 years and 6% thereafter
Money market rates Remain flat at 0.3% for two quarters followed by a 9.5-year grading to 2.5%
Main assumptions for DAC recoverability
Main assumptions for financial targets
Overall assumptions
Delivering on 2018 targets
23. 2323Delivering on 2018 targets
Aegonplein 50, 2591 TV the Hague
Telephone: +31 (0)70 344 3210
Postbus 202
2501 CE the Hague
The Netherlands
Thank you!
Aegonplein 50
2591 TV The Hague
The Netherlands
+31 70 344 8305
ir@aegon.com
Thank you!
24. 24
Cautionary note regarding non-IFRS measures
• This document includes the following non-IFRS financial measures: underlying earnings before tax, income tax, income before tax, market consistent value of new business and return on equity. These non-IFRS measures are calculated by consolidating on a proportionate basis Aegon’s joint ventures
and associated companies. The reconciliation of these measures, except for market consistent value of new business, to the most comparable IFRS measure is provided in note 3 ‘Segment information’ of Aegon’s Condensed Consolidated Interim Financial Statements. Market consistent value of new
business is not based on IFRS, which are used to report Aegon’s primary financial statements and should not be viewed as a substitute for IFRS financial measures. Aegon may define and calculate market consistent value of new business differently than other companies. Return on equity is a ratio using
a non-IFRS measure and is calculated by dividing the net underlying earnings after cost of leverage by the average shareholders’ equity, the revaluation reserve and the reserves related to defined benefit plans. Aegon believes that these non-IFRS measures, together with the IFRS information, provide
meaningful information about the underlying operating results of Aegon’s business including insight into the financial measures that senior management uses in managing the business.
Local currencies and constant currency exchange rates
• This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and Asia, and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain
comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.
Forward-looking statements
• The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate,
predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to Aegon. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no
obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-
looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
• Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom;
• Changes in the performance of financial markets, including emerging markets, such as with regard to:
▬ The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
▬ The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds; and
▬ The effects of declining creditworthiness of certain private sector securities and the resulting decline in the value of sovereign exposure that Aegon holds;
• Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
• Consequences of a potential (partial) break-up of the euro;
• Consequences of the anticipated exit of the United Kingdom from the European Union;
• The frequency and severity of insured loss events;
• Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products;
• Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
• Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;
• Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
• Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
• Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;
• Changes in laws and regulations, particularly those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, and the attractiveness of certain products to its consumers;
• Regulatory changes relating to the pensions, investment, and insurance industries in the jurisdictions in which Aegon operates;
• Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or
the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII).
• Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
• Acts of God, acts of terrorism, acts of war and pandemics;
• Changes in the policies of central banks and/or governments;
• Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
• Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability and liquidity of its insurance subsidiaries;
• The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
• Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
• As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, a computer system failure or security breach may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash
flows;
• Customer responsiveness to both new products and distribution channels;
• Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
• Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results and shareholders’ equity;
• Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the
controls in place to detect them, future performance will vary from projected results;
• The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;
• Catastrophic events, either manmade or by nature, could result in material losses and significantly interrupt Aegon’s business; and
• Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving and excess capital and leverage ratio management initiatives.
• This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation
• Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report.
• These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Delivering on 2018 targets
Disclaimer