THE HAGUE, The Netherlands,
May 11, 2017 /PRNewswire/ --
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
Statement of Alex Wynaendts, CEO
"I am pleased with the continued earnings momentum
that we are seeing as a result of our
ambitious expense savings program and the increased
contribution from our growing fee-based
businesses.
"Our group Solvency II ratio remained stable at
157%. At the same time, we recognize the need to further
increase our capital buffers in the
Netherlands. We are committed to maintaining a solid
solvency position in our Dutch unit by improving the
risk profile, optimizing the portfolio and providing
group capital support. We will provide a
comprehensive plan on the Dutch capital
position and the progress on management actions
when we release our second quarter results.
"I am confident that the actions we are implementing
will enable us to successfully
execute our strategy and accelerate
growth across all our businesses through
the shift towards new business models. The repositioning of our
UK business - as reflected in this
quarter's increased earnings, deposits
and assets - is a great example of how we are
transforming our business and creating value for our
shareholders."
Key performance indicators
EUR millions [12] Notes 1Q 2017 1Q 2016 % 4Q 2016 %
Underlying earnings before tax 1 488 462 6 554 (12)
Net income / (loss) 378 143 164 470 (20)
Sales 2 3,942 3,560 11 2,727 45
Market consistent value of new business 3 172 133 30 118 45
Return on equity 4 7.2% 7.3% (1) 10.5% (31)
Strategic highlights
- Aegon's Dutch Mortgage Fund 10th best-selling
European investment fund
- Transamerica receives 2017 Digital Edge 50 award for
digital transformation
- Aegon the Netherlands launches artificial intelligence
tool to identify fraudulent claims
- Aegon's High Net Worth business launches new
Universal Life Alpha product
Aegon's ambition
Aegon's ambition is to be a trusted partner for financial solutions
at every stage of life, and to be recognized by its customers,
business partners and society as a company that puts the interests
of its customers first in everything it does. In addition, Aegon
wants to be regarded by its employees as an employer of choice,
engaging and enabling them to succeed. This ambition is supported
by four strategic objectives embedded in all Aegon businesses:
Optimized portfolio, Operational excellence, Customer loyalty, and
Empowered employees.
Optimized portfolio
Aegon Asset Management's Dutch Mortgage Fund was the 10th
best-selling investment fund in Europe for 2016 according to research by the
Financial Times. The fund has exceeded EUR
10 billion of invested capital, primarily as a result of
investments from Dutch pension funds and insurers. Aegon sees
further potential growth for the fund as interest from foreign
investors continues to increase, and at present only 10% of total
invested capital is from parties outside the Netherlands. The fund was established in
2014 and leverages Aegon's retail mortgage expertise in
the Netherlands to provide a long
duration asset with an attractive yield.
Operational excellence
Transamerica, Aegon's US subsidiary, was named a 2017 Digital
Edge 50 award winner for its Enterprise Marketing Analytics
Platform (EMAP). The award recognizes 50 organizations from across
the globe for digital transformation initiatives that have had a
significant and measurable business impact. EMAP brings together
more than 750 million data records from internal and external
sources to create a single holistic view of the customer
relationship. The 360-degree view enables Transamerica to connect
with customers throughout different life stages and thereby deliver
an enhanced customer experience by providing targeted and tailored
offerings. The new data-driven capabilities of the analytics
platform are continuing to lead to further product and customer
innovations across the organization.
In the first quarter of 2017, Transamerica implemented a voice
biometrics system called Transamerica Voice Pass. This enables
retirement plan customers to use their voice as a password instead
of a numeric password. Voice authentication is safer, faster and
more secure than traditional authentication methods, and the system
will be rolled-out to other business lines in the course of 2017.
Optimization of business models and significant digital
modernization through a more efficient use of technology and
outsourcing capabilities are important elements of the five-part
plan aimed at increasing the return on capital for its business in
the US.
Since its launch in October 2016,
the Blockchain Insurance Industry Initiative B3i has gained broad
acceptance across the industry. Ten additional (re)insurance
companies have joined the initiative, giving it a truly global
scope. In total there are now 15 members covering Asia, Europe
and the Americas. Aegon - as one of the founders of B3i - is
committed to working collaboratively with other members to explore
the potential for distributed ledger technologies to increase
efficiencies in the exchange of data between reinsurance and
insurance companies. Preliminary results of the initiative are
expected to be released in June 2017.
Customer loyalty
Aegon the Netherlands is introducing artificial intelligence in
order to help identify fraudulent insurance claims. The technology
utilizes an algorithm that is capable of quickly identifying which
claims are most likely to be fraudulent. These claims are then
transferred to Aegon's claims handling team for follow-up to
determine whether they are entitled to a payout. Based on feedback
from the claims handling team, the algorithm continues to learn and
adapt to new forms of fraudulent claims on a daily basis. The
algorithm enables the claims handling team to prioritize work,
which ensures genuine claims are paid without delay to customers.
As the new technology continues to develop it will be rolled out to
other product lines within Aegon Netherlands, as well as across
Aegon's other businesses around the world.
On March 31, 2017, Aegon's High
Net Worth business in Asia, which
operates in Hong Kong and
Singapore, launched its new
Universal Life Alpha product. Alpha was designed with Asia's new generation of High Net Worth
individuals in mind, reflecting their shifting mind-set and wealth
management priorities towards liquidity and returns. Aegon designed
the product to be simpler than previous universal life products,
eliminating features that are rarely utilized. Alpha has improved
existing product disclosures and enables further product education
making it one of the most customer-friendly universal life products
available.
Empowered employees
In 2016, Aegon employees volunteered more than 23,350 hours in
their communities around the world. All Aegon employees are allowed
and encouraged to take paid time off in order to volunteer at a
charity or organization of their choosing each year. On
April 21, 2017, over a thousand Aegon
employees took part in this year's Global Volunteer Friday which
builds on previous volunteer initiatives in the United States and in the Netherlands. Each event gives employees an
opportunity to select from a variety of volunteer opportunities
that best aligns with their personal skills and interests.
Volunteering is just one way that Aegon is empowering its employees
to make a difference in the communities in which they do business
in.
Financial overview
EUR millions Notes 1Q 2017 1Q 2016 % 4Q 2016 %
Underlying earnings before tax
Americas 313 283 10 388 (19)
Europe 169 169 - 174 (3)
Asia 12 0 n.m. 13 (10)
Asset Management 37 45 (17) 35 7
Holding and other (44) (36) (20) (57) 23
Underlying earnings before tax 488 462 6 554 (12)
Fair value items (53) (358) 85 (13) n.m.
Realized gains / (losses) on investments 76 54 41 36 114
Net impairments (11) (36) 69 (1) n.m.
Other income / (charges) 6 (6) n.m. (38) n.m.
Run-off businesses 31 28 9 (1) n.m.
Income before tax 536 145 n.m. 536 -
Income tax (159) (1) n.m. (66) (140)
Net income / (loss) 378 143 164 470 (20)
Net underlying earnings 350 352 (1) 471 (26)
Commissions and expenses 1,666 1,744 (4) 1,726 (3)
of which operating expenses 9 983 960 2 978 -
Gross deposits (on and off balance) 10
Americas 12,835 13,472 (5) 8,769 46
Europe 10,054 3,441 192 3,474 189
Asia 73 73 - 54 34
Asset Management 11,006 13,092 (16) 10,326 7
Total gross deposits 33,969 30,078 13 22,625 50
Net deposits (on and off balance) 10
Americas (406) 4,825 n.m. (2,073) 80
Europe 774 731 6 411 88
Asia 55 59 (8) 51 7
Asset Management (6,260) 2,240 n.m. (1,702) n.m.
Total net deposits excluding
run-off businesses (5,837) 7,855 n.m. (3,313) (76)
Run-off businesses (166) (240) 31 (179) 8
Total net deposits / (outflows) (6,003) 7,615 n.m. (3,492) (72)
New life sales
Life single premiums 495 610 (19) 476 4
Life recurring premiums annualized 196 205 (4) 192 2
Total recurring plus 1/10 single 246 266 (8) 240 2
New life sales 10
Americas 127 144 (12) 133 (5)
Europe 67 85 (21) 75 (11)
Asia 52 37 41 32 66
Total recurring plus 1/10 single 246 266 (8) 240 2
New premium production accident
and health insurance 273 262 4 201 36
New premium production general insurance 27 24 10 23 15
Revenue-generating investments
Mar. 31, Dec. 31, Mar. 31,
2017 2016 % 2016 %
Revenue-generating investments (total) 847,234 743,200 14 704,554 20
Investments general account 155,847 156,813 (1) 162,784 (4)
Investments for account of policyholders 206,294 203,610 1 191,286 8
Off balance sheet investments third parties 485,094 382,776 27 350,483 38
Operational highlights
Underlying earnings before tax
Aegon's underlying earnings before tax increased by 6% compared
with the first quarter of 2016 to EUR 488
million. The increase was largely driven by expense
reductions in the United States,
higher fee income as a result of favorable equity markets, higher
earnings in Asia and a
strengthening of the US dollar. This more than offset lower
investment income in the
Netherlands and increased holding expenses. Adverse claims
experience and one-time items totaled EUR 47 million in
the first quarter of 2017.
Underlying earnings before tax from the Americas increased by
10% to EUR 313 million. On a constant
currency basis, earnings increased by 7%, as the benefits from
expense savings and higher fee income as a result of favorable
equity markets more than offset EUR 26
million adverse mortality experience and EUR 24 million one-time items. One-time items
consisted of a negative adjustment to intangible assets from lower
reinvestment yields of EUR 11 million and a one-time
charge of EUR 13 million to better reflect the timing of
the payment of trail commissions.
Underlying earnings before tax from Aegon's operations in
Europe of EUR 169 million were stable. Higher fee income in
the United Kingdom due to
favorable equity markets and a EUR 2
million one-time result from a contract loss related to the
previous Guardian divestment more than offset lower investment
income in the Netherlands due to
prepayments and interest resets on mortgages.
Aegon's underlying earnings before tax in Asia increased from nil to EUR 12 million. This increase was mainly due to
higher earnings from the High Net Worth (HNW) businesses and
China, as well as a EUR 2
million one-time cash dividend received on investments.
Underlying earnings from Aegon Asset Management declined by
EUR 8 million to EUR 37 million, as lower expenses were more than
offset by lower performance fees compared with last year's
exceptionally high level.
The result from the holding declined by EUR 8 million to a loss of EUR 44 million partly driven by higher
project-related expenses.
Net income
Net income increased from EUR 143
million to EUR 378 million.
This increase reflects higher underlying earnings and realized
gains as well as an improvement in fair value items.
Fair value items
The loss from fair value items amounted to EUR 53 million, as positive real estate
revaluations in the Netherlands
were more than offset by negative fair value changes on hedges in
place to protect Aegon's capital position.
Realized gains on investments
Realized gains totaled EUR 76
million, and were mainly related to the sale of sovereign
bonds in the Netherlands.
Impairment charges
Net impairments of EUR 11 million
reflect the continued benign credit environment.
Other income
Other income of EUR 6 million
includes a profit resulting from the transfer of annuity production
written in the United Kingdom in
2016 to Rothesay Life. Restructuring charges of EUR 14 million in the United Kingdom and the United States were largely offset by
income related to policyholder taxes with an equal offset in
Aegon's income tax line.
Run-off businesses
The result from run-off businesses increased by 9% to EUR 31 million due to a one-time benefit in the
BOLI/COLI business.
Income tax
Income tax amounted to EUR 159
million, which implies an effective tax rate for the first
quarter of 30%. The effective tax rate on underlying earnings was
28%.
Return on equity
Return on equity decreased by 10 basis points to 7.2% in the
first quarter of 2017, as higher underlying earnings before tax
were offset by an increase in the effective tax rate.
Operating expenses
Operating expenses were stable compared with the first quarter
of 2016 at EUR 983 million.
Acquisitions in the United Kingdom
and strengthening of the US dollar offset expense reductions. At
constant currencies and excluding the impact from these
acquisitions, expenses declined by 3%.
Sales
Aegon's total sales increased by 11% to EUR 3.9 billion in the first quarter of 2017.
This was mainly the result of an increase in gross deposits to
EUR 34.0 billion. Gross deposits were
up by 13% driven by higher UK platform deposits as a result of the
Cofunds acquisition. Cofunds deposits were included for the first
time this quarter and added EUR 6.3 billion. This more than
offset lower asset management flows and a decrease in deposits in
the Americas. The latter was the result of fewer retirement plan
takeover deposits, reduced demand for variable annuities, and last
year's exceptionally strong level of mutual fund deposits. Net
outflows amounted to EUR 6.0 billion
and were mainly driven by the loss of an asset management contract
in the United Kingdom related to
the previous Guardian divestment.
New life sales declined by 8% to EUR 246
million. Lower term life and indexed universal life sales in
the United States, and lower sales
in Europe were partly offset by
strong sales in Asia as a result
of the successful launch of a new critical illness product in
China. Indexed universal life
sales are expected to benefit in the second half of 2017 from
various initiatives that are currently being implemented. Lower
sales in Europe are mainly due to
the divestment of the UK annuity book and lower pension sales in
the Netherlands, as a result of
the continued shift in demand from defined benefit to defined
contribution solutions. New premium production for accident &
health and general insurance increased by 5% to EUR 300
million due to favorable currency movements, and higher disability
insurance sales in the Netherlands
following product launches in response to new legislation.
Market consistent value of new business
The market consistent value of new business increased by
EUR 39 million to EUR 172 million. The benefit from higher interest
rates and strong sales in China
more than offset lower pension sales in the Netherlands, as well as lower margins on
pension products and the sale of the annuity business in the
United Kingdom. No market
consistent value of new business is recognized on Cofunds
deposits.
Revenue-generating investments
Revenue-generating investments were up by 14% to EUR 847 billion. This increase was primarily
driven by the acquisition of Cofunds in the United Kingdom, while higher equity markets
more than offset net outflows.
Capital management
Shareholders' equity increased by EUR 0.6
billion to EUR 21.5 billion on
March 31, 2017 driven by retained
earnings and the impact of market movements on the remeasurement of
defined benefit plans and revaluation reserves. Shareholders'
equity, excluding revaluation reserves and defined benefit plan
remeasurements, increased by EUR 0.2 billion to
EUR 17.6 billion - or EUR 8.59
per common share - at the end of the first quarter, as net income
more than offset unfavorable currency movements in the quarter.
The gross leverage ratio improved by 40 basis points to 29.4% as
a result of the positive impact of this quarter's net income. On
July 18, 2017, Aegon will redeem
EUR 500 million senior unsecured
notes. Pro forma for this redemption, Aegon's gross financial
leverage ratio reduces to 27.9%.
Holding excess capital decreased by EUR
0.1 billion to EUR 1.4
billion, of which EUR 500
million has been earmarked for the aforementioned redemption
of senior notes. The decrease mainly resulted from funding and
operating expenses.
Solvency II
Aegon's Solvency II ratio remained stable at an estimated 157%
during the first quarter, as capital generation offset the impact
of the acquisition of Cofunds and accrual for the final 2016
dividend which is payable in June.
Capital generation of the operating units amounted to
EUR 0.5 billion for the quarter. Market impacts and one-time
items amounted to EUR 0.2 billion,
and mainly related to positive credit spread and interest rate
movements in the Netherlands. The
benefit from a reserving methodology change for the HNW business in
Asia was largely offset by
non-admissibility of deferred tax assets in the United States. Capital generation of the
operating units excluding market impacts and one-time items
amounted to EUR 0.3 billion in the
first quarter of 2017.
On April 5, 2017, the European
Insurance and Occupational Pensions Authority (EIOPA) published an
updated methodology to derive the Ultimate Forward Rate (UFR). If
approved by the European Commission, this methodology will lead to
a lowering of the UFR from 4.2% to 3.65% in steps of maximum 15
basis points per year from 2018 onwards. In response to this change
and pending the review of assumptions underlying Aegon's factor for
the loss absorbing capacity of deferred taxes (LAC-DT) of 75% in
the Netherlands, Aegon decided to
downstream EUR 100 million from the Dutch holding company
to enhance the capital position of its main Dutch life insurance
subsidiary in the first quarter of 2017 instead of remitting it to
the group. Aegon is committed to further increasing the capital
buffer of its Dutch unit through decisive management actions,
including improving the risk profile, optimizing the portfolio and
providing group capital support.
Financial overview, 1Q 2017 geographically
Holding,
other
Asset activities &
EUR millions Americas Europe Asia Management eliminations Total
Underlying earnings before
tax by line of business
Life 89 97 17 - - 203
Individual savings and
retirement products 135 - (4) - - 131
Pensions 89 53 - - - 142
Non-life - 12 - - - 12
Asset Management - - - 37 - 37
Other - 7 (1) - (44) (37)
Underlying earnings before tax 313 169 12 37 (44) 488
Fair value items (20) (56) 1 - 22 (53)
Realized gains /
(losses) on investments 10 67 (3) 2 - 76
Net impairments (4) (5) 0 - (2) (11)
Other income / (charges) (2) 8 - - (0) 6
Run-off businesses 31 - - - - 31
Income before tax 328 183 10 39 (24) 536
Income tax (86) (53) (14) (12) 6 (159)
Net income / (loss) 242 131 (4) 27 (18) 378
Net underlying earnings 231 127 (2) 26 (32) 350
Employee numbers
Mar. 31, Dec. 31, Mar. 31,
2017 2016 2016
Employees 29,544 29,380 29,922
of which Aegon's share of
employees in joint ventures and associates 5,898 5,944 5,656
Additional information
Full version press release
Use this link for the full version of the press release.
Presentation
The conference call presentation is available on aegon.com as of
7.30 a.m. CET.
Supplements
Aegon's 1Q 2017 Financial Supplement and Condensed Consolidated
Interim Financial Statements
are available on aegon.com.
Conference call including Q&A
9:00 a.m. CET
Audio webcast on aegon.com
Dial-in numbers
United States:
+1-719-325-2346
United Kingdom:
+44-330-336-9411
The Netherlands:
+31-20-703-8261
Passcode: 7288069
Two hours after the conference call, a replay will be available
on aegon.com.
DISCLAIMERS
Cautionary note regarding non-IFRS measures
This document includes the following non-IFRS-EU financial
measures: underlying earnings before tax, income tax, income before
tax, market consistent value of new business and return on equity.
These non-IFRS-EU 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-EU
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-EU, which are
used to report Aegon's primary financial statements and should not
be viewed as a substitute for IFRS-EU 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-EU 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-EU measures, together with the IFRS-EU 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
government 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;
- 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; and
- 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.
Media relations
Debora de Laaf
+31(0)70-344-8730
gcc@aegon.com
Investor relations
Willem van den Berg
+31(0)70-344-8305
ir@aegon.com