The Hague March 9, 2023
Aegon hosts educational webinar on IFRS 17 and IFRS 9
Aegon will today host an educational webinar to outline its implementation of the accounting standards IFRS 17 and IFRS 9, which have become effective on
January 1, 2023. IFRS 17 is the first international accounting standard for insurance contracts and aims to create more consistency and comparability between companies. While the new accounting standard will impact Aegons financial
reporting, it will not impact its strategy, capital management approach, financial targets, and outlook.
During the webinar, Aegon will explain the
choices it has made in implementing IFRS 17 and IFRS 9 and the impact of the new standards on its balance sheet and income statement by using selected key financial information.
Reducing earnings volatility
The new standard more
closely aligns the valuation of assets and liabilities, which will reduce the impact from accounting mismatches in the financial results compared with the previous standards. Aegon has made accounting choices in implementing IFRS 17 where possible
that allow for alignment of earnings with the relevant local capital frameworks and limit earnings volatility from accounting mismatches.
Financial
impact of the transition to new accounting standards
In the IFRS 17 and IFRS 9 opening balance sheet of January 1, 2022, Aegons
shareholders equity is expected to decline to around EUR 11.7 billion from around EUR 17.8 billion excluding revaluation reserves under IFRS 4. This reflects the establishment of a contractual service margin (CSM) of EUR
11.8 billion pre-tax. The CSM represents a substantial stock of future value that is expected to be released through the operating result over time and to lead to a higher operating result than under IFRS
4.
Further details will be shared during the educational webinar, that will be hosted by Matt Rider, CFO, and Jan Willem Weidema, Head of Investor
Relations. The webinar will commence at 12:30 pm CET and a link to register for the livestream is available on the corporate website. After the presentation, analysts will have the opportunity to ask questions through the webinar platform. A replay
will be available later today.
The link to access the webinar, the supporting presentation and explanatory videos are located on the investor relations
page of our website at aegon.com.
About Aegon
Aegon
is an integrated, diversified, international financial services group. The company offers investment, protection, and retirement solutions, with a strategic focus on three core markets (the United States, the United Kingdom, and the Netherlands),
three growth markets (Spain & Portugal, Brazil, and China), and one global asset manager.
Aegons purpose of Helping people live their
best lives runs through all its activities. As a leading global investor and employer, the company seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion &
diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.
|
|
|
Contacts |
|
|
Media relations |
|
Investor relations |
Dick Schiethart |
|
Jan Willem Weidema |
|
|
+31(0) 70 344 8821 |
|
+31(0) 70 344 8028 |
dick.schiethart@aegon.com |
|
janwillem.weidema@aegon.com |