TIDMAGN
Q1 2012 RESULTS MAY 10, 2012
AEGON delivers growth in sales and earnings; maintains strong capital position
- Business growth, cost reductions and favorable financial markets drive
higher earnings
* Underlying earnings increase to EUR 425 million, including additional
adverse mortality experience of EUR 12 million compared to Q1 2011
* Impairments decline to lowest level in four years to EUR 41 million
* Net income increases to EUR 521 million driven by favorable fair value
items results and tax benefits
* Return on equity of 6.9%, or 7.8% excluding run-off businesses
* Target of doubling fee-based earnings achieved: 35% of first quarter
underlying earnings from fee businesses
- Strong increase in total sales driven by pension and asset management
deposits
* US pension sales and new asset management mandates drive 50% increase in
deposits to EUR 11 billion
* Accident and health sales increase 23% to EUR 195 million, driven by growth
in the Americas
* New life sales decline 11% to EUR 445 million; increase in US offset by
lower sales in UK and Netherlands
* MCVNB increases to EUR 125 million; product repricing as a result of low
interest rates
- Continued strong capital position and cash flows
* IGDa) solvency ratio increases to 201%; IGD surplus capital of EUR 7.1
billion
* Capital base ratio of 74.2%; on track to exceed minimum of 75% by the end
of 2012
* Operational free cash flow increases to EUR 805 million, including EUR 400
million of exceptional items
Statement of Alex Wynaendts, CEO
"Following a year of considerable transformation, AEGON's businesses made a
strong start in the first quarter of 2012 with solid increases in sales and
earnings. Our successful efforts to reduce costs across our organization have
created greater focus while also contributing to higher earnings. Our emphasis
on serving the growing demand for retirement planning solutions led to the
substantial increase in pension deposits in the United States and our
third-party asset management business succeeded in capturing a significant
inflow of new business. In keeping with one of our key strategic objectives,
we delivered early on our target to generate a greater proportion of earnings
from fee-based versus spread-based business.
"We were pleased with the low level of impairments during the quarter, their
lowest in four years. At the same time, it continues to be our priority to
maintain AEGON's strong capital position in this period of continued economic
uncertainty.
"AEGON's first quarter results confirm the resilience of our franchise and
that the actions being pursued by management are the right ones. It is for
this reason that we look forward to resuming a dividend payment, which will be
decided during our upcoming Annual General Meeting of Shareholders."
KEY PERFORMANCE INDICATORS
amounts in EUR millions b) Notes Q1 2012 Q4 2011 % Q1 2011 %
Underlying earnings before tax 1 425 346 23 414 3
Net income 2 521 81 - 327 59
Sales 3 1,758 1,409 25 1,411 25
Market consistent value of new business 4 125 71 76 121 3
Return on equity 5 6.9% 5.2% 33 7.7% (10)
For notes see page 20.
STRATEGIC HIGHLIGHTS
- AEGON details UK pensions reform proposition
- AEGON expands strategic partnership with Liberbank in Spain
- AEGON to delist its common shares from the London Stock Exchange
Sustainable earnings growth with an improved risk-return profile
AEGON aims to deliver sustainable earnings growth with an improved risk-return
profile. The following targets* have been set by the company:
- Grow underlying earnings before tax on average by 7%-10% per annum between
2010 and 2015.
- Achieve a return on equity of 10%-12% by 2015.
- Increase fee-based earnings to 30%-35% of underlying earnings before tax by
2015.
- Increase normalized operational free cash flow
by 30% by 2015 from 2010 level.
* Main economic assumptions embedded in targets: annual gross equity market
return of 9%, 10 year US interest rate of 4.75% in 2016 and EUR/USD rate of
1.35.
AEGON believes it can achieve these targets at the lower end of the target
ranges as the economic slowdown adversely affects the company's growth
potential.
AEGON's ambition
AEGON's aim to be a leader in all of its chosen markets by 2015 is supported
by four strategic objectives: Optimize Portfolio, Enhance Customer Loyalty,
Deliver Operational Excellence and Empower Employees. These key objectives
have been embedded in all AEGON businesses. They provide the strategic
framework for the company's ambition to become the most-recommended life
insurance and pension provider by customers and distributors, as well as the
most-preferred employer in the sector.
Optimize portfolio
In the United Kingdom, AEGON is positioning itself to capture the opportunities
presented by pension reform and the introduction of automatic enrolment into
pension schemes. In March 2012, AEGON announced it would be working with the
National Employment Savings Trust (NEST) Corporation in the United Kingdom to
provide integrated auto-enrolment support for employers who want to run an
AEGON pension scheme alongside a NEST scheme.Auto-enrolment is expected to
increase employer and employee engagement in workplace pension arrangements
and AEGON is well placed to offer complementary pension solutions. AEGON is
on track to launch a dedicated workplace savings platform solution in mid-2012,
as part of its recently launched AEGON Retirement Choices (ARC) platform.
AEGON is also focused on securing strategic distribution agreements in the
United Kingdom ahead of the market changes as a result of the Retail
Distribution Review and has recently confirmed it has been selected for the
restricted advice panel of leading adviser group Sesame Bankhall.
Asia represents a key long-term growth market for AEGON. To fully optimize the
prospects for AEGON's businesses throughout the region, all of AEGON's Asian
operations are now managed from the company's regional head office in Hong
Kong. This allows AEGON to better leverage product and distribution expertise,
capture efficiencies, and pursue organic growth of AEGON's franchise in Asia.
As of the first quarter of 2012, AEGON has revised its financial reporting to
reflect these changes in its organization. Businesses that were previously
managed by AEGON Americas are included in the Asia line of business within the
"New Markets" segment going forward. The change does not have any impact on
consolidated total underlying earnings or net income reported by AEGON.
In Spain, AEGON has reached an agreement with Liberbank to expand its
long-term life insurance and pension partnership with the acquisition of 50%
of Liberbank Vida. In addition to the network of Caja Cantabria, the agreement
now also includes the branch networks of Cajastur and Caja Extremadura. The
agreement allows AEGON and Liberbank to provide life insurance and pension
products to over one million clients through a network of over 700 branch
offices.
In India, AEGON Religare has relaunched iTerm,an innovative term life insurance
product combining it with a number of optional new riders. The company once again
demonstrates its leading position in online sales and expects to sell at least 15
to 20 percent of its policies through online distribution within two years as
millions of Indian consumers go online. Since the introduction of iTerm in
2009, over 19,000 policies have been sold online.
AEGON received approval from the Dutch Central Bank (DNB) to set up a second
premiepensioen-instelling (PPI), a low-cost carrier for individual retirement
savings accounts. AEGON's second PPI will provide defined contribution pension
solutions for small- and medium-sized enterprises and is complimentary to
AEGON's first PPI which specifically targets larger corporations.
Deliver operational excellence
In the United Kingdom, AEGON has successfully implemented its new operating
model and reached its target to reduce operating expenses for its Life and
Pension businesses by 25% from 2009 levels. The program to restructure the
business delivers GBP 80 million in expense savings, the benefits of which are
visible in 2012.
In the Netherlands, AEGON is on track with reorganizing its business to be
more agile and better positioned to respond to changing conditions and
opportunities in the Dutch market. The reorganization program and other
initiatives will result in reducing the cost base for AEGON The Netherlands by
EUR 100 million, compared to the cost base for 2010. The cost savings aim to
offset pressure on underlying earnings from higher mortgage funding costs,
increased longevity provisioning and a declining life insurance back-book. The
majority of the cost savings is expected to be achieved in 2012. To date,
AEGON has implemented costs savings of EUR 49 million.
Delisting from London Stock Exchange
AEGON will make an application to delist its common shares from the London
Stock Exchange (LSE) in the United Kingdom. The volume of AEGON shares traded
on the LSE is negligible and does not justify the related expenses. The last
trading date will be announced once the application to delist has been
accepted by the LSE. AEGON shares will remain listed on Euronext Amsterdam and
the New York Stock Exchange.
FINANCIAL OVERVIEW c)
EUR millions Notes Q1 2012 Q4 2011 % Q1 2011 %
Underlying earnings before tax
Americas 292 316 (8) 336 (13)
The Netherlands 79 75 5 81 (2)
United Kingdom 29 (26) - 12 142
New markets 88 65 35 68 29
Holding and other (63) (84) 25 (83) 24
Underlying earnings before tax 425 346 23 414 3
Fair value items 156 (20) - (85) -
Realized gains / (losses) 45 49 (8) 91 (51)
on investments
Impairment charges (41) (94) 56 (62) 34
Other income / (charges) (17) (194) 91 (3) -
Run-off businesses (2) 1 - 22 -
Income before tax 566 88 - 377 50
Income tax (45) (7) - (50) 10
Net income 521 81 - 327 59
Net income / (loss) attributable to:
Equity holders of AEGON N.V. 521 79 - 327 59
Non-controlling interests - 2 - - -
Net underlying earnings 328 253 30 333 (2)
Commissions and expenses 1,399 1,684 (17) 1,513 (8)
of which operating expenses 11 781 872 (10) 837 (7)
New life sales
Life single premiums 1,160 1,876 (38) 1,726 (33)
Life recurring premiums annualized 329 311 6 328 -
Total recurring plus 1/10 single 445 498 (11) 501 (11)
New life sales
Americas 12 120 109 10 105 14
The Netherlands 32 117 (73) 65 (51)
United Kingdom 213 189 13 247 (14)
New markets 12 80 83 (4) 84 (5)
Total recurring plus 1/10 single 445 498 (11) 501 (11)
New premium production 195 188 4 159 23
accident and health insurance
New premium production 14 13 8 13 8
general insurance
Gross deposits (on and off balance)
Americas 12 7,392 5,009 48 5,629 31
The Netherlands 560 560 - 462 21
United Kingdom 8 9 (11) 19 (58)
New markets 12 3,083 1,522 103 1,267 143
Total gross deposits 11,043 7,100 56 7,377 50
Net deposits (on and off balance)
Americas 12 1,061 (886) - (233) -
The Netherlands (185) (160) (16) (115) (61)
United Kingdom (1) 1 - 2 -
New markets 12 1,364 108 - (1,719) -
Total net deposits excluding 2,239 (937) - (2,065) -
run-off businesses
Run-off businesses (1,160) (611) (90) (880) (32)
Total net deposits 1,079 (1,548) - (2,945) -
OPERATIONAL HIGHLIGHTS
Underlying earnings before tax
AEGON's underlying earnings before tax increased 3% compared with the first
quarter 2011 to EUR 425 million in the first quarter of 2012. This increase is
the result of a strong delivery on cost reduction programs, higher fee-based
earnings due to favorable equity markets and favorable currency movements.
Earnings were negatively impacted by adverse mortality experience and lower
fixed annuity earnings in the Americas, and in the Netherlands by poor
morbidity experience.
Underlying earnings from the Americas amounted to EUR 292 million. The 13%
decrease compared to the first quarter of 2011 is primarily due to unfavorable
mortality results (EUR 12 million) and lower fixed annuity earnings, as the
product is de-emphasized, partly offset by higher fee-based earnings. In addition,
earnings were impacted by recurring charges for Corporate Center expenses (EUR
7 million) and an increase in employee benefit expenses (EUR 10 million).
In the Netherlands, underlying earnings decreased 2% to EUR 79 million. The
decline was mainly the result of adverse claim experience on disability
products in the non-life business offset by a higher contribution from AEGON's
growing Dutch mortgage loan portfolio.
In the United Kingdom, underlying earnings more than doubled to EUR 29
million. The strong improvement in earnings was driven by the successful
implementation of the cost reduction program in AEGON's businesses in the
United Kingdom and the non-recurrence of exceptional charges recorded in the
previous year.
Underlying earnings from New Markets increased 29% to EUR 88 million. The
increase was mainly the result of higher underlying earnings at AEGON Asset
Management as a result of the effects of growth, increased fees and phasing of
expenses, only partly offset by lower underlying earnings from Central &
Eastern Europe and Variable Annuities Europe.
Total holding costs decreased 24% to EUR 63 million as part of AEGON's
Corporate Center expenses are now charged to the operating units. This change
reflects the various services and support provided by the Corporate Center to
operating units. The first quarter 2012 charge to operating units amounted to
EUR 16 million.
Net income
All operating units contributed positively to net income in the first quarter
2012. The increase to EUR 521 million was driven by higher underlying
earnings, favorable results on fair value items and lower impairments.
Fair value items
The results from fair value items increased to
EUR 156 million. These positive results mainly related to alternative asset
performance in the Americas, the guarantee portfolio in the Netherlands and
derivates in the holding.
Realized gains on investments
In the first quarter, realized gains on investments amounted to EUR 45 million
and were the result of normal trading in the investment portfolio.
Impairment charges
Impairments decreased to EUR 41 million, the lowest amount in four years.
Impairments continue to be primarily linked to residential mortgage-backed
securities in the United States.
Other charges
Other charges amounted to EUR 17 million and consisted mainly of a EUR 17
million charge related to the full year 2012 Hungarian bank tax. Restructuring
charges in the Netherlands (EUR 3 million) and AEGON Asset Management (EUR 1
million) were offset by income related to policyholder tax of EUR 6 million.
Run-off businesses
The results of run-off businesses amounted to a loss of EUR 2 million as
positive results for BOLI/COLI (EUR 17 million) were offset by a loss on the
institutional spread-based business (EUR 7 million) and the amortization of
the prepaid cost of reinsurance asset related to the divestment of the life
reinsurance activities (EUR 9 million).
Income tax
Income tax amounted to a charge of EUR 45 million in the first quarter,
including a benefit of EUR 51 million related to the run-off of the company's
institutional spread-based activities in Ireland. Also, a EUR 27 million tax
benefit was recorded in the United Kingdom as a result of an announced tax
rate reduction and the Netherlands reported a tax benefit of EUR 19 million
resulting from a settlement.
Return on equity
Higher average shareholders' equity excluding revaluation reserves and lower
net underlying earnings compared with the first quarter 2011, resulted in a
return on equity of 6.9% for the first quarter 2012. Return on equity
excluding the run-off businesses amounted to 7.8% over the same period.
Operating expenses
In the first quarter, operating expenses decreased 7% to EUR 781 million as a
result of cost savings, lower restructuring charges and divestments.
Sales and deposits
AEGON's total sales increased 25% to EUR 1.8 billion. Increased new life sales
in the Americas were offset by lower sales in the United Kingdom and the
Netherlands. Strong gross deposits were particularly driven by pension
deposits in the Americas and good performance in both the retail and
institutional segments of AEGON Asset Management. New premium production for
accident and health also increased strongly, mainly driven by travel insurance
in the United States.
Market consistent value of new business
AEGON manages its business on an economic framework basis, meaning that it
prices its products based on hedgeable market circumstances, versus
assumptions about future economic conditions. As of the first quarter of 2012,
AEGON starts disclosing the market consistent value of new business on a
quarterly basis. At the same time, the publication of value of new business on
the company's traditional embedded value basis is being discontinued.
Compared with the first quarter of 2011, the market consistent value of new
business increased slightly to EUR 125 million. Higher profitability in the
annuity business in the United Kingdom and a higher contribution from mortgage
loans in the Netherlands were partially offset by a decrease in value of new
business in the Americas due to lower interest rates.
Revenue-generating investments
Revenue-generating investments rose 3% compared with year-end 2011 to EUR 437
billion at March 31, 2012. The increase as a result of net inflows and the
effect of higher equity markets on unit-linked and off balance sheet assets
was partly offset by outflows from run-off businesses and fixed annuities.
Capital management
AEGON's core capital excluding revaluation reserves amounted to EUR 17.7
billion, equivalent to 74.2%6 of the company's total capital base at March 31,
2012. AEGON is on track to reach a capital base ratio of at least 75% by the
end of 2012.
Shareholders' equity increased to EUR 21.3 billion. The increase was a result
of first quarter's net income and an increase in the revaluation reserves
partly offset by a decline in the value of the US dollar against the euro.
REVENUE-GENERATING INVESTMENTS
Mar. 31, Dec. 31,
2012 2011 %
Revenue-generating investments (total) 436,753 423,518 3
Investments general account 140,770 144,079 (2)
Investments for account of policyholders 149,501 142,529 5
Off balance sheet investments third parties 146,482 136,910 7
The revaluation reserves increased slightly to EUR 3.6 billion during the
first quarter mainly the result of a tightening of credit spreads.
In addition, the foreign currency translation reserves declined, primarily the
result of a strengthening of the euro against the US dollar. Shareholders'
equity per common share, excluding preference capital, amounted to EUR 10.18
at March 31, 2012.
At the end of the first quarter 2012, excess capital in the holding amounted
to EUR 1.4 billion. AEGON aims to maintain at least 1.5 times holding expenses
as a buffer at the holding, in 2012 equivalent to approximately EUR 750
million.
At March 31, 2012, AEGON's Insurance Group Directive (IGD) ratio was 201%, an
increase from the level of 195% at the end of 2011. Measured on a local
solvency basis, the Risk Based Capital (RBC) ratio in the United States
remained level at 445%, the IGD ratio in the Netherlands increased to 210%,
while the Pillar I ratio in the United Kingdom was 135% at the end of the
first quarter 2012.
In May, AEGON completed the sale of EUR 667 million of SAECURE 11 notes. The
transaction included a USD 600 million tranche of USD denominated residential
mortgage-backed securities (RMBS) placed with US investors. With this
transaction, AEGON is further diversifying its RMBS investor base outside
Europe.
AEGON believes the successful placement is a recognition by US investors that
Dutch RMBS notes are regarded as high-quality and that AEGON's SAECURE program
is acknowledged as a top-tier program in the Dutch RMBS market. The net
proceeds will be used to refinance part of the existing Dutch mortgage loan
portfolio of AEGON.
Cash flows
AEGON aims to deliver sustainable cash flows and has announced its intention
to improve operational free cash flow from its 2010 normalized level of EUR
1.0-1.2 billion per annum by 30% by 2015.
AEGON's subsidiaries generated EUR 805 million in operational free cash flows
during the first quarter. Operational free cash flows were positively impacted
by favorable interest rate movements and rising equity markets. Excluding
exceptional items of approximately EUR 400 million, operational free cash
flows totaled EUR 405 million. Operational free cash flows represent
distributable earnings generation of the business units. The impact of capital
preservation initiatives is not included in the reported operational free cash
flows.
APPENDIX I -- Americas --The Netherlands --United Kingdom --New Markets
FINANCIAL OVERVIEW,
Q1 2012 GEOGRAPHICALLY c)
EUR millions Holding,
other
activities
The United New &
Americas Netherlands Kingdom Markets eliminations Total
Underlying earnings before
tax by line of business
Life 102 56 17 38 - 213
Individual savings and 126 - - (4) - 122
retirement products
Pensions 62 21 13 1 - 97
Non-life - (5) - 12 1 8
Distribution - 7 (1) - - 6
Asset Management - - - 29 - 29
Other - - - - (64) (64)
Share in underlying earnings 2 - - 12 - 14
before tax of associates
Underlying earnings before tax 292 79 29 88 (63) 425
Fair value items 64 42 (2) 7 45 156
Realized gains / (losses) 9 34 - 2 - 45
on investments
Impairment charges (30) (3) - (4) (4) (41)
Other income / (charges) (1) (3) 6 (18) (1) (17)
Run-off businesses (2) - - - - (2)
Income before tax 332 149 33 75 (23) 566
Income tax (53) (8) 13 (27) 30 (45)
Net income 279 141 46 48 7 521
Net underlying earnings 208 62 48 59 (49) 328
EMPLOYEE NUMBERS
Mar. 31, Dec. 31,
2012 2011
Employees excluding agents 22,132 22,249
Agents 2,936 3,039
Total number of employees 25,068 25,288
excluding Associates
AEGON's share of employees 2,908 3,982
(including agents) in Associates
Total 27,976 29,270
AMERICAS
- Underlying earnings before tax amount to USD 383 million, impacted by
adverse mortality experience
- Net income increases to USD 366 million, driven by positive fair value items
and lower impairments
- Strong sales of life insurance and accident & health at USD 157 million and
USD 231 million respectively
- Gross deposits of USD 9.7 billion up 26% driven by continued strong pension
deposits
Underlying earnings before tax
Underlying earnings from the Americas in the first quarter 2012 amounted to
USD 383 million. The decrease compared to the first quarter of 2011 is
primarily due to unfavorable mortality results (USD 16 million) partly offset
by higher fee-based earnings. In addition, earnings were impacted by recurring
charges for Corporate Center expenses of USD 9 million and an increase of USD
13 million in employee benefit expenses.
- Earnings from Life & Protection in the Americas amounted to USD 128 million.
Compared with Q1 2011, earnings included USD 16 million of higher mortality
claims.
- Individual Savings & Retirement earnings decreased to USD 163 million.
Earnings from variable annuities improved to USD 97 million as a result of
higher account balances. Fixed annuity earnings decreased to USD 62 million as
a result of declining asset balances as the product is de-emphasized.
- Earnings from Employer Solutions & Pensions remained level at USD 81 million
as the effect of growth in account balances was offset by increased benefit
plan and Corporate Center expenses.
- Canada earnings decreased to USD 8 million, while earnings from Latin
America amounted to USD 3 million.
Net income
Net income from AEGON's businesses in the Americas increased to USD 366
million in the first quarter. The main drivers were positive results from fair
value items and lower impairments, partly offset by a decrease in underlying
earnings, a decline in results from run-off businesses and lower realized
gains on investments.
Results from fair value items amounted to USD 83 million for the quarter.
Alternative asset performance was USD 158 million above its expected return,
mainly driven by a significant change in the valuation of a fund containing
mineral rights. In addition, credit derivatives gained USD 54 million as a
result of credit spread tightening. The macro hedge loss of USD 108 million
reflected the strong increase in equity markets during the quarter and the
continued low interest rate environment.
Gains on investments of USD 12 million were realized as a result of normal
trading activity. Net impairments amounted to USD 39 million, the lowest
amount in four years. Impairments continue to be primarily linked to US
residential mortgage-backed securities.
The results of run-off businesses amounted to a loss of USD 3 million. The
loss on the institutional spread-based business and the amortization of the
prepaid cost of reinsurance asset related to the divestment of the life
reinsurance activities was partly offset by positive results from BOLI/COLI.
Net income included a net tax expense of USD 69 million in the first quarter,
including a tax benefit of USD 34 million related to the run-off of the
company's institutional spread-based activities in Ireland.
Return on capital
In the first quarter 2012, the return on average capital, excluding
revaluation reserves, invested in AEGON's business in the Americas amounted to
5.6%. Excluding the capital allocated to the run-off businesses, the return on
capital in the Americas would have amounted to 6.6%. Return on capital of
AEGON's businesses excludes the benefit of leverage at the holding.
Operating expenses
Operating expenses decreased 1% to USD 478 million, primarily due to the
divestiture of Transamerica Reinsurance and the wind down of the BOLI/COLI
activities. Excluding restructuring charges, run-off activities, employee
benefit plan expenses and the Corporate Center cost allocation, operating
expenses increased 1%.
Sales and desposits
New life sales increased 10% to USD 157 million, primarily driven by strong
indexed universal life sales as the product was recently launched into the
brokerage channel. New premium production for accident & health insurance
increased to USD 231 million, mainly the result of increased travel insurance
sales.
Gross deposits increased to USD 9.7 billion as a result of higher takeover
deposits in the retirement plan space and increased stable value deposits.
Variable annuity sales continued to be strong, despite a re-pricing of the
company's variable annuity offerings reflecting the current low interest rate
environment and subsequent higher hedging costs in its riders.
Net deposits increased to USD 1.4 billion in the first quarter - excluding
run-off businesses. AEGON's core growth areas of variable annuities and
pensions recorded net inflows of USD 0.4 billion and USD 2.3 billion
respectively, which were partly offset by fixed annuity outflows of USD 0.6
billion. AEGON is de-emphasizing sales of fixed annuities as part of
a strategic repositioning and incurs net outflows
as a result.
Market consistent value of new business
In view of the fact that interest rates declined sharply in the third quarter
of 2011, AEGON has actively repriced products and slowed down sales of
unprofitable business in order to meet its return targets. As a result, a
decline in the market consistent value of new business was mitigated and
amounted to USD 62 million in the first quarter 2012. A strong contribution
from the pensions business was more than offset by lower value of new business
on certain universal life insurance and variable annuity products compared to
the first quarter of 2011.
Revenue-generating investments
Revenue-generating investments amounted to USD 327 billion at March 31, 2012,
an increase of 3% compared with year-end 2011. The decrease in general account
assets as a result of outflows from the run-off businesses and fixed annuities
was more than offset by net inflows and the effect of higher equity markets on
unit-linked and off balance sheet assets.
REVENUE-GENERATING INVESTMENTS
Mar. 31, Dec. 31,
2012 2011 %
Revenue-generating investments 326,661 315,791 3
(total)
Investments general account 114,117 116,283 (2)
Investments for account of 86,279 80,137 8
policyholders
Off balance sheet investments third 126,265 119,371 6
parties
AMERICAS c)
USD millions Notes Q1 2012 Q4 2011 % Q1 2011 %
Underlying earnings before
tax by line of business
Life and protection 128 154 (17) 180 (29)
Fixed annuities 62 58 7 90 (31)
Variable annuities 97 121 (20) 93 4
Retail mutual funds 4 5 (20) 6 (33)
Individual savings and 163 184 (11) 189 (14)
retirement products
Employer solutions & pensions 81 83 (2) 81 -
Canada 8 4 100 11 (27)
Latin America 3 1 200 (2) -
Underlying earnings before tax 383 426 (10) 459 (17)
Fair value items 83 (189) - (17) -
Realized gains / (losses) 12 7 71 34 (65)
on investments
Impairment charges (39) (87) 55 (80) 51
Other income / (charges) (1) (50) 98 - -
Run- off businesses (3) 1 - 30 -
Income before tax 435 108 - 426 2
Income tax (69) 13 - (76) 9
Net income 366 121 - 350 5
Net income / (loss) attributable to:
Equity holders of AEGON N.V. 366 121 - 350 5
Net underlying earnings 273 301 (9) 337 (19)
Commissions and expenses 1,055 1,347 (22) 1,186 (11)
of which operating expenses 478 481 (1) 481 (1)
New life sales 12
Life single premiums 65 43 51 100 (35)
Life recurring premiums annualized 150 144 4 133 13
Total recurring plus 1/10 single 157 148 6 143 10
Life & protection 124 116 7 110 13
Employer solutions & pensions 9 5 80 6 50
Canada 14 15 (7) 17 (18)
Latin America 10 12 (17) 10 -
Total recurring plus 1/10 single 157 148 6 143 10
New premium production 231 233 (1) 189 22
accident and health insurance
Gross deposits (on and off 12
balance) by line of business
Life & protection 3 4 (25) 3 -
Fixed annuities 91 72 26 83 10
Variable annuities 1,214 1,396 (13) 1,179 3
Retail mutual funds 754 627 20 775 (3)
Individual savings & 2,059 2,095 (2) 2,037 1
retirement products
Employer solutions & pensions 7,544 4,517 67 5,554 36
Canada 74 82 (10) 97 (24)
Latin America 4 4 - - -
Total gross deposits 9,684 6,702 44 7,691 26
Net deposits (on and off 12
balance) by line of business
Life & protection (10) (9) (11) (14) 29
Fixed annuities (628) (752) 16 (801) 22
Variable annuities 363 658 (45) 220 65
Retail mutual funds (31) (191) 84 (50) 38
Individual savings & (296) (285) (4) (631) 53
retirement products
Employer solutions & pensions 1,797 (950) - 485 -
Canada (105) (37) (184) (158) 34
Latin America 4 4 - - -
Total net deposits excluding 1,390 (1,277) - (318) -
run-off businesses
Run-off businesses (1,519) (812) (87) (1,202) (26)
Total net deposits (129) (2,089) 94 (1,520) 92
THE NETHERLANDS
- Underlying earnings before tax of EUR 79 million, including a loss of EUR 5
million in Non-life
- Net income increases to EUR 141 million
- New life sales decrease to EUR 32 million as result of lower sales in Life
and Pensions
Underlying earnings before tax
In the first quarter 2012, underlying earnings from AEGON's operations in the
Netherlands decreased to EUR 79 million as higher earnings in Life & Savings
were offset by lower earnings in Non-life. In addition, earnings were impacted
by recurring charges for Corporate Center expenses of EUR 4 million.
- Earnings from AEGON's Life & Savings operations in the Netherlands increased
to EUR 56 million, up 30% compared to the first quarter of 2011, partly driven
by a higher contribution from AEGON's growing mortgage loan portfolio and cost
savings.
- Earnings from the Pension business amounted to EUR 21 million, as the
benefit of expense savings was mainly offset by lower investment income.
- Non-life recorded a loss of EUR 5 million, as a result of adverse claim
experience on disability products which has been only partly offset by a
reserve release following an update of assumptions. General trends in claim
experience in disability in the Dutch non-life market are negative and are
expected to continue throughout 2012 as a result of the current economic
conditions.
- Earnings from the distribution businesses decreased to EUR 7 million mainly
driven by deteriorated market conditions.
Net income
Net income from AEGON's businesses in the Netherlands increased to EUR 141
million and included a one-off tax benefit of EUR 19 million. Results on fair
value items improved compared to the first quarter of 2011 and amounted to EUR
42 million. Gains on investments totaled EUR 34 million for the quarter and
were a result of normal trading activity in the portfolio. Other charges
included EUR 3 million related to the restructuring program
in the Netherlands.
Return on capital
The return on average capital, excluding revaluation reserves, invested in
AEGON's businesses in the Netherlands declined to 6.4%, the combined result of
higher average capital levels and lower net underlying earnings. Return on
capital of AEGON's businesses excludes the benefit of leverage at the holding.
Operating expenses
Operating expenses declined 1% to EUR 187 million, mainly driven by realized
cost savings. Operating expenses included additional charges of EUR 3 million
related to the restructuring of the Dutch operations.
Sales and deposits
New life sales decreased in the first quarter to EUR 32 million. Pension sales
declined to EUR 14 million, as the comparable quarter of 2011 included a large
single contract. Individual life sales declined and amounted to EUR 18 million,
primarily driven by a shrinking Dutch life insurance market and lower production
levels of mortgage-related life insurance.
Production of mortgages in the first quarter of 2012 declined to EUR 649
million, primarily the result of less activity on the Dutch mortgage market.
Premium production for accident & health amounted to EUR 9 million. Sales in
income insurance products declined compared to the first quarter of 2011, as a
result of price increases to improve margins. General insurance production
amounted to EUR 9 million, up 13% compared to the first quarter of 2011, due
to growth in newly added distribution channels.
Gross deposits increased to EUR 560 million, following a marketing campaign at
AEGON Bank and the offering of more competitive interest rates.
Market consistent value of new business
The market consistent value of new business in the Netherlands increased
significantly compared to the first quarter of 2011 to EUR 27 million. The
increase was mainly driven by a higher contribution from mortgage loans and
the successful introduction of a new mortgage product in 2011 (Banksparen).
Revenue-generating investments
Revenue-generating investments increased 3% to EUR 64 billion, compared with
the previous quarter. The increase was driven mainly by the positive effect of
higher equity markets and lower credit spreads.
THE NETHERLANDS
EUR millions Notes Q1 2012 Q4 2011 % Q1 2011 %
Underlying earnings before
tax by line of business
Life and Savings 56 40 40 43 30
Pensions 21 36 (42) 22 (5)
Non-life (5) 2 - 5 -
Distribution 7 - - 11 (36)
Share in underlying earnings - (3) - - -
before tax of associates
Underlying earnings before tax 79 75 5 81 (2)
Fair value items 42 189 (78) (60) -
Realized gains / (losses) 34 33 3 35 (3)
on investments
Impairment charges (3) (5) 40 (2) (50)
Other income / (charges) (3) (84) 96 (8) 63
Income before tax 149 208 (28) 46 -
Income tax (8) (60) 87 (7) (14)
Net income 141 148 (5) 39 -
Net income / (loss) attributable to:
Equity holders of AEGON N.V. 141 148 (5) 39 -
Net underlying earnings 62 50 24 66 (6)
Commissions and expenses 270 261 3 272 (1)
of which operating expenses 187 191 (2) 189 (1)
New life sales
Life single premiums 245 856 (71) 457 (46)
Life recurring premiums annualized 7 31 (77) 19 (63)
Total recurring plus 1/10 single 32 117 (73) 65 (51)
Life and Savings 18 13 38 26 (31)
Pensions 14 104 (87) 39 (64)
Total recurring plus 1/10 single 32 117 (73) 65 (51)
New premium production 9 7 29 10 (10)
accident and health insurance
New premium production 9 6 50 8 13
general insurance
Gross deposits (on and off
balance) by line of business
Life and Savings 560 560 - 382 47
Pensions - - - 80 -
Total gross deposits 560 560 - 462 21
Net deposits (on and off
balance) by line of business
Life and Savings (185) (160) (16) (142) (30)
Pensions - - - 27 -
Total net deposits (185) (160) (16) (115) (61)
REVENUE-GENERATING INVESTMENTS
Mar. 31, Dec. 31,
2012 2011 %
Revenue-generating investments (total) 64,283 62,242 3
Investments general account 39,572 39,019 1
Investments for account of policyholders 24,711 23,223 6
UNITED KINGDOM
- Underlying earnings before tax increase to GBP 25 million as a result of
lower expenses
- Net income amounts to GBP 39 million
- New life sales decrease to GBP 178 million due to anticipated lower pension
sales
Underlying earnings before tax
In the first quarter of 2012, underlying earnings before tax increased to GBP
25 million, driven by lower expenses and the non-recurrence of exceptional
charges. Earnings were negatively impacted by recurring charges for Corporate
Center expenses of GBP 2 million.
- Earnings from Life declined to GBP 15 million, the result of lower earnings
from annuities and adverse claims experience in individual protection.
- Earnings from Pensions improved strongly to
GBP 11 million, mainly driven by the non-recurrence of exceptional charges
recorded in the previous year and successful implementation of the cost
reduction program in the AEGON's business in the UK.
- Distribution recorded a loss of GBP 1 million.
Net income
Net income declined to GBP 39 million, as higher underlying earnings were more
than offset by lower realized gains on investments. Results on fair value
items amounted to a loss of GBP 2 million. There were no impairments or
realized gains during the quarter. A reduction in the corporate tax rate in
the United Kingdom had a positive impact of GBP 22 million.
Return on capital
The return on average capital, excluding revaluation reserves, invested in
AEGON's businesses in the United Kingdom increased to 6.3%, primarily as a
result of higher net underlying earnings from pensions. Net underlying
earnings for the first quarter of 2012 included a tax benefit of GBP 22
million from a reduction in the corporate tax rate in the
United Kingdom. There was a similar benefit in
the first quarter in 2011. Return on capital of AEGON's businesses excludes
the benefit of leverage at the holding.
Operating expenses
Operating expenses for the first quarter of 2012 amounted to GBP 62 million, a
37% reduction following the successful implementation of the cost reduction
program in the United Kingdom. Operating expenses in the first quarter
benefited from favorable timing differences. For the full year, AEGON expects
to achieve operating expenses at target level.
Sales and deposits
New life sales decreased 16% to GBP 178 million compared to the first quarter
of 2011, as a result of an anticipated decrease in sales of pensions. In group
pensions, increases in new business from increments and new entrants to
existing schemes was offset by an anticipated decrease in sales of new schemes
following reductions in commission levels to maintain margins. Compared to the
fourth quarter of 2011, sales increased by 11%.
Market consistent value of new business
The market consistent value of new business in the United Kingdom increased to
GBP 22 million, mainly driven by lower acquisition expenses and positive
margin on the annuities business, partly offset by lower margins on unitized
and protection business.
Revenue-generating investments
Revenue-generating investments increased 3% to GBP 53 billion, compared with
year-end of 2011, primarily the result of higher equity markets.
UNITED KINGDOM
GBP millions Notes Q1 2012 Q4 2011 % Q1 2011 %
Underlying earnings before
tax by line of business
Life 15 30 (50) 21 (29)
Pensions 11 (50) - (9) -
Distribution (1) (2) 50 (2) 50
Underlying earnings before tax 25 (22) - 10 150
Fair value items (2) 3 - (1) (100)
Realized gains / (losses) - 6 - 25 -
on investments
Impairment charges - (1) - - -
Other income / (charges) 7 5 (49) - (5) -
Income before tax 28 (63) - 29 (3)
Income tax attributable to (5) (4) (25) (1) -
policyholder return
Income before income tax 23 (67) - 28 (18)
on shareholders return
Income tax on shareholders return 16 (9) - 18 (11)
Net income 39 (76) - 46 (15)
Net income / (loss) attributable to:
Equity holders of AEGON N.V. 39 (76) - 46 (15)
Net underlying earnings 40 (40) - 33 21
Commissions and expenses 142 184 (23) 172 (17)
of which operating expenses 62 98 (37) 98 (37)
New life sales 8
Life single premiums 600 648 (7) 841 (29)
Life recurring premiums annualized 118 96 23 127 (7)
Total recurring plus 1/10 single 178 161 11 211 (16)
Life 17 17 - 16 6
Pensions 161 144 12 195 (17)
Total recurring plus 1/10 single 178 161 11 211 (16)
Gross deposits (on and off
balance) by line of business
Variable annuities 7 8 (13) 17 (59)
Total gross deposits 7 8 (13) 17 (59)
Net deposits (on and off b
alance) by line of business
Variable annuities (1) 1 - 2 -
Total net deposits (1) 1 - 2 -
REVENUE-GENERATING INVESTMENTS
Mar. 31, Dec. 31,
2012 2011 %
Revenue-generating investments (total) 52,761 51,052 3
Investments general account 8,298 8,313 -
Investments for account of policyholders 44,463 42,739 4
NEW MARKETS
- Underlying earnings before tax increase to EUR 88 million driven by asset
management and Asia
- Net income amounts to EUR 48 million, including EUR 17 million charge for
Hungarian bank tax
- New life sales decline 5% to EUR 80 million, the result of lower sales in
Asia
- Strong deposits of EUR 3.1 billion driven by both retail and institutional
inflows for asset management
Underlying earnings before tax
In New Markets, underlying earnings before tax increased 29% to EUR 88
million. The increase is mainly the result of higher underlying earnings at
AEGON Asset Management and Asia, only partly offset by lower underlying
earnings from Central & Eastern Europe and Variable Annuities Europe. In
addition, earnings were impacted by recurring charges for Corporate Center
expenses to all operating units of EUR 2 million.
- Earnings from Central & Eastern Europe declined to EUR 23 million, primarily
as a result of adverse currency movements. In Hungary, favorable claim
experience was offset by lower margins on mortgage loans. In Poland, earnings
declined as a result of the pension legislation changes implemented in 2011.
- Results from AEGON's operations in Asia increased to EUR 9 million as a
result of higher investment income, favorable currency movements and
implemented cost savings.
- Earnings from Spain & France increased 9% to
EUR 25 million as result of business growth in Spain and the inclusion of
earnings from Caixa Sabadell Vida.
- Earnings from Variable Annuities Europe declined to EUR 2 million which was
mainly the result of higher expenses related to projects to position the
company for future growth.
- Earnings from AEGON Asset Management increased significantly to EUR 29
million, which is the result of growth, increased fee income and timing
differences in operating expenses.
Net income
Net income from AEGON's operations in New Markets declined 2% and amounted to
EUR 48 million. Higher underlying earnings and positive results from fair
value items were offset by higher impairment charges.
The first quarter also included a charge of EUR 17 million related to the full
year Hungarian bank tax, while the comparable quarter last year had included a
charge of EUR 20 million which was more than offset by a benefit of EUR 37
million related to a settlement of legal claims.
Return on capital
The return on average capital, excluding revaluation reserves, invested in
AEGON's businesses in New Markets increased to 9.0%, mainly the result of
higher net underlying earnings. Return on capital of AEGON's businesses
excludes the benefit of leverage at the holding.
Operating expenses
Operating expenses declined 4% to EUR 143 million in the first quarter, mainly
the result from timing differences in asset management operating expenses,
which are expected to reverse in the remainder of the year.
Sales and deposits
New life sales declined 5% compared with the first quarter 2011 to EUR 80
million.
- In Central & Eastern Europe, new life sales amounted to EUR 27 million. At
constant currencies, new life sales increased 7% as lower production in
Hungary was more than offset by higher production in Poland and Turkey.
- In Asia, new life sales declined to EUR 15 million, mainly as a result of
lower universal life sales in Hong Kong and Singapore after repricing and
lower sales in India following regulatory changes. This was only partly offset
by higher production in China due to a more focused approach towards
distribution channels.
- New life sales in Spain & France remained level at EUR 38 million as the
inclusion of Caixa Sabadell Vida offset the lower production at other joint
venture partners in Spain.
New premium production from AEGON's general insurance in Central & Eastern
Europe remained level and amounted to EUR 5 million. New premium production
from AEGON's accident & health insurance in CEE and Asia remained level at
EUR 10 million.
Gross deposits in New Markets amounted to EUR 3.1 billion and increased
strongly compared to first quarter of 2011. Gross deposits in AEGON Asset
Management increased substantially to EUR 2.8 billion as a result of good
performance in both the retail and institutional segments. In the CEE gross
deposits declined following pension legislation changes in Hungary and Poland.
Market consistent value of new business
The market consistent value of new business in New Markets decreased to
EUR 24 million as a result of lower margins in Spain and the effect of
lower interest rates on margins in Asia and for Variable Annuities Europe.
Revenue-generating investments
Revenue-generating investments increased 13% compared with the fourth quarter
of 2011 to EUR 63 billion, mainly driven by the positive performance of
capital markets.
REVENUE-GENERATING INVESTMENTS
Mar. 31, Dec. 31,
2012 2011 %
Revenue-generating investments (total) 63,288 56,156 13
Investments general account 4,957 4,782 4
Investments for account of policyholders 6,663 6,415 4
Off balance sheet investments third parties 51,668 44,959 15
NEW MARKETS c)
EUR millions Notes Q1 2012 Q4 2011 % Q1 2011 %
Underlying earnings before tax
Central Eastern Europe 23 26 (12) 26 (12)
Asia 9 1 - - -
Spain & France 25 24 4 23 9
Variable Annuities Europe 2 1 100 5 (60)
AEGON Asset Management 29 13 123 14 107
Underlying earnings before tax 88 65 35 68 29
Fair value items 7 (10) - - -
Realized gains / (losses) 2 2 - 3 (33)
on investments
Impairment charges (4) (25) 84 (2) (100)
Other income / (charges) (18) 1 - 11 -
Income before tax 75 33 127 80 (6)
Income tax (27) (10) (170) (31) 13
Net income 48 23 109 49 (2)
Net income / (loss) attributable to:
Equity holders of AEGON N.V. 48 21 129 49 (2)
Non-controlling interests - 2 - - -
Net underlying earnings 59 55 7 44 34
Commissions and expenses 208 217 (4) 203 2
of which operating expenses 143 153 (7) 149 (4)
New life sales 12
Life single premiums 146 230 (37) 209 (30)
Life recurring premiums annualized 66 60 10 63 5
Total recurring plus 1/10 single 80 83 (4) 84 (5)
Life 75 80 (6) 70 7
Associates 5 3 67 14 (64)
Total recurring plus 1/10 single 80 83 (4) 84 (5)
Central Eastern Europe 27 26 4 27 -
Asia 15 15 - 19 (21)
Spain & France 38 42 (10) 38 -
Total recurring plus 1/10 single 80 83 (4) 84 (5)
New premium production 10 9 11 10 -
accident and health insurance
New premium production 5 7 (29) 5 -
general insurance
Gross deposits 12
(on and off balance)
Central Eastern Europe 116 153 (24) 182 (36)
Asia 34 32 6 11 -
Spain & France 10 34 (71) 8 25
Variable Annuities Europe 120 118 2 131 (8)
AEGON Asset Management 2,803 1,185 137 935 200
Total gross deposits 3,083 1,522 103 1,267 143
Net deposits 12
(on and off balance)
Central Eastern Europe 42 144 (71) 108 (61)
Asia 31 29 7 11 182
Spain & France (26) (12) (117) (11) (136)
Variable Annuities Europe 28 38 (26) 26 8
AEGON Asset Management 1,289 (91) - (1,853) -
Total net deposits 1,364 108 - (1,719) -
APPENDIX II
MARKET CONSISTENT VALUE OF NEW BUSINESS
MC VNB
EUR millions, after tax Q1 2012 Q4 2011 % Q1 2011 %
Americas 47 (5) - 66 (29)
The Netherlands 27 37 (27) 1 -
United Kingdom 27 24 13 19 42
New Markets 24 15 60 35 (31)
Total 125 71 76 121 3
MODELED NEW BUSINESS, APE AND
DEPOSITS
Premium business
APE
EUR millions Notes Q1 2012 Q4 2011 % Q1 2011 %
9
Americas 279 284 (2) 218 28
The Netherlands 70 173 (60) 75 (7)
United Kingdom 216 187 16 237 (9)
New Markets 129 108 19 120 8
Total 694 752 (8) 650 7
Deposit business
Deposits
EUR millions Notes Q1 2012 Q4 2011 % Q1 2011 %
9
Americas 4,935 3,449 43 4,340 14
United Kingdom 8 10 (20) 19 (58)
New Markets 180 251 (28) 215 (16)
Total 5,123 3,710 38 4,574 12
MC VNB/PVNBP SUMMARY
Premium business
MC VNB PVNBP MC VNB/ MC VNB/
PVNBP APE
EUR millions Notes Q1 2012 Q1 2012 % %
10
Americas 32 1,212 2.6 11.3
The Netherlands 27 816 3.3 38.5
United Kingdom 27 1,408 1.9 12.4
New Markets 23 962 2.4 18.1
Total 109 4,398 2.5 15.7
Deposit business
MC VNB PVNBP MC VNB/ MC VNB/
PVNBP Deposits
EUR millions Notes Q1 2012 Q1 2012 % %
10
Americas 15 7,424 0.2 0.3
United Kingdom - 8 - -
New Markets 1 280 0.2 0.4
Total 16 7,712 0.2 0.3
Notes:
1) For segment reporting purposes underlying earnings before tax, net underlying earnings,
commissions and expenses, operating expenses, income tax including associated companies,
income before tax including associated companies and market consistent value of new
business are calculated by consolidating on a proportionate basis the revenues and
expenses of certain of our associated companies in Spain, India, Brazil and Mexico. We
believe that our non-IFRS measures provide meaningful information about the underlying
operating results of our business including insight into the financial measures that our
senior management uses in managing our business. Among other things our senior management
is compensated based in part on AEGON's results against targets using the non-IFRS
measures presented here. While other insurers in our peer group present substantially
similar non-IFRS measures, the non-IFRS measures presented in this document may
nevertheless differ from the non-IFRS measures presented by other insurers. T
2) Net income refers to net income attributable to equity holders of AEGON N.V. and minority
interest.
3) Sales is defined as new recurring premiums plus 1/10 of single premiums plus 1/10 of gross
deposits plus new premium production accident and health plus new premium production
general insurance.
4) The present value, at point of sale, of all cashflows for new business written during the
reporting period, calculated using approximate point of sale economics assumptions. Market
consistent value of new business is calculated using a risk neutral approach, ignoring the
investment returns expected to be earned in the future in excess of risk free rates (swap
curves), with the exeption of an allowance for liquidity premium. The market consistent
value of new business is calculated on a post tax basis, after allowing for the time value
financial options and guarentees, a market value margin for non-hedgeable financial and
non-financial risks and the costs of non-hedgeable stranded capital.
5) Return on equity is calculated by dividing the net underlying earnings after cost of
leverage by the average shareholders' equity excluding the preferred shares and the
revaluation reserve.
6) Capital securities that are denominated in foreign currencies are, for purposes of
calculating the capital base ratio, revalued to the period-end exchange rate. All ratios
exclude AEGON's revaluation reserve.
7) Included in other income/(charges) are charges made to policyholders with respect to
income tax in the United Kingdom.
8) Includes production on investment contracts without a discretionary participation feature
of which the proceeds are not recognized as revenues but are directly added to our
investment contract liabilities.
9) APE = recurring premium + 1/10 single
premium.
10) PVNBP: Present value of new business premiums (PVNBP) is the premiums for the new business
sold during the reporting period, projected using assumptions and projection periods that
are consistent with those used to calculate the market consistent value of new business,
discounted back to point of sale using the swap curve (plus liquidity premium where
applicable).
11) Reconciliation of operating expenses, used for segment reporting, to our IFRS based
operating expenses.
Q1 2012
Employee expenses 504
Administrative expenses 262
Operating expenses for IFRS reporting 766
Operating expenses related to 15
associates
Operating expenses in earnings release 781
12) New life sales, gross deposits and net deposits data include results of our associated
companies in Spain, India, Brazil and Mexico which are consolidated on a proportionate
basis.
13) Operational free cash flow reflect the sum of the return on free surplus, earnings on
in-force business, release of required surplus on in-force business reduced by new
business first year strain and required surplus on new business. Refer to our Embedded
Value 2011 report for further details.
a) The calculation of the IGD (Insurance Group Directive) capital surplus and ratio are based
on Solvency I capital requirements on IFRS for entities within the EU (Pillar 1 for AEGON
UK), and local regulatory solvency measurements for non-EU entities.
Specifically, required capital for the life insurance companies in the US is calculated as
two times the upper end of the Company Action Level range (200%) as applied by the
National Association of Insurance Commissioners in the US. The calculation of the IGD
ratio excludes the available and required capital of the UK With-Profit funds. In the UK
solvency surplus calculation the local regulator only allows the available capital number
of the With-Profit funds included in overall local available capital to be equal to the
amount of With-Profit funds' required capital.
b) The results in this release are
unaudited.
c) The comparative 2011 figures have been revised to reflect changes in AEGON's organization.
Businesses in Asia, which were previously managed by AEGON Americas, are included in the
Asia line of business within the New Markets segment. This revision in financial reporting
reflects changes in management of the organization, as AEGON's Asian operations are now
managed from the company's regional head office in Hong Kong.
Currencies
Income statement items: average rate 1 EUR = USD 1.3101 (2011: USD 1.3663).
Income statement items: average rate 1 EUR = GBP 0.8335 (2011: GBP 0.8523).
Balance sheet items: closing rate 1 EUR = USD 1.3317 (2011: USD 1.4207;
year-end 2011: USD 1.2982).
Balance sheet items: closing rate 1 EUR = GBP 0.8335 (2011: GBP 0.8837;
year-end 2011: GBP 0.8353).
ADDITIONAL INFORMATION
The Hague, May 10, 2012
Media conference call
7:45 a.m. CET: Podcast available after the call on www.aegon.com
Analyst & investor conference call
9:00 a.m. CET: Audio webcast on www.aegon.com
Call-in numbers
United States: +1 480 629 9673
United Kingdom: +44 207 153 2027
The Netherlands: +31 45 631 6902
Replay
Two hours after the conference call, a replay will be available on
www.aegon.com.
Supplements
AEGON's Q1 2012 Financial Supplement and Condensed Consolidated Interim
Financial Statements are available on www.aegon.com.
About AEGON
As an international life insurance, pensions and asset management company based
in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe
and Asia. AEGON companies employ over 25,000 people and have nearly 47
million customers across the globe.
Key figures - EUR Q1 2012 Full year
2011
Underlying earnings before 425 million 1.5 billion
tax
New life sales 445 million 1.8 billion
Gross deposits 11.0 billion 32 billion
Revenue-generating
investments 437 billion 424 billion
(end of period)
Contact information
Media Relations:
Greg Tucker
+ 31 (0) 70 344 8956
gcc-ir@aegon.com
Investor Relations:
Willem van den Berg
+ 31 (0) 70 344 8305
ir@aegon.com
www.aegon.com
END
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