Aegon Financial Results Recap

Aegon reported that despite operating results falling due to one-off benefits that boosted the prior year's figure, capital generation for the second half of 2023 exceeded expectations. The Dutch insurer and asset-manager posted a net result of zero, an improvement from a loss of 954 million euros ($1.03 billion) in the same period the previous year.

Operating Results and Capital Generation

Operating result decreased by 32% to EUR681 million, primarily due to the impact of management actions and one-time benefits from the prior year. However, operating capital generation saw a 16% increase to EUR660 million for the second half of the year, contributing to a total of EUR1.28 billion for the full year, surpassing the company's initial guidance of EUR1.0 billion.

Dividend Declaration and Solvency II Ratio

Aegon's board announced a dividend of EUR0.30 per share, marking a 30% increase from 2022 levels. The company's Solvency II ratio, which measures balance-sheet strength, stood at 193%, slightly lower than the 202% reported as of June 30.

Business Performance Highlights

Aegon highlighted that the commercial momentum in the second half of 2023 was driven by the strong performance of its US business, Transamerica, along with positive results from its UK workplace business and joint venture in Brazil.