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Aegon Grows Earnings, Sales And Cash Flows In Q2 2013

Stocks in this article: AEG AEGN AGN

THE HAGUE, The Netherlands, August 8, 2013 /PRNewswire/ --



  • Strong underlying earnings; net income impacted by fair value items
  • Underlying earnings increase to EUR 478 million; positive effects of business growth and favorable equity markets partly offset by restructuring in Spain and unfavorable currency exchange rates
  • Net income of EUR 243 million impacted by fair value losses mainly due to higher equity markets, increased equity market volatility and rising interest rates
  • Return on equity amounts to 6.7%, or 7.4% excluding run-off businesses
  • Positive sales trend in accumulation and at-retirement products continues
  • New life sales increase 21% to EUR 520 million; particularly strong pension sales in the UK and NL
  • Accident and health and general insurance sales decrease 7% to EUR 187 million due to the termination of certain distribution partnerships
  • Deposits up 30% to EUR 12.7 billion; significant increases in asset management, variable annuity, retail mutual fund and pension deposits partly offset by lower stable value deposits
  • Market consistent value of new business increases significantly to EUR 202 million, the result of increased sales volumes, higher interest rates and management actions to improve margins
  • Continued strong capital position and cash flows
  • IGD a) solvency ratio at 220%, reflecting strong operating unit capital positions
  • Excess capital at holding increases to EUR 1.9 billion
  • Operational free cash flow of EUR 674 million; market impact and one-time items of EUR 308 million
  • Interim dividend increases to EUR 0.11 per share; dilutive effect of stock dividend to be neutralized

Statement of Alex Wynaendts, CEO

"The growth of our underlying earnings and sales during the quarter demonstrates that Aegon continues to benefit from its strategic transformation. Particularly strong performance in pensions and variable annuities in our key markets shows ongoing customer demand for our core retirement products.

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