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Aegon Delivers Higher Underlying Earnings, Sales And Value Of New Business

THE HAGUE, November 7, 2013 /PRNewswire/ --

Net income impacted by changes to economic assumptions

  • Solid growth in underlying earnings before tax
  • Underlying earnings up 7%, driven by business growth, higher equity markets, favorable mortality and actuarial assumption updates, and partly offset by unfavorable currency exchange rates
  • Fair value items loss of EUR 493 million, mainly as a result of aligning economic assumptions related to interest rates, bond fund and equity market returns with current market conditions
  • Net income amounts to EUR 227 million, mainly impacted by fair value losses
  • Return on equity amounts to 9.9% as a result of higher underlying earnings and one-time tax benefits
  • Sales growth mainly driven by higher variable annuity and pension deposits
  • New life sales increase 2% to EUR 412 million, driven by pension sales in the UK
  • Gross deposits up 17% to EUR 11.0 billion, driven by variable annuities and pensions in US
  • Net deposits, excluding run-off businesses, more than double to EUR 3.4 billion
  • Accident & health sales decrease 12% to EUR 167 million due to the termination of certain distribution partnerships earlier this year and unfavorable currency exchange rates
  • Market consistent value of new business increases significantly to EUR 285 million, as a result of higher interest rates, increased sales volumes and management actions to improve margins
  • Capital position remains strong; cash flows compressed by one-time items
  • Solvency ratio of 208%, reflecting move to swap curve for Dutch solvency calculation
  • Holding excess capital at EUR 1.8 billion
  • Operational free cash flows of EUR 88 million, impacted by market movements and one-time items

Statement of Alex Wynaendts ,  CEO

"A further increase in underlying earnings and sales this quarter, and a sharp rise in the value of new business, were primarily the result of management actions and favorable market conditions. Net income was impacted, mainly by Aegon's decision to bring economic assumptions for interest rates and equity markets in line with market conditions. Aegon also maintained its strong capital position this quarter, a key element of our long-term strategy.

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