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

THE HAGUE, February 20, 2014 /PRNewswire/ --

  • Solid growth in underlying earnings before tax
  • Underlying earnings up 7% to EUR 491 million, driven by business growth, higher equity markets and one-time items, partly offset by unfavorable currency exchange rates
  • Fair value items loss of EUR 260 million, due to impact of rising equity markets and interest rates on hedging programs, and effect of tightening credit spreads on valuation of liabilities
  • Net income declines to EUR 174 million, mainly as a result of fair value losses
  • Return on equity down to 6.9%, driven by the increase of shareholders' equity
  • Continued high level of deposits, driven by variable annuities, pensions and asset management
  • Gross deposits up 15% to EUR 10.6 billion, driven by variable annuities and pensions in US and asset management; net deposits, excluding run-off businesses, more than double to EUR 2.0 billion
  • New life sales of EUR 480 million; down 29% due to exceptional sales level in UK and NL last year
  • Accident & health and general insurance sales decrease 6% to EUR 199 million due to lower production in the Netherlands and unfavorable currency exchange rates
  • Market consistent value of new business increases significantly to EUR 268 million, as a result of higher interest rates, increased sales volumes and continued management actions to improve margins
  • Capital position remains strong; supported by operational cash flows
  • Solvency ratio of 212%, reflecting strong local capital positions
  • Holding excess capital increases to EUR 2.2 billion; EUR 0.9 billion committed to deleveraging in 2014
  • Operational free cash flows of EUR 228 million; market impacts and one-time items of EUR (76) million
  • Proposed final dividend of EUR 0.11 per share - total 2013 dividend increase of 5% compared to 2012

Statement of Alex Wynaendts, CEO

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