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Aegon Delivers Strong Earnings And Sales Growth In Q1 2014

Stocks in this article: AEG AEGN AGN

THE HAGUE, The Netherlands, May 15, 2014 /PRNewswire/ --

  • Solid business growth drives higher underlying earnings before tax 
  • Underlying earnings up 7% to EUR 498 million, driven by growth, higher equity markets and lower holding leverage cost, partly offset by unfavorable exchange rates
  • Fair value items loss of EUR 116 million, mainly due to hedging programs without accounting match
  • Net income up strongly to EUR 392 million
  • Return on equity increases to 8.4%
  • Strong sales growth driven by pensions, variable annuities and asset management 
  • Gross deposits up 35% to EUR 13.5 billion, driven by pensions and variable annuities in US and asset management; net deposits impacted by transfer of Polish pension assets and replacement of a large investment mandate
  • Life sales down 8% to EUR 459 million; growth in US more than offset by lower UK sales post-RDR
  • Increase of 17% to EUR 279 million in accident and health and general insurance sales
  • Market consistent value of new business remains strong at EUR 223 million
  • Active capital management lowers funding costs 
  • Redemption and refinancing of debt supports achieving leverage goals by year-end 2014
  • Holding excess capital of EUR 1.7 billion following deleveraging; solvency ratio remains at 212%
  • Operational free cash flows of EUR 331 million

Statement of Alex Wynaendts, CEO 

"Aegon delivered again a strong set of results, maintaining the positive momentum of previous quarters. Pensions, variable annuities and asset management all drove strong sales as many new and current customers placed their trust in Aegon. This is the result of ongoing improvements to products, service levels and operations that the group is implementing to enhance customer engagement.

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