Half Year 2024 Aegon Ltd Earnings Call Transcript
Key Points
- ABERDEEN EMERGING MARKETS EQUITY INCOME FUND, INC. (AEF) reported a EUR0.16 interim dividend for 2024, which is EUR0.02 higher than the previous year.
- The company achieved a EUR588 million operating capital generation for the first half of 2024, putting it on track to meet its EUR1.1 billion guidance for the year.
- Strong performance in the asset management segment with third-party net deposits reaching almost EUR8 billion and assets under management increasing to EUR318 billion.
- The US business showed a 27% increase in operating results for strategic assets, driven by growth in indexed universal life and retirement plans.
- The UK workplace platform saw net deposits of GBP1.7 billion in the first half of 2024, indicating strong growth and progress towards future targets.
- The IFRS operating result was negatively impacted by adverse mortality and morbidity claims experience, particularly in the US, amounting to EUR750 million.
- Net outflows in the UK adviser platform amounted to GBP1.8 billion, driven by competition and low levels of consumer activity.
- New life sales in the international segment decreased by 20% compared to the first half of 2023, with weaker sales in China and Spain.
- The Group's solvency ratio decreased by 3 percentage points since December 2023 to 190%, partly due to the redemption of a subordinated bond and a new share buyback program.
- Operating capital generation before holding funding and operating expenses decreased by 5% over the first half of 2024, impacted by unfavorable claims experience.
Good morning, everyone. It is good to have you join us for this conference call on our first half 2024 results. My name is Yves Cormier, Head of Investor Relations. Joining me today to take you through our results are Aegon's CEO, Lard Friese; and for the last time before his retirement, our CFO, Matt Rider. As usual after that we will continue with the Q&A session. But before we start, we'd like to ask you to review our disclaimer on forward-looking statements, which you can find at the back of the presentation.
Now I would like to give the floor to Lard.
Thank you, Yves, and good day, everyone. Thanks for being on the call. As we go through the highlights of the past six months, I would like to take a step back and place the results in the context of the implementation of our strategy. Our strategies to grow our strategic assets as well as our positions in other core markets and to risk, manage and shrink our
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