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    David Barma • BofA Securities

    David Barma's questions to Aegon Ltd (AEG) leadership

    David Barma's questions to Aegon Ltd (AEG) leadership • H1 2025

    Question

    David Barma from Bank of America inquired about the rationale for hedging only 25% of the variable annuity (VA) base fee, asking if this was an initial step. He also questioned the reiterated Operating Capital Generation (OCG) guidance, seeking to understand its reliance on equity markets and business growth given recent drags.

    Answer

    CFO Duncan Russell explained that the 25% VA base fee hedge is a new tool to stabilize capital and earnings, executed at a time of favorable equity markets. He described the 25% level as prudent, allowing Aegon to monitor its effectiveness with the potential to adjust it in the future. Regarding OCG, Mr. Russell stated the guidance was reiterated because the half-year results and quarterly run-rates support the circa €1.2 billion target. He clarified that Aegon's OCG is not particularly sensitive to equity markets, citing a previously guided sensitivity of only around $40 million for a 10% market move.

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    David Barma's questions to Sampo Oyj (SAXPY) leadership

    David Barma's questions to Sampo Oyj (SAXPY) leadership • Q1 2025

    Question

    David Barma inquired about the progress of portfolio derisking in Nordic Commercial and Industrial lines, the drivers behind the higher Q1 Nordic expense ratio, and the current accident year combined ratio in the U.K. business.

    Answer

    Morten Thorsrud, an executive, explained that derisking actions are nearly complete but will impact volumes through 2025. He clarified the expense ratio increase was due to including former Topdanmark holding company costs, with underlying development on track. Executive Torbjoern Magnusson and Knut Alsaker added that U.K. margins are meeting targets and are not driven by prior-year reserve releases, which remain stable.

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