Ian Pearce's questions to Aegon Ltd (AEG) leadership • Q3 2024
Question
Ian Pearce from Exane BNP Paribas requested more detail on U.S. new business trends, specifically why WFG agents are selling fewer Transamerica products and what third-party products are in demand. He also asked for clarification on the term 'gradually' regarding the plan to reduce cash holdings to the €1 billion target by 2026.
Answer
CEO Lars Fraser explained that WFG agents followed market demand for annuity products, particularly fixed indexed annuities, which Transamerica does not manufacture. He emphasized that Aegon still benefits financially through distribution revenues from these third-party sales. CFO Duncan Russell reiterated that the cash reduction to €1 billion by 2026 will be achieved through strategic investments or shareholder returns, without providing a specific linear timeline.