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    Nazeem Ahmed • UBS

    Nazeem Ahmed's questions to Aegon Ltd (AEG) leadership

    Nazeem Ahmed's questions to Aegon Ltd (AEG) leadership • H2 2024

    Question

    Nazeem Ahmed questioned how Aegon plans to reduce capital in Financial Assets to its 2027 target and whether a transaction is needed. He also asked if the retirement plans business is a potential area for acquisitions to build scale.

    Answer

    CFO Duncan Russell explained the Financial Assets target relies on bilateral and unilateral actions, not assuming a major third-party transaction, though smaller deals could be used. CEO Lars Frieser confirmed that Aegon would consider acquisitions in core areas like US retirement plans if a deal meets their strategic and financial criteria.

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    Nazeem Ahmed's questions to Aegon Ltd (AEG) leadership • Q3 2024

    Question

    Nazeem Ahmed from UBS Group AG asked for more detail on the framework for deciding between capital returns and value-creating investments, including potential hurdle rates. He also questioned the company's position regarding potential U.S. regulatory changes, like the fiduciary rule, and its impact on the World Financial Group (WFG) distribution channel.

    Answer

    CEO Lars Fraser outlined that Aegon's investment decisions, both organic and inorganic, are strictly linked to accelerating its stated strategy and are always compared against the alternative of returning capital to shareholders. Regarding regulation, Mr. Fraser stated that Aegon believes in best-interest standards and is well-positioned for any outcome of the fiduciary rule, noting that a court has currently stayed its implementation.

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    Nazeem Ahmed's questions to Aegon Ltd (AEG) leadership • H1 2024

    Question

    Nazeem Ahmed from UBS questioned the reduction in capital within Financial Assets, asking for the split between management actions and market movements. He also inquired about the timeline for the targeted €1.2 billion reduction and sought an update on the potential adoption of US GAAP reporting.

    Answer

    CFO Matt Rider stated he did not have a precise split between market impact and management actions for the capital reduction. He noted the pace of future reduction depends on ongoing management actions. Regarding US GAAP, he said work has not yet begun, as the focus remains on solidifying IFRS 17 processes and projection capabilities, making a potential switch a decision for the future.

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