Steven Hayward's questions to Aegon Ltd (AEG) leadership • H1 2024
Question
Steven Hayward of HSBC asked for more detail on below-the-line non-operating items, specifically the performance of alternative investments and real estate, and whether impairment trends were a concern. He also questioned if the uplift in IFRS operating profit guidance implies a corresponding increase in operating capital generation (OCG) guidance.
Answer
CFO Matt Rider explained that the alternative asset revaluation was non-cash 'mark-to-market noise' linked to lower energy prices and not a concern. He clarified that while the IFRS operating result guidance is lifted by the mortality assumption update, the impact on the statutory OCG framework is a small drag. However, he emphasized that underlying business growth is positively impacting both frameworks, supporting the overall OCG guidance.