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    Steven Hayward

    Managing Director and Senior Equity Analyst at HSBC

    Steven Hayward is a Managing Director and Senior Equity Analyst at HSBC, specializing in UK business services, support services, and related sectors. He covers leading companies such as Rentokil Initial, Bunzl, Compass Group, and Intertek, and is known for his detailed research and high conviction stock calls. With over fifteen years of experience, Hayward began his career at Deloitte before moving into equity research at Citigroup and subsequently joining HSBC in 2014. He holds FCA certification and is recognized for delivering actionable investment insights and maintaining a robust track record on platforms like TipRanks, where he has achieved a success rate above 65% and strong average portfolio returns.

    Steven Hayward's questions to AEGON (AEG) leadership

    Steven Hayward's questions to AEGON (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.

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