please click Here to access all trading update documents for Q1 2023

The Hague, May 17, 2023 – Consistent implementation of strategic and financial goals in a volatile market

• Working capital generation before maintenance financing and operating expenses increased by 5% to EUR 292 million compared to the first quarter of 2022. This reflects business growth, an improvement in claims experience and lower costs
• The capital ratios of all three main units remain above their respective operating levels; Group Solvency II ratio rises to 210%
• The share buyback in connection with the ongoing EUR 200 million share buyback program reduces the holding company’s cash capital to EUR 1.4 billion, which is in the upper half of the operating range
• Further progress on the transformation agenda; The closing of the transaction combining Aegon’s Dutch businesses with ASR in the second half of 2023 is on track
• Strong sales growth in US strategic assets, UK workplace business and life insurance businesses in China and Brazil. Revenue dynamics in the Asset Management and UK Retail businesses have been impacted by difficult market conditions

As previously announced, Aegon has adjusted its reporting format of trading updates for the first and third quarters with a focus on select key performance metrics including working capital generation, capital positions and revenue metrics. Aegon will publish its first half and second half IFRS results to align with ASR’s reporting cycle.

Statement by Lard Friese, CEO

“Aegon had a good start to the year. We delivered strong commercial growth in the first quarter and advanced our strategic priorities. I am pleased with the progress we are making despite continued volatility in financial markets.”.

We have made good progress in preparing for the closing of the transaction combining Aegon’s Dutch businesses with asr. Thanks to the commitment and hard work of our colleagues, we remain on track to complete the transaction in…