- Underlying earnings decrease to EUR 469 million as fee business growth and the stronger US dollar were more than offset by adverse claims experience in the US, higher surrenders in CEE and low interest rates
- Hedging programs drive fair value loss of EUR 159 million
- Net income amounts to EUR 316 million
- Return on equity of 6.6% and 7.2% excluding capital allocated to run-off businesses
Record net inflows, favorable markets and currency effects boost asset base to EUR 638 billion
- Record gross deposits of EUR 18.7 billion and net deposits of EUR 7.3 billion, driven by asset management, US retirement plans and NL retail savings
- Life sales increase 20% to EUR 551 million, supported by higher universal life sales in US and Asia
- Accident & health and general insurance sales 18% higher to EUR 329 million
- Profitable sales with MCVNB of EUR 140 million despite lower interest rates
Solid capital position supported by strong cash flows
- Solvency ratio increases to 216%; holding excess capital rises to EUR 1.4 billion
- Gross leverage ratio improves to 27.8%, providing additional capital flexibility
- Operational free cash flows excluding market impacts and one-time items of EUR 339 million
Statement of Alex Wynaendts, CEO:
"Aegon reported disappointing underlying earnings this quarter, primarily due to adverse claims experience in the US. While the seasonal effect on claims was expected, both the number of claims and amounts were higher than anticipated. Net income was nevertheless solid, amounting to over EUR 300 million.
"I am pleased that we maintained the strong momentum in growing our business profitably, despite the persistent low interest rate environment. Moreover, the record sales that we achieved across the company highlight the trust we enjoy from a growing number of customers who are choosing Aegon to help them secure their financial futures.
"During the last quarter, we made substantial progress in executing our strategy and capitalizing on new distribution agreements. Looking ahead, we have every confidence that the actions we are taking across our businesses will further strengthen our growth prospects for the future."
Read the press release here.
AEGON reports first quarter 2015 results