"The first three months of 2022 have been unprecedented in many ways. The Russian invasion in Ukraine has had a devastating impact on the lives of many people and fueled inflationary pressures and volatility on the global financial markets at a time that many economies were opening up after relaxing COVID-19 measures. I am proud of our colleagues who continued to effectively support and service our customers in a turbulent environment as evidenced by our results, and the substantial progress we made on our 2023 strategic and financial objectives", said Lard FRIESE, CEO.
At the same time, the operating result increases by 7% to EUR 463 million, supported by an improvement in claims experience in the US, the positive contribution from growth initiatives, and increased fees from higher equity markets compared with the first quarter of 2021.
The insurer mentioned the Cash Capital at the Holding increases by EUR 539 million to EUR 1,817 million during the first quarter of 2022, largely driven by divestment proceeds.
The capital ratios of all three main units remain above their respective operating levels. Group Solvency II ratio stands at 210%, reflecting the sale of Aegon's businesses in Hungary and the deduction of both the previously announced debt tender offer and EUR 300 million share buyback.
"We continued sharpening our strategic focus and increasing our financial flexibility with the completion of the divestments of our businesses in Hungary and Turkey to Vienna Insurance Group, and the sale of part of our European venture fund. The closing of the sale of our Hungarian businesses resulted in an increase in Cash Capital at the Holding to EUR 1.8 billion. This enabled us to announce a EUR 300 million share buyback program and a further reduction of our debt, thereby reaching our deleveraging target range 1.5 years early", said Lard FRIESE.