Aegon sets as a target EUR 400 million expense savings by 2023

30 August 2021 — Andrei Victor
Dutch insurer Aegon posted Q2 2021 net result of EUR 849 million reflecting "strong operating result and fair value gains on investments from favorable market movements"

"All segments contribute to the increase of the operating result by 62% compared with the second quarter of 2020 to EUR 562 million, driven by expense savings, increased fees due to higher equity markets, and a normalization of claims experience in the United States", the insurer mentioned in a statement.

Cash Capital at Holding increases to EUR 1.4 billion and remains in the upper half of Aegon's operating rang, while Group Solvency II ratio increases by 14%-points to 208%.

"I am encouraged by the steady progress we have made on our strategic and financial transformation in the second quarter of 2021. Economic recovery - aided by increased vaccination rates - supported our results.

Increased fees due to favorable equity markets, the normalization of claims experience in the United States, and expense savings contributed to a 62% increase in our operating result to EUR 562 million. We have made good progress on the implementation of our expense savings program, resulting in a EUR 220 million reduction of annual addressable expenses through the second quarter. This strengthens our confidence in our ability to deliver on the targeted EUR 400 million expense saving by 2023", said Statement of Lard Friese, CEO.

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