The negative result was mainly a consequence "of an increase of the value of liabilities in the Netherlands due to tightening credit spreads, reversing the movement seen in the first half of the year".
AEGON's underlying earnings before tax increased by 7% compared with the second half of 2019 to EUR 1,029 million. This was mainly driven by the benefit from higher equity markets in the United States and Asset Management and expense savings, which were only partly offset by the weakening of the US dollar against the Euro.
AEGON's Cash Capital at Holding position decreased from EUR 1,706 million to EUR 1,149 million during the second half of the year, driven by the repayment of USD 500 million senior debt (EUR 411 million) and EUR 175 million capital injections. These capital injections mainly related to the expansion of Aegon's life and non-life insurance partnership with Banco Santander following its acquisition of Banco Popular.
AEGON informed at the AGM of Shareholders on June 3, 2021, the Executive Board will, in the absence of unforeseen circumstances, propose final dividend 2020 of EUR 0.06 If approved, and in combination with the interim dividend of EUR 0.06 per share paid over the first half of 2020, Aegon's total dividend over 2020 will amount to EUR 0.12 per common share.