The Dutch insurer Aegon reported second half year 2024 results. Net profit was EUR 741 million. Operating result was EUR 776 million, up 14% compared with the second half of 2023, the company said in its press release.

The key takeaways of the report include:

2H2024 IFRS results

• Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
• Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
• Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91

2H2024 capital generation, cash and capital management

• Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
• Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
• Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
• 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend  

"In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work”, commented Lard Friese, Aegon CEO. “We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91”, Aegon CEO added.