Financial Supplement
Q2 2015
aegon.com
The Hague, August 13, 2015
Table of contents
Aegon N.V.
20 Investments & Retirement
40Life
2
Reporting structure 21 Retirement plans
41 Pensions 3
Results overview geographically
22 Mutual funds 42 Investments general account 4
Summary financial and market highlights 23 Variable annuities
42 Structured assets and corporate bonds 5
Sales 24 Variable annuites continued
6
Consolidated income statement 25 Fixed annuities
New Markets
7
Fair value items geographically 26 Latin America
43 Reporting structure 8
Consolidated balance sheet
27 Investments general account 44 New markets - Earnings & sales 8
Revenue generating investments
29 Investments portfolio - Aegon USA
45 Aegon CEE - Earnings & revenues 9
Investments general account 46 Aegon Asia - Earnings & revenues 10 Capital structure
Aegon the Netherlands
47 Aegon Spain & Portugal - Earnings & revenues 11 Return on capital and Return on equity - net underlying 31 Reporting structure 48 Variable annuities Europe - Earnings & production 32 Earnings & sales 49 Aegon asset management - Earnings & revenues &
12 Return on capital and Return on equity - net underlying earnings YTD
33 Life & savings 34 Pensions 50 New Markets - Investments general account 35 Non-life 50 New Markets - Structured assets and corporate bonds earnings QTD
13 Run-off businesses
account balances 35 Distribution Aegon Americas
36 Investments general account Other corporate information
14 Reporting structure 36 Structured assets and corporate bonds 51 Public ratings 15 Earnings & sales - in USD 52 Glossary on business lines
16 Earnings & sales - in EUR
Aegon United Kingdom
53 Disclaimers 17 Life & Protection - production and earnings 37 Reporting structure 54 Corporate and shareholder information 18 Life & Protection - account balances
38 Earnings & sales - in GBP
19 Accident & health insurance
39 Earnings & sales - in EUR
Unaudited
1
Reporting structure
Americas
The Netherlands
Aegon N.V.
United Kingdom
New Markets
Holding and other activities
2
Unaudited
Aegon N.V.
Results overview - geographically
unaudited
amounts in millions
EUR
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
Underlying earnings before tax
Americas
The Netherlands
United Kingdom
New Markets
Holding and other activities
Underlying earnings before tax
302
129
27
61
(21)
498
331
131
32
62
(41)
514
134
127
28
40
(37)
291
367
172
29
33
(39)
562
1,134
558
115
196
(138)
1,865
290
131
38
51
(42)
469
358
136
34
62
(41)
549
648
267
72
113
(83)
1,018
Net underlying earnings
Americas
The Netherlands
United Kingdom
New Markets
Holding and other activities
Net underlying earnings
212
100
25
45
(12)
370
232
101
33
44
(28)
382
107
98
31
25
(27)
235
264
123
45
21
(24)
429
814
423
134
135
(91)
1,416
209
101
34
29
(29)
344
278
106
38
38
(28)
433
487
207
72
68
(56)
777
Net income
Americas
The Netherlands
United Kingdom
New Markets
Holding and other activities
Net income
219
143
28
43
(41)
392
216
32
90
35
(29)
343
4
44
25
35
(57)
52
150
272
35
(23)
(35)
399
590
491
178
89
(163)
1,186
145
304
18
28
(178)
316
82
91
75
39
63
350
226
395
93
67
(115)
666
Total sales
Americas
The Netherlands
United Kingdom
New Markets
Total sales
1,213
93
256
524
2,086
MCVNB
Americas
The Netherlands
United Kingdom
New Markets
Total MCVNB
152
39
1
32
223
Unaudited
1,203
105
285
473
2,066
134
60
(2)
27
221
1,078
178
260
818
2,333
136
35
(5)
27
192
1,141
189
201
586
2,117
133
40
(6)
29
196
4,635
564
1,001
2,402
8,602
554
174
(11)
115
832
2015
Third
Quarter
Fourth
Quarter
YTD
1,587
205
276
681
2,750
1,280
146
272
744
2,442
2,867
351
548
1,425
5,192
62
40
8
29
140
92
68
4
19
183
154
108
12
48
323
3
Aegon N.V.
Summary financial and market highlights
unaudited
EUR
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Underlying earnings before tax
Life
Individual savings and retirement
Pensions
Non-life
Asset Management
Associates
Other
Underlying earnings before tax
219
125
122
9
32
9
(17)
498
251
135
120
12
25
9
(38)
514
(79)
236
120
7
33
7
(32)
291
237
169
145
18
26
3
(37)
562
628
665
507
46
115
27
(124)
1,865
127
170
159
5
45
1
(38)
469
227
154
148
8
47
4
(38)
549
354
324
307
13
91
5
(76)
1,018
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Run-off businesses
Income before tax
Income tax
Net income
(116)
110
(8)
(6)
14
492
(100)
392
(263)
198
(3)
(14)
(1)
432
(88)
343
(296)
85
5
(29)
(31)
23
29
52
(132)
304
(28)
(191)
(3)
511
(112)
399
(807)
697
(34)
(240)
(21)
1,458
(272)
1,186
(159)
119
(11)
(1)
8
425
(109)
316
(293)
134
7
(11)
3
389
(39)
350
(451)
252
(4)
(11)
11
814
(148)
666
Net underlying earnings
370
382
235
429
1,416
344
433
777
2,105
2,105
2,118
2,108
2,117
2,112
2,109
2,111
2,109
2,109
2,109
2,109
2,125
2,113
2,125
2,111
0.24
0.18
0.19
0.16
9.09
7.43
0.24
0.18
0.16
0.15
0.11
9.60
7.53
0.14
0.11
0.02
0.01
10.35
7.90
0.27
0.20
0.19
0.17
0.12
11.52
8.34
0.88
0.67
0.56
0.49
0.23
11.52
8.34
0.22
0.16
0.15
0.13
13.00
9.33
0.26
0.20
0.17
0.15
0.12
11.79
9.09
0.48
0.37
0.32
0.28
0.12
11.79
9.09
6.96
6.23
6.66
8,087,933
6.77
6.13
6.37
5,850,665
6.64
5.75
6.53
7,187,352
6.61
5.83
6.26
7,686,517
6.96
5.75
6.26
7,210,131
7.66
5.94
7.35
8,544,419
7.59
6.44
6.59
8,770,058
7.66
5.94
6.59
8,659,001
Earnings summary
Shares
Shares outstanding
Weighted average shares outstanding
Per share data
Underlying earnings before tax
Net underlying earnings
Net income
Basic earnings
Dividends
Shareholders' equity
Shareholders' equity excl. revaluation reserves and DB remeasurements
Trading statistics (Amsterdam Stock Exchange)
High
Low
Close
Volume (average daily)
4
amounts in millions
except per share data
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Unaudited
Aegon N.V.
Sales
unaudited
amounts in millions
EUR
First
Quarter
Second
Quarter
2,086
2,066
2,333
2,117
198
253
8
459
214
289
8
511
214
327
11
552
261
17
235
17
Gross deposits (on & off balance)
Life
Individual savings & retirement
Pensions
Asset Management - third party
Associates
Total gross deposits
523
2,639
6,162
4,147
4
13,475
601
2,741
6,098
3,585
3
13,029
Net deposits (on & off balance)
Life
Individual savings & retirement
Pensions
Asset Management - third party
Associates
Total net deposits excluding run-off businesses
Run-off businesses
Total net deposits
(20)
460
222
(1,546)
2
(883)
(619)
(1,502)
Sales ¹
New life sales
Life
Pensions
Associates
Total recurring plus 1/10 single
New premium production accident & health insurance
New premium production general insurance
1
EUR
2014
Third
Quarter
192
582
2,905
2,552
2
6,233
(163)
6,070
Second
Quarter
8,602
2,750
2,442
5,192
256
256
11
523
882
1,125
38
2,045
262
277
12
551
243
262
13
518
505
539
24
1,068
241
16
205
21
942
72
307
22
228
20
535
42
779
3,381
3,996
7,083
3
15,242
1,056
3,668
4,432
4,525
4
13,684
2,960
12,429
20,689
19,340
14
55,431
1,589
3,557
8,395
5,147
3
18,692
1,120
3,236
6,155
6,256
2
16,769
2,709
6,793
14,550
11,403
5
35,460
454
1,132
(1,225)
431
2
794
(170)
625
Full
Year
2015
Third
Quarter
First
Quarter
304
1,183
(469)
2,778
3,797
(265)
3,532
Fourth
Quarter
930
3,357
1,433
4,215
7
9,941
(1,217)
8,724
721
525
4,190
2,081
7,518
(213)
7,305
228
123
1,957
988
3,296
(111)
3,185
Fourth
Quarter
YTD
950
648
6,147
3,069
10,814
(324)
10,490
Sales represents New life sales + Accident & health premiums + General insurance premiums + 1/10 of Gross deposits
Unaudited
5
Aegon N.V.
Consolidated income statement
unaudited
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
EUR
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Premium income ¹
Investment income
Fee and commission income
Other revenues
Total revenues
Income from reinsurance ceded
Net gains and losses on investments
Other income
Total income
5,265
1,948
466
1
7,680
699
2,228
8
10,614
4,360
2,140
487
2
6,989
744
4,444
3
12,181
5,076
1,998
619
2
7,695
604
1,038
16
9,353
5,163
2,063
565
2
7,793
860
6,062
33
14,748
19,864
8,148
2,137
7
30,157
2,906
13,772
61
46,896
5,641
2,098
582
2
8,322
686
9,905
18,912
4,981
2,262
626
7
7,877
788
(7,179)
1,486
10,622
4,360
1,208
9
16,199
1,474
2,725
20,398
Claims and benefits ¹
Employee expenses
Administration expenses
Deferred expenses
Amortization charges
Benefits and expenses
Impairment charges/(reversals)
Interest charges and related fees
Other charges
Total charges
9,332
475
276
(317)
247
10,013
8
116
2
10,140
11,006
506
276
(339)
246
11,695
8
65
4
11,772
8,669
508
286
(392)
181
9,253
(3)
85
28
9,363
13,227
576
288
(417)
262
13,936
75
104
138
14,253
42,234
2,067
1,127
(1,465)
936
44,898
87
371
172
45,528
17,632
562
297
(413)
314
18,392
13
108
11
18,524
235
563
315
(382)
343
1,074
(6)
75
1,143
17,867
1,125
612
(795)
657
19,466
7
183
11
19,667
5
8
488
(96)
392
14
8
431
(88)
343
23
6
19
33
52
14
1
510
(111)
399
56
24
1,448
(262)
1,186
29
418
(101)
316
32
3
378
(28)
350
61
3
796
(130)
666
392
-
343
-
52
-
399
-
1,186
1
316
-
350
-
666
-
Share in net result of joint ventures
Share in net results of associates
Income before tax
Income tax
Net income
Net income attributable to:
Equity holders of Aegon N.V.
Non-controlling interests
1
Premium income and Claims and benefits as previously reported in Q1 2015 have been adjusted as they were overstated by EUR 706 million. Q2 2015 YTD numbers presented in this report include this change. The Q2
2015 periodic numbers presented in this report were not impacted by this adjustment.
6
Unaudited
Aegon N.V.
Fair value items geographically
unaudited
EUR
amounts in millions
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Americas
Guarantees (net of hedges)
Alternative investments
Credit derivatives
Hedges
Real estate
Other fair value items
(49)
44
(12)
(100)
(1)
20
(118)
(47)
8
9
(84)
(9)
4
(159)
(50)
(19)
(21)
(39)
(8)
(20)
(172)
(83)
(66)
(5)
(28)
16
(6)
(497)
(135)
(90)
(17)
(251)
(2)
(2)
(90)
(57)
(16)
3
2
1
(23)
(288)
(43)
(43)
(8)
(227)
(3)
36
(379)
(99)
(59)
(5)
(225)
(2)
13
The Netherlands
Guarantees (net of hedges)
Alternative investments
Real estate
Other fair value items
(36)
22
(2)
(9)
(48)
(132)
(89)
(3)
(39)
(101)
(59)
8
(49)
61
107
(2)
(44)
(207)
(19)
(2)
(6)
(180)
151
190
12
(52)
(117)
(143)
19
7
34
47
31
(45)
(3)
(13)
(15)
(22)
(7)
(30)
(14)
(6)
(4)
(3)
(8)
(36)
(9)
(82)
(193)
123
(296)
(132)
(807)
(159)
(293)
Fourth
Quarter
YTD
Fair value items
United Kingdom
New Markets
Holdings
Total fair value items
Unaudited
7
(36)
(116)
1
(263)
-
1
(69)
(451)
7
Aegon N.V.
Consolidated balance sheet
unaudited
EUR
First
Quarter
Investments general account
Investments for account of policyholders
Investments in joint ventures
Investments in associates
Deferred expenses and rebates
Other assets and receivables
Assets held for sale
Cash and cash equivalents
Total assets
Shareholders' equity
Other equity instruments
Non-controlling interests
Group equity
Insurance contracts general account
Insurance contracts for the account of policyholders
Investment contracts general account
Investment contracts for the account of policyholders
Liabilities held for sale
Other liabilities
Total equity and liabilities
2014
Second
Quarter
amounts in millions
EUR
Third
Quarter
Fourth
Quarter
First
Quarter
2015
Second
Quarter
138,567
167,903
1,450
482
9,909
35,886
7,116
361,314
142,278
174,590
1,429
501
9,931
39,408
7,850
375,988
151,469
184,317
1,408
507
10,883
41,714
9,024
399,321
153,653
191,467
1,468
140
10,373
47,308
9,881
10,610
424,902
172,504
215,291
1,536
142
11,507
58,179
9,846
13,236
482,240
158,956
205,903
1,553
256
11,930
41,707
9,625
10,882
440,812
19,129
4,580
8
23,718
20,325
3,811
9
24,144
21,919
3,820
9
25,748
24,293
3,827
9
28,129
27,429
3,825
9
31,263
25,047
3,796
9
28,853
102,630
87,031
13,742
83,025
51,167
361,314
104,614
90,957
13,934
85,917
56,421
375,988
112,095
97,416
14,717
89,103
60,243
399,321
111,927
102,250
15,359
91,849
7,810
67,578
424,902
126,939
115,207
17,170
102,982
8,061
80,617
482,240
119,085
110,882
17,043
97,551
7,881
59,518
440,812
Third
Quarter
Fourth
Quarter
Revenue generating investments
EUR
First
Quarter
Investments general account
Investments for account of policyholders
Off balance sheet investments third parties
Total revenue generating investments
8
138,567
167,903
175,154
481,624
2014
Second
Quarter
142,278
174,590
186,545
503,413
amounts in millions
EUR
Third
Quarter
151,469
184,317
202,432
538,217
Fourth
Quarter
153,653
191,467
213,208
558,328
First
Quarter
172,504
215,291
249,804
637,599
2015
Second
Quarter
Third
Quarter
Fourth
Quarter
158,956
205,903
280,158
645,017
Unaudited
Aegon N.V.
Investments general account
unaudited
amounts in millions, except for the impairment data
EUR
Americas
Cash / Treasuries / Agencies
Investment grade corporates
High yield (and other) corporates
Emerging markets debt
Commercial MBS
Residential MBS
Non-housing related ABS
Subtotal
The
Netherlands
June 30, 2015
United
New Holdings and
Kingdom
Markets
other
Total
amounts in millions
EUR
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
June 30, 2014
Total
Total
Total
Total
14,767
39,370
2,842
1,610
5,182
4,666
3,117
71,554
14,825
5,183
102
84
873
2,544
23,612
5,221
5,374
168
267
604
23
2,171
13,827
657
2,915
113
652
398
62
241
5,039
99
99
35,569
52,842
3,225
2,528
6,268
5,625
8,072
114,130
41,026
57,482
3,629
2,449
6,808
6,836
8,434
126,665
35,604
50,460
3,013
2,223
6,042
5,601
7,583
110,526
34,216
51,455
3,153
1,623
5,833
5,546
6,916
108,741
30,516
49,015
2,625
1,514
5,464
5,495
6,460
101,087
27
7,464
7,491
24,987
100
25,088
-
260
260
-
25,274
7,565
32,839
25,387
8,152
33,539
24,899
7,264
32,164
24,797
6,743
31,540
24,354
6,178
30,532
Convertibles & preferred stock
Common equity & bond funds
Private equity & hedge funds
Total equity like
Real estate
Other
Investments general account (excluding policy loans)
341
419
1,850
2,610
1,309
855
83,820
361
138
499
1,118
2,695
53,011
153
153
147
14,128
2
47
5
54
2
171
5,526
129
129
78
306
344
1,109
1,993
3,446
2,430
3,946
156,790
400
1,137
2,141
3,678
2,540
3,818
170,241
352
1,103
1,568
3,022
2,390
3,523
151,625
347
2,027
1,503
3,877
2,181
3,070
149,410
318
1,891
1,427
3,636
2,088
3,024
140,367
Policyholder loans
Investments general account
2,138
85,957
5
53,016
14,128
24
5,549
306
2,166
158,956
2,263
172,504
2,028
153,653
2,058
151,469
1,911
142,278
1
-
-
-
1
2
-
-
Residential mortgage loans
Commercial mortgage loans
Total mortgages
Impairments as bps (quarterly)
(1)
(2)
Aegon N.V.
Structured assets and corporate bonds
amounts in millions
EUR
June 30, 2015
AAA
AA
A
BBB
<BBB
NR
Total
Structured assets by rating
Commercial MBS
Residential MBS
Non-housing related ABS
Total
4,559
2,282
3,070
9,911
1,007
299
1,363
2,670
362
302
2,713
3,377
149
304
624
1,078
190
2,438
301
2,930
-
6,268
5,625
8,072
19,965
Credits by rating
IG Corporates
High yield corporate
Emerging Markets debt
Total
1,013
63
1,076
4,443
217
4,660
22,511
4
636
23,151
24,875
7
965
25,847
3,214
643
3,857
4
4
52,842
3,225
2,528
58,595
10,987
7,329
26,528
26,925
6,787
4
35,569
114,130
Cash / Treasuries / Agencies
Total
Unaudited
9
Aegon N.V.
Capital structure
unaudited
EUR
First
Quarter
Shareholders' equity January 1
Net income
Coupons on other equity instruments (net of tax)
Dividend paid
Movements in foreign currency translation reserve
Movements in revaluation reserves
Remeasurements of defined benefit plans
Other changes
Shareholders' equity end of period
Revaluation reserves
Available-for-sale shares
Available-for-sale bonds
Available-for-sale other
Total available-for-sale
Real estate held for own use
Cash flow hedging reserve
Total balance of revaluation reserves, net of tax
Total remeasurement of defined benefit plans
Shareholders' equity
Non-controlling interests and share options not yet exercised
Revaluation reserves
Remeasurement of defined benefit plans
Shareholders' capital
Junior perpetual capital securities
Perpetual cumulative subordinated bonds
Non-cumulative subordinated notes
Trust pass-through securities
Subordinated borrowings
Currency revaluation other equity instruments
Hybrid leverage
Senior debt
Commercial paper and other short term debt
Senior leverage
Total financial leverage
Total capitalization
Gross financial leverage ratio
10
2014
Second
Quarter
EUR
Third
Quarter
Fourth
Quarter
First
Quarter
2015
Second
Quarter
17,601
392
(46)
(22)
1,328
(168)
45
19,129
17,601
735
(84)
(138)
179
2,387
(327)
(28)
20,325
17,601
787
(119)
(370)
1,189
3,452
(581)
(40)
21,919
17,601
1,186
(152)
(370)
1,702
5,285
(905)
(53)
24,293
24,293
316
(36)
1,787
1,625
(573)
18
27,429
24,293
666
(68)
(255)
1,331
(1,078)
105
52
25,047
215
3,232
42
3,489
35
827
4,351
191
4,191
46
4,428
34
948
5,410
195
5,055
52
5,302
36
1,137
6,475
126
6,549
66
6,741
42
1,525
8,308
144
7,693
93
7,929
47
1,957
9,933
133
5,390
66
5,588
46
1,596
7,230
(875)
(1,034)
(1,287)
(1,611)
(2,184)
(1,506)
19,129
111
(4,351)
875
15,764
20,325
87
(5,410)
1,034
16,036
21,919
96
(6,475)
1,287
16,826
24,293
103
(8,308)
1,611
17,700
27,429
101
(9,933)
2,184
19,782
25,047
73
(7,230)
1,506
19,396
3,753
454
271
123
45
(222)
4,423
2,672
156
2,828
7,252
3,008
454
271
125
739
(227)
4,370
2,729
162
2,891
7,261
3,008
454
271
135
744
(67)
4,544
2,841
150
2,991
7,535
3,008
454
271
143
747
23
4,646
2,367
124
2,490
7,137
3,008
454
271
163
755
296
4,947
2,534
126
2,660
7,607
3,008
454
271
152
755
209
4,848
2,457
125
2,582
7,430
24,836
27,389
26,826
23,015
31.5%
23,297
31.2%
24,361
30.9%
28.7%
27.8%
amounts in millions
YTD
Third
Quarter
Fourth
Quarter
27.7%
Unaudited
Aegon N.V.
Return on capital - net underlying earnings - YTD
unaudited
amounts in millions
YTD
June 30, 2015
Net underlying earnings / run-off earnings
Average capital in units
Average capital in units, excluding revaluation reserves and remeasurement of
defined benefit plans
Return on capital
Net underlying earnings / average capital in units excluding revaluation reserve
and remeasurement of defined benefit plans
Americas
The
Netherlands
United
Kingdom
Central &
Eastern Europe
Asia
Spain &
Portugal
VA Europe
Asset
Management
Weighted
Average
Run-off
businesses
(USD)
(EUR)
(GBP)
(EUR)
(EUR)
(EUR)
(EUR)
(EUR)
(EUR)
(EUR)
543
21,162
207
5,159
53
3,755
9
420
(9)
588
3
745
1
258
65
352
21
2,271
17,048
3,637
2,685
404
527
707
249
349
1,711
6.4%
11.4%
3.9%
4.3%
0.8%
0.5%
37.2%
(3.5%)
Aegon N.V.
Return on equity - net underlying earnings - YTD
EUR
First
Quarter
Net underlying earnings before leverage costs
Cost of leverage after tax1
Net underlying earnings after leverage allocation
Average common shareholders' equity excluding revaluation reserve and
remeasurement of defined benefit plans
Return on equity
Net underlying earnings / average shareholders' common equity excluding
revaluation reserve and remeasurement of defined benefit plans
1
370
(46)
324
2014
Second
Quarter
752
(84)
668
EUR
Third
Quarter
Fourth
Quarter
First
Quarter
987
(119)
868
1,416
(152)
1,264
344
(36)
308
2015
Second
Quarter
6.8%
2.5%
amounts in millions
YTD
Third
Quarter
Fourth
Quarter
777
(68)
709
15,449
15,604
15,877
16,216
18,613
18,843
8.4%
8.6%
7.3%
7.8%
6.6%
7.5%
Cost of leverage after tax includes coupons on perpetual capital securities and coupons on non-cumulative subordinated notes
Please note that the calculation of average shareholders’ equity has changed as of January 1, 2015. Periodic RoE/RoC is based on the shareholders’ equity at the beginning of the quarter and at the end of the
quarter. YTD RoE/RoC is based on shareholders’ equity at the beginning of the year and closing balances of all consecutive quarters. Comparative numbers for 2014 have been recalculated.
Unaudited
11
Aegon N.V.
Return on capital - net underlying earnings - QTD
unaudited
amounts in millions
QTD
June 30, 2015
Net underlying earnings / run-off earnings
Average capital in units
Average capital in units, excluding revaluation reserves and remeasurement of
defined benefit plans
Return on capital
Net underlying earnings / average capital in units excluding revaluation reserve
and remeasurement of defined benefit plans
Americas
The
Netherlands
United
Kingdom
Central &
Eastern Europe
Asia
Spain &
Portugal
VA Europe
Asset
Management
Weighted
Average
Run-off
businesses
(USD)
(EUR)
(GBP)
(EUR)
(EUR)
(EUR)
(EUR)
(EUR)
(EUR)
(EUR)
308
21,049
106
5,198
27
3,742
7
429
(4)
611
2
631
262
34
395
10
2,305
16,976
3,753
2,698
412
550
596
253
392
1,735
7.3%
11.3%
4.1%
7.0%
(3.2%)
1.4%
(0.6%)
34.5%
2015
Second
Quarter
Aegon N.V.
Return on equity - net underlying earnings - QTD
EUR
First
Quarter
Net underlying earnings before leverage costs
1
Cost of leverage after tax
Net underlying earnings after leverage allocation
Average common shareholders' equity excluding revaluation reserve and
remeasurement of defined benefit plans
Return on equity
Net underlying earnings / average shareholders' common equity excluding
revaluation reserve and remeasurement of defined benefit plans
1
370
(46)
324
2014
Second
Quarter
382
(37)
344
EUR
Third
Quarter
Fourth
Quarter
First
Quarter
235
(36)
199
429
(32)
396
344
(36)
308
7.3%
2.3%
amounts in millions
QTD
Third
Quarter
Fourth
Quarter
433
(31)
402
15,449
15,773
16,305
17,134
18,613
19,478
8.4%
8.7%
4.9%
9.2%
6.6%
8.2%
Cost of leverage after tax includes coupons on perpetual capital securities and coupons on non-cumulative subordinated notes
Please note that the calculation of average shareholders’ equity has changed as of January 1, 2015. Periodic RoE/RoC is based on the shareholders’ equity at the beginning of the quarter and at the end of the
quarter. YTD RoE/RoC is based on shareholders’ equity at the beginning of the year and closing balances of all consecutive quarters. Comparative numbers for 2014 have been recalculated.
12
Unaudited
Aegon N.V.
Run-off businesses
unaudited
EUR
amounts in millions
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
3
(6)
16
1
14
3
(9)
14
(8)
(1)
1
(10)
15
(38)
(31)
1
(10)
12
(6)
(3)
8
(36)
58
(51)
(21)
8
(6)
11
(6)
8
6
(12)
23
(14)
3
14
(17)
34
(20)
11
Institutional spread based account balance roll forward
Account balances beginning of period
Withdrawals
Other
Total account balance end of period
3,523
(503)
(7)
3,013
3,013
(52)
38
2,999
2,999
(149)
241
3,090
3,090
(45)
161
3,206
3,523
(749)
432
3,206
3,206
(68)
390
3,528
3,528
(9)
(87)
3,432
3,206
(77)
303
3,432
Payout annuities account balance roll forward
Account balances beginning of period
Lapses and death
Interest credited
Other
Total account balance end of period
5,172
(105)
80
141
5,288
5,288
(102)
82
141
5,409
5,409
(104)
85
397
5,786
5,786
(113)
88
309
6,070
5,172
(424)
335
988
6,070
6,070
(126)
92
846
6,882
6,882
(127)
100
(591)
6,264
6,070
(253)
191
255
6,264
BOLI/COLI account balance roll forward
Account balances beginning of period
Deposits
Lapses and death
Other
Total account balance end of period
6,040
5
(44)
60
6,062
6,062
1
(21)
102
6,144
6,144
3
(21)
514
6,639
6,639
3
(58)
357
6,940
6,040
12
(145)
1,032
6,940
6,940
6
(32)
945
7,860
7,860
3
(127)
(236)
7,499
6,940
9
(159)
709
7,499
Earnings
Americas - Spread based business
Americas - Payout annuities
Americas - BOLI/COLI
Americas - Life reinsurance
Total earnings - run off businesses
Unaudited
2015
Third
Quarter
Fourth
Quarter
YTD
13
Reporting structure
Aegon Americas
14
Life & protection
Investments & Retirement
Unaudited
Aegon Americas
Earnings & sales
unaudited
USD
Underlying earnings before tax by line of business
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
USD
Fourth
Quarter
Life & Protection
Investments & Retirement
Canada
Latin America
Underlying earnings before tax
141
266
4
2
414
168
276
10
454
(256)
415
12
1
172
146
314
5
2
467
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Run-off businesses
Income before tax
Income tax
Net income
(67)
12
5
4
19
387
(86)
300
(162)
70
21
(15)
(1)
367
(71)
296
(213)
18
28
(36)
(43)
(73)
73
(1)
(219)
12
(26)
(22)
(4)
208
(20)
188
Net underlying earnings
290
318
139
336
Life insurance
Accident & health insurance
Total gross premiums
2,038
571
2,610
2,108
622
2,731
2,096
644
2,740
Investment income
Fee and commission income
Other revenues
Total revenues
1,100
428
1
4,138
1,094
450
1
4,276
Sales
New life sales
New premiums Accident & health insurance
1/10 of Gross deposits
Total sales
158
338
1,165
1,662
172
309
1,169
1,650
Full
Year
199
1,271
30
5
1,506
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
38
288
1
327
126
272
(2)
396
164
561
(1)
723
(102)
(33)
(4)
9
197
(34)
163
(321)
(28)
10
3
60
29
89
(423)
(60)
5
12
257
(5)
252
1,082
235
308
543
2,342
652
2,994
8,585
2,490
11,074
1,908
622
2,530
1,935
645
2,580
3,843
1,267
5,110
1,092
606
1
4,438
1,115
490
2
4,600
4,401
1,974
3
17,453
1,024
457
1
4,012
1,014
491
8
4,092
2,038
948
8
8,104
188
306
930
1,424
215
240
968
1,423
733
1,193
4,232
6,158
158
328
1,302
1,789
175
237
1,000
1,412
333
566
2,302
3,200
(661)
113
27
(69)
(28)
889
(105)
784
Revenues ¹
MCVNB
MCVNB / PVNBP (%)
1
Unaudited
208
1.6%
184
1.6%
180
1.0%
165
1.2%
736
1.3%
70
0.6%
102
0.7%
172
0.7%
Revenues include Run-off businesses
15
Aegon Americas
Earnings & sales
unaudited
EUR
Underlying earnings before tax by line of business
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
EUR
Fourth
Quarter
Life & Protection
Investments & Retirement
Canada
Latin America
Underlying earnings before tax
103
194
3
2
302
123
201
7
331
(186)
310
9
1
134
110
251
4
2
367
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Run-off businesses
Income before tax
Income tax
Net income
(49)
9
3
3
14
282
(63)
219
(118)
51
15
(11)
(1)
268
(51)
216
(159)
14
21
(27)
(31)
(48)
52
4
(172)
11
(19)
(17)
(3)
167
(17)
150
Net underlying earnings
212
232
107
Life insurance
Accident & health insurance
Total gross premiums
1,488
417
1,906
1,538
454
1,991
Investment income
Fee and commission income
Other revenues
Total revenues
803
313
3,022
Sales
New life sales
New premiums Accident & health insurance
1/10 of Gross deposits
Total sales
116
247
851
1,213
Full
Year
150
957
23
4
1,134
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
34
256
1
290
113
247
(2)
358
147
502
(1)
648
(497)
85
21
(52)
(21)
669
(79)
590
(90)
(29)
(4)
8
175
(30)
145
(288)
(25)
9
3
55
26
82
(379)
(54)
5
11
230
(4)
226
264
814
209
278
487
1,580
485
2,065
1,855
518
2,372
6,461
1,874
8,334
1,693
552
2,244
1,750
583
2,334
3,443
1,135
4,578
798
328
3,118
823
454
1
3,343
888
390
1
3,652
3,312
1,485
2
13,134
908
406
1
3,559
917
444
7
3,701
1,826
849
7
7,260
125
225
852
1,203
141
231
705
1,078
169
195
776
1,141
552
898
3,185
4,635
141
291
1,155
1,587
158
216
907
1,280
298
507
2,062
2,867
Revenues ¹
MCVNB
MCVNB / PVNBP (%)
1
16
152
1.6%
134
1.6%
136
1.0%
133
1.2%
554
1.3%
62
0.6%
92
0.7%
154
0.7%
Revenues include Run-off businesses
Unaudited
Aegon Americas
Life & Protection - production and earnings
unaudited
USD
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
USD
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Life production
Agency
Direct
Total retail new life sales
120
13
134
130
13
144
141
16
156
167
14
181
559
56
615
141
8
149
153
8
161
295
16
311
Universal life
Term life
Whole life/other
Variable life
Total retail new life sales
64
41
28
1
134
67
46
30
1
144
76
49
30
1
156
104
47
29
1
181
311
183
118
3
615
81
39
28
1
149
86
43
32
1
161
167
82
60
1
311
Accident & health production
Agency
Direct
Total Accident & health production
122
216
338
97
212
309
107
199
306
95
145
240
421
772
1,193
118
211
328
101
136
237
219
347
566
1,066
571
1,638
1,099
622
1,722
1,186
644
1,829
1,183
652
1,835
4,535
2,489
7,024
1,092
622
1,714
1,082
645
1,727
2,174
1,267
3,441
75
67
141
104
65
168
1
37
38
68
58
126
69
95
164
Life insurance
Accident & health insurance
Total gross premiums
Life insurance
Accident & health insurance
Total underlying earnings before tax
Unaudited
(259)
4
(256)
68
78
146
(13)
212
199
17
Aegon Americas
Life & Protection - account balances
unaudited
USD
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
14,975
443
(198)
(212)
15,008
1,695
10,649
27,351
15,008
447
(185)
(265)
15,004
1,760
10,740
27,504
15,004
523
(215)
(225)
15,087
1,822
11,397
28,306
15,087
522
(163)
(231)
15,215
1,907
11,505
28,628
14,975
1,934
(761)
(933)
15,215
1,907
11,505
28,628
15,215
471
(184)
(231)
15,271
1,977
11,688
28,936
15,271
436
(185)
(212)
15,311
2,049
11,611
28,971
15,215
908
(369)
(443)
15,311
2,049
11,611
28,971
Universal life yield and spread information - US only (annualized)
Average yield on investments
5.67%
Average crediting rate
4.22%
Average gross spread
1.45%
Average guaranteed rate
4.12%
5.68%
4.22%
1.46%
4.12%
5.67%
4.22%
1.45%
4.12%
5.66%
4.22%
1.44%
4.12%
5.67%
4.22%
1.45%
4.12%
5.66%
4.22%
1.44%
4.12%
5.65%
4.22%
1.43%
4.12%
5.66%
4.22%
1.44%
4.12%
Separate account balances roll forward
Account balances beginning of period
Deposits
Lapses and deaths
Other
Total account balances end of period
5,142
64
(73)
(38)
5,095
5,095
67
(70)
46
5,138
5,138
62
(80)
(106)
5,014
5,014
70
(81)
73
5,076
5,142
262
(303)
(25)
5,076
5,076
65
(75)
68
5,133
5,133
63
(86)
(103)
5,008
5,076
128
(161)
(36)
5,008
Separate account balances by fund type
Fixed income
Equities
Total account balances end of period
560
4,534
5,095
565
4,573
5,138
557
4,457
5,014
534
4,542
5,076
534
4,542
5,076
532
4,602
5,133
508
4,500
5,008
508
4,500
5,008
Gross investment return to policyholder
0.66%
2.67%
3.28%
5.57%
2.95%
General account balance roll forward
Universal life account balances beginning of period
Deposits
Lapses and deaths
Other
Universal life account balances end of period
Term life
Whole life/other
Total general account reserves
DAC/VOBA/FSR's roll forward - Life insurance
Balance at beginning of period
Capitalized during the period
Amortized during the period
Shadow accounting adjustments
Other
Balance at end of period
18
amounts in millions
USD
6,053
157
(148)
(156)
(4)
5,901
5,901
159
(110)
(210)
1
5,740
(1.07%)
5,740
180
25
27
5,971
5,971
195
(83)
(138)
(1)
5,943
6,053
690
(317)
(478)
(4)
5,943
5,943
183
(100)
(147)
5,879
(0.33%)
5,879
179
(160)
469
6,367
2015
Third
Quarter
Fourth
Quarter
YTD
2.65%
5,943
362
(260)
322
6,367
Unaudited
Aegon Americas
Accident & health insurance
unaudited
USD
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
USD
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Accident & health production
Agency
Direct
Total Accident & health production
122
216
338
97
212
309
107
199
306
95
145
240
421
772
1,193
118
211
328
101
136
237
219
347
566
Total gross premiums
571
622
644
652
2,489
622
645
1,267
67
65
4
78
212
37
58
95
353
4,353
837
5,543
361
4,534
847
5,742
362
4,679
896
5,937
359
4,599
872
5,830
359
4,599
872
5,830
359
4,790
890
6,039
354
4,604
909
5,866
354
4,604
909
5,866
Underlying earnings before tax
Accident & health reserves
Accidental death and dismemberment
Long term care
Other health
Total Accident & health reserves
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Shadow accounting adjustments
Other
Balance at end of period
Unaudited
686
28
(16)
1
(86)
613
613
27
(27)
1
4
618
618
48
(40)
15
4
645
645
31
(30)
1
(1)
645
686
134
(113)
17
(80)
645
645
27
(27)
1
2
648
648
32
(22)
1
(2)
657
645
59
(49)
1
657
19
Aegon Americas
Investments & Retirement
unaudited
amounts in millions
USD
USD
2014
First
Quarter
Underlying earnings before tax
Retirement plans
Mutual funds
Variable annuities
Fixed annuities
Stable value solutions
Total underlying earnings before tax
Gross deposits
Retirement plans
Mutual funds
Variable annuities
Fixed annuities
Total gross deposits
Net deposits
Retirement plans
Mutual funds
Variable annuities
Fixed annuities
Total net deposits
Account balances
Retirement plans
Mutual funds
Variable annuities
Fixed annuities
Stable value solutions
Total account balances at end of period
20
Second
Quarter
Third
Quarter
2015
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
YTD
61
12
108
58
28
266
65
11
120
52
27
276
69
13
298
7
27
415
76
11
145
56
27
314
272
47
671
172
109
1,271
68
10
157
28
25
288
72
11
127
37
25
272
140
21
284
65
51
561
8,288
1,210
2,038
71
11,607
8,141
953
2,475
87
11,656
5,028
1,254
2,903
84
9,268
5,279
1,462
2,819
81
9,642
26,736
4,879
10,235
323
42,173
9,284
1,310
2,340
80
13,014
6,574
1,222
2,126
70
9,992
15,858
2,531
4,466
151
23,006
883
239
1,795
(552)
2,365
506
187
1,679
(535)
1,837
8,659
784
5,804
(2,526)
12,720
2,887
226
982
(686)
3,409
128,078
15,586
61,104
15,400
61,045
281,212
4,383
131
1,349
(753)
5,110
136,516
16,207
63,976
14,776
60,869
292,344
135,868
16,007
64,810
14,352
59,401
290,437
139,668
16,331
67,529
13,949
57,368
294,844
139,668
16,331
67,529
13,949
57,368
294,844
4,598
(166)
1,011
(466)
4,977
147,551
16,774
69,800
13,587
56,162
303,874
2,053
117
378
(452)
2,096
149,139
16,841
69,227
13,242
55,205
303,654
6,651
(49)
1,388
(918)
7,073
149,139
16,841
69,227
13,242
55,205
303,654
Unaudited
Aegon Americas
Retirement plans
unaudited
USD
Written sales
Institutional markets
Emerging markets
Total written sales
Underlying earnings before tax
Return on net revenue
Retirement plans margin, basis points (annualized)
2014
Third
Quarter
First
Quarter
Second
Quarter
3,605
721
4,325
3,163
805
3,968
4,001
1,128
5,129
2,235
1,488
3,723
61
65
69
76
32.6%
33.9%
36.3%
amounts in millions
USD
Fourth
Quarter
37.5%
Full
Year
2015
Third
Quarter
First
Quarter
Second
Quarter
13,004
4,142
17,146
2,483
801
3,284
5,705
900
6,605
8,188
1,701
9,889
272
68
72
140
35.0%
34.9%
36.1%
Fourth
Quarter
YTD
35.5%
21
21
21
23
22
19
19
19
Account balances
Retirement plans - services
Retirement plans - annuities
Total account balances
124,330
3,748
128,078
132,727
3,789
136,516
132,174
3,694
135,868
135,984
3,684
139,668
135,984
3,684
139,668
143,927
3,624
147,551
145,659
3,481
149,139
145,659
3,481
149,139
Retirement plans - services roll forward
Account balances at beginning of period
Deposits
Withdrawals
Other
Total account balance at end of period
118,985
8,288
(5,325)
2,383
124,330
124,330
8,141
(3,683)
3,939
132,727
132,727
5,028
(4,073)
(1,508)
132,174
132,174
5,279
(4,691)
3,222
135,984
118,985
26,736
(17,772)
8,036
135,984
135,984
9,284
(4,610)
3,270
143,927
143,927
6,574
(4,450)
(393)
145,659
135,984
15,857
(9,060)
2,877
145,659
391
13
(7)
1
398
398
10
(7)
1
402
402
10
(8)
405
405
15
(7)
1
413
391
49
(29)
2
413
413
15
(7)
1
421
421
13
(7)
428
413
28
(15)
1
428
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Shadow accounting adjustments
Balance at end of period
Number of participants serviced (thousands)
Unaudited
3,465
3,502
3,600
3,653
3,653
3,811
3,876
3,876
21
Aegon Americas
Mutual funds
unaudited
USD
First
Quarter
Deposits
Agency
Banks
Fee planners/wirehouse/brokers-dealers
Total deposits
22
Second
Quarter
amounts in millions
USD
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
25
148
1,037
1,210
20
153
779
953
17
139
1,098
1,254
12
145
1,305
1,462
74
585
4,220
4,879
16
136
1,157
1,310
16
115
1,090
1,222
33
251
2,247
2,531
Underlying earnings before tax
12
11
13
11
47
10
11
21
MF margin, basis points (annualized)
31
28
32
27
30
24
27
25
Account balance roll forward
Account balances beginning of period
Deposits
Withdrawals
Other
Total account balance at end of period
15,221
1,210
(984)
138
15,586
15,586
953
(822)
491
16,207
16,207
1,254
(1,015)
(439)
16,007
16,007
1,462
(1,276)
137
16,331
15,221
4,879
(4,096)
326
16,331
16,331
1,310
(1,476)
609
16,774
16,774
1,222
(1,105)
(49)
16,841
16,331
2,531
(2,580)
560
16,841
Gross investment return to mutual fund holder
0.90%
3.14%
(2.69%)
0.85%
2.09%
3.75%
(0.29%)
3.43%
Unaudited
Aegon Americas
Variable annuities
unaudited
USD
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
9
413
1,469
147
2,038
10
479
1,834
151
2,475
8
551
2,186
158
2,903
7
476
2,176
160
2,819
Underlying earnings before tax
Core variable annuities
Closed variable annuities
Total underlying earnings before tax
62
47
108
70
51
120
210
88
298
VA margin, basis points (annualized)
71
77
185
Deposits
Agency
Banks
Fee planners/wirehouse/brokers-dealers
Direct
Total deposits
amounts in millions
USD
Full
Year
2015
Third
Quarter
First
Quarter
Second
Quarter
Fourth
Quarter
YTD
34
1,919
7,666
615
10,235
6
478
1,664
191
2,340
8
443
1,486
189
2,126
14
921
3,150
380
4,466
106
39
145
449
225
671
87
70
157
86
41
127
173
111
284
87
105
91
73
82
Variable annuity balances roll forward
Separate account annuities beginning of period
Deposits
Lapses and deaths
Other
Total separate account annuities end of period
Fixed account of variable annuities
Total Variable annuity balances
58,540
2,032
(1,050)
389
59,911
1,193
61,104
59,911
2,473
(1,124)
1,493
62,753
1,223
63,976
62,753
2,897
(1,103)
(1,026)
63,521
1,289
64,810
63,521
2,816
(1,136)
1,048
66,248
1,280
67,529
58,540
10,218
(4,414)
1,904
66,248
1,280
67,529
66,248
2,340
(1,329)
1,319
68,578
1,222
69,800
68,578
2,126
(1,749)
(901)
68,055
1,172
69,227
66,248
4,466
(3,078)
418
68,055
1,172
69,227
Separate account balances by block
Core variable annuities
Closed variable annuities
Separate account balance end of period
45,055
14,856
59,911
47,930
14,823
62,753
49,319
14,202
63,521
52,178
14,070
66,248
52,178
14,070
66,248
54,676
13,902
68,578
55,122
12,933
68,055
55,122
12,933
68,055
Separate account balances by fund type
Fixed income
Equities
Separate account balance end of period
26,594
33,317
59,911
23,509
39,244
62,753
25,218
38,303
63,521
27,751
38,498
66,248
27,751
38,498
66,248
28,513
40,065
68,578
27,873
40,182
68,055
27,873
40,182
68,055
Unaudited
23
Aegon Americas
Variable annuities - continued
unaudited
USD
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Minimum guarantee net amount at risk
GMDB only
GMDB and GMLB
GMLB only
Total net amount at risk
1,291
971
7
2,269
1,209
913
6
2,128
1,269
1,117
10
2,396
1,198
1,092
13
2,303
DAC/VOBA/FSR by block
Core variable annuities
Closed variable annuities
Total DAC/VOBA/FSR
1,594
321
1,916
1,691
329
2,020
1,794
345
2,139
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Shadow accounting adjustments
Balance at end of period
1,827
105
(14)
(2)
1,916
1,916
132
(19)
(8)
2,020
2,020
153
(25)
(9)
2,139
Full
Year
2015
Third
Quarter
First
Quarter
Second
Quarter
1,198
1,092
13
2,303
1,137
1,017
14
2,169
1,185
1,150
15
2,349
1,185
1,150
15
2,349
1,879
343
2,223
1,879
343
2,223
1,971
338
2,310
2,075
317
2,392
2,075
317
2,392
2,139
146
(47)
(15)
2,223
1,827
536
(106)
(34)
2,223
2,223
126
(30)
(9)
2,310
2,310
109
(44)
17
2,392
2,223
235
(74)
8
2,392
2.98%
(1.06%)
2.15%
5.18%
US deferred annuities lapse and death rates (annualized)
Core variable annuities
Surrenders and withdrawals
Deaths
Total Core variable annuities
4.98%
0.81%
5.79%
5.20%
0.97%
6.17%
4.94%
0.76%
5.70%
5.16%
0.70%
5.86%
5.11%
0.81%
5.92%
5.18%
0.94%
6.12%
5.53%
0.79%
6.32%
5.41%
0.87%
6.28%
9.81%
1.56%
11.37%
9.50%
1.95%
11.45%
9.07%
1.76%
10.83%
9.37%
1.77%
11.14%
9.55%
1.78%
11.33%
13.29%
2.23%
15.52%
24.26%
1.86%
26.12%
18.84%
2.07%
20.91%
6.21%
1.00%
7.21%
6.24%
1.20%
7.44%
5.89%
0.99%
6.88%
6.07%
0.93%
7.00%
6.15%
1.04%
7.19%
6.86%
1.21%
8.07%
(0.87%)
YTD
1.09%
Total Variable annuities
Surrenders and withdrawals
Deaths
Total Variable annuities
2.39%
Fourth
Quarter
Gross investment return to policyholder
Closed variable annuities
Surrenders and withdrawals
Deaths
Total Closed variable annuities
24
amounts in millions
USD
9.20%
1.00%
10.20%
1.49%
8.15%
1.12%
9.27%
Unaudited
Aegon Americas
Fixed annuities
unaudited
USD
First
Quarter
Underlying earnings before tax
Second
Quarter
2014
Third
Quarter
amounts in millions
USD
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
58
52
7
56
172
28
37
65
US retail deferred annuities yield and spread information (annualized)
Average yield on investments
4.21%
Average crediting rate
3.04%
Average crediting rate on new business
1.29%
Average gross spread
1.17%
Average underlying gross spread
1.23%
Average guaranteed rate
2.54%
4.22%
2.95%
1.35%
1.27%
1.30%
2.55%
4.17%
2.91%
1.37%
1.26%
1.43%
2.55%
4.26%
2.91%
1.38%
1.35%
1.52%
2.56%
4.23%
2.93%
1.36%
1.31%
1.44%
2.56%
4.50%
2.90%
1.46%
1.61%
1.55%
2.58%
4.34%
2.87%
1.25%
1.47%
1.57%
2.60%
4.44%
2.89%
1.36%
1.55%
1.57%
2.60%
15.11%
3.30%
18.41%
17.30%
3.94%
21.24%
12.22%
3.61%
15.83%
12.48%
3.17%
15.65%
14.39%
3.53%
17.92%
10.54%
3.65%
14.19%
9.99%
3.71%
13.70%
10.30%
3.69%
13.99%
12
60
71
17
70
87
13
71
84
21
60
81
63
261
323
18
62
80
11
59
70
29
121
151
US retail deferred annuities lapse and death rates (annualized)
Surrenders and withdrawals
Deaths
Total
Deposits
Agency
Banks
Fixed annuity deposits
Account balance roll forward
General account annuities beginning of period
Deposits
Lapses and deaths
Interest credited
Other
Total general account annuities end of period
Fixed account of variable annuities
Total Fixed annuity balances
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Shadow accounting adjustments
Balance at end of period
Unaudited
17,154
71
(757)
130
(5)
16,593
(1,193)
15,400
16,593
87
(840)
127
32
15,999
(1,223)
14,776
15,999
84
(636)
120
74
15,640
(1,289)
14,352
15,640
81
(616)
117
7
15,230
(1,280)
13,949
17,154
323
(2,850)
493
108
15,230
(1,280)
13,949
15,230
80
(546)
102
(56)
14,809
(1,222)
13,587
14,809
70
(522)
105
(49)
14,414
(1,172)
13,242
15,230
150
(1,068)
206
(105)
14,414
(1,172)
13,242
240
(3)
(65)
173
173
(10)
(182)
(18)
(18)
(67)
115
30
30
2
(12)
21
240
1
(77)
(143)
21
21
(51)
(44)
(74)
(74)
(25)
178
79
21
(76)
134
79
25
Aegon Americas
Latin America
unaudited
USD
New Life sales
Single premiums
Recurring premiums annualized
Total recurring plus 1/10 single
26
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
USD
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
8
8
10
10
13
13
12
12
1
43
43
9
9
13
13
22
22
Underlying earnings before tax
2
-
1
2
5
1
(2)
(1)
Net underlying earnings
1
-
1
1
3
-
(2)
(2)
Net income
1
-
1
1
3
-
(2)
(2)
Revenues
Life insurance
Total gross premiums
33
33
39
39
40
40
36
36
148
148
35
35
34
34
69
69
Investment income
Other revenues
Total revenues
1
1
34
1
1
41
41
2
1
39
3
3
155
3
1
39
3
1
37
5
2
76
Unaudited
Aegon Americas
Investments general account
unaudited
amounts in millions, except for the impairment data
USD
June 30,
2015
Cash / Treasuries / Agencies
Investment grade corporates
High yield (and other) corporates
Emerging markets debt
Commercial MBS
Residential MBS
Non-housing related ABS
Subtotal
USD
March 31, 2015
amounts in millions
Dec. 31, 2014
Sep. 30, 2014
June 30, 2014
16,453
43,866
3,167
1,793
5,774
5,199
3,473
79,725
18,533
46,809
3,396
1,819
6,320
6,273
3,559
86,710
17,702
46,390
3,294
1,873
6,266
5,547
3,646
84,718
18,958
49,213
3,377
1,893
6,348
5,372
3,529
88,689
18,158
50,198
3,099
1,936
6,393
5,731
3,593
89,108
30
8,317
8,347
32
8,647
8,678
31
8,671
8,703
34
8,395
8,429
35
8,327
8,363
Convertibles & preferred stock
Common equity & bond funds
Private equity & hedge funds
Total equity like
Real estate
Other
Investments general account (excluding policy loans)
380
466
2,062
2,908
1,459
953
93,392
427
468
2,150
3,046
1,575
976
100,985
424
462
1,737
2,623
1,597
1,012
98,652
438
1,745
1,609
3,792
1,748
1,012
103,669
436
1,807
1,641
3,884
1,763
1,022
104,140
Policyholder loans
Investments general account
2,382
95,774
2,397
103,381
2,415
101,067
2,562
106,231
2,577
106,717
1
3
Residential mortgage loans
Commercial mortgage loans
Total mortgages
Impairments as bps (quarterly)
(1)
Aegon Americas
Structured assets and corporate bonds
Credits by rating
IG Corporates
High yield corporate
Emerging Markets debt
Total
Cash / Treasuries / Agencies
Total
Unaudited
(2)
amounts in millions
USD
Structured assets by rating
Commercial MBS
Residential MBS
Non-housing related ABS
Total
(3)
June 30, 2015
AAA
AA
A
BBB
<BBB
NR
Total
4,647
1,953
1,698
8,297
701
61
578
1,340
147
234
734
1,114
105
274
260
638
175
2,678
203
3,056
-
5,774
5,199
3,473
14,446
479
479
3,116
162
3,277
18,995
483
19,478
21,276
870
22,145
3,167
279
3,446
-
43,866
3,167
1,793
48,826
8,776
4,617
20,592
22,784
6,502
-
16,453
79,725
27
Aegon Americas
Investments general account
unaudited
USD
2014
Second
Quarter
Third
Quarter
Fourth
Quarter
First
Quarter
2015
Second
Quarter
Available-for-sale
Bonds
US Treasuries/Agencies
AAA
AA
A
BBB
BB
B
CCC or lower
Shares
Money market investments
Other
Total available-for-sale (at fair value)
7,725
9,499
6,005
22,934
25,259
2,427
1,785
3,076
606
7,492
1,159
87,965
7,787
9,451
6,161
23,816
25,500
2,277
1,620
3,048
578
7,004
1,158
88,400
7,981
9,253
5,983
23,526
24,830
2,486
1,586
2,971
577
7,683
1,141
88,018
8,931
9,271
4,933
21,653
23,416
2,325
1,539
2,800
571
7,951
1,137
84,527
9,352
10,211
5,113
21,657
23,410
2,492
1,482
2,718
578
8,336
1,102
86,450
9,432
8,679
4,743
20,166
22,233
2,446
1,287
2,689
534
6,132
1,078
79,419
Loans
Policy loans
Mortgage loans
Total loans (at amortized cost)
2,594
8,461
11,056
2,577
8,363
10,940
2,562
8,429
10,991
2,415
8,703
11,117
2,397
8,678
11,075
2,382
8,347
10,729
1,011
972
972
873
874
846
3,122
3,229
3,119
1,330
1,364
1,314
158
162
160
167
173
171
791
805
771
711
6,359
791
805
701
717
6,405
775
791
688
717
6,250
724
951
661
717
4,550
700
1,403
622
719
4,981
613
1,359
578
745
4,780
106,391
106,717
106,231
101,067
103,381
95,774
Real estate (at fair value)
Financial assets at fair value through profit or loss
Assets backing liabilities at fair value
Assets not backing liabilities at fair value:
Common stock
Limited partnerships
Real estate
Hedge funds
Other
Other
Total financial assets at fair value through profit or loss
Investments general account
28
First
Quarter
amounts in millions
USD
Third
Quarter
Fourth
Quarter
Unaudited
Aegon Americas
Investments portfolio - Aegon US
unaudited
amounts in millions
USD
Corporate bonds ¹
June 30, 2015
Fair
value
Amortized
cost
Gross
unrealized
gain
Gross
unrealized
(loss)
Net
unrealized
gain/(loss)
% Fair
value to
amortized cost
Financial
Banking
Brokerage
Insurance
Other finance
REIT's
Total financial
7,103
429
3,805
606
1,679
13,621
6,952
404
3,493
555
1,614
13,019
513
29
490
71
108
1,212
(363)
(4)
(179)
(20)
(43)
(610)
151
25
311
50
65
602
102.2%
106.2%
108.9%
109.1%
104.0%
104.6%
Industrial
Basic industry
Capital goods
Communications
Consumer cyclical
Consumer non-cyclical
Energy
Other industry
Technology
Transportation
Total industrial
1,850
2,631
4,427
3,976
7,004
5,081
70
2,253
1,774
29,065
1,811
2,417
4,054
3,672
6,463
4,796
67
2,112
1,660
27,051
136
363
521
401
911
466
5
268
160
3,231
(97)
(149)
(148)
(98)
(370)
(181)
(2)
(126)
(46)
(1,216)
39
214
374
304
540
285
3
141
114
2,014
102.2%
108.9%
109.2%
108.3%
108.4%
105.9%
104.9%
106.7%
106.9%
107.4%
3,922
150
274
4,345
3,565
134
232
3,931
571
17
43
631
(214)
(2)
(216)
356
15
42
414
110.0%
111.5%
118.3%
110.5%
47,032
44,001
5,073
(2,042)
3,031
106.9%
Utility
Electric
Natural gas
Other utility
Total utility
Total
IFRS Basis - Includes Available for Sale and Fair Value Through Profit/Loss assets.
Corporate bonds, excluding Emerging Market Debt and Convertible Bonds
1
Unaudited
29
Aegon Americas
Investments portfolio - Aegon US
unaudited
amounts in millions
USD
Structured assets
June 30, 2015
Fair
value
Amortized
cost
Gross
unrealized
gain
Gross
unrealized
(loss)
Commercial MBS
5,756
5,622
167
(32)
Residential MBS
Government-Sponsored Enterprises (GSE) guaranteed
Prime jumbo
Alt-A
Negative amortization
Reverse mortgage
Total residential MBS
1,950
281
727
947
198
4,104
1,918
270
608
867
276
3,938
53
16
121
105
296
Non-housing related ABS
Credit cards
Auto loans
Other ABS
Student loans
Rate reduction
Small business loans
Timeshare
Aircraft
Equipment lease
Franchise loans
Structured settlements
Total non-housing related ABS
500
292
67
456
1
202
136
49
29
400
303
2,435
481
291
67
460
1
204
136
55
27
379
290
2,391
Housing related ABS
Subprime residential mortgage loans - fixed rate
Subprime residential mortgage loans - floating rate
Manufactured housing
Total housing related ABS
619
434
42
1,095
CDOs
Backed by ABS, corporate bonds, bank loans
Backed by Commercial Real Estate (CRE) & commercial MBS
Total CDOs
Total
Net
unrealized
gain/(loss)
% Fair
value to
amortized cost
135
102.4%
(21)
(4)
(2)
(25)
(78)
(130)
32
12
119
80
(78)
166
101.7%
104.4%
119.7%
109.3%
71.8%
104.2%
19
1
1
3
3
1
2
21
14
65
(8)
(5)
(6)
(1)
(21)
19
1
(5)
(3)
1
(6)
2
21
13
44
104.0%
100.3%
100.5%
99.0%
99.9%
98.8%
100.4%
89.7%
106.4%
105.4%
104.6%
101.8%
578
367
41
985
57
94
2
153
(15)
(28)
(43)
1,038
17
1,056
1,040
18
1,058
12
1
14
(15)
(2)
(16)
14,446
13,994
694
(242)
42
67
1
110
(2)
(1)
(3)
452
107.2%
118.2%
103.6%
111.2%
99.8%
96.4%
99.7%
103.2%
IFRS Basis - Includes Available for Sale and Fair Value Through Profit / Loss assets.
30
Unaudited
Reporting structure
Life & savings
Aegon the Netherlands
Pensions
Non-life
Distribution
Unaudited
31
Aegon The Netherlands
Earnings & sales
unaudited
amounts in millions
EUR
Underlying earnings before tax by line of business
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Life & savings
Pensions
Non-life
Distribution
Associates
Underlying earnings before tax
73
50
1
4
129
78
45
3
3
1
131
82
40
5
127
102
58
9
2
172
336
194
13
15
1
558
81
55
(9)
4
131
80
51
(1)
3
2
136
162
106
(10)
7
2
267
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Income before tax
Income tax
Net income
(36)
84
(2)
(3)
172
(29)
143
(132)
47
(3)
(5)
39
(7)
32
(101)
52
(2)
(6)
70
(26)
44
61
248
(5)
(99)
377
(105)
272
(207)
431
(12)
(113)
658
(166)
491
151
140
(5)
(22)
396
(92)
304
(117)
101
(3)
117
(26)
91
34
241
(8)
(22)
513
(118)
395
Net underlying earnings
100
101
98
123
423
101
106
207
Revenues
Life insurance
Accident & health insurance
General insurance
Total gross premiums
1,499
130
135
1,764
540
39
154
734
1,204
34
107
1,345
739
30
104
873
3,982
233
501
4,716
1,046
129
131
1,306
367
37
147
552
1,413
166
279
1,858
Investment income
Fee and commission income
Total revenues
636
78
2,478
684
80
1,498
637
81
2,062
611
86
1,570
2,568
324
7,608
590
85
1,981
596
87
1,235
1,185
172
3,216
32
4
8
49
93
37
2
6
59
105
99
1
6
72
178
82
1
6
99
189
251
9
26
278
564
38
4
7
156
205
25
2
7
112
146
62
7
15
268
351
39
2.1%
60
3.0%
35
1.3%
40
1.7%
174
2.0%
40
1.6%
68
3.7%
108
2.5%
Sales
New life sales
New premiums accident & health insurance
New premiums general insurance
1/10 of Gross deposits
Total sales
Market consistent value of new business
MCVNB
MCVNB / PVNBP (%)
32
EUR
Unaudited
Aegon The Netherlands
Life & savings
unaudited
EUR
New life sales
Single premiums
Recurring premiums annualized
Total recurring plus 1/10 single
Gross deposits (on and off balance)
Underlying earnings before tax
Account Balances
Life insurance contracts - general account
Life insurance contracts - account policy holders
Investment contracts
Total account balance
Life insurance contracts - general account roll forward
Account balances at beginning of period
Premiums
Withdrawals / benefits
Other
Total account balance at end of period
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
EUR
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
105
1
12
86
1
10
45
1
6
47
1
5
283
4
33
109
1
12
55
1
7
164
2
19
486
556
698
968
2,708
1,537
1,073
2,610
73
78
82
102
336
81
80
162
4,239
9,053
4,866
18,158
4,301
9,148
5,157
18,606
4,281
9,306
5,489
19,076
4,217
9,384
6,051
19,651
4,217
9,384
6,051
19,651
4,246
10,119
7,182
21,547
4,180
9,569
7,243
20,992
4,180
9,569
7,243
20,992
4,210
136
(158)
50
4,239
4,239
118
(152)
95
4,301
4,301
79
(145)
47
4,281
4,281
82
(191)
44
4,217
4,210
415
(645)
236
4,217
4,217
135
(167)
61
4,246
4,246
85
(143)
(8)
4,180
4,217
220
(310)
53
4,180
Life insurance contracts - account of policyholders roll forward
Account balances at beginning of period
9,059
Premiums
105
Withdrawals / benefits
(278)
Other
168
Total account balance at end of period
9,053
9,053
102
(325)
318
9,148
9,148
95
(240)
303
9,306
9,306
100
(284)
262
9,384
9,059
402
(1,128)
1,051
9,384
9,384
94
(302)
944
10,119
10,119
92
(319)
(324)
9,569
9,384
186
(621)
620
9,569
63
(6)
57
57
(5)
53
53
(5)
48
68
1
(21)
48
48
(4)
44
44
(4)
40
48
(8)
40
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Balance at end of period
Unaudited
68
(5)
63
33
Aegon The Netherlands
Pensions
unaudited
EUR
New life sales
Single premiums
Recurring premiums annualized
Total recurring plus 1/10 single
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
155
5
20
230
5
28
938
93
611
16
77
1,935
25
218
148
11
25
89
9
18
237
20
44
-
35
18
21
73
26
43
68
50
45
40
58
194
55
51
106
Account Balances
Pensions - Life insurance contracts - general account
Pensions - Life insurance contracts - account PH
Investment contracts
Total account balance
21,950
17,543
1,399
40,891
22,767
18,118
1,548
42,433
24,403
18,593
1,596
44,592
25,956
19,185
1,849
46,991
25,956
19,185
1,849
46,991
31,099
18,662
2,559
52,320
26,819
17,208
2,004
46,031
26,819
17,208
2,004
46,031
Pension contracts - general account roll forward
Account balances at beginning of period
Premiums
Withdrawals / benefits
Other
Total account balance at end of period
21,107
753
(240)
330
21,950
21,950
237
(229)
809
22,767
22,767
959
(230)
906
24,403
24,403
444
(261)
1,371
25,956
21,107
2,393
(960)
3,416
25,956
25,956
420
(264)
4,988
31,099
31,099
75
(275)
(4,080)
26,819
25,956
494
(540)
908
26,819
Pension contracts - account of policyholders roll forward
Account balances at beginning of period
Premiums
Withdrawals / benefits
Other
Total account balance at end of period
16,342
504
(137)
833
17,543
17,543
85
(60)
550
18,118
18,118
68
(266)
673
18,593
18,593
114
(173)
652
19,185
16,342
771
(637)
2,708
19,185
19,185
397
(839)
(81)
18,662
18,662
116
(168)
(1,402)
17,208
19,185
513
(1,008)
(1,482)
17,208
2,669
2,680
2,685
2,702
2,702
3,734
3,749
3,749
Gross deposits (on and off balance)
Pensions
Underlying earnings before tax
Number of participants serviced (thousands)
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Balance at end of period
34
First
Quarter
amounts in millions
EUR
110
3
(5)
107
107
3
(5)
104
104
2
(5)
101
101
1
(5)
97
110
9
(21)
97
97
3
(5)
96
96
3
(5)
93
97
6
(10)
93
Unaudited
Aegon The Netherlands
Non-life
unaudited
EUR
First
Quarter
New premium production
Accident & health insurance
General insurance
Total Non-life production
Underlying earnings before tax
General insurance and Accident & health ratios
Claim ratio
Cost ratio
Combined ratio
Second
Quarter
2014
Third
Quarter
amounts in millions
EUR
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
4
8
12
2
6
9
1
6
7
1
6
8
9
26
35
4
7
12
2
7
10
1
3
-
9
13
(9)
(1)
73%
35%
108%
74%
34%
108%
72%
33%
105%
70%
35%
105%
71%
35%
106%
73%
35%
108%
2015
Third
Quarter
Fourth
Quarter
YTD
7
15
21
(10)
Aegon The Netherlands
Distribution
unaudited
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
EUR
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Underlying earnings before tax
4
3
5
2
15
4
3
7
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Other movements
Balance at end of period
21
1
(2)
20
20
(2)
18
18
1
(2)
17
17
(6)
(2)
9
21
1
(11)
(2)
9
9
(1)
2
10
10
(1)
9
9
(2)
2
9
Unaudited
35
Aegon The Netherlands
Investments general account
unaudited
amounts in millions, except for impairment data
EUR
June 30,
2015
EUR
March 31, 2015
amounts in millions
Dec. 31, 2014
June 30, 2014
Cash / Treasuries / Agencies
Investment grade corporates
High yield (and other) corporates
Commercial MBS
Residential MBS
Non-housing related ABS
Subtotal
14,825
5,183
102
84
873
2,544
23,612
17,817
4,959
124
105
899
2,556
26,460
15,586
4,283
53
118
932
2,278
23,250
14,055
4,973
59
123
1,151
1,926
22,289
12,378
5,127
75
168
1,171
1,947
20,867
Residential mortgage loans
Commercial mortgage loans
Total mortgages
24,987
100
25,088
25,079
101
25,180
24,589
99
24,687
24,471
98
24,569
24,022
96
24,118
Common equity & bond funds
Private equity & hedge funds
Total equity like
Real estate
Other
Investments general account (excluding policy loans)
361
138
499
1,118
2,695
53,011
393
137
529
1,072
2,500
55,742
396
130
527
1,069
2,359
51,892
364
225
589
796
1,942
50,184
365
225
590
798
2,009
48,382
Policyholder loans
Investments general account
5
53,016
5
55,747
6
51,898
6
50,190
7
48,389
1
1
1
-
-
Impairments as bps (quarterly)
Aegon The Netherlands
Structured assets and corporate bonds
amounts in millions
EUR
Structured assets by rating
Commercial MBS
Residential MBS
Non-housing related ABS
Total
Credits by rating
IG Corporates
High yield corporate
Total
Cash / Treasuries / Agencies
Total
36
Sep. 30, 2014
June 30, 2015
AAA
AA
A
BBB
<BBB
NR
Total
17
498
1,446
1,961
245
538
782
35
68
410
512
32
59
82
172
4
69
73
-
84
873
2,544
3,501
415
415
624
624
1,750
1,750
2,394
2,394
102
102
-
5,183
102
5,286
2,376
1,407
2,262
2,567
175
-
14,825
23,612
Unaudited
Reporting structure
Aegon United Kingdom
Unaudited
Life
Pensions
37
Aegon United Kingdom
Earnings & sales
unaudited
amounts in millions
GBP
Underlying earnings before tax by line of business
Life
Pensions
Underlying earnings before tax
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
21
4
26
18
4
22
20
2
22
77
16
92
15
14
28
20
4
25
35
18
53
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Income before tax
Income tax attributable to policyholder return
Income before tax on shareholders return
Income tax on shareholders return
Net income
(2)
13
(3)
30
(5)
25
(2)
23
(11)
80
1
96
(11)
85
(12)
73
7
(8)
21
(5)
15
4
20
1
33
(30)
26
(13)
13
14
27
(12)
132
(40)
173
(34)
139
5
143
(17)
1
15
29
(15)
13
13
(5)
40
(8)
51
8
59
(4)
55
(22)
41
7
80
(7)
72
(4)
68
Net underlying earnings
21
27
25
36
108
25
27
53
1,022
385
8
1,414
966
496
8
1,470
998
386
9
1,393
977
405
9
1,391
3,962
1,671
34
5,668
1,028
404
9
1,441
1,106
500
7
1,613
2,135
904
15
3,054
206
1
4
211
226
6
232
199
7
206
152
5
157
783
1
23
807
199
6
205
190
6
196
389
12
401
1
0.1%
(1)
(0.1%)
(4)
(0.3%)
(5)
(0.5%)
(9)
(0.2%)
6
0.5%
3
0.2%
9
0.3%
Sales
New life sales
New premiums accident & health insurance
1/10 of Gross deposits
Total sales
Market consistent value of new business
MCVNB
MCVNB / PVNBP (%)
38
First
Quarter
18
5
22
Revenues
Life insurance gross premiums ¹
Investment income
Fee and commission income
Total revenues
1
GBP
Life insurance gross premiums as reported in Q1 2015 have been adjusted as they were overstated by GBP 525 million.
Unaudited
Aegon United Kingdom
Earnings & sales
unaudited
amounts in millions
EUR
Underlying earnings before tax by line of business
Life
Pensions
Underlying earnings before tax
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
21
6
27
26
6
32
22
6
28
25
3
29
95
20
115
20
19
38
28
6
34
47
25
72
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Income before tax
Income tax attributable to policyholder return
Income before tax on shareholders return
Income tax on shareholders return
Net income
(3)
16
(4)
37
(6)
31
(3)
28
(13)
97
2
117
(13)
104
(14)
90
10
(10)
27
(7)
20
5
25
1
42
(38)
34
(16)
17
17
35
(15)
164
(49)
215
(42)
172
6
178
(22)
2
21
39
(21)
18
18
(7)
54
(11)
70
11
81
(6)
75
(30)
56
10
109
(10)
99
(6)
93
Net underlying earnings
25
33
31
45
134
34
38
72
1,234
465
10
1,709
1,186
608
10
1,803
1,257
487
11
1,755
1,239
514
11
1,764
4,916
2,073
43
7,032
1,383
544
12
1,939
1,532
691
9
2,232
2,915
1,235
21
4,171
249
1
5
256
278
7
285
250
9
260
194
7
201
972
1
28
1,001
268
8
276
263
9
272
531
17
548
1
0.1%
(2)
(0.1%)
(5)
(0.3%)
(6)
(0.4%)
8
0.5%
4
0.2%
12
0.3%
Revenues
Life insurance gross premiums ¹
Investment income
Fee and commission income
Total revenues
Sales
New life sales
New premiums accident & health insurance
1/10 of Gross deposits
Total sales
Market consistent value of new business
MCVNB
MCVNB / PVNBP (%)
1
EUR
(11)
(0.2%)
Life insurance gross premiums as reported in Q1 2015 have been adjusted as they were overstated by EUR 706 million.
Unaudited
39
Aegon United Kingdom
Life
unaudited
GBP
New life sales
Single premiums
Recurring premiums annualized
Total recurring plus 1/10 single
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
75
6
14
62
7
13
56
8
13
49
8
12
242
28
53
50
7
12
64
8
14
114
15
26
New life sales
Annuities
Protection
Total recurring plus 1/10 single
7
6
14
6
7
13
6
8
13
5
8
12
24
28
53
5
7
12
6
8
14
11
15
26
Underlying earnings before tax
18
21
18
20
77
15
20
35
Account Balances
Insurance contracts - general account
Total account balance
8,216
8,216
8,227
8,227
8,225
8,225
8,213
8,213
8,213
8,213
8,199
8,199
8,213
8,213
8,213
8,213
Insurance and investment contract roll forward
Account balances at beginning of period
Deposits
Withdrawals / benefits
Other
Total account balance at end of period
8,200
129
(172)
58
8,216
8,216
116
(165)
60
8,227
8,227
113
(168)
52
8,225
8,225
106
(167)
49
8,213
8,200
464
(671)
219
8,213
8,213
108
(175)
54
8,199
8,199
121
(175)
68
8,213
8,213
229
(350)
122
8,213
100
10
(11)
99
99
11
(11)
99
99
11
(9)
101
101
12
(12)
101
100
44
(42)
101
101
10
(11)
100
100
12
(6)
106
101
22
(18)
106
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Balance at end of period
40
First
Quarter
amounts in millions
GBP
Unaudited
Aegon United Kingdom
Pensions
unaudited
GBP
New life sales
Single premiums
Recurring premiums annualized
Total recurring plus 1/10 single
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
GBP
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
379
155
193
391
174
213
331
152
185
274
112
140
1,375
593
731
343
153
187
321
144
176
665
296
363
44
57
72
53
227
59
64
123
5
4
4
2
16
14
4
18
Gross deposits (on and off balance)
Savings
Underlying earnings before tax
Platform assets under administration
Balance at beginning of period
Inflows
Outflows
Other (including market movements)
Balance at end of period
1,279
305
(21)
1,562
1,562
392
(35)
16
1,935
1,935
449
(46)
12
2,350
2,350
384
(43)
56
2,746
1,279
1,529
(145)
84
2,746
2,746
968
(53)
137
3,798
3,798
1,095
(110)
(148)
4,635
2,746
2,062
(163)
(11)
4,635
48,356
888
(1,330)
927
48,841
48,841
1,372
(1,279)
111
49,045
49,045
352
(1,484)
1,515
49,429
49,429
874
(1,266)
1,838
50,874
48,356
3,485
(5,358)
4,391
50,874
50,874
918
(1,295)
2,516
53,013
53,013
993
(1,737)
(2,177)
50,091
50,874
1,911
(3,033)
339
50,091
Number of participants serviced (thousands)
1,637
1,698
1,755
1,821
1,821
1,860
1,880
1,880
DAC/VOBA/FSR's roll forward
Balance at beginning of period
Capitalized during the period
Amortized during the period
Balance at end of period
2,140
16
(29)
2,126
2,126
15
(29)
2,112
2,112
13
(32)
2,093
2,093
12
(33)
2,073
2,140
56
(123)
2,073
2,073
8
(27)
2,053
2,053
9
(32)
2,030
2,073
16
(59)
2,030
Insurance and investment contract roll forward
Account balances at beginning of period
Deposits
Withdrawals / benefits
Other
Total account balance at end of period
Unaudited
41
Aegon United Kingdom
Investments general account
unaudited
amounts in millions, except for the impairment data
GBP
June 30,
2015
Cash / Treasuries / Agencies
Investment grade corporates
High yield (and other) corporates
Emerging markets debt
Commercial MBS
Residential MBS
Non-housing related ABS
Subtotal
amounts in millions
GBP
March. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
June 30, 2014
3,699
3,808
119
189
428
16
1,538
9,797
3,748
4,373
137
32
329
17
1,700
10,336
3,558
4,302
103
31
337
17
1,648
9,995
3,160
4,249
222
30
326
16
1,617
9,621
3,052
4,322
151
29
333
16
1,433
9,335
Common equity & bond funds
Total equity like
Other
Investments general account (excluding policy loans)
108
108
104
10,009
108
108
104
10,549
150
150
104
10,249
147
147
104
9,872
97
97
53
9,485
Policyholder loans
Investments general account
10,009
10,549
10,249
9,872
9,485
-
-
-
-
-
Impairments as bps (quarterly)
Aegon United Kingdom
Structured assets and corporate bonds
amounts in millions
GBP
Structured assets by rating
Commercial MBS
Residential MBS
Non-housing related ABS
Total
June 30, 2015
AAA
AA
A
BBB
<BBB
NR
Total
75
75
188
211
399
135
16
1,093
1,244
10
201
210
19
34
54
-
428
16
1,538
1,982
Credits by rating
IG Corporates
High yield corporate
Emerging Markets debt
Total
113
44
158
572
38
610
1,706
78
1,784
1,416
28
1,444
119
119
-
3,808
119
189
4,115
Cash / Treasuries / Agencies
Total
233
1,009
3,028
1,655
172
-
3,699
9,797
Unaudited
42
Confidential (& draft), August 7, 2015
38
Reporting structure
CEE
Asia
New Markets
Spain & Portugal
Variable annuities Europe
Aegon asset management
Unaudited
43
New Markets
Earnings & sales
unaudited
amounts in millions
EUR
Underlying earnings before tax
CEE
Asia
Spain & Portugal
Variable Annuities Europe
Aegon Asset Management
Underlying earnings before tax
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
19
10
1
32
61
19
6
9
3
25
62
16
(19)
7
3
33
40
7
(4)
2
3
26
33
60
(17)
28
10
115
196
5
(3)
3
1
45
51
10
2
4
(1)
47
62
15
(1)
6
92
113
Underlying earnings before tax
Life
Individual savings and retirement products
Pensions
Non-life
Associates
Aegon Asset Management
Underlying earnings before tax
18
(5)
1
8
7
32
61
19
3
9
6
25
62
(6)
(1)
3
7
4
33
40
(4)
3
9
(1)
26
33
28
(5)
10
33
16
115
196
(7)
(3)
3
14
(1)
45
51
9
(3)
3
8
(1)
46
62
2
(7)
6
22
(2)
91
113
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Income before tax
Income tax
Net income
7
2
(9)
(2)
59
(16)
43
1
2
(15)
1
51
(16)
35
8
(14)
14
48
(12)
35
(14)
4
(4)
(37)
(18)
(6)
(23)
(6)
16
(43)
(24)
139
(50)
89
(4)
5
(2)
50
(22)
28
(3)
4
1
63
(24)
39
(8)
9
(1)
114
(46)
67
Net underlying earnings
45
44
25
21
135
29
38
68
Life insurance
Accident & health insurance
General insurance
Total gross premiums
373
55
58
486
486
35
56
577
443
37
52
533
713
36
57
806
2,015
163
224
2,402
757
60
63
879
615
36
60
711
1,372
96
122
1,590
Investment income
Fee and commission income
Other revenues
Total revenues
54
142
1
683
60
148
785
61
159
753
60
174
1
1,041
234
623
3
3,262
117
196
1
1,193
25
208
3
946
142
403
4
2,139
Sales
New life sales
New premiums accident & health insurance
New premiums general insurance
1/10 of Gross deposits
Total sales
62
9
10
443
524
71
8
11
384
473
61
8
10
738
818
76
9
15
486
586
271
34
45
2,052
2,402
105
11
15
550
681
72
10
12
650
744
177
22
27
1,199
1,425
Market consistent value of new business
MCVNB
MCVNB / PVNBP (%)
32
2.4%
27
1.9%
27
2.0%
29
2.9%
29
2.2%
19
2.1%
Revenues
44
115
2.3%
48
2.2%
Unaudited
Aegon CEE
Earnings & revenues
unaudited
amounts in millions
EUR
Underlying earnings before tax
Life
Pensions
Non-life
Underlying earnings before tax
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
12
1
6
19
9
3
7
19
9
3
4
16
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Income before tax
Income tax
Net income
6
1
(10)
(1)
15
(3)
12
1
1
(14)
(3)
3
(1)
3
1
6
(13)
3
13
(3)
10
Net underlying earnings
15
15
13
Revenues
Life insurance
General insurance
Accident & health
Total gross premiums
123
40
163
130
36
167
Investment income
Fee and commission income
Total revenues
13
11
187
14
11
192
Unaudited
Fourth
Quarter
(3)
3
6
7
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
27
10
23
60
(8)
3
11
5
2
3
5
10
(6)
6
16
15
8
9
(42)
(26)
9
9
(2)
4
(4)
-
1
1
12
(3)
10
2
16
(7)
9
6
48
1
7
9
132
37
169
140
38
178
524
152
1
678
146
44
190
115
39
155
261
83
1
345
13
10
192
13
10
201
54
41
773
12
11
213
11
10
175
23
21
389
(1)
(4)
(25)
(23)
8
(15)
45
Aegon Asia
Earnings & revenues
unaudited
amounts in millions
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
5
(5)
(1)
-
10
(3)
(1)
6
(15)
(2)
(1)
(19)
(1)
(3)
(1)
(4)
(1)
(12)
(3)
(17)
2
(3)
(1)
(3)
6
(2)
(2)
2
7
(5)
(3)
(1)
Fair value items
Realized gains/(losses) on investments
Net impairments
Other income/(charges)
Income before tax
Income tax
Net income
(1)
(1)
2
1
(1)
9
(7)
2
3
2
(1)
4
(11)
1
(10)
(2)
2
(5)
(3)
(8)
3
5
(1)
4
(7)
(9)
(16)
6
4
7
(4)
4
(3)
1
(5)
(6)
4
5
7
(9)
(2)
Net underlying earnings
(1)
-
(17)
(7)
(26)
(5)
(4)
(9)
Underlying earnings before tax
Life
Individual savings and retirement
Share in underlying earnings before tax of associates
Underlying earnings before tax
46
EUR
2015
Third
Quarter
Fourth
Quarter
YTD
Revenues
Life insurance
Accident & health
Total gross premiums
207
31
238
306
23
329
264
24
287
321
25
345
1,097
102
1,199
512
34
546
409
24
432
920
58
978
Investment income
Fee and commission income
Total revenues
27
10
275
30
14
373
32
14
333
34
15
395
124
53
1,376
43
20
609
49
16
497
91
36
1,106
Unaudited
Aegon Spain & Portugal
Earnings & revenues
unaudited
amounts in millions
EUR
Underlying earnings before tax
Life
Non-life
Underlying earnings before tax
Realized gains/(losses) on investments
Other income/(charges)
Income before tax
Income tax
Net income
Net underlying earnings
Revenues
Life & Health insurance
General insurance
Total gross premiums
Investment income
Fee and commission income
Other revenues
Total revenues
Unaudited
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
2
2
3
2
2
2
(1)
3
2
(1)
10
9
(1)
3
3
1
3
4
6
6
2
(2)
-
2
1
3
6
9
9
2
3
(6)
(3)
2
6
16
(7)
9
3
(2)
1
1
4
(2)
2
1
7
(4)
3
-
3
1
-
4
1
2
3
67
18
85
62
20
82
61
16
76
66
19
85
256
72
328
75
19
94
53
20
73
127
39
167
12
2
100
13
2
98
12
2
91
11
1
1
98
49
8
2
387
11
3
1
108
10
3
86
21
6
1
195
47
Variable annuities Europe
Earnings & production
unaudited
EUR
Underlying earnings before tax
Life
Variable annuities
Underlying earnings before tax
Second
Quarter
2014
Third
Quarter
Fourth
Quarter
Full
Year
1
1
3
3
1
2
3
1
3
3
3
7
10
Fair value items
Income before tax
Income tax
Net income
1
2
2
(2)
1
1
(5)
(2)
(2)
(11)
(7)
1
(6)
(16)
(6)
1
(4)
Net underlying earnings
1
3
2
3
10
First
Quarter
1
1
(11)
(10)
1
(8)
1
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
1
(1)
(1)
2
(1)
-
(1)
(1)
(1)
(11)
(11)
2
(9)
-
1
Variable annuity balances roll forward
Separate account annuities beginning of period
Deposits
Lapses and deaths
Other
Total variable annuity balances end of period
974
52
(17)
101
1,109
1,109
44
(21)
67
1,200
1,200
54
(22)
21
1,253
1,253
47
(17)
22
1,305
974
197
(76)
211
1,305
1,305
49
(27)
174
1,502
1,502
51
(24)
(8)
1,522
1,305
100
(51)
167
1,522
Life balances roll forward
Life balances at beginning of period
Deposits
Lapses and deaths
Other
Total Life Balances end of period
3,725
33
(84)
(23)
3,651
3,651
43
(80)
142
3,755
3,755
71
(73)
132
3,885
3,885
40
(77)
96
3,944
3,725
186
(314)
347
3,944
3,944
40
(84)
337
4,237
4,237
40
(118)
143
4,301
3,944
80
(202)
480
4,301
Gross deposits - Variable Annuities
Variable annuities Europe
Intersegment eliminations
Total gross deposits
48
First
Quarter
amounts in millions
EUR
52
(2)
50
44
6
51
54
2
56
47
2
49
197
8
205
49
2
52
51
(2)
49
100
100
Unaudited
Aegon asset management
Earnings & revenues & account balances
unaudited
EUR
First
Quarter
Second
Quarter
2014
Third
Quarter
amounts in millions
EUR
Fourth
Quarter
Full
Year
First
Quarter
Second
Quarter
2015
Third
Quarter
Fourth
Quarter
YTD
Underlying earnings before tax
32
25
33
26
115
45
47
92
Net underlying earnings
22
17
22
19
80
31
34
65
Revenues from third parties
42
39
49
54
184
69
83
152
245,835
117,021
74,491
54,323
268,566
119,789
89,489
59,288
288,733
128,942
93,985
65,807
302,052
133,119
98,684
70,248
302,052
133,119
98,684
70,248
344,885
153,852
108,373
82,660
345,827
137,305
90,381
118,140
345,827
137,305
90,381
118,140
4,147
3,585
7,083
4,525
19,340
5,147
6,256
11,403
(1,546)
2,552
2,778
431
4,215
2,081
988
3,069
240,420
(924)
6,339
245,835
245,835
2,908
19,823
268,566
268,566
3,459
16,708
288,733
240,420
4,124
57,508
302,052
302,052
3,295
39,539
344,885
Third-party assets under management account balances roll forward
Account balance at beginning of period
56,149
Deposits & Withdrawals
(1,546)
Other
(280)
Total account balance at end of period ²
54,323
54,323
2,552
2,413
59,288
59,288
2,778
3,740
65,807
56,149
4,215
9,884
70,248
70,248
2,081
10,331
82,660
Account balances
Assets under management
General Account ¹
Internal unit-linked and off balance sheet ¹
Third-party ²
Gross deposits (Third party assets)
Net deposits (Third party assets)
Assets under management account balances roll forward
Account balance at beginning of period
Deposits & Withdrawals
Other
Total account balance at end of period
288,733
(1,319)
14,638
302,052
65,807
431
4,011
70,248
1
Please note that the numbers provided in this line are also included in other primary segments.
2
Includes pooled fund sales that are recognized on the balance sheet of Aegon UK. These assets are eliminated in our consolidated revenue generating investments.
Unaudited
344,885
(17,809)
18,750
345,827
302,052
(14,514)
58,289
345,827
82,660
988
34,491
118,140
70,248
3,069
44,822
118,140
49
New Markets
Investments general account
unaudited
amounts in millions, except for the impairment data
EUR
June 30,
2015
Cash / Treasuries / Agencies
Investment grade corporates
High yield (and other) corporates
Emerging markets debt
Commercial MBS
Residential MBS
Non-housing related ABS
Subtotal
EUR
March 31, 2015
amounts in millions
Dec. 31, 2014
Sep. 30, 2014
June 30, 2014
657
2,915
113
652
398
62
241
5,039
663
2,895
153
710
364
73
215
5,073
696
2,298
105
636
312
64
169
4,280
992
2,072
136
86
266
122
120
3,794
961
1,828
98
64
210
118
98
3,378
260
260
279
279
285
285
299
299
306
306
Convertibles & preferred stock
Common equity & bond funds
Private equity & hedge funds
Total equity like
Real estate
Other
Investments general account (excluding policy loans)
2
47
5
54
2
171
5,526
2
30
2
35
2
187
5,576
2
26
2
31
2
182
4,779
20
4
24
2
184
4,303
20
4
24
2
192
3,902
Policyholder loans
Investments general account
24
5,549
26
5,602
27
4,806
24
4,327
21
3,923
3
9
30
38
Residential mortgage loans
Total mortgages
Impairments as bps (quarterly)
(2)
New Markets
Structured assets and corporate bonds
amounts in millions
EUR
Structured assets by rating
Commercial MBS
Residential MBS
Non-housing related ABS
Total
Credits by rating
IG Corporates
High yield corporate
Emerging Markets debt
Total
Cash / Treasuries / Agencies
Total
June 30, 2015
AAA
AA
A
BBB
<BBB
NR
Total
265
31
100
397
113
9
122
5
1
103
108
10
27
36
6
31
2
38
-
398
62
241
702
9
9
215
17
232
1,305
4
93
1,402
1,386
7
145
1,539
102
393
494
4
4
2,915
113
652
3,680
405
354
1,510
1,575
532
4
657
5,039
Unaudited
50
Confidential (& draft), August 7, 2015
45
Other corporate information
Public ratings
Company public ratings as of June 30, 2015
Standard
& Poor's
Moody's
Investors Service
Fitch
Ratings
A.M.
Best
Aegon USA
AA-
A1
AA-
A+
Aegon NL
AA-
-
-
-
Aegon UK
A+
-
AA-
-
A-
A3
A-
-
Aegon N.V. - Hybrid capital securities
BBB
Baa1
BBB
-
Aegon N.V. - Commercial paper
A-2
P-2
F1
-
Financial strength ratings
Credit ratings
Aegon N.V. - Senior debt rating
* The outlook is stable for all ratings except Aegon UK. Standard & Poor's placed Scottish Equitable PLC (Aegon UK) on negative outlook on May 22, 2015.
Unaudited
51
Glossary on business lines
The description of each business line provides general guidance to the reader
but is not intended to be exhaustive and may change from time to time.
52
Life
Life includes products with mortality, morbidity and longevity risks. Reported in this line are
traditional life insurance products, including endowment, term and whole life, sold in the Americas,
the Netherlands, the UK and New Markets. Also included are annuity and long-term savings products
sold in the Netherlands and the UK. Accident and health business includes products with morbidity
risk, such as accidental death and dismemberment insurance, critical illness, cancer treatment,
disability, income protection and long-term care insurance in the Americas, the Netherlands, the UK
and Spain.
Distribution
Distribution includes the results from Aegon’s independent financial advisors in the Netherlands,
Unirobe Meeùs and Nedasco.
Individual savings and retirement products
Individual savings and retirement products consists primarily of fixed and variable annuity products
sold in the Americas. Products in this line are primarily in the accumulation phase but immediate and
payout annuities are also included. Retail mutual funds sold in the Americas are also included in this
line.
Associates
The Associates line is used primarily to report Aegon’s share of the results from its partnership with
La Mondiale in France.
Asset Management
Asset Management includes equity and fixed income investment solutions for third party clients,
insurance-linked products and Aegon’s own insurance companies. Results for Aegon’s Asset
Management business are included in the New Markets reporting segment.
Pensions
Pensions includes defined benefit and defined contribution pension business sold both on an
individual and group basis. It comprises products in the accumulation phase as well as in the pay-out
phase. Also included in this line is the Stable Value Solutions business in the Americas.
Run-off businesses
Business lines that Aegon has exited and has decided to wind down are included in the line Runoff businesses. This includes institutional spread-based products such as Guaranteed Investment
Contracts (GICs) and funding agreements which were marketed to institutional clients, as well as
pay-out annuities, bank- and corporate-owned life insurance (BOLI/COLI), and life reinsurance. All
businesses currently in run-off were previously included in the results for Aegon Americas.
Non-life
Non-life includes mainly automotive insurance, liability insurance, household insurance and fire
protection sold both in the Netherlands and New Markets. Also included are disability and sick leave
products sold in the Netherlands.
Other
Other is used to report any items which cannot be directly allocated to a specific line of business.
Results in this line are mainly related to Aegon’s holding companies and include the interest expense
associated with Aegon’s financial leverage.
Unaudited
Disclaimers
Cautionary note regarding non-IFRS measures
This document includes the following non-IFRS financial measures: underlying earnings before tax, income tax, income
before tax and market consistent value of new business. These non-IFRS measures are calculated by consolidating on
a proportionate basis Aegon’s joint ventures and associated companies. The reconciliation of these measures, except
for market consistent value of new business, to the most comparable IFRS measure is provided in note 3 ‘Segment
information’ of Aegon’s Condensed Consolidated Interim Financial Statements. Market consistent value of new business
is not based on IFRS, which are used to report Aegon’s primary financial statements and should not be viewed as a
substitute for IFRS financial measures. Aegon may define and calculate market consistent value of new business
differently than other companies. Aegon believes that these non-IFRS measures, together with the IFRS information,
provide meaningful information about the underlying operating results of Aegon’s business including insight into the
financial measures that senior management uses in managing the business. In addition, return on equity is a ratio using
a non-GAAP measure and is calculated by dividing the net underlying earnings after cost of leverage by the average
shareholders’ equity excluding the preferred shares, the revaluation reserve and the reserves related to defined benefit
plans.
ŠŠ
ŠŠ
ŠŠ
ŠŠ
Currency exchange rates
This document contains certain information about Aegon’s results, financial condition and revenue generating
investments presented in USD for the Americas and GBP for the United Kingdom, because those businesses operate and
are managed primarily in those currencies. None of this information is a substitute for or superior to financial information
about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in
the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking
statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue,
want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to Aegon. These statements
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.
Aegon undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of
writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes
caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
ŠŠ Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom;
ŠŠ Changes in the performance of financial markets, including emerging markets, such as with regard to:
-- The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
-- The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the
resulting decline in the value of equity and debt securities Aegon holds; and
-- The effects of declining creditworthiness of certain private sector securities and the resulting decline in the
value of sovereign exposure that Aegon holds;
ŠŠ Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
ŠŠ Consequences of a potential (partial) break-up of the euro;
ŠŠ The frequency and severity of insured loss events;
ŠŠ Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of
Aegon’s insurance products;
Unaudited
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
ŠŠ
Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;
Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding,
as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;
Changes in laws and regulations, particularly those affecting Aegon’s operations, ability to hire and retain key
personnel, the products Aegon sells, and the attractiveness of certain products to its consumers;
Regulatory changes relating to the insurance industry in the jurisdictions in which Aegon operates;
Changes in customer behavior and public opinion in general related to, among other things, the type of products also
Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
Acts of God, acts of terrorism, acts of war and pandemics;
Changes in the policies of central banks and/or governments;
Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact
such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse
impact such action may have on the premium writings, policy retention, profitability and liquidity of its insurance
subsidiaries;
The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting
the capital Aegon is required to maintain;
Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does
business;
As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of
information technology, a computer system failure or security breach may disrupt Aegon’s business, damage its
reputation and adversely affect its results of operations, financial condition and cash flows;
Customer responsiveness to both new products and distribution channels;
Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s
products;
Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies,
voluntarily or otherwise, may affect Aegon’s reported results and shareholders’ equity;
The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including
Aegon’s ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;
Catastrophic events, either manmade or by nature, could result in material losses and significantly interrupt Aegon’s
business; and
Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving and
excess capital and leverage ratio management initiatives.
Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands
Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report. These
forward-looking statements speak only as of the date of this document. Except as required by any applicable law or
regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is based.
53
Corporate and shareholder information
Headquarters
Publication dates quarterly results 2015 and 2016
Aegon N.V.
November 12, 2015
Results third quarter 2015
P.O. Box 85
February 19, 2016
Results fourth quarter 2015
2501 CB The Hague
May 12, 2016
Results first quarter 2016
The Netherlands
August 11, 2016
Results second quarter 2016
November 10, 2016
Results third quarter 2016
Telephone + 31 (0) 70 344 32 10
aegon.com
Aegon’s Q2 2015 press release and Condensed Consolidated Interim Financial Statements are
Group Corporate Communications & Investor Relations
available on aegon.com.
Media relations
Telephone
+ 31 (0) 70 344 89 56
E-mail gcc@aegon.com
Investor relations
54
Telephone
+ 31 (0) 70 344 83 05
or 877 548 96 68 - toll free, USA only
E-mail ir@aegon.com
Unaudited
About Aegon
Aegon’s roots go back 170 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in
the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon’s purpose is
to help people take responsibility for their financial future. More information: aegon.com.