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Aegon declares interim numbers for second half

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Aegon, which also has a global asset manager, attributed the results mainly to an increase in the value of debt in the Netherlands due to tighter credit spreads. According to the group, earnings in the six months in relation to the underlying earnings before taxes developed as follows:

source

Base value before taxes, H2 2020

Base value before taxes, H2 2019

America

€ 556 million

€ 548 million

The Netherlands

€ 344 million

€ 320 million

The UK

€ 62 million

€ 70 million

International

€ 81 million

€ 73 million

Asset management

€ 111 million

€ 79 million

Hold and other activities

(€ 125 million)

(€ 129 million)

group

EUR 1.03 billion

€ 961 million

The 7% increase in underlying earnings before tax, according to Aegon, was due to the benefits of higher US equity markets and wealth management, as well as cost savings. It was highlighted that the effects of COVID-19 were “manageable”.

Managing director Lard Friese said of the results: “The second half of 2020 was still a challenge for our customers, colleagues and the communities in which we operate. I am proud of the continued commitment of our employees to provide support and uninterrupted service to our customers and business partners amid the pandemic. “

Under the circumstances, the CEO said Aegon had been working on its business transformation plans and had a clear roadmap for improved performance.

“In the second half of the year,” says Friese, “we took the first concrete steps to implement these plans. With the announced divestments of our activities in Central and Eastern Europe, we have sharpened our strategic direction. Restructuring of our operations in India, Hong Kong and Singapore; decided to stop funding GoBear; and implemented 260 initiatives related to our performance improvement plan. “

According to the Aegon boss, the result was a reduction in the addressable cost base by more than 75 million euros. Friese added that the company remains on track to hit half of its 2023 target of € 400 million in savings by the end of this year.

He added: “The realignment of the dividend last year ensures that it is sustainable and that it is well covered by the free cash flows we generate even in appropriate stress scenarios. At our 2021 Annual General Meeting, we will propose a final dividend for 2020 of € 0.06 per common share, which will increase the dividend for the full year to € 0.12. “

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