Aegon Q2 Operating Result Declines

Aegon (AGN.L,AEG) reported a second quarter net loss to owners of 365 million euros compared to profit of 842 million euros, last year. Loss per share was 0.19 euros compared to profit of 0.40 euros. The company posted second quarter net loss due to one-time charges and a non-economic loss on interest rate hedges in the US.

Second quarter operating result was 538 million euros; a decrease of 11% on a constant currency basis from last year. The company noted that the benefits from expense savings, growth initiatives and favorable claims experience were more than offset by lower fees due to adverse market movements and lower investment income.

Second quarter total revenues declined to 6.19 billion euros from 6.21 billion euros, previous year. Premium income declined to 3.60 billion euros from 3.91 billion euros.

Aegon raised its 2022 guidance for operating capital generation from the units from around 1.2 billion euros to around 1.4 billion euros. Aegon also expects to achieve cumulative free cash flow over the period 2021 to 2023 of at least 2.2 billion euros, well ahead of the 1.4 to 1.6 billion euros target set at the 2020 Capital Markets Day.

Aegon announced an interim dividend for 2022 of 0.11 euros per common share, which represents an increase of 0.03 euros from the interim dividend for 2021. Aegon targets a dividend per common share of around 0.25 euros over 2023.

Aegon said its Supervisory Board will propose to appoint Ernst & Young Accountants LLP as the company's independent auditor for the Annual Accounts 2024 through 2028.

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