Aegon (AGN) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the Chair, marking the first AGM since redomiciliation to Bermuda, with both in-person and virtual participation enabled.

• Formalities were confirmed, including proper convening, agenda publication, and voting procedures using the Lumi system.

• Attendance represented 73.16% of voting shares, fulfilling quorum requirements.

• Meeting opened with a welcome from the Chair of the Board and CEO, outlining the agenda and strategic focus for 2024.

Financial performance review

• 2023 saw strong commercial momentum, with new life sales up 13% in the US and 18% in growth markets like Brazil and China.

• U.K. workplace written sales increased 72% to EUR 6.7 billion; retail and asset management saw net outflows due to macroeconomic challenges.

• Operating capital generation reached EUR 1.3 billion, exceeding guidance; free cash flow was EUR 715 million.

• Gross financial leverage reduced to EUR 5.1 billion; final dividend proposed at EUR 0.16 per share, totaling EUR 0.30 for 2023.

• Significant reduction in capital employed in US financial assets, with further management actions planned through 2027.

Board and executive committee updates

• The board and executive committee, including a new director nominee, were introduced, with all present or attending virtually.

• Matt Rider, CFO, announced retirement effective September 1, 2024, after seven years of service.

• Remuneration for Non-Executive Directors and Executive Directors detailed, with CEO total compensation at €3.9 million and CFO at €2.5 million for 2023.

• Board composition changes included re-elections and a new member, Albert Benchimol, proposed for election.