Company: AEGOF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001193125-25-030100
Chunk: 13

Company: AEGON LTD.
Filing Date: 2025-02-20
Form: 6-K
Chunk 13
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 million from favorable underwriting experience variance and lower new business strain. Holding funding and operating expenses amounted to EUR 147 million in the second half of 2024, an increase of EUR 27 million as the prior year period benefited from an elevated cash position driven by the proceeds from the a.s.r. transaction. Americas In the Americas, operating capital generation decreased by 7% to USD 429 million in the second half of 2024. This compared with USD 464 million in the same period of last year, which included around USD 50 million of favorable non-recurringitems. The second half of 2024 benefited from around USD 11 million favorable non-recurringitems in aggregate. New business strain, which constitutes a drag on operating capital generation, amounted to USD 404 million in the reporting period, compared with USD 309 million in the same period of 2023. Primarily, this was driven by continued growth of the Retirement Plans business, which had larger deposits into the General Account Stable Value allocation in the period. Secondly, the new business strain also increased in Protection Solutions, mainly from strong growth in RILA sales. The release of required capital increased to USD 219 million in the second half-year of 2024 from USD 142 million in the same period last year. The increase in the second half of 2024 was mainly the result of non-recurringrequired capital releases of around USD 40 million following actions to lower the investment and asset concentration risk. 16

Earnings on in-forcedecreased by 2% to USD 614 million in the second half of 2024, compared with USD 630 million in the same period of last year. While the prior year period saw unfavorable claims experience of USD 79 million largely from mortality claims, claims experience was USD 60 million unfavorable in the second half of 2024. Mortality claims experience was USD 50 million unfavorable and morbidity claims experience was USD 10 million unfavorable.

In summary, Strategic Assets contributed USD 302 million of operating capital generation in the second half of 2024 compared with USD 349 million in the prior year period. The decrease was on balance mainly driven by a higher new business strain, partly offset by higher earnings on in-force.Financial Assets reported USD 128 million of operating capital generation in the period, compared with USD 115 million in the second half of 2023. The increase was mainly driven by higher release of required from lower investment risk and a more favorable claims experience,