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

Company: AEGON LTD.
Filing Date: 2025-02-20
Form: 6-K
Chunk 20
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356 million. The increase reflects inflationary impacts and was mainly driven by the Americas and the UK. In the Americas, addressable expenses increased from an increasing number of employees and from expenses related to the implementation of the Life operating model and other initiatives, partly offset by lower accruals for performance related compensation compared with the prior year. For the UK, this reflects higher employee expenses including the onboarding of Nationwide’s financial planning teams. Operating expenses increased by 4% compared with the second half of 2023 to EUR 1,594 million. In addition to higher addressable expenses, this was mainly driven by higher restructuring expenses in the US for investments in the Life operating model and other initiatives, with Transamerica largely completing the insourcing of key functions. New business value With the introduction of IFRS 17, Aegon uses two measures for valuing new business. For insurance products accounted for under IFRS 17, Aegon calculates an “IFRS new business value,” which is defined as the CSM added as a result of writing profitable new life insurance business, offset by the loss associated with any new onerous contracts issued, both after tax and reinsurance. For other products for which Aegon has traditionally reported a market consistent value of new business (MCVNB), but that are not captured by IFRS new business value, Aegon continues to calculate an MCVNB. The two measures combined comprise new business value. Aegon’s total new business value amounted to EUR 348 million in the second half of 2024, compared with EUR 268 million in the second half of 2023. In the second half of 2024, it included IFRS new business value of EUR 212 million, and MCVNB of EUR 135 million. IFRS new business value increased mainly from higher profitability of US individual life products. MCVNB increased mainly from higher sales and a more favorable business mix in the Retirement Plans line of business in the Americas. 24

Americas The new business value in the Americas amounted to EUR 266 million or USD 288 million, an increase of 32% compared with the second half of 2023. In the second half of 2024, the IFRS new business value increased by 25% to USD 216 million. Protection Solutions reported USD 197 million new business value compared with USD 153 million in the second half of 2023. The main driver for this increase was a