Company: AEGOF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001193125-25-030100
Chunk: 19

Company: AEGON LTD.
Filing Date: 2025-02-20
Form: 6-K
Chunk 19
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 constituted a gain of EUR 64 million, mainly driven by the Americas. In the Americas, gains from the dynamic hedging of the Variable Annuities riders amounted to EUR 114 million driven by hedge gains. Fair value investments recorded a loss of EUR 40 million, mainly driven by the underperformance of private equity investments. Furthermore, Indexed Universal Life hedging resulted in unfavorable impacts of EUR 43 million, driven by an accounting mismatch between the asset returns and the projected crediting rate methodology. Realized losses on investments Realized losses on investments amounted to EUR 9 million and were driven by the Americas, where normal trading activity resulted in losses of EUR 3 million. Net impairments Net impairments amounted to EUR 163 million, of which EUR 166 million came from the Americas. Two thirds of impairments in the Americas were related to expected credit loss (ECL) balance increases for bonds and mortgages following more pessimistic ECL economic scenario outputs leading to increases in expected losses. In addition, the ECL reserve increased by EUR 31 million from a small number of downgrades and defaults mainly from real estate related assets. The remainder of the ECL reserve increase was driven by the purchase of new assets. 23

Other income Other income amounted to EUR 159 million, and was mainly driven by the result from Aegon’s stake in a.s.r. of EUR 299 million, partly offset by charges from the Americas and, to a lesser extent, by charges from Aegon Asset Management and the UK. Other charges in the Americas amounted to EUR 91 million in the second half of 2024. These were driven by restructuring charges and investments related to the Life operating model of EUR 80 million in the reporting period. Other charges in Aegon Asset Management and in the UK totaled EUR 45 million and were driven by restructuring and investments in the transformation of these businesses, while for the UK a partial offset was recorded from the completion of the divestment of the Protection book. Net result The result before tax amounted to EUR 843 million, as the positive impacts from operating result and Other income were only partly offset by non-operating items.The income tax for the period amounted to EUR 103 million and includes recurring beneficial impacts such as the dividend received deduction and tax credits in the US. The net result, therefore, was EUR 741 million. Expenses Addressable expenses increased by EUR 53 million on a constant currency basis when compared with the second half of 2023, to EUR 1,