Company: AEGOF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001193125-25-030100
Chunk: 18

Company: AEGON LTD.
Filing Date: 2025-02-20
Form: 6-K
Chunk 18
---
 incurred in the prior year period relating to the Protection book have not repeated in the second half of 2024 following the sale of the business on 1 July 2024. Combined, these impacts led to a small decrease of the operating result. International The operating result for the International segment decreased by 8% to EUR 93 million in the second half of 2024, compared with the second half of 2023. This was mainly driven by a lower operating result in TLB resulting from a lower asset balance as a consequence of remittances following the reinsurance transaction between TLB and Transamerica. This was partly offset by higher operating results in the other International units. The operating result in China increased, benefiting from improved persistency and lower expenses. In Spain & Portugal, the operating result benefited from expense management and higher gross written premiums partially offset by less favorable claims experience. The operating result in Brazil remained stable, as the positive impacts from business growth and favorable claims experience were offset by unfavorable exchange rate movements and higher expenses. 22

Asset Management The operating result from Aegon AM amounted to EUR 94 million in the second half of 2024, an increase of 34% compared with the same period of 2023, driven by both Global Platforms and Strategic Partnerships. The operating result increased in Global Platforms reflecting business growth, including the expansion of the CLO business and a one-timebenefit. It also benefited from favorable markets which drove higher management fees. This was partially offset by higher expenses from increased employee expenses. In Strategic Partnerships, the operating result increased driven by lower expenses and a one-timerevenue benefit from AIFMC, which more than offset the impact from adverse market conditions in China. LBP AM’s operating result slightly decreased, driven by a one-timeitem. Holding The operating result from the Holding was a loss of EUR 68 million. The result from the Holding improved by EUR 4 million compared with the second half of 2023, and mainly reflected funding and operating expenses. The result included a benefit resulting from an internal reinsurance transaction between Transamerica and TLB, offsetting a negative impact in the US. This benefit more than offset the impact of lower returns on Cash Capital at Holding due to a lower balance. Non-operatingitems The loss from non-operatingitems amounted to EUR 91 million in the second half of 2024, mainly due to net impairment losses, with a partial offset from fair value gains. Fair value items Fair value items