Company: AEGOF
Filing Date: 2025-05-16
Form Type: 6-K
Source: 0001193125-25-121236
Chunk: 32

Company: AEGON LTD.
Filing Date: 2025-05-16
Form: 6-K
Chunk 32
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 principles of the Aegon Internal Audit Charter. Resources employed within the Internal Audit function do not execute any operational duties for Aegon and will not review a business area or function in which they have had recent management or operational responsibility or are otherwise conflicted. To ensure the independence of the auditors and effective governance, the business units’ Internal Audit leaders have a reporting line to the Aegon Global Chief Audit Executive, as well as to their respective business units’ Risk and Audit Committee and business units’ Chief Executive Officer. B.6 Actuarial Function - a description of how the insurance Group’s Actuarial Function is implemented The Group CEO has defined the Actuarial Function in accordance with rule 10 of the Bermuda Insurance (Group Supervision) Rules 2011. In addition, to support the Actuarial Function, the Group CEO has defined the Underwriting Risk Management (URM) function (as a sub-functionwithin risk). There are also a number of actuarial activities which are included in the scope of the Finance Function and these are often led by the Chief Actuary in the business unit.

| • |     | The Actuarial Function is to perform or oversee the estimation of policyholder obligations, inform the Board of the adequacy and reliability of the calculation of the technical provisions, opine on the overall 
 underwriting policy and adequacy of reinsurance arrangements and contribute to the effective implementation of the risk management system.                                                                        |

| 26 |     | | Aegon Financial Condition Report 2024 |

| Governance structure  Actuarial Function |

| • |     | The actuarial activities performed in Finance are usually led by the Chief Actuary in the business units. The Chief Actuary’s role is to advise, to support, to facilitate, to monitor and to challenge on matters                                      
 relating to the calculation of insurance liabilities, pricing and product development, reinsurance use, underwriting practices, required capital assessment and the maintenance of a strong control culture. The Chief Actuary, traditionally, oversees 
 the setting of the assumptions and methodology, capital reporting and the oversight of pricing and reinsurance. The exact split of responsibilities depends on the organizational structure within Finance.                                             |

| • |     | The URM function is to monitor and to challenge on matters relating to actuarial risk analysis, risk policy and limit framework setting, risk management and compliance, assessment of required capital methodology and                                   
 modelling, in addition to related risk controls. Furthermore, the role of