Company: AEGOF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001193125-25-030100
Chunk: 22

Company: AEGON LTD.
Filing Date: 2025-02-20
Form: 6-K
Chunk 22
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 net result and favorable currency movements in the second half of 2024, which more than offset the capital distributions to shareholders. On a per share basis, shareholders’ equity increased by 13% to EUR 4.53 in the second half of 2024. Gross financial leverage Gross financial leverage increased by EUR 0.1 billion in the second half of 2024, to EUR 5.2 billion. This increase was driven by the strengthening of the US dollar against the euro. Contractual Service Margin (CSM) The CSM amounted to EUR 9.0 billion per December 31, 2024, and increased by EUR 0.2 billion compared with June 30, 2024. In the second half of 2024, the CSM per share after estimated tax adjustment has increased by 5% from EUR 4.17 to EUR 4.38. New business contributed EUR 293 million to the CSM, driven by business growth in the US. The CSM release of EUR 498 million was mainly driven by the run-offof the Financial Assets in the Americas and the traditional book in the UK. Claims and policyholder experience reduced CSM by EUR 163 million mainly driven by the UK, mostly from repricing activity on Workplace schemes. Non-financialassumption changes decreased the CSM by EUR 32 million, driven by assumption updates in the UK and the US. Markets had a favorable impact for products accounted for under the variable fee approach (VFA) – primarily the unit-linked business in the UK and variable annuities in the US – increasing the CSM by EUR 184 million. Various other items, notably favorable impacts from exchange rate changes and interest accretion, increased the CSM by EUR 461 million. 28

Americas In the Americas, the CSM balance at the end of the second half-year of 2024 amounted to EUR 7.0 billion, or USD 7.3 billion in local currency, an increase of USD 31 million compared with June 30, 2024. An increase of the CSM balance in the Protection Solutions business segment (Strategic Assets) was largely offset by a decrease in the CSM for Financial Assets. Reflecting Transamerica’s strategy to grow the Strategic Assets, the CSM balance of Protection Solutions increased by USD 303 million during this half-year to USD 3,443 million at the end of 2024. This was mainly driven by new business which contributed USD