Company: AEGOF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001193125-25-030100
Chunk: 16

Company: AEGON LTD.
Filing Date: 2025-02-20
Form: 6-K
Chunk 16
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 second half-year of 2023. This increase was largely driven by WFG’s increased annuity sales volumes, resulting in higher net commission revenues and higher revenue sharing income from third-party product providers. In the Savings & Investments business segment, the operating result increased by 10% to USD 131 million in the second half of 2024, compared with the same period of the prior year. This was mainly driven by Retirement Plans which experienced a 9% increase of revenues in the reporting period compared with the second half of 2023. This was mainly driven by an increase in fees on higher average account balances, and more investment revenue from a higher asset volume invested at improved returns in the general account stable value fund. This was only partly offset by higher technology and employee expenses to support the growth of the business. Revenues in Mutual Funds increased by 1% over the same period due to higher fees on higher average asset balances driven by market performance. The Stable Value Solutions line of business recorded USD 10 million lower revenues over the same period due to a reduction of the revenue generating investment balance resulting from contract terminations, as well as participant withdrawals. The operating result of the Protection Solutions business segment increased by 35%, or USD 87 million, to USD 334 million in the second half of 2024, compared with the second half-year of 2023, driven by portfolio growth. The net investment result contributed USD 72 million to this increase and reached USD 239 million in the second half of 2024. Compared with the second half of 2023, higher investment balances and higher book yields in a favorable market environment increased investment income, and were partly offset by higher interest accretion on liabilities following the assumption updates in the first half of the year. The operating result increased also from a growing CSM balance. This increased the release of CSM, which in the second half of 2024 amounted to USD 159 million. Experience variance on claims, expenses, and other items was USD 22 million favorable, after being broadly neutral in the prior reporting period. The increase in operating result was partly offset by unfavorable impacts of USD 29 million on onerous contracts in the second half of 2024, mainly from further cohorts of older Term Life policies becoming onerous due to elevated post level-term lapses. Onerous new business decreased the operating result of Protection Solutions by USD 14 million in the second half of 2024. 21

The operating result of the Financial Assets segment