Milestones 

Q1

• The transfer of Nationwide Building Society’s financial planning service to Aegon UK was completed, which expanded the scope of Aegon UK’s Advice offering.

• Aegon announced that it would exercise its right to redeem EUR 700 million of 4% fixed-to-floating subordinated notes.

• Aegon UK signed the Finance for Biodiversity Pledge, a global initiative which brings together 163 financial institutions that jointly represent EUR 21.7 trillion of assets. 

• The sale of Aegon’s 56% stake in its partnership in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company, was completed.

Q2

• The company’s Annual General Meeting of Shareholders approved all resolutions on its agenda, which included the re-election of Lard Friese as CEO, the election of Albert Benchimol to the Board, and the adoption of a new remuneration policy. 

• Aegon presented its plans to accelerate the transformation of Aegon UK into a leading digital savings and retirement platform at a teach-in hosted from London.

• The EUR 1.535 billion share buyback program mainly related to the transaction to combine Aegon the Netherlands with a.s.r. was completed. 

• USD 760 million of senior unsecured notes with a fixed coupon of 5.5% and a tenor of three years was successfully priced.

Q3

• Duncan Russell succeeds Matt Rider as Aegon’s Chief Financial Officer.

• Aegon’s brand refresh program continued with the roll out of updated brand identities for Aegon Spain, Aegon UK, and Aegon Asset Management.

• A EUR 200 million share buyback program, which was announced on May 16, 2024, began. 

• The appointment of Shawn C.D. Johnson as CEO of Aegon Asset Management and a member of Aegon’s Executive Committee, was announced.

• The appointment of Michele Bareggi as Chief Strategy, Transformation & Growth Officer and a member of Aegon’s Executive Committee, was announced.

• Aegon UK completed the sale of its UK individual protection book to Royal London, transferring legal ownership to Royal London through a Part VII transfer.

Q4

• The EUR 200 million share buyback program that was announced May 16, 2024, was completed on December 13, 2024.

• A new planned EUR 150 million share buyback was announced, which began in January 2025.   

• Aegon published interim net-zero  targets for 2030, which build on the company's 2025 targets.   

CEO interview

Continuing on our journey of transformation

Following the structural changes the company implemented in previous years, in 2024, Aegon focused on building leading businesses offering retirement, pensions and investment solutions.

2022 and 2023 saw big changes in the company. What stood out for you in 2024?

Since 2020, Aegon has embarked on a journey of fundamental transformation to improve its overall performance. We have worked at pace to focus our attention on markets where we aim to build leading businesses. As a result of the changes we have made in recent years, Aegon is now a more focused company with an improved operational performance, a strong balance sheet, and an enhanced risk profile. Following the combination of our Dutch businesses with a.s.r., which created a leading Dutch insurance company, we set out our plans to transform Transamerica into America’s leading middle-market life insurance and retirement company at our Capital Markets Day (CMD) in June 2023.

In 2024, we focused on the disciplined execution of those plans and have made good progress in strengthening both Transamerica and its affiliated insurance agency, WFG. This year, we achieved strong growth in the number of WFG agents and in net deposits of registered linked annuities. Our mid-sized Retirement Plans business continued to grow with strong written plan sales, and we grew assets in both the General Account Stable Value product and individual retirement accounts.

In June 2024, we announced our plans to accelerate the transformation of Aegon UK into a leading digital savings and retirement platform. Aegon UK is well positioned to capture opportunities in the United Kingdom’s large and growing market for long-term savings and retirement solutions. By leveraging its interconnected business model, Aegon UK aims to increase flows, combined assets under administration, and remittances to the Holding over time.

Furthermore, in 2024, we held our first Annual General Meeting in Bermuda and continued to build our team in the country, including the appointment in September of a dedicated Country Executive. Since our redomiciliation to Bermuda in late 2023, we have been actively engaging with the Bermuda Monetary Authority (BMA), and I wish to thank the BMA for the professional, courteous and efficient relationship that we have been able to build in a relatively short period of time.

How did Aegon perform during the year?

I am very pleased with the progress we made in 2024. We met all our guidance for the year, and we are on track to meet the 2025 targets we laid out at our 2023 CMD.

We delivered on our increased guidance for Operating Capital Generation (OCG) of EUR 1.2 billion for 2024, while our main business units remained well capitalized. We also generated an IFRS operating result of EUR 1.5 billion.

The progress we made in 2024 reflects our ability to adapt and grow in a changing environment. For me, this is proof that we laid the right foundations in previous years and are on the right track for our transformation. I very much appreciate the dedication and hard work of our teams over the past twelve months that made this possible.

It is great to see their efforts paying off, as we were able to propose a final dividend of 19 eurocents per share. On this basis, the total dividend paid for the full-year 2024 will be 35 eurocents per share, up 17% compared with 2023, and we are on our way to achieving our target of around 40 cents per share over 2025.

In addition, we continued to return capital to shareholders during 2024 through various share buyback programs. In May, we launched a EUR 200 million program, which was completed on December 13, 2024. In June, we completed the EUR 1.535 billion share buyback mainly related to the combination of Aegon’s Dutch businesses with a.s.r. And, in November, we announced a new EUR 150 million program, that began in January 2025.

What has Aegon done to improve customer experiences across its various businesses?

Our customers are central to our business, and, in 2024, we continued to work hard to enhance their experiences across our operations.

In the United States, Transamerica took steps to improve its customer experience, bringing important functions and activities that were previously outsourced back in-house, including its customer service operations. By doing so, Transamerica took back control of critical service processes that will help to enhance its competitive position and deliver a better customer experience. These efforts were further strengthened by the creation in 2024 of Transamerica's Customer Experience Center of Excellence which focuses on improving customers’ experiences, and uses data and client feedback to develop solutions, communications, and digital capabilities that address customer needs.

At the same time, we continued to grow WFG, which now has over 86,000 agents in the US and Canada, a 17% increase on the previous year. Many of these agents come from diverse communities, enabling them to better understand the needs of the people they serve.

In the United Kingdom, we launched the Aegon Digital Experience (ADX), a new set of online journeys that provide a smoother experience for advisors, their customers, and employers. ADX also provides improved security for customers and more sophisticated data analytics that will enable Aegon UK to further enhance customer experiences in the future.

More broadly, following the successful rebranding of the holding company in 2023, we rolled out refreshed brand identities in 2024 for Aegon Spain, Aegon UK, and Aegon Asset Management. These new identities were developed with digital experiences in mind and will support our businesses in further enhancing the digital experience they offer to customers. Furthermore, in January 2025, we completed this refresh with the launch of refreshed brand identities for Transamerica and Transamerica Life Bermuda. This refresh provides our businesses with a consistent and recognizable visual identity, while capitalizing on the strength of the various brand names in their local markets. Moreover, it underscores that our group is a family of companies united by a clear purpose of Helping people live their best lives.

Do you see any suitable opportunities for acquisition to accelerate Aegon’s transformation?

In recent years, we have concentrated on divesting companies where we felt we were not the right owner. With the completion of the sale of our stake in our partnership in India, we have completed that process. We are fully focused on building leading businesses in our chosen markets and we are ready to invest to accelerate our progress. If we see acquisition opportunities that could advance our strategy, we will evaluate them against both financial and non-financial criteria. We will only consider an acquisition if a company fits with our businesses and strategy, if we can integrate it, and if it makes sense financially. We will always behave in a disciplined and rational manner.

You continue to hold an almost 30% stake in a.s.r. How long do you plan to hold on to it?

The combination of our Dutch businesses with a.s.r., which was completed in July 2023, created a leading Dutch insurance company. Our stake in a.s.r. has an indefinite timeframe. This allows us to benefit from the unique synergies that the combination brings. We are pleased with how the integration of the businesses is progressing and are already seeing benefits from the combination. To gain as much further value as possible, we will hold our stake until the a.s.r. share price reflects its intrinsic value, or until value-creating opportunities emerge that require capital.

How did you ensure employees remained engaged during recent changes in the company?

We continue to build a culture that allows us to attract and develop the talent that we need to transform the company. The excitement and motivation I see across our businesses to deliver on our purpose of Helping people live their best lives is heartening. This is reflected in the strong levels of engagement that we see in the results of our annual Global Employee Survey (GES). I am always inspired by how dedicated my colleagues are to serving our customers and growing our businesses.

2024 also brought changes to the Executive Committee.

Indeed, we bid a fond farewell to two senior colleagues and welcomed two new members to the Executive Committee (ExCo).

First, Matt Rider retired from his position as our CFO after seven years of dedicated service to Aegon. Matt has been instrumental in building and maintaining Aegon’s strong financial profile and significantly improving its financial performance. Matt has been a great partner, and I wish him all the best for his well-earned retirement. Fortunately, I will continue to work with Matt in his new role as a non-executive board member of Transamerica. Matt was succeeded by Duncan Russell, who has served as our Chief Transformation Officer and a member of the ExCo since 2020. Duncan has already played a significant role in the progress we have made so far, and I am very pleased that we had such a talented individual ready to take the reins from Matt. Duncan, in turn, has been succeeded by Michele Bareggi, whose considerable experience in M&A, transforming organizations and creating long-term growth will be incredibly valuable as we continue to transform the business.

Second, in August, Shawn C.D. Johnson was appointed CEO of Aegon AM, and a member of Aegon’s Executive Committee. I am pleased to welcome Shawn, whose extensive asset management expertise, strategic consulting skills, and leadership acumen will help him lead Aegon AM through the next phase of its transformation. Shawn takes over from Bas NieuweWeme, who over the past five years has helped shape Aegon AM into a more customer-driven organization and brought it closer to becoming a global platform.

The new members of our senior leadership team bring with them new capabilities, skills, and experience that will be key to helping drive Aegon and its businesses forward during the second phase of our transformation.

What were the most important steps you took in 2024 in terms of sustainability?

We take our commitment to sustainability seriously and I am pleased that we were able to meet all our 2025 climate targets. Of course, we still have more to do, which is why we published targets for 2030 in the last quarter of 2024. These build on our previous set of targets and include reducing the carbon impact of our operations and general account assets, investing an additional USD 1 billion in activities to help climate change mitigation and adaptation, and continuing to engage with the top 20 corporate carbon emitters in Aegon’s general account investment portfolio.

How do you support the local communities in the places where you operate?

We believe it is very important that we support our local communities. Guided by our purpose, we make direct donations to good causes and carry out volunteering through our Global Force for Good initiative. I am really proud of what we’ve accomplished in 2024: we supported almost 500 charities and good causes around the world, with a total community investment of almost EUR 10 million. I am also pleased that the Holding, together with our businesses, colleagues, and the Transamerica Foundation, stepped up to contribute important donations and support to communities affected by natural catastrophes in Spain, Brazil, and the United States.

What are you looking forward to most in 2025?

While we have achieved a lot in 2024, there is still so much more to be done. In 2025, we will remain laser focused on driving growth and building champion businesses. And I am sure that, if we maintain the pace and commitment we built up in recent years, we can increase our momentum further as we continue our journey of transformation. I am excited about Aegon’s future, and I am inspired by my colleagues around the world. Together we will help people live their best lives and deliver value for all our stakeholders.

Our business environment

Aegon operates in a complex and fast-moving environment influenced by a wide range of factors.

In this volatile and uncertain landscape, we keep a close eye on current trends and developments that have the potential to impact our business, either positively or negatively. In addition to our immediate operating environment, we examine the longer-term horizon to identify potential risks and opportunities for Aegon and its stakeholders in the years ahead. These exercises help refine our strategy and sustainability approach, shaping our efforts to create value for our stakeholders and reduce any negative impacts.

Macroeconomic and geopolitical context 

In 2024, we continued to operate in a world characterized by heightened geopolitical tensions. As conflicts in Eastern Europe and the Middle East continued, investors remained concerned about the impacts of regional escalation, East-West deglobalization, and political divisions between and within nations.

Despite these developments, the global economy achieved around 3% growth in 2024. The United States continued to outperform the majority of wealthy nations. Though inflation levels proved more persistent than expected, they continued to decline across the United States, the United Kingdom, and the eurozone, nearing central bank target figures and easing the pressure on consumers after three years of significant price rises. As a result, various central banks cut interest rates in the second half of 2024, treading a cautious path between avoiding an economic slowdown and reigniting inflation. By year-end, the US economy was “cooling off”, with growth slowing but not in immediate danger of a major downturn. In the eurozone, growth was mildly positive, restrained by weakness in the industrial sector.

In the future, elevated levels of public and private debt could be a challenge in many countries. In October, the new Labour government in the United Kingdom used its first budget to announce a significant increase in public spending that will be financed by a combination of tax increases and higher borrowing. Other European countries are also struggling to boost their economies.

Meanwhile, pressure is mounting in the United States to reduce public debt to GDP levels, though addressing fiscal imbalances will prove challenging for the incoming administration. Markets are likely to remain volatile in 2025 as they process mixed signals from the global economy and grapple with asset valuations that are above historical averages.

Demographics and longevity 

Demographic megatrends, including aging populations in high-income countries, continued to influence macroeconomic conditions in 2024. For example, the retirement of baby boomers impacted labor markets around the world and increased demand for retirement advice in several markets. This ongoing demographic shift prompted countries such as China to raise retirement ages – but also created opportunities for investors to rebalance their portfolios to align with long-term trends, and for financial services companies to help consumers plan appropriately for longer, multi-stage lives.

Another global trend has been rising income inequality. In its September 2024 report, the UN International Labour Organization (ILO) noted that the share of global income earned by workers, as opposed to capital investment, has remained flat since 2022, reinforcing a long-term downward trend. The study identified the COVID-19 pandemic as a key driver of this decline, with inequalities also exacerbated by technological advances, such as automation, the benefits of which have not been broadly shared. These developments undermine progress toward realizing UN Sustainable Development Goal 10 (“reduced inequalities”) and underscore the importance of Aegon’s continued efforts to increase financial inclusion and reach traditionally underserved groups.

New technologies and innovation

In 2024, industries continued to feel the disruption and, in some cases, reap the benefits of accelerated technological innovation. There were, for example, numerous advances in solutions to tackle the impacts of climate change. These included carbon capture technologies, the market for which grew 11.1% in 2024,1  and the continued expansion of renewable energy sources, which now account for 30% of the world’s electricity generation.2

Artificial Intelligence (AI) has emerged as one of the most transformative and influential technologies of our time, with a major theme of 2024 being the continued development of generative AI (GenAI). Recognizing the potential of these tools to deliver productivity gains while enhancing customer and employee experiences, companies are scrambling to secure a competitive advantage. Research published in August 20243 found that, in finance functions, while 45% of organizations are currently piloting GenAI solutions, only 6% are using the technology at scale. For most industries, capturing the full value of GenAI will take between three to five years – and will depend on smart strategies that combine digital innovation with effective governance and creative contributions from human employees.

As the world becomes increasingly dependent on AI solutions that process vast amounts of user data, challenges around cybersecurity, data integrity, and privacy continue to grow. These include the increased proliferation and sophistication of so-called “deepfakes”, AI-generated media that mimic the identity of others, often to spread misinformation. As GenAI tools become more popular with the public, developing robust mechanisms to prevent fraud and abuse will be a key focus area for policymakers around the world. The significant amount of energy consumed by powering AI is also already an important topic of debate.

Sustainability developments

The climate transition continued to gain momentum in 2024. During the year, several governments, including the United Kingdom and Brazil, submitted new Nationally Determined Contributions (NDC) to reduce emissions on the path to meeting their net-zero commitments. Meanwhile, the “COP29” conference in Baku in November culminated in an agreement on international carbon markets and a more ambitious financial package, worth USD 300 billion per year by 2035, pledged by wealthier nations to help developing countries cope with the effects of climate change.

As various stakeholders throughout society work to address the physical impacts of climate change, many face transition risks: financial and operational issues associated with the shift toward a low-carbon economy. Regulatory developments, such as the introduction of the European Union’s Corporate Sustainability Reporting Directive4 (CSRD), further emphasized the importance of these topics. With large companies operating in the European Union required to disclose their climate-related impacts, risks, and opportunities, and other jurisdictions set to enact similar rules in the coming years, the need for mature approaches and policies is clearer than ever. 

Our strategy

At Aegon, we build champion businesses that can thrive in a changing business environment and that respond to the evolving needs and expectations of our stakeholders.

We aim to give people the confidence and flexibility to live their best lives and contribute to a better world. As we work to realize our vision to create leading businesses in investment, protection, and retirement solutions, we also consider the opportunities and challenges our stakeholders face in today’s evolving financial services landscape.

Guided by our purpose

Our purpose of Helping people live their best lives guides how we engage with both our customers and our wider stakeholder community. We aim to maximize value for all stakeholders by enabling them to seize the opportunities presented by a changing demographic landscape, and to join us in helping to shape a healthy, equitable world. This approach provides the foundation for Aegon's vision and strategy, as well as all subsequent business planning and decision-making.

Our investment, protection, and retirement solutions are designed to help our customers navigate a longer, multi-stage life and make the right choices for their future. For our workforce, we aim to foster a purpose-led, inclusive culture that leads to rewarding and fulfilling career opportunities. We seek to cultivate strong, respectful relationships with our suppliers and business partners that enable them to support our customers. And, for our investors, we focus on generating predictable, competitive returns.

In addition to addressing the needs and expectations of our immediate stakeholders, we seek to have a positive impact on the world around us through our sustainability approach. This is an important element of Aegon's strategy for value creation, and includes our long-standing focus on responsible investing, our net-zero ambitions, and our focus on fostering a fair and inclusive company. This approach 
provides an overview of how we address key sustainability issues, considering the expectations and perspectives of our stakeholders, and the steps we took in 2024 to address them through our strategy and activities.

Building on our strengths

One of our most important resources at Aegon is our global workforce’s deep knowledge and expertise. Across our businesses and partnerships, we have a clearly defined workforce strategy and culture that aims to attract, retain, and develop the talent we have in our company. Where relevant, we leverage business synergies across our company and our different markets: for example, through the strong links between our growth businesses and our global asset manager. Similarly, Aegon’s asset management teams strive to deliver strong investment returns and support the sound and effective management of the large back books associated with our businesses in run-off.

At the holding level, Aegon supports this strategy by developing strategy, allocating capital, defining risk appetite, setting targets, supporting talent development, and driving performance and strategy implementation. We also take a centralized approach to determining functional mandates, setting global policies and frameworks, and providing shareholder services. In parallel, Aegon’s businesses develop local strategies and operating plans within the company’s strategic framework and ensure their implementation.

Clear strategic focus, delivered through our businesses and partnerships 

Since 2020, Aegon has taken structured steps to become a more focused company with an improved operational performance, a stronger balance sheet, and an enhanced risk profile. Following the combination of Aegon’s Dutch businesses with a.s.r., Aegon completed a major step in its transformation in 2023. The company is now continuing its transformation journey and accelerating the execution of its strategy.

In the Americas, Transamerica, the largest of Aegon’s businesses, is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers. We aim to accelerate Transamerica’s growth and create America’s leading middle-market life insurance and retirement company. The rapidly growing middle-income market is the largest in the United States but remains relatively underserved by the financial services industry. Transamerica is well positioned to capitalize on the opportunities in this market through its three Strategic Assets business segments: Distribution, Savings & Investments, and Protection Solutions. The fourth business segment holds Financial Assets, which are running-off. Aegon intends to, over time, reduce the capital employed by Financial Assets and grow its Strategic Assets, its partnerships, and the global asset manager.

The Strategic Assets business segments offer a greater potential for an attractive return on capital and are where Aegon is well positioned for growth. We continuously evaluate and invest in growth opportunities within our Strategic Assets. This includes expanding our customer base with a focus on providing middle-income retail customers with selected life insurance and investment products, as well as growing our retirement plan and recordkeeping businesses.

The Distribution business segment is focused on the distribution of life insurance and annuity products to middle-income households and consists mainly of WFG, an affiliated insurance distribution network of over 86,000 agents. Transamerica will invest further in WFG and plans to grow the number of agents to 110,000 by the end of 2027, while at the same time improving agent productivity.

Transamerica’s Savings & Investments business segment offers retirement plans, mutual funds, and stable value solutions. In retirement plans, Transamerica strategically focuses on mid-market participants and the pooled plan solutions market in the United States. In addition to providing retirement plan recordkeeping, Transamerica is growing its offering of ancillary products and services to plans, participants, and retirement investors, such as administration and investment services, advisory services, as well as individual retirement, health, and flexible savings accounts. We aim to increase earnings on in-force from the retirement business to between USD 275 million and USD 300 million by 2027.

The Protection Solutions business segment includes Transamerica’s life insurance, health insurance (employee benefits), registered indexed annuities, and variable annuities lines of business that Transamerica aims to strategically grow. These products are distributed through WFG and other distribution channels. Transamerica is targeting approximately USD 750 million of annual new life sales in Individual Life by 2027. Transamerica is also investing in its product manufacturing capabilities and operating model to position its Protection Solutions business for further growth, with distribution through both WFG and third parties.

Financial Assets are capital-intensive blocks of business with relatively low returns on the capital employed. We aim to maximize the value of these businesses through disciplined risk management and capital management actions. These businesses include Fixed and Variable Annuities with interest rate sensitive riders, a standalone Long-Term Care insurance portfolio, as well as the legacy Universal Life portfolio, and Single Premium Group Annuities (SPGA).

In the United Kingdom, Aegon focuses on providing pension, savings, and investment solutions to approximately 3.7 million customers, working with financial advisors and employers.

In June 2024, Aegon presented its plans to accelerate the transformation of Aegon UK into a leading savings and retirement platform. Aegon UK focuses on an interconnected business model with three growth franchises: the Workplace platform, the Adviser platform, and the Advice franchise.

The transformation aims to enable Aegon UK to increase flows and grow its combined assets under administration of the combined Adviser and Workplace platforms to over GBP 135 billion by 2028. In February 2024, Aegon completed the acquisition of Nationwide Building Society’s financial planning teams, which supports Aegon’s strategy to grow its Advice franchise.

Our global asset manager, Aegon AM, is an important contributor to our strategy, and we aim to drive its growth and improve profitability. We are implementing a new global technology platform to reduce costs and make Aegon AM more client-focused and scalable. Leveraging our global brand and a global operating platform, Aegon AM operates through Aegon’s local subsidiaries and partnerships, as well as independently in Germany and Hungary. In China, Aegon AM operates a joint venture, Aegon-Industrial Fund Management Company, of which Aegon owns 49%, and which offers mutual funds, segregated accounts, and advisory services. In France, Aegon AM owns 25% of La Banque Postal Asset Management (LBP AM). Aegon AM has an asset management partnership with a.s.r. The partnership leverages Aegon AM's position as a provider of distinct capabilities in retirement-related investment solutions, alternative fixed-income investments, and responsible investing.

Transamerica Life (Bermuda) (TLB) provides life insurance products and services to affluent and high-net-worth individuals predominantly in Asia. Aegon is maximizing TLB’s value through active in-force management and has reinsured TLB’s universal life portfolio to Transamerica in 2022. TLB continues to make profitable sales of Indexed Universal Life products on a selective basis.

Aegon continues to expand its strong partnership businesses by making the most of their scale and untapped potential. In Spain & Portugal, we are growing the business through our long-standing bancassurance partnership with Banco Santander. In China and Brazil, we aim to generate growing volumes and earnings, including by expanding distribution.

In the Netherlands, Aegon holds a close to 30% shareholding in a.s.r. following the transaction to combine its former Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r. Aegon intends to hold the stake until the a.s.r. share price reflects its intrinsic value, unless other value-creating opportunities present themselves.

A clear model for achieving our vision

We aim to create a resilient, future-fit business: a well-managed and well-respected company that delivers value for its stakeholders, including attractive capital returns to shareholders. While our strategy directly supports this vision, our ambition goes beyond operational or financial performance, as we also aim to have a positive impact on society and the environment.

Achieving this overall vision involves building on our existing strengths: first and foremost, our proven ability to operate trusted brands and leading retirement platforms in our chosen markets. Aegon provides advanced retirement and asset management solutions, and life insurance and protection products. We deliver these by leveraging our strong foundations in large established markets, as well as in underpenetrated, growing markets.

With this approach, Aegon is expected to be well placed to benefit from favorable structural trends and create leading businesses in locations where demographic realities require customers to save more. In all our businesses, our customers are the starting point for the development of our financial solutions, and we proactively assess their needs and develop products and services to suit. We then estimate and price the risk to us as a provider. After branding, our products and services are distributed through intermediaries, which include brokers, banks, and financial advisors, or marketed directly to customers, or via their employers.

In exchange for Aegon’s products and services, our customers pay fees or premiums to our businesses or make deposits on certain pension, savings, and investment products. We earn returns for our customers by investing those premiums and paying out claims and benefits. For non-insurance products, such as retirement plans or saving deposits, customers make withdrawals based on pre-agreed terms and conditions. We use the remaining funds to cover our expenses, support new investments, and return profits to our shareholders.

Aegon’s 24.4 million-strong customer base provides a robust foundation from which to expand and develop the business. As a diversified international company, we have the reach to deliver our propositions to a broad range of customers, who will increasingly benefit from more sophisticated and tailored digital services and advice. Our global, integrated asset management business is also an important driver of our continued success, enabling us to grow our share of the overall Assets under Administration over time.

Value-creating capital allocation

Aegon operates a focused business portfolio to deliver success for the company and its stakeholders on the way to realizing its vision. Through our wholly owned businesses and partnerships, we strive to be seen as a leader that offers contemporary propositions and outstanding customer service.

In the Americas, Aegon’s capital allocation approach aims to, over time, reduce the capital employed by Financial Assets and grow its Strategic Assets. Since the end of 2022, the capital employed in Financial Assets has reduced from USD 4.1 billion by USD 0.7 billion to USD 3.4 billion, supported by run-off, favorable markets, and management actions. We aim to continue to reduce our exposure to Financial Assets and improve the quantity and quality of our capital generation in the coming years. Additional management actions and the natural run-off of the book are expected to lead to USD 2.2 billion of capital employed in Financial Assets at the end of 2027. Any financial flexibility this creates will allow Aegon to further reduce its exposure to Financial Assets.

On July 1, 2024, Aegon UK completed the sale of its individual protection book to Royal London, transferring legal ownership to Royal London through a Part VII transfer. This supported the strategy to accelerate the transformation of Aegon UK into a leading savings and retirement platform, leveraging its interconnected business model with the Workplace platform, the Adviser platform, and the Advice franchise.

In addition, as part of the strategy announced at our CMD in December 2020, Aegon has exited various small and niche markets in order to focus on markets where Aegon is well positioned to create value. This included the sale of several businesses in Central & Eastern Europe and Asia and was rounded off with the completion of the sale of its 56% stake in its partnership in India to Bandhan Financial Holdings Limited on February 23, 2024.

Strong balance sheet

Maintaining a strong balance sheet is a prerequisite for Aegon to achieve its overall vision. It allows us to build leading, advantaged businesses that can actively contribute to a healthier, more equitable society, and create value for our customers and wider stakeholder base in line with our purpose.

Moreover, we maintain a strong balance sheet in order to focus time and energy on increasing the return on capital, supporting our operating units, and the return of capital to shareholders. We have a clear capital management policy in place that informs our capital deployment decisions, which is driven by the Cash Capital at Holding and is supported by reliable remittances from the units. Aegon has a strong and resilient balance sheet with an enhanced risk profile. Aegon’s financial position and balance sheet strength are subject to group supervision by the BMA.

Transamerica continues to take in-force management actions on its Financial Assets, which aim to reduce the capital employed in those Financial Assets to USD 2.2 billion by the end of 2027 and to limit earnings volatility from this book. In 2024, Transamerica achieved its target to purchase at least 40% of the USD 7 billion face value of institutionally owned universal life policies that were in-force at the end of 2021, locking in claims cost and reducing the mortality risk of the overall portfolio. The company purchased institutionally owned universal life policies, focusing on older age policies with large face amounts. The program achieved the targeted investment hurdles and concluded three years ahead of plan.

For its Long-Term Care Insurance portfolio, Transamerica is pursuing a rate-increase program seeking approvals for additional actuarially justified-premium rate increases with a combined value of USD 700 million. By the end of 2024, the company had received approvals for 82% of the targeted premium rate increases. In the variable annuity portfolio, the dynamic hedging program continued to perform well in 2024, with a hedge effectiveness ratio of 99% and low volatility of the capital position.

In the second quarter of 2024, Transamerica reviewed its mortality assumptions and increased its liabilities for certain life portfolios. These assumption updates are expected to reduce future negative claims experience variances, positively affecting the operating result for Transamerica’s insurance business going forward.

The execution of Transamerica’s strategic plan aims to result in an increase in the capital generation from
the in-force Strategic Asset portfolio. Transamerica plans to reinvest part of its earnings on in-force from Strategic Assets in profitable new business opportunities to secure long-term growth. This is anticipated to result in a gradual increase in operating capital generation from Strategic Assets to fund growing remittances to the holding company. Transamerica is targeting mid-single-digit percentage growth in its remittances over the medium term, from a level of USD 550 million in 2023, and remitted USD 575 million in 2024. This will contribute to Aegon’s free cash flow.

Aegon is transforming Aegon UK into a leading digital savings and retirement platform. The transformation of Aegon UK will take place over the 2024 to 2027 period and will be self-funded from Aegon UK’s capital generation and own funds. During this transformation phase, we aim to grow remittances by GBP 5 million per year, starting from GBP 100 million in 2024 with potential for higher growth after the investment period, adding to free cash flow.

Growing capital distributions

Aegon aims to grow its dividends in line with its free cash flows. Any capital deployment decisions will consider our financial leverage, as well as planned management actions to further improve the risk profile of the company.

Financial leverage remained stable at EUR 5.2 billion over 2024. The redemption of a EUR 700 million subordinated bond that matured in April 2024 was refinanced by a USD 760 million senior bond during the same month.

We remain disciplined in our management of capital, and any surplus cash flow not used for value-added growth opportunities will be returned to shareholders over time, as demonstrated by the share buyback programs executed in 2024. Following the transaction with a.s.r., Aegon initiated a EUR 1.5 billion share buyback program in July 2023 to offset the dilutive effect of the transaction on free cash flow per share. In April 2024, the share buyback program was increased by an amount of EUR 35 million in relation to obligations resulting from share-based compensation plans. The program was completed on June 28, 2024.

Subsequently, the company returned surplus cash capital to its shareholders through a EUR 200 million share buyback executed in the second half of 2024. In the fourth quarter of 2024, Aegon announced another share buyback program of EUR 150 million, which started on January 13, 2025, and is expected to be completed by June 30, 2025. This program includes an amount of about EUR 40 million to meet Aegon’s obligations resulting from the share-based compensation plans for senior management.

Our sustainability approach

Our approach to sustainability is driven by our purpose of Helping people live their best lives.

As both an investor and a provider of financial products and services, we have a responsibility to address issues that affect a broad range of stakeholders and that will influence the future of our society and our environment, as well as the performance of our business.

Enriching and embedding our sustainability approach 

This approach considers the expectations, interests, and perspectives of the company’s stakeholders. How we create value for our stakeholders through our sustainability approach is explained in the Creating Sustainable Value chapter of this report. Our approach is built on our sustainability commitments, which include pledges to the UN Global Compact (UNGC), the UN Principles for Sustainable Insurance (PSI), the Net-Zero Asset Owner Alliance (NZAOA), and the Principles for Responsible Investment (PRI). A selection of our commitments is detailed in this report and a full overview is listed on our website.

In 2024, we continued to take steps to deliver upon our commitments. One example was our efforts to increase the understanding of key sustainability issues among our workforce, which is a prerequisite for achieving our goals and for preparing for future regulations, risks, and opportunities. In addition, Aegon’s investors increasingly expect the company’s leaders to be educated on sustainability issues and to demonstrate sustainability literacy. In 2024, we made progress toward these goals through our Sustainability Academy, which provides employees with webinars and e-learnings designed to increase their awareness and understanding of sustainability to support our sustainability ambitions.

Aegon achieved several key sustainability targets and goals in 2024. These included reducing the weighted average carbon intensity (WACI) of our corporate fixed income and listed equity general account assets. We exceeded our 2025 WACI target of a 25% reduction with a result of 52% in 2024, against a 2019 baseline. We also met our 2025 target to invest USD 2.5 billion in activities to help mitigate climate change or adapt to its associated impacts, with an actual result of USD 2.7 billion. We continued to engage with the top 20 corporate carbon emitters in our portfolio, and we have also reduced the scope 1 and 2 carbon intensity of our directly held real estate investments by 51%, well above our 2025 target of a 25% reduction, against a 2019 baseline.

The next phase of our net-zero commitments covers the period from 2025 to 2030. By 2030, Aegon aims to:

• Reduce the weighted average carbon intensity of Aegon’s corporate fixed income and listed equity general account assets by 50%, against a 2019 baseline.

• Reduce the scope 1 and 2 carbon intensity of Aegon’s directly held real estate investments by 42%, against a 2019 baseline.

• Invest an additional USD 1 billion in activities to help mitigate climate change or adapt to the associated impacts. This is in addition to Aegon’s investment of USD 2.5 billion by 2025. 

• Continue engagements with at least the top 20 corporate carbon emitters in Aegon’s portfolio.

• We also aim to reduce our operational footprint by 75% against a 2019 baseline. 

Our double materiality approach

We support our sustainability approach through regular double materiality assessments (DMAs). As part of our broader risk and strategic analysis activities, the DMA is an important tool that allows us to understand the sustainability landscape in which Aegon and its businesses operate and to identify the key issues to focus on. Undertaking regular DMAs also helps us understand our stakeholders' perspectives on sustainability issues. We can also see where we, as a company, can have an impact on society and the environment, or where sustainability issues have a financial impact on Aegon.

In 2024, we built on the experience of previous DMAs undertaken in 2022 and 2023. The assessment took into account the European Sustainability Reporting Standards (ESRS) methodology adopted by the European Commission and the accompanying Materiality Assessment Implementation Guidance (MAIG) issued by the European Financial Reporting Advisory Group (EFRAG). For more information on Aegon’s double materiality methodology, refer to "impact, risk, and opportunity management".

Our DMA topics

Five material topics, comprised of 14 sustainability matters, were identified through the 2024 DMA process (see “Aegon’s material topics” below). More information on how these topics contribute to the value we create as a company can be found in this report's Creating Sustainable Value chapter. Further details on how these topics are embedded in our sustainability approach and where their impacts fall within Aegon’s value chain are described under each material topic (see table below). The material topic sections also detail the impacts, risks, and opportunities associated with these topics, as well as the policies and processes implemented, the actions taken to manage them, and the key metrics and targets that we have set to guide our progress on these issues.

The DMA will be reviewed regularly to reflect the views and perspectives of Aegon’s stakeholders, as well as any material changes to the sustainability and business landscape in which we operate. This will then inform the assessment of risks, opportunities, and impacts, as well as the issues we focus on in our sustainability approach.

Creating sustainable value for our stakeholders 

Aegon seeks to generate value for a wide range of stakeholders, including its customers, employees, business partners, investors, and society.

In line with our purpose, we see our business as being inherently beneficial to society. We believe the value we generate as a company is shared through our diverse businesses and global workforce. However, we also recognize that certain decisions and actions can erode value by having a negative effect on our stakeholders or on the environment. Actively identifying and managing potential negative impacts is, therefore, an integral part of our decision-making, alongside realizing opportunities and positive impacts.

Customers

Key performance indicators (KPIs) for this stakeholder group:

Providing positive experiences for customers is essential to achieving our purpose. As people live longer and their lifestyles change, we aim to provide products and services that help them to adapt to changing circumstances and secure a strong financial foundation for the future. Across our global businesses, we are implementing a series of targeted actions to support our core customer groups – individual customers, employers, and advisors and distribution partners – and closely monitor their satisfaction levels. Improving financial inclusion, including by extending our reach and promoting financial education and awareness, is also important. With innovations such as Pension Geeks, Aegon UK's retirement education initiative, we are exploring ways to enable people to best prepare for retirement.

Our products are subject to rigorous review and approval processes that are designed to keep our marketing fair and balanced and that, where applicable, the product recommendation is in the customers' best interests and, where relevant, meets suitability requirements. Aegon also seeks to protect the wellbeing of its customers in other ways, including through robust measures to protect customer data and to minimize potential negative impacts on our customers related to data security and privacy.

In 2024, Aegon continued its efforts to deliver high-quality solutions and experiences to customers around the world. This included further investment in digital tools and platforms to make products and advice more accessible and intuitive for a growing number of financial services consumers and intermediaries. Below, we describe the approaches taken by our business in the United States, Transamerica, and our business in the United Kingdom, Aegon UK, during the year.

Transamerica

Tracking customer satisfaction

Transamerica has used Net Promoter Scores (NPS)* for many years to measure customer satisfaction in its life and retirement businesses. In 2024, this approach was expanded to provide metrics for end-customers (policyholders and plan participants), as well as distribution agents and advisors. NPS for life customers is measured through an annual third-party study conducted by LIMRA**, the largest research association supporting the insurance industry in the United States. NPS for retirement is calculated internally, and NPS for advisors is measured on a rolling basis throughout the year. The expanded view of NPS is representative of Transamerica’s growing commitment to measure and act on customer-centricity with its key audiences.

Optimizing Transamerica’s structure

In 2024, Transamerica took steps to improve its organizational structure by placing five business lines –Insurance, Annuities, Retirement, Life and Health (Employee Benefits), and Investment Solutions – under common leadership. The goal was to create greater alignment among the businesses, thereby ensuring the highest level of service to all of Transamerica's customers. Transamerica kept key functional areas separate by line of business where it made sense to do so, in an effort to maximize subject matter expertise. These efforts were strengthened by the creation in 2024 of Transamerica's Customer Experience Center of Excellence, which focuses on improving customers' experiences and uses data and customer feedback to develop solutions, communications, and digital capabilities that address customer needs, while also helping to share best practices across the organization.

Transamerica also brought several key functions back to the organization while implementing new contracts and controls with new vendor partners to which functions were outsourced. The new "hybrid" model replaces the previous fully outsourced model. By making this adjustment, Transamerica aims to gain greater control over the products and services that potentially have the greatest reputational impact on the organization.

Enhancing customer experiences

Like other Aegon businesses around the world, Transamerica is investing in digital tools and processes to improve customer interaction with its products and services. In 2024, Transamerica launched My Life Access, a new portal for life insurance products that allows customers to better understand their policies online without having to contact a call center. For retirement products, Transamerica enhanced its rollover and individual retirement account (IRA) experience and created an improved product selection experience to help participants understand their options regarding the IRA product.

Late in the year, Transamerica released a streamlined Guided Defined Contribution plan enrollment experience to reduce the number of decisions required to enroll in the plan and to simplify the overall process for the participant. 2024 also saw the launch of a redesigned Managed Advice dashboard, which provides a consolidated view of advice to help participants improve their retirement outcomes, and better emphasizes the value of Transamerica’s guidance and advice solutions to help participants better understand how Transamerica supports their retirement goals.

Performance enhancements were also made to the Transamerica Retirement App for retirement plan participants, aimed at stabilizing the user experience and addressing customer feedback.

Together with developing its digital capabilities, Transamerica remains committed to engaging with customers in the way that works best for them. The goal is to proactively inform customers of new products and capabilities, with a focus on clear, transparent messaging that ensures awareness and understanding. To this end, in 2024 Transamerica introduced a new engagement approach for its Retirement business. The Retirement Engagement Strategy is designed to engage the right person at the right time using a combination of consumer touchpoints, including email, text messages, website promotion, and call center talking points. In 2025, Transamerica launched its redesigned Transamerica.com website, with new content to better position products across all business lines, and help consumers understand how to do business with Transamerica.

Driving inclusion – focus on middle-market customers

Building on the commitment made at Aegon’s 2023 CMD, Transamerica continued its efforts to expand its reach to diverse customer groups, with a focus on middle-market customers. The middle market is a large and highly diverse demographic market in the United States, with significant (and often unmet) protection and savings needs.

A key development in 2024 was the launch of the Final Expense Express solution. This solution takes customers from quote to policy delivery in as little as ten minutes, providing easy access to affordable protection and allowing Transamerica to reach more everyday Americans. In the retirement business, a new pooled plan offering was launched through Transamerica's distribution agreements with Edward Jones and Willis Towers Watson. Another important strategy to improve financial inclusion for middle-market customers is to leverage the distribution network of Transamerica's affiliated insurance agency, WFG: see “Transamerica launches Agent Home Portal for WFG agents” on the previous page.

More broadly, Transamerica is focused on ensuring that its products and services reflect the diverse needs of its participants. This includes accommodating individuals with special needs by continually evaluating the business's website and call center technology, providing capable customer service representatives, and offering customized solutions for customers with visual and hearing impairments. In 2024, Transamerica also created additional translated information and marketing materials to reach customers who prefer to do business and consume content in languages other than English.

Aegon UK

Tracking customer satisfaction

Aegon UK also measures customer satisfaction using NPS. Scores are obtained by surveying individual customers, advisors, and employers about their experiences with Aegon UK. Customer surveys are conducted throughout the year, whereas advisors are surveyed on a quarterly basis and employers every six months.

Enhancing customer experiences

Aegon UK's initiatives to enhance customer experience took place against a backdrop of regulatory change, namely the Financial Conduct Authority's (FCA) introduction in 2023 of the Customer Duty, a framework that aims to ensure high standards of protection for consumers of financial services.

In 2024, Aegon UK launched the Aegon Digital Experience (ADX), a new set of online journeys that provide a smoother experience for advisors, their customers, and employers. ADX also provides improved security for customers and more sophisticated data analytics that will enable Aegon UK to further enhance customer experiences in the future.

ADX has already created positive momentum with advisor NPS, and Aegon UK is working to further improve the advisor experience. Meanwhile, Aegon UK made several other enhancements to improve customer service across its businesses. These included the introduction of a new workflow system for its TargetPlan pensions offering, as well as several other improvements to make it easier for customers to engage with Aegon UK’s products and services.

Aegon UK completed the acquisition of the advice business of Nationwide Building Society, which was renamed Aegon Financial Planning. This is part of the deeper integration of Origen Financial Services, Aegon's wholly owned financial advice business, to enable Aegon UK to provide a wider range of advice services to existing customers in the future.

Aegon UK’s investment in technology, including enhanced digital platforms and customer touch points, goes hand in hand with the business’s commitment to ensuring responsible marketing practices. New solutions such as ADX and, from 2025, Mylo (see “Mylo among new solutions to begin roll out in 2025” above) will provide greater flexibility in Aegon's communications with customers and ensure a single source of reliable data, supporting accurate and transparent communications with individuals and other customer groups. To further support these efforts to ensure accuracy and transparency, Aegon UK’s marketing communications are robustly controlled with appropriate oversight from the risk and audit functions.

Driving inclusion

In 2024, Aegon UK continued to take steps to meet the needs of its increasingly diverse customer base, including developing products and solutions to support people from different backgrounds and at different stages of their lives. Continuing the trend of recent years, there was a strong focus on promoting awareness and education about financial services products. Educational videos were added to the Aegon UK app, while new consumer-facing content and TV shows helped enhance Pension Geeks, Aegon UK’s retirement education initiative aimed at raising awareness about how best to prepare for retirement.

Particular attention has been paid to customers who are automatically enrolled in Aegon's workplace pension schemes under the United Kingdom's workplace auto-enrolment rules. As these individuals often have low levels of financial literacy and engagement, Aegon UK is focusing on supporting customers through enhanced digital services and access to financial education, guidance, and advice. Aegon UK has also enhanced its Member Insights platform, which enables employers to effectively manage their workplace pension schemes by expanding the range of data sources and coverage available.

Support for vulnerable customers also remains a high priority for Aegon UK, which in 2024 continued to invest in processes that enable it to more easily identify vulnerable customers and then take appropriate action to support them in challenging times.

Meanwhile, work continued on “The Second 50”, a research project exploring the impact of longevity and changing lifestyles on people as they transition into later life. This has seen a number of thought leadership papers produced, and the insight is now guiding the development of new solutions to support Aegon’s customers into and through retirement.

Data security and data privacy

Data security and data privacy have potential ramifications for Aegon’s stakeholders, including our customers. Incidents such as cyberattacks and data breaches, for example, can have far-reaching negative consequences for individuals and other customer groups. At Aegon, we pay close attention to data security and data privacy at both a company and business unit level.

Data security

Aegon’s security policy and governance aims to prevent cyber threats and minimize the impact of any potential disruption for our stakeholders. Our approach includes standardized procedures to remediate data breaches and minimize the influence of future privacy-related incidents.

Aegon’s Global Information Security Policy aims to preserve the confidentiality, integrity, and availability of information. The policy applies to businesses where Aegon has operational control, covering employees and contractors, while similar standards apply to Aegon’s joint ventures. The policy is supported by mandatory training on data security.

Aegon uses a set of information security metrics to measure the outcomes of its information security initiatives and the effectiveness of existing security controls. 

Data privacy

Aegon has dedicated policies and procedures to support privacy compliance at both a company and business unit level. Our policies are updated at predefined intervals and are supported by a strong privacy control framework that is designed to support the ongoing measurement of privacy maturity. Regular audits are conducted to assess compliance with relevant laws, regulations, and policies, as well as the Aegon Privacy Control Framework and its governance.

See the Data privacy section for more details of Aegon’s approach to data security and privacy.

Employees

Key performance indicators (KPIs) for this stakeholder group:

At Aegon, we believe that a skilled, motivated, and focused workforce is essential to achieving our purpose, and delivering on our strategy and sustainability ambitions. We work hard to nurture the personal and professional growth of our employees around the world. At a company level and across our businesses, we take steps to promote employee engagement and good working conditions, and to follow best practices in attracting, developing, and retaining talent. As a global employer that plays an integral role in the financial services value chain, we are also committed to building an inclusive workplace that reflects the continued evolution of our global workforce, and effectively represents our customers, partners, and society.

Investing in talent attraction, development, and retention

In 2024, we continued to prioritize attracting and retaining talented people with the skills needed to deliver on our purpose and strategy. This included, for example, providing employees from all regions, disciplines, and backgrounds with opportunities for personal development and growth. Our learning and development strategy also aligns with our sustainability approach. 

During the year, we also expanded our Global Talent Marketplace (TMP) tool, a platform that enables employees to take charge of their careers by developing their skills and competencies. By the end of 2024, this tool was available to employees in all business units around the world. We also made updates to our global learning resource platform, We Learn.

These included improving cross-functionality between We Learn and TMP, and introducing a career pathing tool for employees. Another new feature is an interactive learning environment that enables colleagues to develop their skills through "gigs" and learning modules.

Meanwhile, we continued to provide our leaders with a range of opportunities to develop their skills and make a positive contribution to our business. In 2024, we further developed our Best Life Leadership Program (BLLP), which aims to inspire and support leaders in steering the organization to uphold Aegon's purpose and behaviors. We embedded inclusive leadership behaviors in the program to promote and leverage diversity of thought and create a more welcoming workplace. This included sessions to raise awareness of generational differences.

Supporting employee wellbeing and improving our working environment

Our ambition to create an attractive working environment and culture is supported by our strategic choices of office locations and wider working arrangements. We aim to ensure an inclusive, accessible, and supportive environment for all employees. As we strive to create collaborative work environments and an attractive employee experience, we continue to invest in updating and, in some cases, relocating offices.

In 2024, employees at Aegon's global headquarters in The Hague and the Dutch part of Aegon Asset Management began preparations to move to Aegon's new office at World Trade Center (WTC) Schiphol Airport. This facility has excellent transport connections to Amsterdam and other Dutch cities, offers all the key amenities needed for an international headquarters, and has been designed to provide a collaborative, accessible, and inclusive environment.

In the United States, Transamerica announced plans to open a national collaboration hub in downtown Philadelphia in 2025. The new location will be a useful, accessible resource for the more than 150 employees living in the Philadelphia area. Moreover, its strong transportation links to Aegon's legal domicile in Bermuda and future headquarters at Schiphol Airport will help to strengthen collaboration between the Transamerica teams and other Aegon colleagues around the world.

Supporting dialogue with employees

Aegon maintains various platforms and channels to listen to our employees and support engagement and communication. These include our regular Global Employee Survey (GES), which provides colleagues across our businesses with an opportunity to share their views and concerns. In 2024, we conducted two Global Employee Surveys: a “pulse” survey in Q2 and a full survey in Q4. The participation rate for the most recent survey was 81%.

During the year, we took further steps to drive engagement across the business through several global and local initiatives. For example, we continued to expand our global network of Employee Resource Groups (ERGs), with a new group established for Aegon colleagues in Spain. Our ERGs are employee-driven and company-sponsored; they focus on what matters the most to colleagues and enable people with specific backgrounds or interests to ensure that Aegon remains an employer of choice.

Meanwhile, we continued to make sure that our employees are adequately represented in our governance structure and that their needs and expectations are considered in our strategy and day-to-day decision-making. For example, Aegon colleagues in the United Kingdom can seek representation through the Unite and Aegis unions.

Since 2020, Aegon has run a dedicated Speak Up program to protect whistleblowers and to encourage, guide, and support colleagues in reporting suspected or observed misconduct. We provide mandatory training on Speak Up for all employees, with sessions tailored to specific roles (for example, training for leaders and managers includes sections on being receptive to people coming forward with issues or concerns).

Building an inclusive work environment

At Aegon, we are working to develop an inclusive culture that covers various aspects of the employee experience, starting with talent attraction. Our approach includes encouraging equal treatment and offering career opportunities to all Aegon employees around the world.

Aegon’s I&D approach

Our company-wide Inclusion and Diversity (I&D) approach, overseen by our Global Head of Leadership, Talent, and Inclusion, aims to provide a coherent and consistent approach to I&D in our workplace, and in the marketplaces and communities we serve. The approach has been adopted by each of Aegon's business units, ensuring that relevant policies and actions are embedded across the entire organization as applicable. This global adoption enables our leaders, colleagues, and other stakeholders to actively contribute to building a more inclusive organization, wherever they are located.

Aegon’s I&D approach comprises two fundamental elements:

1. Authentic action – the recognition that, as an organization, we are on a journey to improve. We aim to turn good intentions into actions to create a positive difference for our people and communities.

2. Starting at the top – the members of Aegon’s senior leadership are expected to act as role models for I&D, including by sharing their own inclusion stories and championing a specific area of diversity excellence among employees.

Supporting inclusion

The following elements form the foundation of our I&D approach:

Workforce: We seek to build a professional culture that engages and welcomes people from all backgrounds and that promotes conscious inclusion.

Employee Resource Groups: Aegon’s ERGs provide employees with a space to address matters of interest and strengthen employee engagement around topics of company culture and direction. Our ERGs include Culture, Race and Ethnicity, (Dis)ability, Generations, Proud, Wellbeing, and the Women’s Impact Network. These ERGs are open to all employees, regardless of how they identify.

Workplace: We aim to create inclusive workspaces, with conditions that support employees from all backgrounds in performing at their best.

Aegon undertakes the following activities to support inclusion in the workplace:

• Embedding inclusive leadership behaviors in our flagship leadership programs to create a more inclusive workplace.

• Enhancing our Speak Up culture to allow safe escalation of issues and concerns. This includes covering I&D-related topics to raise awareness of specific conduct and potential harassment issues. 

• Implementing the TMP to offer transparent and inclusive access to on-the-job development opportunities and skills-based mentoring.

• Aegon's ERGs, as outlined previously.

• Aegon's international I&D survey, carried out in 2023, includes questions about the respondents' demographic profiles and their experiences in the company. The GES also includes an I&D section.

I&D reporting

In terms of its leadership, Aegon has made progress in increasing the number of women in senior management positions globally. Between 2020 and 2023, the percentage of women in senior management increased by 2 percentage points each year, rising from 32% to 38%. In 2024, this percentage increased by 1%, reaching 39% overall by the end of 2024.

Regarding remuneration, in 2024, Aegon began disclosing its global gender pay gap, which compares the average total compensation of men to the average compensation of women. For 2024, our global gender pay gap was calculated as 30.4%. When we adjust for elements such as seniority of the position, country, type of position (function, people manager), and tenure, the global pay gap is 11.2%.

Collaborating with peers and external experts: We aim to adhere to leading standards and benchmarks in our markets concerning best practices for I&D. For example, Aegon is a member of Workplace Pride, a non-governmental organization (NGO) dedicated to improving the lives and working conditions of LGBTQIA+ people in the workplace. Our dedication to building an inclusive workplace continues to be recognized externally: in 2024, Aegon was awarded Ambassador status for the sixth consecutive year, and we participated in the Workplace Pride Global benchmark, which measures LGBTQIA+ policies and practices.

Marketplace: We seek to strengthen our I&D approach in close dialogue with our customers and communities, creating positive change through surveys, feedback, and benchmarking.

Listening to our customers: We gather feedback from our customers and take relevant action, including the development of new, inclusive products.

Community investments: As per Aegon’s Global Community Investment Framework, we seek to drive inclusion in our communities by taking steps to empower people financially and socially (see “Society” in this chapter).

Partners and suppliers

The goods and services that Aegon consumes as part of its business activities, and its relationships with partners and suppliers, are important factors in how Aegon delivers value to its stakeholders. To ensure good business conduct across our supply base, we set high standards and communicate them via a global Vendor Code of Conduct. We ensure compliance with these standards by monitoring our partners and suppliers and working with them to make progress on key sustainability issues.

Addressing climate impacts in our supply chain

In 2024, we continued to mature our climate-related supply chain strategy by adding disclosures of supplier greenhouse gas (GHG) emissions to our overall emissions data reporting. For example, Aegon completed its first global calculation of scope 3 emissions (indirect emissions related to purchased goods and services). As such, Aegon’s 2024 carbon emissions footprint of 158,500 tCO₂e reflects the baseline against which we will measure our climate impact in future years. This enhancement is coupled with our ongoing focus on other supplier-related sustainability topics across our businesses.

Meanwhile, we continued to monitor the practices of our core supply base at a global level, conducting assessments of the extent to which suppliers use tools to help them understand and ultimately reduce their climate impact.

Working with partners and suppliers at a local level

As part of our global supply chain management objectives, Aegon’s business units pay close attention to the practices of local and regional suppliers, with a focus on addressing sustainability issues.

For example, Aegon UK uses questionnaires to monitor suppliers' commitment to sustainability. Of the 40 partners who responded to the questionnaire, 75% were found to have a net-zero plan in place. Aegon's UK business also maintains GHG emissions inventories for its key suppliers. Aegon UK uses this information to rank its suppliers, with the aim of engaging with lower-scoring suppliers on their net-zero plans and inclusion strategies.

In addition, in the Americas, Transamerica spent more than USD 11 million in 2024 with certified diverse suppliers, including minority and women-owned businesses.

Meanwhile, Transamerica continued to take steps to expand and broaden its distribution network to serve more diverse customer groups. This effort is channeled primarily through WFG, Transamerica’s affiliated insurance agency. WFG has been bridging the gap between low-income households and financial inclusion for more than 20 years by providing access to affordable product choices, financial education, and support in developing financial strategies.

Many of WFG’s agents come from diverse communities and can meet the needs of customer groups, such as minorities, that have traditionally been underserved by financial services companies. A survey in 2023 found that WFG's network of licensed independent agents included more than 75 spoken languages; that more than 50% of the agent population identified as female; and that 65% identified as members of traditionally underrepresented racial/ethnic groups. This enables WFG to promote financial literacy in underserved communities, while providing unique opportunities for individuals across North America. This helps people from all backgrounds to strengthen their financial understanding and learn ways to create a better future for themselves and their families. By supporting customers from all social and economic backgrounds, WFG contributes directly to Aegon's purpose of Helping people live their best lives.

Investors

In 2024, Aegon continued to make solid progress in delivering on its strategy. With a sharp strategic focus, a robust risk profile, and a strong balance sheet, we have maintained stable capital ratios and delivered on our financial commitments.

At our CMD in June 2023, we shared the actions we are taking as part of our next chapter, which will lead to attractive and growing returns for our shareholders. Aegon aims to increase Transamerica’s value by capturing the opportunities in the US middle market. The strategy aims to increase both the level and the quality of capital generation from growth in Strategic Assets and the accelerated reduction of our exposure to Financial Assets.

In June 2024, we provided an update on the strategy of our UK business with plans to accelerate the transformation of Aegon UK into a leading savings and retirement platform. This transformation will take place over the 2024-2027 period and will be self-funded from Aegon UK’s capital generation and own funds. During the transformation, Aegon UK aims to grow remittances by GBP 5 million per year, starting from GBP 100 million in 2024 with the potential for higher remittance growth after the investment period.

At the same time, we continue to strengthen our asset management business and our high-net-worth insurance business in Asia and invest in the growth of our various international joint ventures.

Solid financial performance

Building on the progress of its transformation program, in 2023, Aegon published financial targets for 2025 and provided guidance for the expected financial performance in 2024 at the beginning of the year. Aegon has more than achieved the expected financial guidance.

Standing at EUR 759 million, free cash flow was above the expectation to deliver more than EUR 700 million in 2024. We aim to increase the free cash flow to around EUR 800 million by 2025. Free cash flow is supported by improving the quantity and the quality of operating capital generation. 

Following continued business growth, favorable markets, and net positive one-time items occurring during the year, operating capital generation of EUR 1.2 billion, before holding and funding expenses, was above the initial guidance of around EUR 1.1 billion for 2024.

For 2025, Aegon aims to achieve approximately EUR 1.2 billion in operating capital generation, a target that is expected to be primarily supported by the growth of Aegon’s Strategic Assets in the Americas. This will, in turn, support our dividend target of around 40 eurocents per common share in 2025, barring unforeseen circumstances. This target reflects the expected benefits of the transformation of our business and the execution of our strategies in the Americas and the United Kingdom.

In 2024, Aegon increased its interim dividend by 2 eurocents to 16 eurocents per common share and proposed to the Annual General Meeting (AGM) that the final dividend be increased by 3 eurocents to 19 eurocents per common share. Following the transaction with a.s.r. in 2023, Aegon initiated a EUR 1.5 billion share buyback program that was extended in April 2024 by an amount of EUR 35 million in relation to obligations resulting from share-based compensation plans. The program was completed on June 28, 2024. Subsequently, the company returned surplus cash capital to its shareholders through a EUR 200 million share buyback executed in the second half of 2024. In total, Aegon delivered EUR 1.4 billion in the form of dividends and share buybacks to shareholders across 2024.

Aegon's gross financial leverage position remained at EUR 5.2 billion throughout 2024. Bondholders received EUR 246 million of value in the form of interest payments.

Value derived from share performance

Aegon’s share price increased by 9% in 2024, and so underperformed the broader European insurance industry (the STOXX Europe 600 Insurance Index ended the year up by 18%). Our total shareholder return for the year amounted to a gain of 15%. This measure takes into account both dividend payments and share-price performance.

Safeguarding long-term value

As we continue our transformation journey, we are committed to maintaining sufficient capital in our businesses and at the Holding. This approach allows Aegon’s management to focus on increasing the return on capital, and distributing capital to shareholders. As part of our capital management approach, we are focusing on managing the capital positions of our businesses according to their respective operating levels over time.

Capital deployment decisions are driven by Cash Capital at Holding, taking into account our gross financial leverage position and planned management actions to further improve the company’s risk profile. Cash Capital at Holding is supported by free cash flow, which is defined as the amount of cash available from remittances from country units after subtracting the holding funding and operating expenses, with the latter resulting from, for example, paying interest to bondholders.

The operating range for Cash Capital at Holding is EUR 0.5 billion to EUR 1.5 billion. In line with our capital management approach, we have the ambition to reduce Cash Capital at Holding to around the midpoint of the operating range by the end of 2026. As previously indicated, we are comfortable with the current financial leverage position. We aim to pay dividends to shareholders in line with the growth of sustainable free cash flow, barring unforeseen circumstances.

Society

Key performance indicators (KPIs) for this stakeholder group:

Aegon and its businesses strive to be a force for good and to have a positive impact on society. This includes supporting the climate transition. As an international financial services group with a dedicated responsible investment strategy, Aegon is well positioned to help society move toward a climate-resilient economy
and a net-zero world.

At the same time, we look for opportunities to drive positive change at a local or regional level, enhancing inclusion in our communities. We partner with organizations to empower people both financially and socially. We also maintain good business practices, including a focus on anti-corruption and anti-bribery, and paying fair taxes in the markets in which we operate.

Our responsible investment approach

At Aegon, we have an opportunity to support a more sustainable society by financing the energy transition 
and supporting climate resilience, both through our own investments and our responsible investment framework. We also have a responsibility to manage our investments in a way that addresses climate-related risks to our portfolio.

As an asset owner

Aegon’s investment approach is shaped by a company-wide Responsible Investment Policy. The policy is guided by the Principles for Responsible Investment (PRI), a United Nations-supported framework introduced by international financial institutions to incorporate ESG factors into investment practices across asset classes. In 2024, we updated the policy as part of Aegon’s annual review process. The revised policy will see Aegon take steps to broaden its engagements with investee companies in its general account. In addition to our engagement program with the largest corporate carbon emitters in our portfolio, from 2025, we will also begin engagements with investee companies that are in breach of the UN Global Compact Principles.

In 2024, Aegon also completed its first public PRI assessment, which provides an overview of our company-wide responsible investment strategy, activities, and performance. 

The Responsible Investment Policy also includes updates to climate-related exclusions, demonstrating alignment with NZAOA position papers on oil and gas and thermal coal, while also introducing an exclusion category concerning palm oil production. In addition, the new policy introduces baseline expectations for asset managers, requiring current and prospective managers to demonstrate how they support Aegon’s responsible investment ambitions and create a structured approach for engaging asset managers.

As an asset manager

Through our global asset manager, Aegon AM, we help our clients support the climate transition by offering a growing suite of products that help them align their investment portfolios with net-zero goals. Our forward-looking approach enables investors to consider the role of high-influence sectors in their portfolios and adjust their decision-making accordingly.

In late 2023, Aegon AM introduced its Global Short Dated High Yield Climate Transition Fund, which is categorized as an Article 8 fund under the European Union’s Sustainable Finance Disclosure Regulation (SFDR). Strengthening our portfolio of climate-transition solutions is a key component of Aegon AM's climate action plan.

Our climate commitments

Aegon has set targets to drive progress toward its 2050 climate commitments; you can find more information about these in the chapter on Our Sustainability Approach. Furthermore, we are taking steps to reduce the operational footprint of our businesses. As of the end of 2024, we have achieved a 75% reduction in our operational carbon footprint compared to our 2019 baseline, well ahead of our original target of a 25% reduction by 2025. The second phase of Aegon’s near-term emissions reduction plan covers the period from 2025 to 2030 and has a reduction target of 75% compared to our 2019 baseline.

Investing in our communities

Aegon has always strived to use its size and influence for the greater good. As part of our purpose of Helping people live their best lives, we invest around EUR 10 million every year in community projects around the world.

Guided by our Global Community Investment Framework, Aegon’s community investment efforts are focused on enhancing inclusion in communities and regions where we operate. We do this by taking steps to empower people both financially and socially.

For financial empowerment, our partnerships focus on building financial awareness, knowledge, and skills, and giving people the tools to become more financially resilient. To maximize social empowerment, we seek partnerships that increase people’s opportunities and skills, expand their networks, provide access to essential services, and enable them to be more adaptable.

Aegon employees play a central role in realizing our community investment goals, including through volunteering (see “Joining forces for our Global Force for Good initiative” on the right). We also work with local and global partners that support our community investment ambitions and align with our community investment goals.

In 2024, both our cash donations and volunteering activities to contribute to our communities increased compared with the previous year. Aegon supported almost 500 charities and good causes around the world, with a total community investment of EUR 9.8 million, a close to 8% increase compared with 2023. Our cash donations amounted to EUR 8.1 million, while our colleagues recorded 23,123 volunteer hours (equivalent to EUR 1.7 million, based on the total cost of salaries across all of Aegon’s businesses divided by the total number of employees).

Anti-corruption and anti-bribery, including whistleblower protection

Business conduct is a fundamental focus area for Aegon. The subject, which is heavily influenced by legal requirements, includes aspects ranging from business ethics to anti-corruption and anti-bribery, as well as
whistle-blower protection. Further information on these topics can be found in the Business conduct section.

Responsible tax

Aegon makes a valuable economic and social contribution to the communities in which it operates through the company’s own tax payments, as well as the collection and payment of third-party taxes. We seek to pay “fair taxes”, namely by paying the right amounts of taxes in the right places. Published online, our Global Tax Policy outlines our approach to responsible tax, which seeks to align the long-term interests of our customers, employees, business partners, investors, and wider society. Aegon adheres to the VNO-NCW Tax Governance Code (as published on 
https://www.vno-ncw.nl/taxgovernancecode). For further details, refer to Aegon’s Global Tax Report, which is published on Aegon's website.

Our performance

In 2024, financial markets were dominated by increasing equity markets and high interest rates, with periods of volatility throughout the year. 

Economic conditions changed gradually in major economies, where inflation retracted slowly from elevated levels toward levels targeted by central banks. At the same time, labor markets maintained relatively low unemployment rates. However, there was uncertainty in interest rates, with central banks hesitant to lower rates until late in the year. In addition, uncertain political situations in several countries had an influence on markets. This included the ongoing Russian aggression against Ukraine and the conflict in the Middle East, as well as elections in several countries leading to changes in the respective political landscape.

Improving markets generally benefited Aegon’s performance during the year. In the Americas, Aegon made progress in delivering on its strategy, despite experiencing some commercial volatility. This was evidenced by strong sales growth in Retirement Plans and by an expansion of the distribution reach of WFG, while new sales in Individual Life decreased by 3% compared with the prior year. While our workplace business in the United Kingdom saw good new business inflows, the performance of the Adviser platform business in the United Kingdom was challenged by the elevated levels of withdrawals from customers and continued consolidation and vertical integration in non-target advisor segments. Investments in growth in the partnerships in Aegon’s International segment continued, even though new business volumes decreased compared with the prior year. The negative impact of pricing regulations in China and high interest rates in Spain & Portugal, as well as unfavorable exchange rate developments in Brazil, resulted in muted growth in these businesses. The asset management businesses saw significant new business inflows in the year from business expansion and improving markets.

Overall, Aegon maintained solid financial results and a strong capital position. The company delivered on the guidance given at the start of the year for operating capital generation and free cash flow. Aegon’s performance during 2024 provides a robust foundation for achieving its 2025 financial targets set out at the CMD in June 2023.

Financial performance

The operating result amounted to EUR 1,485 million in 2024, which was a decrease of 1% compared with 2023. Reduced operating results from the Americas, the United Kingdom and International were partly offset by an improved result in Asset Management. Aegon's net result amounted to EUR 676 million for 2024.

The operating result was partly offset by Other charges in the Americas related to model and assumption changes, higher Expected Credit Loss reserves, and an unfavorable revaluation of real estate and private equity assets, as well as one-time investments in the Americas and the United Kingdom.

The capital ratios of Aegon’s businesses in the United States and United Kingdom remained above their respective operating levels over the year. This underscores the effectiveness of our actions to improve our risk profile and reduce the volatility of our capital position. This includes management actions on the Universal Life portfolio in the United­ States – where we continued to purchase investor-owned policies – and further approvals for long-term care rate increases in the United States. In the United Kingdom, the Solvency II ratio remained broadly stable while benefits from favorable markets were offset by investments in the transformation of the business as announced at the strategy teach-in in June 2024.

Free cash flows increased from EUR 715 million in 2023 to EUR 759 million in 2024, which included the dividends from Aegon’s stake in a.s.r. Cash Capital at Holding decreased from EUR 2.4 billion at the end of 2023 to EUR 1.7 billion at the end of 2024 and remained above the operating range of EUR 0.5 billion to EUR 1.5 billion. In the first half of 2024, Aegon completed the EUR 1.535 billion share buyback program, which had been launched following the transaction with a.s.r., and included EUR 35 million in relation to obligations resulting from share-based compensation plans. In addition, Aegon executed a EUR 200 million share buyback program in the second half of the year, in line with its intentions to return surplus cash capital to shareholders. Our gross financial leverage remained stable at EUR 5.2 billion.

As a result of the progress we have made both strategically and financially, we will propose a final dividend for 2024 of 19 euro cents per common share. This brings the full-year dividend to 35 euro cents per common share, compared with 30 euro cents over 2023.

At our 2023 CMD, we set financial targets for the coming years. We aim for approximately EUR 1.2 billion of operating capital generation in 2025, barring unforeseen circumstances. This reflects an expected increase in new business as we aim to profitably grow our business in the United States. Free cash flow, including the dividends that we expect to receive from a.s.r., is expected to increase to approximately EUR 800 million in 2025. Barring unforeseen circumstances, we target a dividend over 2025 of around 40 euro cents per common share.

Further information on our performance in 2024 can be found in the "Results of operations".

Letter from the Chairman of the Board

In 2024, Aegon made further progress with the second chapter of its transformation, and the Board of Directors remained focused on executing the company's strategy.

I am pleased to see how well Aegon has navigated the major organizational adjustments in recent years, including the divestitures to refocus our business on our core markets, the combination of most of our Dutch businesses with a.s.r. creating a Dutch champion, and our redomiciliation to Bermuda. With these milestones in the rear-view mirror, Aegon has continued the successful execution of its strategy, making progress along the roadmap outlined at the Capital Markets Day in June 2023.

Settling in Bermuda advanced smoothly in 2024. Throughout the year, Aegon representatives fostered a strong relationship with the Bermuda Monetary Authority (BMA), the company’s new group regulator. I would like to thank the BMA for all their support during the last year, and we look forward to working together with them to continue building a successful relationship.

First AGM in Bermuda

On June 12, 2024, Aegon’s Annual General Meeting (AGM) was held in Bermuda for the first time, underscoring the transformation of our corporate structure. 2024’s AGM included the shareholder vote on Aegon’s new remuneration policy. Every four years, Aegon’s shareholders must vote on the company’s remuneration policy. The last time we updated the policy was in 2020, and since then the profile of our company has changed significantly. Moreover, the previous policy was not as strongly aligned with the long-term interests of the company and our stakeholders as we would like. As a Board, we, therefore, put forward a proposal to update the remuneration policy to reflect the company’s new circumstances and, in particular, to strengthen the relationship between long-term performance and compensation. Dona Young, who sits on our Board and who is chairman of the company’s Compensation and Human Resource Committee, and I engaged with various stakeholders to put forward the reasoning behind our proposed policy. This engagement was very constructive, and we highly appreciated these interactions and the feedback we received.

During the AGM, shareholders expressed their support for the new policy, which fully aligns with Aegon’s adjusted profile, operational footprint, and governance. I also believe that the policy will ensure that Aegon remains a competitive destination for talent that can steer the company along its long-term growth trajectory.

Confidence in Aegon’s leadership

This year’s AGM also featured the reappointment of Aegon CEO, Lard Friese, for another four-year term. The Board and I have complete confidence in the quality, dedication, and vision that characterize his leadership. Through Lard's efforts and those of his talented colleagues, Aegon will continue to create value for its stakeholders and deliver on its purpose of Helping people live their best lives. The Board and I were also pleased to welcome a new colleague: Albert Benchimol, Aegon’s newly elected
non-executive director, brings 40 years of international experience in the insurance industry, notably including Bermuda. His arrival, together with the reappointment of Corien Wortmann, Caroline Ramsay, and Thomas Wellauer, puts the Board of Directors at full strength as it navigates the road ahead.

On the broader leadership team, Matt Rider retired from his role as Chief Financial Officer (CFO) and member of the Executive Committee in September 2024. Throughout his seven-year tenure, Matt fulfilled his role with distinction, using his wealth of expertise to build and maintain Aegon’s strong financial profile and improve its financial performance. We will miss his sharp mind and humor, wish him a healthy and happy retirement, and are pleased that Transamerica will continue to benefit from his advice on a non-executive basis. We are looking forward to working with Matt's successor, Duncan Russell, in his new role.

Facing future challenges and opportunities

Throughout 2024, Aegon’s leadership and employees continued to create long-term value for all stakeholders. As in previous years, this included coordinated efforts to reduce potential negative impacts on society at large, and the Board and I were pleased to see that Aegon’s approach to sustainability continued to mature during the year as evidenced by our new 2030 interim targets. Meanwhile, there was strong, Group-wide cooperation to align the relevant parts of our disclosures with the European Union’s Corporate Sustainability Reporting Directive (CSRD).

The Board welcomes these and other efforts to equip Aegon for future demands and to unlock the company’s full potential. Moreover, the Board and I are satisfied that we have fulfilled our responsibilities to Aegon and its stakeholders throughout this year of consolidation and growing momentum.

As we reflect on Aegon’s progress in 2024, we would like to thank all Aegon employees for their hard work, enthusiasm, and cooperative mindset; these have all been vital in helping the company realize its purpose and meet its strategic goals. Likewise, our thanks go to Aegon’s investors, whose confidence in Aegon’s journey has been an essential component of its success – and will be for years to come.

The Hague, the Netherlands, March 26, 2025

William L. Connelly
Chairman Board of Directors, Aegon

Corporate governance

and Corporate Governance Statement

Aegon is a Bermuda exempted company with liability limited by shares, having its registered office in Hamilton, Bermuda. Aegon has its principal place of business and headquarters in The Hague, the Netherlands. Aegon is registered with the Bermuda Registrar of Companies under number 202302830 and the Dutch trade register under number 27076669. Aegon, as a Bermuda company, is subject to Bermuda law, and its governance is predominantly determined by Bermuda law, its bye-laws, its memorandum of continuance, and its board regulations. On December 31, 2024, Aegon qualified as a non-resident company under the Dutch Non-Resident Company Act, due to which certain Dutch legal requirements, mainly relating to the preparation of the annual accounts in accordance with Title 9 of Book 2 of the Dutch Civil Code, apply.

As Aegon is a company established in Bermuda, the Dutch Corporate Governance Code does not apply to Aegon.

The shareholders

Listing and shareholder base

Aegon’s common shares are listed on Euronext Amsterdam and the New York Stock Exchange. Aegon has institutional and retail shareholders around the world. More than two-thirds of shareholders are located in the United States, the Netherlands, and the United Kingdom. Aegon’s largest shareholder is Vereniging Aegon, a Dutch association with a special purpose to protect the broader interests of the company (Aegon) and its stakeholders.

General Meeting of Shareholders

A General Meeting of Shareholders (the “General Meeting”) is held annually and, if deemed necessary, the Board of Directors (the “Board”) of the company may convene a special General Meeting. The main function of the General Meeting is to decide on: 

• (Re)appointments to the Board;

• Appointment of the auditor;

• Amendments of the bye-laws;

• Adoption of the remuneration policy;

• Approval of resolutions of the Board entailing a significant change in the identity or character of the company or its business;

• Approval of final dividend payment; and

• Authorizing the Board to (i) limit or exclude pre-emptive rights, (ii) repurchase shares, and (iii) issue Aegon shares exceeding 10% of Aegon’s issued share capital unless the Board determines that the issuance of shares is necessary or conducive for purposes of safeguarding, conserving, or strengthening the capital position of Aegon.

At the Annual General Meeting, the Board shall present shareholders with the annual accounts to be discussed during the meeting. The Board shall also annually present shareholders with a remuneration report that shall be put to an advisory vote, which shall not be binding on the Board or the company.

Convocation

A General Meeting must be convened at least 30 days (excluding the day on which the notice is given or served, or deemed to be given or served) prior to the day of the General Meeting and shall be called by way of a press release and publication on the website. The notice shall specify the place, day and time of the meeting, the record date, means of electronic communication and the agenda of the meeting.

The Board will convene General Meetings. Shareholders representing at least 10% of the paid-up share capital may request a General Meeting. Shareholders representing at least 1% of the issued capital or 100 or more shareholders jointly may request one or more items to be added to the agenda of a General Meeting. The company must receive such a request at least six weeks before the General Meeting. Matters that are not reserved for, or do not require a resolution of the General Meeting pursuant to the bye-laws or Bermuda law, may only be included as a non-voting discussion item that shall be non-binding to the company and the Board unless otherwise and at its sole discretion determined by the Board.

Record date

The record date is used to determine shareholders' entitlements with regard to their participation and voting rights in a General Meeting. The record date may be determined by the Board and may not be more than 60 days before or later than 20 business days before the date fixed for the General Meeting.

Attendance

Every shareholder is entitled to attend the General Meeting and vote either in person or by proxy granted in writing. This includes proxies submitted electronically. All shareholders wishing to take part must provide proof of identity and shareholding, and must notify the company ahead of time of their intention to attend the meeting. Aegon also solicits proxies from New York registry shareholders in line with common practice in the United States.

Voting at the General Meeting

At the General Meeting, each common share carries one vote. In the absence of a Special Cause, Vereniging Aegon casts one vote for every 40 common shares B it holds.

The Board of Directors

Aegon has a one-tier Board consisting of nine Non-Executive Directors and one Executive Director, being the CEO. Details on the composition of the Board can be found in the "Composition of the Board and Executive Committee" section of this document. Subject to the provisions of the Bermuda Companies Act and the company bye-laws, the Board manages and conducts the business of Aegon and is responsible for the company's general affairs, which includes setting the company's strategy. The Board may exercise all the powers of the company except those required by the Bermuda Companies Act or the company bye-laws to be exercised by the General Meeting. The members of the Board owe a fiduciary duty to Aegon to act in good faith in their dealings with or on behalf of Aegon and exercise their powers and fulfill the duties of their office honestly. In the exercise of its duties, the Board shall take into account the long-term consequences of decisions, sustainability, and the interest of all corporate stakeholders. For the purpose of a Director's duty to act in good faith and in the best interests of the company, the Director is not obligated to prioritize the interests of any specific stakeholder or group of stakeholders over others. 

Composition of the Board

The General Meeting appoints the members of the Board. If the Board proposes the appointment of a member of the Board, the General Meeting resolution requires a simple majority of the votes cast, while otherwise, the resolution requires a two-thirds majority of the votes cast, which majority must represent more than half of the then issued and outstanding shares.

Members of the Board will be appointed for a term of not more than four years and may be reappointed thereafter. After 12 years, a Non-Executive Director will no longer be considered independent. A profile outlining the required qualifications for Board members has been established and is published on aegon.com as schedule to the Board regulations. If the Board proposes removing or suspending a member, the General Meeting resolution requires a simple majority of the votes cast. In contrast, otherwise, the resolution requires a two-thirds majority of the votes cast, which majority must represent at least half of the then issued and outstanding shares. 

The Board determines the remuneration and other terms of service of the Executive Director and the Non-Executive Directors, with due observance of the remuneration policy for the Board. This remuneration policy is adopted by the General Meeting, ultimately at the fourth annual General Meeting held after the General Meeting, during which the remuneration policy was most recently adopted.

The Board may, subject to its control, delegate all powers, authorities, and discretions relating to the day-to-day-operations and general business and affairs of Aegon to Aegon's Chief Executive Officer (the “CEO”). The Board oversees the execution of its responsibilities and delegated powers, authorities, and discretions by the CEO and any other person or committee to which the Board has delegated any of its duties and responsibilities and is ultimately responsible for the fulfillment of the Board’s duties by them.

Committees

The Board has four committees comprised solely of
Non-Executive Directors. These committees are as follows:

• Audit Committee

• Risk Committee

• Compensation and Human Resource Committee

• Nomination and Governance Committee.

Please see "Composition of the Board and Executive Committee" for the composition of the Board’s committees and the Board Report for more information on the functioning of these committees.

The CEO

The CEO is a member of the Board and is responsible for the day-to-day management and general business and affairs of the company and the Group. In particular, the CEO is entrusted with all the Board’s powers, authorities, and discretions in relation to the operational running of the company, particularly powers, authorities, discretions including but not limited to such matters as: the operational running of the company and the business, developing the company’s strategy and sustainability approach for consideration, determination, and approval by the Board and the implementation of such strategy, and managing performance of the business. Lard Friese is the CEO of Aegon.

The Executive Committee

The members of the Executive Committee work alongside the CEO and help oversee operational activities and the implementation of Aegon’s strategy. Members are drawn from Aegon's functional, business, and country units and have regional and global responsibilities. As such, amongst others, the CFO and CRO are members of the Executive Committee.

This ensures that Aegon is managed as an integrated international business. The Executive Committee provides vital support and expertise in pursuit of the company's strategic objectives. Please see "Composition of the Board and Executive Committee" for the composition of the Executive Committee.

Capital, significant shareholdings, and exercise of control

As a publicly listed company, Aegon is required to provide the following detailed information regarding any structures or measures that may hinder or prevent a third party from acquiring the company or exercising effective control over it.

The capital of the company

Aegon has an authorized capital of EUR 720 million, divided into 4 billion common shares and 2 billion common shares B, each with a nominal value of EUR 0.12. As of December 31, 2024, a total of 1,652,797,432 common shares and 353,387,800 common shares B have been issued, whereby the common shares comprise 82% and the common shares B comprise 18% of the issued capital.

Depository receipts for Aegon shares are not issued with the company's cooperation.

As per the Dutch act regarding the conversion of bearer shares, all 16,040 bearer shares outstanding in December 2020 were converted into registered shares held by the company as of January 1, 2021. Until January 1, 2026, and upon request of a holder of a certificate of a bearer share, the company will provide the holder of such a valid certificate of a bearer share with a registered share as a replacement of the bearer share.

Each common share carries one vote. There are no restrictions on the exercise of voting rights by holders of common shares other than those held in treasury, which shares do not carry the right to vote.

All issued and outstanding common shares B are held by Vereniging Aegon. The nominal value of the common shares B is equal to the nominal value of a common share. This means that common shares B also carry one vote per share. However, the voting rights attached to common shares B are subject to restrictions as laid down in the Voting Rights Agreement, under which Vereniging Aegon may cast one vote for every 40 common shares B it holds in the absence of a Special Cause.

The financial rights (such as the rights to dividends, return of assets on liquidation, reduction of capital, or otherwise) attached to a common share B are 1/40th of the financial rights attached to a common share. The rights attached to the shares of both classes are otherwise identical.

For the issuance of shares, reduction of issued capital, the sale and transfer of common shares B, or otherwise, the value or the price of a common share B is determined as 1/40th of the value of a common share.

For such purposes, no account is taken of the difference between common shares and common shares B in terms of the proportion between financial rights and voting rights.

Significant shareholdings

On December 31, 2024, Vereniging Aegon, Aegon's largest shareholder, held a total of 284,282,445 common shares and 345,442,360 common shares B.

Under the terms of the 1983 Merger Agreement, as amended in May 2013, Vereniging Aegon has the option to acquire additional common shares B. Vereniging Aegon may exercise its call option to keep or restore its total stake to 32.6% of the voting rights, irrespective of the circumstances that caused the total shareholding to be or become lower than 32.6%.

During 2024, the following agreements were reached between Aegon and Vereniging Aegon.

On July 8, 2024, Aegon entered into a share repurchase agreement with Vereniging Aegon, pursuant to which Vereniging Aegon agreed to participate in Aegon’s 2024 200 million euro share buyback program for an aggregate consideration of EUR 37 million equally distributed over the total number of trading days during the program whereby the number of shares repurchased has been determined based on the daily volume-weighted average price per common share on Euronext Amsterdam, resulting in Aegon repurchasing 6,407,476 shares from Vereniging Aegon in the 2024 200 million euro share buyback program that ended in December 2024.

On December 16, 2024, Aegon repurchased 36,371,440 common shares B from Vereniging Aegon for the amount of EUR 5,541,443.48 based on 1/40th of the Value Weighted Average Price of the common shares of the five trading days preceding this transaction. The repurchase of common shares B was executed to bring the aggregate holding of voting shares by Vereniging Aegon in Aegon in line with its special cause voting rights of 32.6% following the completion of the share buyback programs, initiated by Aegon in May 2024 and July 2023 following the completion of the transaction with a.s.r. in 2023.

For an overview of other significant shareholdings, please see the “Other major shareholders” section.

Special control rights

The common shares and the common shares B offer equal full voting rights, as they have equal nominal value (EUR 0.12). The Voting Rights Agreement entered into between Vereniging Aegon and Aegon provides that under normal circumstances – that is, except in the event of a Special Cause – Vereniging Aegon is not allowed to exercise more votes than is proportionate to the financial rights represented by its shares. This means that in the absence of a Special Cause, Vereniging Aegon may cast one vote for every common share it holds and one vote for every 40 common shares B it holds. In the event of a Special Cause, Vereniging Aegon may cast one vote for every common share and one vote for every common share B.

A Special Cause may include but is not limited to:

• The acquisition by a third party of an interest in Aegon amounting to 15% or more; or

• A tender offer for Aegon shares; or

• A proposed business combination by any person or group of persons, whether acting individually or as a group, other than in a transaction approved by the company’s Board; or

• Any other circumstance in which, in the opinion of the Vereniging Aegon, Vereniging Aegon not exercising its full voting power would seriously harm the interests of the company and the business connected with it.

If Vereniging Aegon, acting at its sole discretion, determines that a Special Cause has arisen, it must notify the General Meeting of Shareholders. In this event, Vereniging Aegon retains full voting rights on its common shares B for a period limited to six months. Vereniging Aegon would, for that limited period, command 32.6% of the votes at a General Meeting of Shareholders.

Based on the Voting Rights Agreement, Vereniging Aegon has a right to, at its discretion, exercise its full voting rights on common shares B. Vereniging Aegon may exercise this right unilaterally and independent of Aegon and therefore also irrespective of any decisions of the Board of Aegon.

Issue and repurchase of shares

In accordance with Bermuda law, the Board will be authorized to issue Aegon shares up to Aegon’s authorized capital. However, the bye-laws determine that any issue of Aegon shares exceeding 10% of Aegon’s issued share capital requires a resolution of the General Meeting, unless the Board determines that the issuance of shares is necessary or conducive for purposes of safeguarding, conserving, or strengthening the capital position of Aegon. As a result, other than in the case described in the previous sentence, any transaction requiring the issuance of more than 10% of Aegon’s issued share capital will require shareholder approval.

According to the current bye-laws adopted by the General Meeting on June 12, 2024, each holder of common shares will have pre-emptive rights upon the issuance of common shares in proportion to the number of common shares held by such shareholder. The General Meeting can authorize the Board to limit or exclude such pre-emptive rights, provided that if less than half of the then outstanding shares that are entitled to vote on the matter is represented during such general meeting, such resolution can only be adopted with at least two-thirds of the votes cast.

The General Meeting will be requested annually to provide authorization to the Board to exclude (i) pre-emptive rights for up to 10% of the issued share capital and (ii) pre-emptive rights for share issuances for purposes of safeguarding, conserving, or strengthening Aegon’s capital position. The same applies mutatis mutandis for holders of common shares B upon the issuance of common shares B, whereby the Board can exclude or limit these pre-emptive rights in accordance with a prior authorization granted by the meeting of holders of common shares B.

Issuances for equity compensation plans or against a non-cash contribution are excluded from pre-emptive rights.

Aegon is entitled to acquire its own fully paid-up shares, providing it acts within the parameters set by Bermuda law and the Dutch Non-Resident Companies Act. Following the latest amendment to the company’s bye-laws adopted by the General Meeting, authorization from the General Meeting will be required for (i) resolutions to declare a final dividend and (ii) resolutions regarding the acquisition of own shares by Aegon. Aegon will request this authorization annually.

Transfer of shares

There are no restrictions on the transfer of common shares. Common shares B can only be transferred with the prior approval of Aegon's Board.

Except for the Voting Rights Agreement entered into with Vereniging Aegon as described herein, Aegon has no knowledge of any agreement between shareholders that might restrict the transfer of shares or the voting rights pertaining to them.

Significant agreements and potential change of control

Aegon is not a party to any significant agreements that would take effect, alter, or terminate as a result of a change of control following a public offer for the outstanding shares of the company, other than those customary in financial markets (for example, financial arrangements, loans, and joint venture agreements).

Share plan

Senior executives at Aegon companies and some other employees are entitled to variable compensation, of which part is granted in the form of shares. For further details, please see the Remuneration Report section and note 44 of the notes to Aegon´s consolidated financial statements. Under the terms of existing share plans, the vesting of granted rights is predefined.

Amending the bye-laws and memorandum of continuance

The Board resolves on amendments of the company’s
bye-laws and memorandum of continuance. In order for such amendment to take effect, it must be approved by the General Meeting. Under Bermuda law, shareholders who, alone or jointly, represent at least 20% of Aegon’s paid-up share capital or any class thereof have the right to, within 21 days after a resolution to amend the memorandum of continuance has been adopted by the General Meeting, apply to the Supreme Court of Bermuda for an annulment of such amendment of the memorandum of continuance, other than an amendment which alters or reduces Aegon’s share capital as provided in Bermuda law. No application may be made by shareholders voting in favor of the amendment.

Diversity and Risk Management and Internal Control systems

Information on Diversity can be found in the Inclusion and diversity section.

Information on risk management and internal control systems relating to the financial reporting process can be found in the Risk management section.

Sustainability governance

Key roles

Aegon’s Board of Directors has ultimate oversight over sustainability. Through its Nomination and Governance Committee, the Board of Directors is advised and kept appraised of business and regulatory developments regarding sustainability.

Advice on Aegon’s sustainability approach is provided by the Global Sustainability Board (GSB), which is supported by the Corporate Sustainability team. The GSB is a senior management committee established in December 2021, to enhance overall governance and oversight of Aegon’s company-wide approach to sustainability. The GSB meets quarterly and advises the Executive Committee on Aegon’s strategic sustainability approach. It is chaired by the CEO of the Americas and consists of senior-level representatives from across the company, including five members of the Executive Committee.

The GSB’s core function is to steer and strengthen the sustainability approach across Aegon’s business units, and it is supported by the local sustainability boards. Key actions include formulating and tracking sustainability-focused commitments, key performance indicators (KPIs), and targets.

Aegon's approach to sustainability is informed by our double materiality assessment (DMA). The DMA is endorsed by the GSB and approved by the CEO with support of the Executive Committee. The Executive Committee is the owner of the material topics as defined under ESRS, including the associated impacts, risks and opportunities, and has oversight of how these are managed through relevant policies, targets and actions.

Incentives

The Directors’ Remuneration Policy demonstrates the importance of sustainability by requiring inclusion of quantitative sustainability metrics in the Short-Term Incentive plan which directly impacts the outcome of the award. The CEO’s variable compensation also includes a significant focus on sustainable long-term performance in the Long-Term Incentive plan. Moreover, a significant risk or compliance incident related to sustainability may result in a malus adjustment or claw-back of the CEO’s variable compensation. For more information on the Executive Directors' remuneration policy and the CEO's variable compensation, please refer to the Remuneration Report in the Annual Report.

Risk management

The Group Risk & Capital Committee (GRCC) oversees the Risk function's climate scenarios that analyze the potential impacts of climate change on our financial accounts. The Non-Financial Risk Committee (NFRC) oversees the Risk function's annual climate risk assessment that identifies possible physical and transition risks that could impact Aegon.

The Compliance function co-ordinates Aegon’s biennial Human Rights Risk Assessment. The Compliance function also annually assesses ethics and culture via the Systematic Integrity Risk Assessments (SIRA), part of which is to assess business practices for alignment with Aegon’s core values. This is also overseen by the NFRC.

Composition of the Board and Executive Committee

Members of the Executive Committee

Lard Friese (1962, Dutch)

CEO and Chairman of the Executive Committee, and executive member of the Board of Directors of Aegon Ltd.

Please refer to the Composition of the Board of Directors in the next section for more information on Lard Friese’s background.

  
  
  

Duncan Russell (1978, British)

Chief Financial Officer and member of the Executive Committee

Duncan Russell has worked most of his professional career in the financial services sector. Mr. Russell was appointed Chief Transformation Officer and member of the Executive Committee of Aegon in August 2020. In September 2024, Mr. Russell was appointed Group Chief Financial Officer of Aegon Ltd.

Prior to joining Aegon, Mr. Russell was CFO and Board member at Admiral Financial Services, the financial services subsidiary of Admiral Group, a UK based insurance company,

where he was responsible for finance, analytics, funding, credit risk and pricing.

Before joining Admiral Group, Mr. Russell was Head of Group Strategy and Corporate Finance at NN Group N.V., the Netherlands, where he was responsible for capital management, treasury, M&A, and the Group strategy.

Before joining NN Group N.V., Mr. Russell held various positions at financial services groups in London, including JP Morgan.

Michele Bareggi (1973, Italian)

Chief Strategy, Transformation & Growth Officer

Michele Bareggi has over 25 years of experience in the financial services industry. This includes his tenure at Athora, a leading European savings and retirement services group. Mr. Bareggi was at Athora since its formation in 2018, leading the group through a significant period of growth, including its expansion into Belgium, Ireland, Italy, and the Netherlands. He has served as CEO, Deputy CEO & President of the Athora group; Member of the Supervisory Board of Athora Netherlands and Chair of the Board of Athora Belgium.

Prior to Athora, Mr. Bareggi held senior positions, covering both private and public markets, at Morgan Stanley, Nomura, Lehman Brothers and Credit Suisse. During his time at these global investment banks, he played key roles in designing, marketing, and implementing assets and insurance products, ALM and risk management solutions as well as new business initiatives to support the needs of European insurance companies.  

Mr. Bareggi joined Aegon as Chief Strategy, Transformation and Growth Officer on November 1, 2024 and is a member of Aegon's Executive Committee.

Elisabetta Caldera (1970, Italian)

Chief Human Resources Officer and member of the Executive Committee

Elisabetta Caldera started her career in Human Resources (HR) in 1994 at Foster Wheeler and soon moved to ABB Alstom.

In 2004, she joined Vodafone Italy where she was appointed Human Resources and Organization Director and member of the Management Board Vodafone Italy. Ms. Caldera moved to Vodafone Group in UK as Human Resources Director for

the Global Technology function and finally was appointed as HR Director for Europe Cluster & Egypt in 2018.

Ms. Caldera joined Aegon on June 1, 2021, as Chief HR Officer and is a member of Aegon's Executive Committee.

Ms. Caldera is a non-executive Director and Chair of the Remuneration Committee of ERG SpA. She was a Non-Executive Director of Nadara (formerly known as Falck Renewable SpA).

Will Fuller (1971, American)

CEO of Aegon Americas and member of the Executive Committee

Throughout his 30-year career in financial services, Will Fuller has been dedicated to helping consumers live better today and worry less about tomorrow through advocacy, communication, and education. Whether he’s serving in senior leadership roles or engaging in industry-wide advocacy efforts, Will is passionate about meaningful work that makes a difference in people’s lives.

Will was appointed President and Chief Executive Officer of Transamerica Corporation in March 2021. Transamerica is one of the nation’s largest insurers, with millions of customers throughout the United States and Canada, and approximately $400 billion in assets under management and administration across its core businesses of life insurance, annuities, retirement plans, asset management, and employee benefits.

Together with the Transamerica senior leadership team, 6,100 employees, and World Financial Group’s network of over 86,000 agents, Will is driving Transamerica’s strategic and financial transformation into America’s leading middle market life insurance and retirement company.

Will is a member of the Transamerica Corporation Board of Directors and the Executive Committee of Aegon Ltd., Transamerica’s parent company. Prior to joining Transamerica, Will served in senior leadership roles for Lincoln Financial Group and Merrill Lynch.

Will serves on CEO Committee for the Alliance for Lifetime Income. He is a board member of the American Council of Life Insurers and LL Global Inc., whose LIMRA and LOMA organizations have a combined membership of more than 700 insurance and financial services firms across 63 countries.

Mike Holliday-Williams (1970, British)

CEO of Aegon UK and member of the Executive Committee

Mike Holliday-Williams started his career with WHSmith in 1991 as a graduate trainee, working as a Retail Manager in many UK stores and in Business Development. In 1997, he joined Centrica where he had several general management and marketing roles in British Gas, before becoming the Residential & Marketing Director of Centrica Telecoms/One.Tel in 2004.

In 2006, Mr. Holliday-Williams joined RSA, becoming the UK Managing Director of Personal Lines in 2008, responsible for MORE THAN, Partnerships, and the Broker businesses.

In 2011, he moved to Copenhagen to become the CEO of RSA Group's Scandinavian businesses, Codan A/S and Trygg-Hansa, and he also became a member of the RSA Group Executive Board. In 2014, he moved to Direct Line Group (DLG) to become MD of the Personal Lines business, joining the Board of DLG in February 2017.

Mr. Holliday-Williams joined Aegon UK in October 2019, to take over as CEO. He became a member of Aegon's Executive Committee in March 2020.

Astrid Jäkel (1977, German)

Chief Risk Officer and member of the Executive Committee

Astrid Jäkel has 20 years of experience in the European and global insurance sectors. She joined Aegon from the international management consultancy firm Oliver Wyman where she was a partner in the European Insurance and Asset Management Practice, co-leader of the European Insurance Financial Effectiveness team as well as a member of the Board of Oliver Wyman's Swiss subsidiary. Her consulting work focused on high-impact risk, capital, asset liability and investment management topics.

Ms. Jäkel worked with leading European and global insurers on a broad range of projects to help transform and optimize their risk and balance sheet management capabilities for market, credit, insurance, and non-financial risks.

Ms. Jäkel was appointed CRO of Aegon and member of Aegon’s Executive Committee in March 2022. Her responsibilities include managing Aegon’s Group Risk and Actuarial functions, along with maintaining the Group’s Risk Management framework and overseeing the risk management capabilities.

Shawn C.D. Johnson (1963, American)

Global CEO of Aegon Asset Management and member of the Executive Committee

Shawn C.D. Johnson’s career in the financial services industry spans over 25 years, most recently as CEO of AMP Capital, where he led the global asset manager through a strategic transformation.

Prior to AMP Capital, Mr. Johnson founded Guidon Global LLC, an investment management and consulting firm. He had a 15-year tenure at State Street Global Advisors (SSGA), where he served as SSGA’s Investment Committee Chairman overseeing $2.1 trillion in client assets and played a key role in guiding the firm's global investment strategies. Mr. Johnson's broad investment experience covers all asset classes including cash, fixed income, global equities, real estate, currencies, commodities, hedge funds and private equity. 

Mr. Johnson is a former chair of both the US Financial Services Sector Coordinating Council (FSSCC) and the Association of Institutional Investors’.

Mr. Johnson was appointed CEO of Aegon Asset Management and a member of Aegon's Executive Committee in September 2024.

Marco Keim (1962, Dutch)

CEO of Aegon International and member of the Executive Committee

Marco Keim began his career with accountancy firm Coopers & Lybrand/Van Dien, before moving to the aircraft manufacturer Fokker Aircraft and NS Reizigers, part of the Dutch railway company, NS Group.

In 1999, he joined Swiss Life in the Netherlands as a member of the Board and was appointed CEO three years later. Mr. Keim was appointed CEO of Aegon the Netherlands and member of Aegon's Executive Committee in June 2008.

From 2017 to 2020, Mr. Keim headed Aegon's operations on mainland Europe. Since January 2020, Mr. Keim is responsible for Aegon’s insurance joint ventures in Brazil and China, its businesses in Spain & Portugal, its high-net-worth insurance business, as well as several ventures in Asia. These businesses together comprise the reporting segment ‘Aegon International’.

Mr. Keim is a former member of the Supervisory Board of Eneco Holding N.V.

Onno van Klinken (1969, Dutch)

General Counsel and member of the Executive Committee

Onno van Klinken has more than 30 years’ experience providing legal advice to a range of companies and leading Executive Board offices. Mr. Van Klinken started his career at Allen & Overy, and previously worked for Aegon between 2002 and 2006.

He then served as Corporate Secretary for Royal Numico, before it was acquired by Groupe Danone. His next position was as General Counsel for the Dutch global mail and express group TNT, where he served from 2008 until

the legal demerger of the group in 2011. This was followed by General Counsel positions at D.E. Master Blenders 1753 and Corio N.V.

Mr. Van Klinken rejoined Aegon in 2014 as General Counsel responsible for Group Legal, Compliance, the Board Office, and Government and Policy Affairs. Mr. Van Klinken has been a member of Aegon's Executive Committee since August 2016. Mr. Van Klinken was appointed member of the Board of Stichting Continuïteit SBM Offshore in December 2016.

Deborah Waters (1967, American)

Chief Technology Officer and member of the Executive Committee

Deborah Waters began her career at aerospace group Lockheed Martin in 1989 before moving to software consultancy group Seer Technologies.

In 1995, she joined Citigroup Inc., where she held various technology leadership positions in the intervening years. Most recently she served for over five years as Citi's Global Head of Private Bank Operations and Technology. Additionally, Ms. Waters was the Head of Inclusion and Diversity for Citi’s Institutional Client Group Operations and Technology.

Previous roles at Citigroup include leading Client Centric and Equities Technology, supporting the Equities, Research, Commercial Bank, Citi Velocity, and Markets Sales businesses. She also served as the Chief Operating Officer for the Markets Technology organization during her tenure there. Before moving to Markets Technology, Ms. Waters managed Markets and Operational Risk Technology for the organization where she started as a developer of risk solutions.

Ms. Waters joined Aegon in February 2022 as Chief Technology Officer and is a member of Aegon's Executive Committee. Ms. Waters is member of the Board of Directors of RanMarine Technology BV (not-listed).

Board of Directors

William L. Connelly (1958, French)

Chairman of the Board of Directors
Chairman of the Nomination and Governance Committee

Bill Connelly started his career at Chase Manhattan Bank, fulfilling senior roles in commercial and investment banking in France, the Netherlands, Spain, the United Kingdom, and the United States. He was appointed to Aegon's Board in 2017 and became Chairman in May 2018. His current term ends in 2025.

Mr. Connelly is chairman of the Board of Directors and chairman of the Nomination and Governance Committee. Mr. Connelly is an independent Director at the Board of Directors of Société Générale, Chairman of the Board of Directors of Amadeus IT Group S.A., and is a former member of the Board of Directors of Singular Bank, SA. (not listed).

Lard Friese (1962, Dutch)

CEO and Chairman of the Executive Committee, and (executive) member of the Board of Directors

Lard Friese has worked most of his professional career in the insurance industry, including 10 years at Aegon between 1993 and 2003. He was employed by ING as from 2008, where he held various positions. In July 2014, upon the settlement of the Initial Public Offering of NN Group N.V., he became the CEO of NN Group. During his tenure at NN Group, he led a wide range of businesses in Europe and Asia and created a stable platform for growth and shareholder value.

He has extensive experience in the areas of insurance, investment management, customer centricity, mergers and acquisitions, and business transformation.

Mr. Friese was appointed CEO Designate on March 1, 2020, and has been appointed Executive Director of the Board. In 2024, Mr. Friese was re-elected as Member of the Board of Directors until the end of the AGM to be held in 2028. Mr. Friese is CEO and Chairman of the Executive Committee of Aegon Ltd.

Mr. Friese is also a member of the Supervisory Board of ASR Nederland N.V. and a member of the Supervisory Board of Pon Holdings B.V. (non-listed). Mr. Friese is also Vice Chairman of the Board of Directors of The Geneva Association, the leading global think tank for the insurance industry.

Albert Benchimol
(1957, American, Canadian, Moroccan)

Member of the Risk Committee
Member of the Nomination and Governance Committee

Mr. Albert Benchimol brings more than 40 years of experience as a senior leader in the insurance and reinsurance industry. Between 2012 and May 2023, he was president and Chief Executive Officer of AXIS Capital Holdings, a Bermuda-based global specialty underwriter and provider of insurance and reinsurance solutions. Subsequently, Mr. Benchimol became advisor to the CEO and the Executive Committee at AXIS Capital Holdings, a role he retained until the end of 2023. Before joining AXIS Capital Holdings, Mr. Benchimol held various senior positions at PartnerRe and Reliance Group Holdings, after beginning his career in banking at the Bank of Montreal. Mr. Benchimol has also served in a leadership role in a number of additional industry organizations, including Chair of the Association of Bermuda Insurers and Reinsurers, and as an External Member of the Council of Lloyd’s.

Mr. Benchimol was appointed to Aegon’s Board in June 2024, and his current term ends in 2028. He is a member of the Risk Committee and of the Nomination and Governance Committee.

Mark A. Ellman (1957, American)

Member of the Risk Committee
Member of the Compensation and Human Resource Committee

Mark A. Ellman is a former Vice Chairman Global Origination of Bank of America/Merrill Lynch. Before joining Bank of America/Merrill Lynch, he held various roles in the US insurance industry. These mostly entailed working in corporate finance at large US financial institutions, where

he was engaged in M&A advice and transactions, together with equity and debt raisings for insurance companies. He was a founding partner of Barrett Ellman Stoddard Capital Partners.

Mr. Ellman was appointed to Aegon's Board in 2017, and his current term ends in 2025. He is a member of the Risk Committee and a member of the Compensation and Human Resource Committee. Mr. Ellman was a Non-Executive Director of Aegon USA from 2012 to 2017.

Karen Fawcett (1962, British)

Member of the Risk Committee
Member of the Compensation and Human Resource Committee

Karen Fawcett was formerly CEO Retail, Brand and Marketing for Standard Chartered Bank, which focused primarily on Asia, Africa, and the Middle East. Her broad career across complex global businesses covers wholesale and retail banking, global strategy, technology transformation, and brand and marketing.

Prior to her career in banking, Ms. Fawcett was Partner at global management and information technology consultancy firm Booz, Allen & Hamilton, where she advised insurers, banks, and asset managers on a wide range of strategic, technological, and operational transformations.

Ms. Fawcett was appointed to Aegon's Board in May 2022 and her current term ends in 2026. She is a member of the Compensation and Human Resource Committee and a member of the Risk Committee.

Ms. Fawcett holds several non-executive director positions, with a portfolio across financial services, digital transformation, and climate change mitigation. These positions are with the following non-listed entities: the LGT Group Foundation; Temus; Global Evergreening Alliance; and BetterTradeOff. Ms. Fawcett is a former member of the Board of Directors of INSEAD.

Jack McGarry (1958, American)

Chairman of the Audit Committee
Member of the Compensation and Human Resource Committee

Jack McGarry is a former actuary who spent the majority of his career at Unum Group, an NYSE-listed provider of workplace financial protection benefits. He has held various leadership roles in risk management, in finance, as CEO of Unum’s business in the United Kingdom, and CEO of Unum’s Closed Block.

His last position at Unum was as Chief Financial Officer (CFO). As CFO, he successfully led the transformation of the finance organization by outsourcing transactional

processes, driving automation across the organization, implementing accounting and financial planning & analysis platforms and modelling, and navigating the company through the implementation of tax reform.

This experience underscores his in-depth knowledge of the insurance industry and his integral perspective on managing an insurance company. Mr. McGarry was appointed to Aegon’s Board in June 2021, and his current term ends in 2025. Mr. McGarry is Chairman of the Audit Committee and member of the Compensation and Human Resource Committee.

Caroline Ramsay (1962, British)

Chairman of the Risk Committee
Member of the Audit Committee

Caroline Ramsay gained a Master's degree in Natural Sciences in 1984 at Cambridge. She started her professional career at KPMG in Ipswich and London, where she qualified as a Chartered Accountant in 1987. During her long career, Ms. Ramsay gained substantial experience in Finance and Audit at large insurance companies. In addition to her strong financial background, Ms. Ramsay acquired extensive managerial expertise in executive roles at Norwich Union plc (now Aviva plc) and RSA.

Ms. Ramsay holds various Non-Executive Board positions. In 2013, she joined the board of Scottish Equitable – and in 2017 also the boards of Aegon UK plc and Cofunds Ltd. – where she served as the Audit Committee Chair until May 14, 2020. Ms. Ramsay was appointed to Aegon's Board in May 2020 and her current term ends in 2028. She served as Chairman of the Audit Committee and as a member of the Risk Committee until August 2023 and is currently Chairman of the Risk Committee and a member of the Audit Committee.

Ms. Ramsay is senior independent Director of the Board of Brit Syndicates Ltd. (non-listed), a member of the Board of Directors of Ardonagh Specialty Holdings Ltd. (non-listed), and a member of the Board of Directors of Tesco Underwriting Ltd. (non-listed), Tesco Personal Finance Ltd (non listed), and Tesco Personal Finance Group Ltd (non listed). Ms. Ramsay is a member of the FCA Regulatory Decisions Committee and member of the Payment Systems Regulator's Enforcement Decisions Committee. Ms. Ramsay is a former member of the Board of Directors of Aberdeen UK Smaller Companies Growth Trust plc.

Thomas Wellauer (1955, Swiss)

Member of the Audit Committee
Member of the Compensation and Human Resource Committee

Thomas Wellauer started his professional career at McKinsey & Company, where he served as Senior Partner and Practice Leader. He held various executive management positions at multi-industries, including financial services, pharmaceuticals, and chemicals. Among others, he served on the Executive Committees of Winterthur, Credit Suisse, Novartis, and Swiss Re. His most recent position from 2010 to 2019 was Group Chief Operating Officer of Swiss Re. During his career, Mr. Wellauer also served as independent Director on the boards of several global companies such as Munich Re and Syngenta.

Mr. Wellauer was appointed to Aegon's Board in May 2020, and his current term ends in 2028. He is a member of the Audit Committee and a member of the Compensation and Human Resource Committee.

Mr. Wellauer is Chairman of the Board of Directors of SIX Group (not listed), and Chairman of the Board of Trustees of the University Hospital Zurich Foundation. Mr. Wellauer is the former Chairman of the International Chamber of Commerce in Switzerland.

Corien M. Wortmann (1959, Dutch)

Vice Chairman of the Board of Directors
Member of the Audit Committee
Member of the Nomination and Governance Committee

Corien M. Wortmann was Chairman of the Board of Stichting Pensioenfonds ABP, the Dutch public sector collective pension fund until December 2022, and is a former Member of the European Parliament and Vice President on Financial, Economic and Environmental affairs for the EPP Group (European People's Party). She was appointed to Aegon's Board in May 2014. In 2024, Ms. Wortmann was re-elected as Non-Executive Director of the Board of Directors of Aegon Ltd. for a term of two years until the end of the AGM to be held in 2026.

She is Vice Chairman of the Board of Directors, and a member of the Audit Committee and the Nomination and Governance Committee.

Ms. Wortmann is a member of the Board of Directors of DSM-Firmenich AG., Chairperson of the Supervisory Board of Netspar (non-listed), Member of the Supervisory Board of Deloitte Nederland (non-listed), and Member of the Supervisory Board of Planet B.io. (non-listed). She is a former member of the Supervisory Board of Het Kadaster, a former member of the Supervisory Board of Save the Children Nederland, and a former member of the Advisory Committee of the Financial Markets Authority.

Dona D. Young (1954, American)

Chairman of the Compensation and Human Resource Committee
Member of the Nomination and Governance Committee
Member of the Risk Committee

Dona D. Young is an executive/board consultant and retired Chairman, President, and Chief Executive Officer of The Phoenix Companies, which was an insurance and asset management company at the time of her tenure. She was appointed to Aegon's Board in 2013, and her current term will end in 2025.

She is Chairman of the Compensation and Human Resource Committee, member of the Nomination and Governance Committee, and member of the Risk Committee.

Ms. Young is member and Chairman of the Board of Directors of Foot Locker, Inc. Furthermore, Ms. Young is a Director of the Board of Directors of USAA, Director of the Board of Spahn & Rose Lumber Company, and member of the Board of the National Association of Corporate Directors.

Report of the Board of Directors

Board of Directors

Aegon has a one-tier board consisting of nine independent Non-Executive Directors. Aegon’s CEO, Lard Friese, is the sole Executive Director of the Board.

The Board manages and conducts the business of the company and is responsible for the general affairs of the company, which includes setting and evaluating the company’s strategy, management’s policies, and the effectiveness with which management implements its policies and oversees compliance with legal and regulatory requirements.

The Board has four committees, comprising solely of Non-Executive Directors: the Audit Committee, the Risk Committee, the Nomination and Governance Committee, and the Compensation and Human Resource Committee. The committees report to the Board on their activities, identifying any matters on which they consider necessary action or improvements, and making recommendations to the Board regarding the steps to be taken. For more information about the functioning of the committees, please see the Committee Charters on aegon.com.

Aegon Ltd. is subject to Bermuda law and its governance is predominantly determined by Bermuda law, its bye-laws, and its Board Regulations.

2024 topics

A significant amount of time was, among others, allotted to the items listed below.

Strategy

The Board discussed Group and business unit strategy developments and execution progress throughout the year. During these discussions, the Board reflects, amongst others, on the opportunities and the potential risks, feasibility, capabilities, and timing and takes into consideration the views of stakeholders.

Sustainability is part of Aegon's strategic approach and a key part of delivering on its purpose. The Board has ultimate oversight over sustainability and is advised and kept appraised of business and regulatory developments regarding sustainability through its Nomination and Governance Committee. Other committees also address broader social and governance matters, as linked to their area of responsibility.

In 2024, the Board was regularly updated on the progress of Aegon’s sustainability approach and relevant sustainability developments. These updates included discussions on the Double Materiality Assessment (DMA) and resultant material sustainability themes, progress on Aegon’s key sustainability metrics and the controls related to sustainability reporting. The broader governance of sustainability is described in the section Sustainability Governance in this report. The Board supports Aegon’s approach to sustainability. The Board also participated in a sustainability teach-in addressing the pending implementation of the Corporate Sustainability Reporting Directive.

Governance and stakeholder management

In 2024, the Board focused on establishing a good relationship with the Bermuda Monetary Authority (BMA), Aegon's group supervisor since October 2023. Certain board members participated in several meetings with the supervisor and ensured that the leadership was well acquainted with the supervisor's regulations and requests.

Furthermore, and after extensive stakeholder engagement, the Board submitted for approval to the General Meeting held in 2024 an amendment to the Aegon Ltd. bye-laws, to include a new remuneration policy as well as the following provisions: (i) introduction of pre-emptive rights for the issuance of common shares (ii) shareholder approval for share buybacks and (iii) shareholder approval for annual final dividend payments.

The Aegon Ltd. bye-laws have been adjusted accordingly. Stakeholder engagement continues to be an important topic for the Board, and stakeholder interests are taken into account in the decision-making process.

IFRS 17 accounting

Aegon issued its first Annual Report under IFRS 17 on April 4, 2024. The Board had many interactions with management on the implementation results of the new accounting standard and industry comparison. The Board was well informed about the new accounting standard and frequently discussed the financial results under IFRS and disclosures. 

Other 2024 topics

In addition, the Board addressed, among others, the following topics in 2024:

• The remuneration philosophy and framework, executive remuneration, and succession planning;

• Communication and stakeholder management;

• The self-evaluation of the 2023 Board performance;

• The Annual Report 2023;

• The strategic preparations and communication related to the June 2024 Aegon UK Strategy Teach-In; emphasizing the plans to accelerate the transformation of Aegon UK into a leading digital savings and retirement platform;

• The regular business updates;

• The Group strategic deliberations and considerations;

• The approval of the 2023 financial results, the 2024 interim financial results, and the (interim) dividends;

• The funding plan and funding authorization;

• Capital generation and solvency capital positions;

• Enterprise risk management, information security, and cybersecurity;

• The budget and medium term plan;

• Human resources, including talent development, organizational health developments, cultural change, and diversity;

• Brand architecture;

• Educational sessions on e.g. Artificial Intelligence, sustainability, distribution capabilities, and business deep dives;

• Regulatory changes at both regional and global levels;

• Tax policy and developments;

• Technology and strategy, developments, and innovations; and

• The active management of the business portfolio, including acquisitions, divestments, and balance sheet transactions.

Independent Auditor

During the 2023 AGM, Ernst & Young Accountants LLP was appointed Aegon's independent auditor for the Annual Accounts 2024 through 2028. During the 2024 AGM, Ernst & Young Accountants LLP was appointed Aegon’s independent auditor for the Annual Accounts 2025. EY Accountants B.V. succeeded Ernst & Young Accountants LLP as independent auditor of Aegon Ltd. as from June 29, 2024 following a change in the latter’s legal structure.

2025 focus areas

In 2025, the focus will be on the business units delivering on their ambitions in line with the budget/medium-term plan. The Board will closely monitor the growth developments, and the value creation of the businesses while focusing on the strategy developments and execution capabilities. Other areas of attention relate to talent development, new regulations, such as CSRD in the EU, (IT) security, data protection, integrated reporting, (IFRS) accounting, controls, and employee wellbeing. Also, the Board will continue to follow other developments, such as artificial intelligence and the usage thereof in a controlled environment, and discuss potential risks to the company, such as climate risk cyber risk, and geopolitical developments.

Process and meetings

The Board and the Committee meetings are scheduled regularly, and the agendas are mainly based on a rolling calendar. The meeting schedule is set two years in advance, allowing for sufficient flexibility to address regular and non-routine matters. Board papers are often submitted well before the meetings and are distributed and filed by the board office under the management of the Company Secretary. On the request of the Board, Board (committee) meetings are attended by senior management or others. Minutes of the meetings are made and kept by the Company Secretary.

Composition of the Board

The composition of the Board is discussed regularly in Board meetings. particularly by the Nomination and Governance Committee. During the 2024 Annual General Meeting held on June 12, 2024, Mr. Lard Friese was reappointed as a member of the Board of Directors for a term of four years until the end of the AGM to be held in 2028. During the same June 12, 2024, AGM, Ms. Corien Wortmann was reappointed for a term of two years until the end of the AGM to be held in 2026, Ms. Caroline Ramsay was reappointed for a term of four years until the end of the AGM to be held in 2028, Mr. Thomas Wellauer was reappointed for a term of four years until the end of the AGM to be held in 2028, and Mr. Albert Benchimol was appointed Non-Executive Director of the Board of Directors of Aegon Ltd. for a term of four years until the end of the AGM to be held in 2028.

An induction program for new Directors is in place. The program is regularly updated to reflect changes in the environment in which Aegon operates, including regulatory changes. The program is tailored to the needs of individual Board members.

An overview of the composition of the Board of Directors in 2024 can be found in the section Composition of the Board and Executive Committee of this Annual Report. The retirement schedule is available as part of the Board Regulations on aegon.com.

The table below depicts, among other things, the tenure, the attendance of the board members, and the number of meetings held. The Board of Directors retains the ability to call special meetings of the Board and any of its committees as needed.

The Committees

The Board has four committees, comprising solely of
Non-Executive Directors: the Audit Committee, the Risk

Committee, the Nomination and Governance Committee, and the Compensation and Human Resource Committee.

The Audit Committee

The Audit Committee has confirmed that all its members qualified as independent according to Rule 10A-3 of the SEC. The Chairman of the Audit Committee qualifies as a financial expert according to the Sarbanes-Oxley Act in the United States.

Role and responsibilities

Aegon has both an Audit Committee and a Risk Committee. With regard to the oversight of the operation of the risk management framework and risk control systems, including supervising the enforcement of relevant legislation and regulations, the Audit Committee operates in close coordination with the Risk Committee. Certain Board members participate in both committees, and a combined meeting of the Audit Committee and Risk Committee is scheduled at least on an annual basis.

The main role and responsibilities of the Audit Committee are to assist and advise the Board in fulfilling its oversight responsibilities regarding:

• The integrity and quality of the consolidated financial statements for the Group;

• The effectiveness of the design, operation, and appropriateness of the enterprise risk management framework and internal control systems of the Group, including supervising the enforcement of the relevant legislation and regulations, supervising the operation of the Code of Conduct, and monitoring the internal control over financial reporting; 

• The integrity, quality, and disclosure of financial and non-financial information by the Group, including but not limited to the choice of accounting policies, application, and assessment of the effects of new rules, information about the handling of estimated items in the annual accounts, forecasts, and work of the External and Internal Auditors; 

• Compliance with recommendations and observations and following up on comments of Internal and External Auditors, including the review of compliance and complaints (whistleblowing) procedures and reports; 

• The role and functioning of the internal audit function; 

• The policy of the company on tax planning; 

• Actuarial matters; 

• The funding, financing, capital structure, and capital reporting of the Group, the Group Capital Plan, and treasury policies and procedures, including significant financial exposures; 

• Applications of information and communication technology, including risks relating to cybersecurity and information security;

• The integrity of the consolidated half-yearly and full-year financial statements and financial reporting processes;

• Internal control systems and the effectiveness of the internal audit process;

• Relationship with the External Auditor, including in particular its appointment, reappointment, or dismissal, qualifications, independence, remuneration, and any services for the Group; and 

• The performance of the external auditors and the effectiveness of the external audit process, including monitoring the independence and objectivity of the external auditor.

Other 2024 topics

In 2024, the Audit Committee addressed, among others, the following topics:

• Financial information, dividend proposals, and financial publications;

• IFRS 17 implementation;

• The reports from the independent auditor;

• Quarterly update reports from Internal Audit, and the Compliance and Legal functions, including annual plans;

• The annual Speak Up overview;

• The Systematic Integrity Risk Assessment;

• The quarterly IFRS/Solvency control program updates;

• Cash flow testing results;

• Compliance with regulations, including CSRD implementation; and

• Updates from Group Tax.

The Risk Committee

Role and responsibilities

The Risk Committee focuses on the effectiveness of the design and operation and the appropriateness of the enterprise risk management framework and internal control systems of Aegon Ltd. This includes:

• Risk strategy;

• Risk tolerance;

• Risk governance structure;

• Risk competencies;

• Risk assessment;

• Risk responses and internal control effectiveness;

• Risk monitoring; and

• Risk reporting.

Furthermore, the Risk Committee is responsible for reviewing, and advising the Board with respect to, the Risk exposures as they relate to capital, earnings, liquidity, operations, product development and pricing, and compliance with risk policies. The Audit Committee primarily relies on the Risk Committee for the topics mentioned above.

The Risk Committee works closely with the Audit Committee. Two combined meetings were held in 2024. One focused on the annual assumption update and the other focused on the 2025 Group Risk plan, and the 2024 Model Validation outcome and the 2025 plan.

Other 2024 topics

In 2024, the Risk Committee addressed, among others, the following topics:

• The quarterly risk dashboard, reflecting the risk profile of Aegon based on financial risk, underwriting risk, and operational risk;

• Business updates and the risks related to strategic and operational improvement projects;

• Assumption and model changes, and the actuarial function report;

• Changes to regulatory requirements following the re-domiciliation to Bermuda;

• The Supervisory Risk Assessment;

• Reinsurance;

• The Group Risk Plan;

• Asset and Liability Management developments;

• Third-Party Risk Management;

• Information security strategy and metrics, and the IT Risk profile;

• Operational Resilience;

• Macroeconomic risks, exposures, and mitigating actions;

• Climate Risk Assessments;

• Business environment emerging risk scan; and

• Risk strategy and limits.

The Nomination and Governance Committee

Role and responsibilities

The Nomination and Governance Committee focuses on the size, composition, and profile of the Board and addresses the functioning, succession, and proposed nomination of Directors, and ensures that the corporate governance structure is in line with the applicable rules and regulations and advises on the responsible business strategy. This includes:

• Drawing up selection criteria and (re-)appointment procedures for nominations of Directors;

• Preparing selection criteria and appointment procedures and proposal for the nomination of the Chief Executive Officer;

• Updating the Board Profile and periodically assessing the size and composition of the Board, and making a proposal for a composition profile of the Board;

• Assessing the functioning of individual Directors and drawing up a plan for the succession of Directors;

• Advising on and proposing to the Board candidates to be designated as Chairperson and Vice-Chairperson of the Board;

• Supervising the policy of the Board on the selection criteria and appointment procedures for senior management and discussing the succession plans for certain key roles;

• Advising on a proposal for appointment of the Group CFO;

• Annually validating the succession plans for the CEO, CFO, CRO, CEO of Transamerica, and certain other functions;

• Periodically discussing any relevant developments within the senior management and advising on any potential appointments of senior management;

• Overseeing the corporate governance structure of the company and compliance with any applicable corporate governance legislation and regulations;

• Periodically assessing and advising on the responsible business strategy, including sustainability/ESG strategy, as part of the corporate strategy; 

• Discussing updates to Aegon's environmental targets and sustainability approach; and

• Overseeing the process of the annual self-evaluation of the Board and each of its committees.

Other 2024 topics

In 2024, the Nomination and Governance Committee addressed the following additional topics:

• Discussed the Board composition, required profiles and  potential new candidates for the Board of Directors;

• Interviewed multiple Board member candidates and senior management candidates;

• Discussed the proposal for appointment of the Group CFO;

• Discussed the succession planning of certain key senior management roles;

• Discussed senior management developments;

• Received and discussed multiple updates on sustainability and reviewed the related sustainability roadmap and targets; and

• Received updates on corporate governance matters and reviewed the amendments to the Company’s bye-laws.

The Compensation and Human Resource Committee

Role and responsibilities

The Compensation and Human Resource Committee (CHRC), is designated to safeguard the existence of sound remuneration policies and practices within the company by overseeing the development and execution of these policies and practices in accordance with the applicable rules and regulations. CHRC assesses, in particular, the remuneration governance processes, procedures and methodologies adopted to ensure that the remuneration policies and practices adequately address all types of risks as well as liquidity and capital levels. The Committee also ensures that the overall remuneration policy is consistent with the longer-term strategy of the company and the longer-term interest of its shareholders, investors, and other stakeholders, as well as the public at large.

This includes, among other:

• Reviewing Aegon's Global Remuneration Framework, making recommendations on the remuneration policies, and advising the Board on the approval and adoption of the Global Remuneration Framework;

• Overseeing the remuneration of Executive Directors;

• Reviewing annually a proposal for the remuneration of the Heads of Control Functions;

• Preparing recommendations regarding variable compensation both at the beginning and at the end of the performance year;

• Preparing the information provided to shareholders on remuneration policies and practices, including the Remuneration Report; and

• Discussing the outcome of the employee engagement surveys and of the succession planning for key senior management/talents (e.g., process followed, statics on the health of the pipeline).

In 2024, the CHRC dedicated time to the newly adapted Directors’ Remuneration Policy, ranging from the design of the policy, to testing the design with stakeholders, putting the proposal to the Annual Shareholders’ Meeting (which adopted the new Directors’ Remuneration Policy on June 12, 2024), translating the policy into a new remuneration package for the Group CEO and giving guidance for the further cascading to Executive Committee members.

The CHRC also oversaw the application, implementation, and approval of Aegon's Group Global Remuneration Framework and the various policies and procedures related to it. This included:

• Determining the outcome of the 2023 Group Performance Indicators and of the 2023 Individual Performance Indicators for, for example, Executive Board members, and allocating variable compensation related to 2023 where required;

• Setting the 2024 Individual Performance Indicators for the CEO;

• Setting the 2024 Group Performance Indicators and targets for remuneration purposes;

• Preparing for the 2025 performance indicators;

• Reviewing the ex-ante risk assessments and ex-post risk assessments, any exemption requests (for example, sign-on arrangements) under the remuneration policies; 

• Reviewing the 2024 Remuneration Report;

Also, in line with its amended charter, the CHRC discussed at length (i) the Global Employee Survey results in 2024 and (ii) the succession plans overview for the key 90 senior management members (process and health of pipeline).

Annual Accounts

This Annual Report includes the Annual Accounts for 2024, which were prepared by the management and discussed by both the Audit Committee and the Board. The Annual Accounts are adopted by the Board.

Acknowledgment

The Board of Directors emphasizes the strategic progress that has been made in 2024 and supports the ongoing transformation of the company. The Board acknowledges the impact of the choices made on Aegon’s employees and Aegon’s stakeholders. Aegon employees continued to gain the trust of our customers by rendering high level services and products. The Board would like to thank the CEO, management, and all employees for the continued focus on strategic and operational improvements.

The Hague, the Netherlands, March 26, 2025

William L. Connelly, Chairman of the Board of Directors of Aegon Ltd.

Remuneration Report

The 2024 Remuneration Report from our Compensation and Human Resource Committee on behalf of the Board

Introduction

This report has been prepared by the Compensation and Human Resource Committee of the Board of Directors, which was led by the Committee’s Chairperson, Ms. Dona Young, and was approved by the Board of Directors (Board).

In the first chapter, the Compensation and Human Resource Committee presents an overview of the business and remuneration highlights in 2024 and a look ahead to 2025. This is followed by chapter two, which contains a general introduction to remuneration at Aegon. The third chapter is the 2024 Non-Executive Director Remuneration Report, which contains a summary of the Non-Executive Director Remuneration Policy that was introduced in 2024 and their remuneration in recent years. In the fourth chapter, the 2024 Executive Director Remuneration Report provides a summary of the Executive Director Remuneration Policy introduced in 2024, the Executive Director remuneration over the recent years, and the 2024 Executive Director performance indicators.

1. Business and remuneration highlights

This chapter presents an overview of the business and remuneration highlights in 2024 and a look ahead to 2025.

2024 Business performance against our performance metrics

In 2024, Aegon made good progress with its transformation. Commercial momentum remained strong in our US Strategic Assets and our UK Workplace platform activities, while Aegon Asset Management returned to growth. In addition, we continued to reduce our exposure to Financial Assets in the US. At the same time, our UK Adviser platform net flows remained challenged and in the International segment, commercial results were volatile. Aegon continued to report solid operating capital generation of EUR 1,245 million from the units, meeting our increased guidance of around EUR 1.2 billion for 2024. Compared to 2023, operating capital generation reduced by 3%, driven by more favorable non-recurring items in the previous reporting period. In 2024, the new metric return on regulatory capital amounted to 19.8%. The return on regulatory capital measures the profitability of Aegon’s yearly average regulatory capital, with the return (EUR 1,480 million in 2024) represented by the sum of the earnings on in-force from the reporting segments, the a.s.r. capital distributions received, and the (negative contribution from) the Holding funding and operating expenses. The average regulatory capital (EUR 7,474 million in 2024) is based on the group solvency requirement.

In 2024, Aegon’s Board of Directors consisted of the following Non-Executive members: Mr. William Connelly (Chairman), Ms. Corien Wortmann (Vice Chairman), Ms. Dona Young, Mr. Mark Ellman, Mr. Thomas Wellauer, Ms. Caroline Ramsay, Mr. Jack McGarry, Ms. Karen Fawcett and Mr. Albert Benchimol who joined on June 12, 2024. Chief Executive Officer, Mr. Lard Friese, is an Executive Member of the Board.

2024 Remuneration highlights

Aegon’s shareholders adopted a new Directors’ Remuneration Policy at the Annual General Meeting of Shareholders on June 12, 2024, with 97.41% of the casted votes. This policy came into force retroactively on January 1, 2024.

The new policy includes an updated labor market peer group that better reflects the markets in which Aegon competes for Non-Executive Director and Executive Director talent.

This new peer group consists of a blend of eight European insurance companies, four Dutch general industry companies that also have large businesses in the United States, and four US insurance companies.

The remuneration for the Non-Executive Directors changed to annual Board retainers (paid for 75% in cash and 25% in fixed Aegon shares) and committee membership retainers, discontinuing attendance and travel fees from the previous policy. For 2024, the remuneration of the Chair of the Board Mr. Connelly was positioned at the 36th percentile of this peer group, while for the other Non-Executive Directors this was around the market median. In addition, the Non-Executive Directors will have a minimum shareholding requirement of 100% of the cash portion of the annual Board retainer, to be built up within four years by retaining vested shares on an after-tax basis (no requirement to buy shares). See chapter three, for more information about the new remuneration policy for the Non-Executive Directors.

For Mr. Friese, as Executive Director, the remuneration package changed into mostly variable, performance-based compensation as of 2024, while previously most remuneration was guaranteed. In addition, his variable compensation will now be determined by distinct Short-Term and Long-Term Incentives (paid in cash and Aegon shares respectively), while under the former policy Mr. Friese was eligible for annual variable compensation (paid in a mix of cash and deferred Aegon shares). For 2024, the target remuneration package of Mr. Friese was positioned at the 25th percentile of this peer group and consisted of a base salary of EUR 1,365,000, 15% in pension contributions, a target Short-Term Incentive of 100%, and a target Long-Term Incentive of 175%. In addition, Mr. Friese will have a minimum shareholding requirement of 400% of base salary, to be built up within four years by retaining vested shares on an after-tax basis (no requirement to buy shares). See chapter four, for more information about the new remuneration policy for the Executive Director.

For serving as an Executive Director and Chief Executive Officer in 2024, Mr. Friese received a base salary of EUR 1,365,000 (2023: EUR 1,637,213). For that same period, Mr. Friese was allocated EUR 3.4 million in total compensation, which consisted of a base salary, pension contributions, the 2024 Short-Term Incentive, and other benefits (2023: EUR 3.9 million). The 2024-2026 Long-Term Incentive will be allocated in 2027 after the performance period for this incentive is completed.

The 2024 CEO-to-Median pay ratio was 1:36. This ratio was based on the base salary as of May 1, 2024, and the variable compensation awards that were approved and allocated in 2024 (in cash and shares where applicable) for Mr. Friese and Aegon's employees. The cumulative amount for Mr. Friese was EUR 2.9 million, while for the median full-time employee this was EUR 81 thousand. As of 2024, the CEO-to-Median pay ratio has replaced the CEO-to-Average ratio as it gives a more meaningful reflection of the internal pay ratios.

Looking ahead to 2025

For 2025, there will be no changes to the retainer levels for the Non-Executive Directors. At the 2025 Annual General Meeting, the Board will ask Aegon’s shareholders to cast an advisory vote on this Remuneration Report.

2. Remuneration at Aegon in general

This chapter contains a general introduction to Aegon’s Global Remuneration Framework, Human Resources Strategy, Remuneration Principles, the concepts of total compensation and variable compensation, Risk Management in relation to remuneration, and remuneration of Material Risk Takers.

Global Remuneration Framework

Aegon's Global Remuneration Framework (GRF) was designed in accordance with relevant rules and regulations. These included the remuneration rules of the Bermuda Monetary Authority. All remuneration policies within Aegon are derived from the GRF, such as the Directors’ Remuneration Policy and the local Remuneration Policies of our business units. The GRF for 2024 was updated to reflect the new Directors’ Remuneration Policy that was adopted at the Annual General Meeting of Shareholders on June 12, 2024.

Human Resources Strategy

In order to support the Aegon Strategy and local business objectives, the Aegon Group Human Resources Strategy contains the following remuneration-related goals:

• Attract, retain, motivate, and reward a highly qualified, and diverse workforce.

• Align the interests of executives, managers, and all other employees with the business strategy and risk tolerance, the values, and the long-term interests of Aegon.

• Provide a well-balanced and performance-related compensation package to all employees, taking into account shareholder and other stakeholder interests, relevant regulations, corporate responsibilities, and Aegon’s purpose, values, and behaviors.

Remuneration Principles

Based on the Human Resources Strategy, Aegon has formulated the following Remuneration Principles, which are the foundation for all remuneration policies and practices within the Group. 

• First, Aegon’s remuneration is employee-oriented by fostering a sense of value and appreciation in each individual employee, promoting the short- and long-term interests and wellbeing of Aegon’s employees through fair compensation and supporting the career development and mobility of employees.

• Second, it is performance-related by establishing a clear link between pay and performance by aligning objectives and target setting with performance evaluation and remuneration, reflecting individual as well as collective performance in line with Aegon's long-term interests.

• Third, it is fairness-driven by promoting fairness and consistency in Aegon’s remuneration policies and practices, avoiding discrimination, having gender-neutral policies and practices, and by providing total compensation packages in line with an appropriately established peer group at a country and/or functional level.

• And last, Aegon’s remuneration is risk-prudent (see also Risk Management in relation to Remuneration below).

Risk management in relation to remuneration

Remuneration, and specifically variable compensation, may have an impact on the risk-taking behaviors of employees and, as such, may undermine effective risk management. The GRF, therefore, includes additional remuneration rules for the Executive Director, Material Risk Takers, and Staff in Control Functions, as their roles and responsibilities require tailored risk-mitigating measures and governance processes. These rules include mandatory risk assessments related to setting individual goals, and malus and claw-back risk assessments.

Both the Risk Management and Compliance functions are involved in the design and execution of Aegon’s GRF and remuneration policies, such as reviewing proposed updates to the GRF and remuneration policies, reviewing the selection of Material Risk Takers, and executing various risk-mitigating measures during the compensation cycle.

3. 2024 Non-Executive Director Remuneration Report

This report contains a summary of the Non-Executive Director Remuneration Policy that applied to 2024 and the Non-Executive Directors' remuneration over the recent years, including remuneration paid under the former Non-Executive Director Remuneration Policy. Disclosures of individuals in the Non-Executive Director tables and text below will include those previously reported as Supervisory Board members before 2023.

Director’s Remuneration Policy for Non-Executive Directors in 2024

The purpose of Non-Executive Director remuneration is to provide guaranteed, non-performance based, compensation for the different roles and responsibilities within the Board and its committees. The policy remains in place until the shareholders have adopted a new or revised policy in accordance with the applicable rules and regulatory requirements from the Insurance Code of Conduct of the Bermuda Monetary Authority. The Board of Directors will submit a proposal to the shareholders to adopt a remuneration policy at an Annual General Meeting at least every four years.

The remuneration of the Non-Executive Directors consists of annual Board and Committee membership retainers. For these retainers the aim is to be competitive with respect to the market median of the labor market peer group. The Board annually reviews the labor market peer group to ensure it remains relevant and up to date, for example in case of de-listings, mergers, or other extraordinary circumstances. Any change to the peer group will be disclosed in the Remuneration Report.

In 2024, a new the labor market group was introduced as part of the new Directors’ Remuneration Policy and consisted of the following companies:

The Non-Executive Directors were entitled to the following retainers in 2024:

The annual Board retainer for the Chair was positioned at the 36th percentile of the new labor market peer group, while the other retainers were around the market median. The retainers in cash were paid each quarter, while the retainers in shares will vest annual after completion of the calendar year (including accrued dividends). Where required, Aegon pays the employer social security contributions in the home country of the Non-Executive Director. The employee social security contributions in the home country, if any, are paid by the Non-Executive Director.

The policy contains a temporary derogation clause, under which derogation is only allowed in exceptional circumstances to serve the long-term interest and sustainability of Aegon or to assure its viability for a limited period when it stays in line with the general spirit of the policy and when the details are disclosed in the next Remuneration Report. This clause was not used in 2024.

Information on Non-Executive Directors and the composition of its four committees can be found in the Report of the Board of Directors in this Integrated Annual Report 2024.

Non-Executive Director remuneration in recent years

The table below shows the retainers, attendance fees, and benefits that have been allocated to and paid for each Non-Executive Director and former Supervisory Board member in the calendar years 2022, 2023, and 2024, in accordance with the Non-Executive Director Remuneration Policy that applied at the time. The table also includes the total IFRS expenses that were recognized for the compensation of the Non-Executive Directors in 2022, 2023, and 2024. There have been no deviations from this policy in recent years.

The table below presents the total compensation (retainers, attendance fees, and benefits) that was awarded and due in the last five calendar years on an annualized basis and the year-on-year annual change in total compensation. This compensation was paid in accordance with the Non-Executive Director Remuneration Policy that applied at the time, and there were no deviations. In addition, the table shows the Aegon net result, a proxy of the financial and non-financial business performance, and the median employee compensation over the same period.

As of 2024, the Non-Executive Directors have a minimum shareholding requirement of 100% of the cash portion of the annual Board retainer, to be built up within four years by retaining vested shares on an after-tax basis

(no requirement to buy shares). The 2024 Board retainer in shares will vest in 2025. At the end of 2024, Mrs Young held 13,260 shares (89% of cash retainer) while the other Non-Executive Directors did not hold any shares yet.

4. 2024 Executive Director Remuneration Report

This report contains a summary of the Executive Director Remuneration Policy that applied to 2024, the Executive Directors' remuneration over the recent years, including remuneration paid under the former Executive Director Remuneration Policy, and the 2024 Executive Director performance metrics. Disclosures of individuals in the Executive Director tables and the text below will include those who were previously reported as Executive Board members in prior years.

Mr. Lard Friese, Chief Executive Officer, served as the sole Executive Director in 2024.

Executive Director Remuneration Policy in 2024

The purpose of Executive Director remuneration is to attract and retain an Executive Director who can deliver on Aegon’s ambitions for value creation and our strategy for growth, and establish a strong correlation between the Executive Director’s remuneration and Aegon’s financial performance, as well as the long-term interests of both Aegon and its shareholders. The policy remains in place until the shareholders have adopted a new or revised policy in accordance with the applicable rules and regulatory requirements from the Insurance Code of Conduct of the Bermuda Monetary Authority.

The Board of Directors will submit a proposal to the shareholders to adopt a remuneration policy at an Annual General Meeting at least every four years.

The policy contains a temporary derogation clause, under which derogation is only allowed in exceptional circumstances to serve the long-term interest and sustainability of Aegon or to assure its viability for a limited period when it stays in line with the general spirit of the policy and when the details are disclosed in the next Remuneration Report. This clause was not used in 2024.

Total compensation

Total compensation for the Executive Director consists of a base salary, pension contributions, a Short-Term Incentive, a Long-Term Incentive, and other benefits. For these components the aim is to be competitive with respect to the market median of the labor market peer group. The Board annually reviews the labor market peer group to ensure it remains relevant and up to date, for example in case of de-listings, mergers, or other extraordinary circumstances. Any change to the peer group will be disclosed in the Remuneration Report.

In 2024, a new the labor market group was introduced as part of the new Directors’ Remuneration Policy and consisted of the following companies:

For 2024, the Board approved a new compensation package for Mr. Friese, following the adoption of the new Director’s Remuneration Policy. The target total compensation of this package was positioned at the 25th percentile of the new labor market peer group. Compared to 2023, base salary and pension contributions levels were reduced, while the variable compensation opportunities were increased through the introduction of distinct Short-Term and Long-Term Incentives (paid in cash and Aegon shares respectively). The eligibility to the annual variable compensation (paid in a mix of cash and deferred Aegon shares) from the former policy was discontinued.

Base salary

The purpose of base salary is to provide guaranteed remuneration proportional to the Executive Director’s experience, skills, and/or performance. The base salary is paid each month in cash. For 2024, the annual gross base salary for Mr. Friese was EUR 1,365,000 (2023: EUR 1,637,213).

Pension

Pension is guaranteed remuneration which aims at the future financial security after retirement. The Executive Director is enrolled in the applicable local employee pension plan(s) and/or receives cash in lieu of pension. The annual total pension contributions equal 15% of base salary (2023: 40%). For Mr. Friese these were paid in 2024 through the participation in Aegon’s defined contribution pension plan for employees based in the Netherlands (for their eligible earnings up to EUR 137,800) and as an additional gross allowance for the remaining part up to 15% of base salary.

Short-Term Incentive

The Short-Term Incentive provides a distinct variable, performance-based remuneration component in cash that aligns the remuneration of the Executive Director with short-term financial and ESG objectives of Aegon. Performance is assessed over a one-year period, based on metrics, weights, and targets on a 50-100-200% performance scale, as decided by the Board. After completion of the performance period, the Short-Term Incentive is paid in cash. For 2024, the target Short-Term Incentive for Mr. Friese was 100% of base salary, with a threshold at 50% and a maximum at 200% of base salary.

Long-Term Incentive

The Long-Term Incentive provides an incentive component in Aegon performance shares that aligns the remuneration of the Executive Director with the long-term financial and strategic business objectives of Aegon and its shareholders. Performance is assessed over a three-year period, based on metrics, weights, and targets on a 50-100-200% performance scale, as decided by the Board. After completion of the performance period, the Long-Term Incentive is paid in shares. Dividend entitlements for these shares will be accrued until the end of the performance period and will vest as additional shares. After vesting, the Long-Term Incentive and dividend shares are subject to a two-year holding period. For 2024, the target Long-Term Incentive for Mr. Friese was 175% of base salary, with a threshold at 87.5% and a maximum at 350% of base salary.

Other benefits

Other benefits include non-monetary benefits (for example, company car), social security contributions by the employer, and tax expenses borne by Aegon. Aegon does not grant the Executive Director personal loans, guarantees, or other such arrangements unless in the normal course of business and on terms applicable to all employees, and only with the approval of the Board.

Claw-back provision

In November 2023, the Board adopted a compensation recovery policy as required by Rule 10D-1 under the Securities Exchange Act of 1934, as amended, and the corresponding listing standards of the New York Stock Exchange, which provides for the mandatory recovery from current and former executive officers of incentive-based compensation that was erroneously awarded during the three fiscal years preceding the date that the company is required to prepare an accounting restatement, including to correct an error that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The amount required to be recovered is the excess of the incentive-based compensation received over the amount that otherwise would have been received had it been determined based on the restated financial measure.

Aegon’s Board can also claw back variable compensation already paid to the Executive Director in case of a financial restatement or individual gross misconduct. Examples of misconduct include, but are not limited to, a significant breach of laws and/or regulations, use of violence, either verbally or physically, involvement with fraud, corruption, or bribery, significant issues due to evident dereliction of duty, and/or discrimination of any kind (for example, age or gender).

Terms of Engagement

The Executive Director is appointed for four years and may then be reappointed for successive mandates also for a period of four years. The Executive Director has a board agreement with Aegon Ltd., rather than an employment contract. The Executive Director may terminate his board agreement with a notice period of three months. The Board may terminate the Board agreement by giving six months' notice if it wishes to terminate the agreement.

The Board may entitle the Executive Director to a termination payment up to or equal to the total annual fixed compensation level. This payment is not allowed in case of early termination at the initiative of the Executive Director (unless due to imputable acts or omissions of Aegon), imputable acts, or omissions by the Executive or failure of Aegon as a company during the appointment term of the Executive Director. Mr. Friese has a termination clause included in his board agreement.

Executive Director remuneration in recent years

This section provides more details related to the remuneration that has been allocated and paid to the Executive Director and former Executive Board members. It covers the allocated remuneration (2022-2024), the calculation of the 2024 variable compensation, the pay-out schedule of variable compensation (2022-2028), the recognized IFRS expenses for remuneration (2022-2024), the remuneration that was awarded and due in 2023 and 2024, and the annualized total compensation overview (2020-2024).

Allocated remuneration (2022-2024)

The first table shows the remuneration allocated to the Executive Director and former Executive Board members for the performance years 2022, 2023, and 2024 in accordance

with the Executive Director Remuneration Policy that applied at the time of the award. There were no deviations from the policy in these years.

2024 Short-Term Incentive

For 2024, the target Short-Term Incentive for Mr. Friese was 100% of base salary, with a threshold at 50% and a maximum at 200% of base salary. Based on the outcomes of

the Short-Term Incentive metrics, Mr. Friese’s 2024 Short-Term Incentive was EUR 1,720 thousand, which equaled 126% of target and 126% of base salary. All metrics were scored on a 50-100-200 performance scale.

Pay-out schedule variable compensation (2022-2027)

The following tables show for the current Executive Director and former Executive Board members how much variable compensation has been paid in shares and cash, respectively, in 2022, 2023, and 2024 and how much conditional variable compensation is scheduled to be paid out in the coming years. The vesting price of the shares were: EUR 4.973 on May 31, 2022, EUR 4.274 on May 25, 2023, and EUR 6.314 on May 17, 2024. Shares for the plan years from 2020 onwards are subject to an additional two-year holding period after pay-out.

Recognized IFRS expenses of remuneration (2022-2024)

The following table contains the recognized IFRS expenses of the remuneration of the Executive Director and former Executive Board members in the calendar years 2022, 2023, and 2024.

These numbers deviate from the above-mentioned allocated remuneration amounts, as the deferred parts of variable compensation and Mr. Friese’s sign-on arrangement are expensed over multiple calendar years, and the shares are included at their fair value instead of the grant price.

Awarded and due remuneration (2023-2024)

In line with the European guidelines on the standardized presentation of the remuneration report, the remuneration that was awarded and due to the Executive Director and former Executive Board members in the calendar years 2023 and 2024 can be found in the table below.

These amounts were awarded and due in accordance with the relevant policy that applied at the time and there were no deviations.

Annualized total compensation overview (2020-2024)

The table below shows the total compensation that was awarded and due in the last five calendar years on an annualized basis and the year-on-year annual change in total compensation. Please note that, therefore, several amounts are on an annual basis and do not reflect actual amounts for the period during which the individual served as Executive Director or Executive Board member.

These amounts were awarded and due in accordance with the Executive Director Remuneration Policy that applied at the time and there were no deviations. Additionally, the table shows the Aegon net result, a proxy of the financial and non-financial business performance, the vesting price of the Aegon shares, and the average employee compensation over the same period.

Minimum shareholding requirement

As of 2024, the Mr. Friese has a minimum shareholding requirement of 400% of base salary, to be built up within four years by retaining vested shares on an after-tax basis (no requirement to buy shares). At the end of 2024, Mr. Friese held 160,357 shares (67% of base salary).

2025 Short-Term Incentive

For Mr. Friese’s 2025 Short-Term Incentive, the Board selected the following metrics: Operating Capital Generation (45% weight), the blended Commercial metric (40%), and the blended ESG metric (15%).

Open cycle Long-Term Incentives

As part of the 2024 and 2025 compensation packages, Mr. Friese is eligible for the 2024-2026 and 2025-2027 Long-Term Incentives respectively. Both incentives will be

determined by the outcomes of two metrics after a three-year performance period: Return on Regulatory Capital (50%) and Relative Total Shareholder Return (50%).

The Return on Regulatory Capital measures the profitability of Aegon’s yearly average Regulatory Capital (SCR), with the Return represented by the sum of the earnings on in-force from the Business Units, the return from the Holding and other activities (mainly funding costs and expenses), and the a.s.r. dividend in the period.

For the relative Total Shareholder Return metric, the threshold is set at median performance compared to the Relative Total Shareholder Return peer group. The target is set at the 66th percentile, and the maximum is set at the 83rd percentile. This peer group was established by selecting companies with a Life & Health sub-industry classification from the Global Industry Classification Standard in the Dow Jones US insurance index and the STOXX 600 insurance index, provided they have a market capitalization of more than EUR 2.5 billion. Peers are removed where this classification is no longer representative, for example after a (de)merger announcement. Other companies with a comparable profile to Aegon from the United States, Canada, and Europe that were not captured under the first step have been added to round out the peer group.

For the 2024-2026 and 2025-2027 Long-Term Incentive plans, the following peer group applies.

Risk management

As an insurance group, Aegon manages risk for the benefit of its customers and other stakeholders. The company is exposed to a range of financial, underwriting, and operational risks, including sustainability risks. Aegon's risk management and internal control systems are designed to ensure that these risks are managed effectively and efficiently in a way that is aligned with the company's strategy.

For Aegon, risk management involves:

• Understanding risks that the company faces;

• Maintaining a group-wide framework through which the risk-return trade-off associated with these risks can be assessed;

• Maintaining risk tolerances and supporting policies to limit exposure to a particular risk or combination of risks; and

• Monitoring risk exposures and overseeing the company’s overall risk and solvency positions.

This section describes Aegon's risk management framework.

Enterprise Risk Management (ERM) framework

Aegon's ERM framework is designed and applied to identify risks that may affect Aegon and manage individual and aggregate risks within Aegon's set risk tolerances. The ERM framework covers the ERM components identified by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The ERM framework applies to all of Aegon's businesses for which it has operational control.

Risk strategy, risk appetite statement, and risk tolerances

The formulation of the risk strategy starts with the principle that taking a risk should be based on serving a customer's needs. The competence to manage the risk is assessed and Aegon's risk preferences are formulated, considering Aegon's risk capacity. The process results in a targeted risk profile, reflecting the risks Aegon wants to assume and the risks Aegon would like to avoid or mitigate.

Aegon's risk appetite statement and risk tolerances are established to assist management in carrying out Aegon's strategy within the boundaries of the resources available to Aegon. Aegon’s risk appetite statement is to: 
“Fulfill our promises towards our customers and other stakeholders by delivering sustainable and growing
long-term free cash flow through strong resilience in solvency and liquidity, with a healthy balance in exposures, and by running a responsible business with effective controls.”

Following from the risk appetite statement, risk tolerances are defined based on the following:

• Solvency, including Cash Capital at Holding and capital generation, to ensure that Aegon remains well capitalized, even under adverse scenarios;

• Liquidity, to ensure that Aegon has sufficient liquidity even under extreme scenarios;

• Risk balance, to ensure a healthy balance of risk exposures; and

• Responsible business with effective controls, which acknowledges an acceptable level of operational risk and stresses a low tolerance for (lack of) actions that could lead to material adverse risk events that result in breaking promises to or not meeting reasonable expectations of customers, legal and regulatory breaches, reputational damage, financial detriment or financial misstatement.

The tolerances are further developed into measures, thresholds, and indicators that must be complied with to remain within the tolerances.

Risk universe

Aegon's risk universe is structured to reflect the type of risks to which the company is exposed. The identified risk categories are financial risk, underwriting risk, and operational risk. Specific risk types are identified within these risk categories. These internal or external risks may affect the company's operations, earnings, share price, value of its investments, or the sale of products and services. In the context of Aegon's risk strategy, a risk appetite is set for the three identified risk categories (see table below).

Risk identification and risk assessment

Aegon has identified a risk universe that captures all known material risks to which the company is exposed. To assess all risks, Aegon maintains a documented, consistent methodology for measuring risks. The risk metrics are embedded in Aegon's key reports and are used for decision-making.

Risk response

Aegon distinguishes the following risk responses, which are particularly relevant where risks are out of tolerance:

• Risk acceptance: The risk is accepted by management;

• Risk control: The risk is reduced by reducing the exposure, by improving processes and existing controls or by introducing new controls;

• Risk transfer: The risk is reduced by insuring the company against the risk or by outsourcing activities to third parties; or

• Risk avoidance: Activities that are the source of the risk are terminated.

Risk monitoring and reporting

Risks are monitored regularly and reported internally on at least a quarterly basis. The impact of key financial, underwriting, and operational risk drivers on earnings and capital is shown in the quarterly risk dashboards for the various risk types, both separately and on an aggregate basis.

Risk exposures are compared with the measures and indicators as defined by Aegon's risk tolerance statements. Reporting also includes compliance and incident reporting. Finally, the main risks derived from Aegon's strategy and day-to-day business are discussed, as well as forward-looking points for attention. If necessary, mitigating actions are taken and documented.

Risk control

A system of effective controls is required to mitigate the risks identified. In Aegon's ERM framework, risk control includes risk governance, risk policies, an internal control framework, model validation, risk framework embedding, risk culture, and compliance.

Change risk management

The ERM framework including the operational risk universe, applies to all change initiatives and special projects across Aegon. For example, when Aegon redomiciled its legal seat to Bermuda, the risk function provided oversight and prepared independent risk opinions for the Board with further monitoring of open items.

Most significant risks

The most significant risks Aegon faces in terms of exposures and required capital are:

• Financial markets risks (particularly related to credit, equity, and interest rates);

• Underwriting risks (particularly related to mortality and morbidity risks and policyholder behavior); and

• Operational risks (particularly related to reputation and continuity of operations).

The ERM framework, including methodologies, policies and a system of effective controls, provides the instruments to effectively manage these risks.

Description of risk types

Financial market risks

Credit risk

Credit risk is the risk of loss resulting from the default by, or failure to meet the contractual obligations of issuers and counterparties. Aegon also considers credit risk to include spread risk, that is, a decline in the value of a bond, loan, or mortgage due to widening credit spreads. Having a well-diversified investment portfolio means that Aegon can accept credit spread risk to earn a liquidity premium on assets that match liabilities. The focus is on high-quality securities with low expected defaults because Aegon has a low appetite for default risk.

Equity market risk and other investment risks

Aegon runs the risk that the market value of its investments changes. Investment risk affects Aegon's direct investments in the general account, indirect investments where policyholders bear the risk and agreements where Aegon relies on counterparties, such as reinsurance and derivative counterparties.

Aegon has a low preference for investments in equity securities via the general account. Equity investments generate an equity risk premium over the long run, but in combination with a high capital charge result in a relatively low return on capital. Aegon accepts equity exposure through fee-based business in the separate accounts and mutual funds. Aegon has experience and expertise in managing complex investment guarantees and leverages this capability by providing customers access to a range of investment strategies and guaranteed benefits. Although Aegon accepts equity exposure via guarantee products, it prefers to hedge this risk as much as possible.

Other investment risks include real estate exposure in the general account, and indirectly via property funds invested for the account of policyholders. 

Interest rate risk

Aegon is exposed to interest rates as both its assets and liabilities are sensitive to movements in long-term and short-term interest rates and changes in the volatility of interest rates. Aegon may accept interest rate risk to meet customer needs. Aegon's preference is to mitigate risk to the extent possible.

Currency exchange rate risk

As an international company, Aegon conducts business in different currencies and is therefore exposed to movements in currency exchange rates. Foreign currency exposure exists primarily when policies are denominated in currencies other than the issuer's functional currency. Currency risk in the investment portfolios backing insurance and investment liabilities is managed using asset-liability matching principles. Assets allocated to equity are held in local currencies to the extent that shareholders' equity is required to satisfy regulatory and self-imposed capital requirements. Currency exchange rate fluctuations therefore affect the level of shareholders' equity as a result of converting local currencies into euros (EUR), the company's reporting currency. The company holds its capital base in various currencies in amounts that correspond to the book value of individual business units.

Inflation risk

Aegon is exposed to inflation risk through inflation-linked benefits offered on some of the products sold by Aegon’s insurance entities, such as pensions or long-term care products. In addition, Aegon is exposed to cost inflation through its expense base. Aegon prefers to mitigate the risk to the extent possible.

Liquidity risk

Aegon needs to maintain sufficient liquidity to meet short-term cash demands, not only under normal conditions, but also in the event of a crisis. To that end, Aegon has established a strong liquidity management framework. The company considers extreme liquidity stress scenarios, including the possibility of prolonged "frozen" capital markets, an immediate and permanent rise in interest rates, and elevated policyholder withdrawals.

Please refer to note 4 "Financial Risk" of Aegon's financial statements for more information on financial market risks.

Underwriting risk

Underwriting risk relates to the products sold by Aegon's insurance entities and is the risk of incurring losses when actual experience deviates from Aegon's best estimate assumptions on mortality, morbidity, policyholder behavior, property & casualty (P&C) claims and expenses. Aegon prefers to grow underwriting risk selectively, but this must work hand-in-hand with a strong underwriting process. Aegon's earnings depend, to a significant degree, on the extent to which claims experience is consistent with assumptions used to price products and establish technical provisions. Changes in, among other things, morbidity, mortality, longevity trends, and policyholder behavior may have a considerable impact on the company's results. Assumptions used to price products and establish technical provisions are reviewed on a regular basis. Please refer to note 3 "Critical accounting estimates and judgment in applying accounting policies" of Aegon's consolidated financial statements for further information.

Operational risk

Like other companies, Aegon faces operational risk resulting from operational failures or external events, such as processing errors, inaccuracies in models used, negative behavior by personnel, non-compliance with laws and regulations, and natural or man-made disasters, including climate change. In addition, major programs or organizational transformations may also increase the potential for operational risks. Aegon's systems and processes are designed to support complex products and transactions, and to help protect against such issues as system failures, business disruption, financial crime, and breaches of information security. Aegon monitors and analyses these risks, and retains flexibility to update and revise its systems and processes where necessary. Aegon’s operational risk universe distinguishes the following risk types: business risk; legal, regulatory, conduct, and compliance risks; tax risk; financial crime risk; processing risk; information technology and business disruption risks; people risk; and facility risk. These level 1 risk types are split into more granular level 2 risk types. These more granular risk types include, among others, information security risk, conduct risk, fraud risk, modeling risk, and physical damage risk. 

Sustainability risk

Sustainability risk, including climate risk, is not considered a separate risk type but is a risk driver that impacts multiple risks. Sustainability involves financial, underwriting, business, legal, regulatory, conduct, and compliance risk angles. For example, climate change can impact future investment returns. The legal, regulatory, conduct, and compliance risk angle relate to the ability to comply with relevant legal and regulatory requirements. Sustainability is included in Aegon's risk taxonomy, integrated into its ERM framework, and embedded in the relevant risk policies. Sustainability risk covers 1) business practices, including investments; 2) environmental (including climate change), social and governance aspects; and 3) corporate sustainability goals and commitments.

One of the key sustainability risks identified by Aegon is climate risk. In this context, Group Risk undertakes an annual qualitative company-level climate risk assessment (CRA) across Aegon’s three risk categories: investment risk, underwriting risk, and operational risk. The qualitative assessment identifies the relevant climate risks for Aegon and assesses their severity and manageability. The company-wide assessment builds on local assessments by experts in the business units, covering the likelihood, impact, and speed of occurrence of the identified risks and current, planned, and possible management actions to mitigate these risks. The outcomes of the assessment and recommendations are discussed with senior management, taken through applicable governance, and reported on in the Group Solvency Self-Assessment (GSSA) and in the Task Force on Climate-related Financial Disclosures (TCFD) section of this Annual Report. As part of the annual CRA process, recommendations are made to evolve and further mature each cycle's local and company-wide assessments.

Aegon also conducts an extensive and systematic quantitative climate risk scenario analysis annually. The scope of this assessment covers our insurance business units, encompassing both general account and separate account assets, excluding reinsurance. To conduct the 2024 annual assessment, Aegon continued its collaboration with Ortec Finance, using their proprietary Climate MAPS solution, a scenario-based tool. For more information, refer to the TCFD section of this Annual Report.

The importance of handling sustainability risk effectively and expeditiously is expected to increase further, given the relevance of sustainability for all stakeholders including society, investors, customers, and regulators.

Fraud risk

Fraud risk is interpreted broadly in Aegon and relates both to operational types of fraud and fraud related financial reporting.

Operational types of fraud are divided between internal and external fraud, that is, fraud committed by employees and fraud committed by others, with external fraud further specified as intermediary fraud or fraud committed by third parties. To combat operational types of fraud, Aegon has put policies in place and reports internally on its adherence to them. To enable the Executive Committee and Board of Directors to assess fraud risks, compliance departments report quarterly on fraud events. In its annual Systematic Integrity Risk Analysis (SIRA), Aegon analyzes its exposure to fraud and its residual risks, taking into account all measures Aegon has put in place to combat fraud. Where gaps are found leading to risks that are out of tolerance, additional measures are put in place.

Furthermore, Aegon has an established process to assess and confirm effective controls are in place concerning fraud in financial reporting. This assessment is performed annually and is based on a set of mandatory scenarios. All Aegon subsidiaries are required to perform the assessment.

Emerging risk scan

On an annual basis, Aegon performs an emerging risk or horizon scan that identifies newly developing or changing risks or signals perceived to have a potentially significant impact on Aegon’s financial strength, competitive position, reputation, or risk profile. It is a critical, cross-functional exercise that examines the impact, proximity (time horizon of occurrence), and velocity (speed of occurrence) of emerging risks to determine potential risk areas that could influence value protection and creation. The scan is used to check the ongoing appropriateness of the risk universe and Aegon’s preparedness to respond to emerging risks and provide input and awareness on emerging topics for strategy development. The scan takes into account the relationship and interconnectivity between threats and opportunities and the impact on business objectives.

Topic identification, assessment, and selection are based on desk research, interviews with internal and external experts, and management selection. Topic areas can include, among others, geopolitics, macro- and financial economics, technology, regulations and supervision, customer preferences, product markets, and sustainability. Outcomes can be used as input for Aegon’s strategy process and possible follow-up in terms of further scenario analysis and deep dives.

Risk governance framework

Aegon's risk management is based on a clear, well-defined risk governance. The goals of risk governance are to:

• Define roles and responsibilities, and risk reporting procedures for decision-makers;

• Institute a proper system of checks and balances;

• Provide a consistent framework for managing risk in line with the targeted risk profile; and

• Facilitate risk diversification.

Governance structure

Aegon's risk management framework is represented across all levels of the organization. This ensures a coherent and integrated approach to risk management throughout the company. Similarly, Aegon has a comprehensive range of group-wide risk policies that detail specific operating guidelines and limits. These policies include legal, regulatory, and internally set requirements and are designed to keep risk exposures to a manageable level. Any breach of policy limits or warning levels triggers remedial action or heightened monitoring. Further risk policies may be developed at a local level to cover situations specific to particular business units.

Aegon's risk management governance structure has four layers:

• The Board of Directors (Board) and its Risk Committee;

• The CEO and the Executive Committee;

• The Group Risk & Capital Committee (GRCC) and
  its sub-committees; and

• The local Risk & Capital Committees.

The Risk Committee reports to the Board on topics related to the ERM framework and the internal control system. This includes:

• Risk strategy, risk tolerance, and risk governance; 

• Product development and pricing; 

• Risk assessment;

• Risk responses and internal control effectiveness; 

• Risk monitoring; and

• Risk reporting.

The Risk Committee works closely with the Board of Directors Audit Committee (Audit Committee).

For a description of the main roles and responsibilities of the Risk Committee, refer to the Risk Committee section of the Report of the Board of Directors in this Annual Report.

The CEO and the Group's Chief Risk Officer (CRO) are responsible for informing the Board of any risk that directly threatens the company's solvency, liquidity, or operations.

The CEO has overall responsibility for managing risk. The CEO adopts the risk strategy, risk governance, risk tolerance, and material changes in risk methodology and risk policies. The Group's CRO has a standing invitation to attend the CEO meeting and has a direct reporting line to the Board to discuss ERM and related matters. The CRO is also a member of the Executive Committee.

The Executive Committee oversees a broad range of strategic and operational issues. While the CEO is Aegon's statutory Executive Director, the Executive Committee provides vital support and expertise in safeguarding Aegon's strategic goals. The Executive Committee discusses and sponsors ERM, in particular the risk strategy, risk governance, risk tolerance, and the introduction of new risk policies.

The CEO and Executive Committee are supported by the Group Risk & Capital Committee (GRCC). The GRCC is Aegon's most senior risk committee. It is responsible for managing Aegon's balance sheet at the global level and is in charge of risk oversight, risk monitoring, and risk management-related decisions on behalf of the CEO and in line with its charter. The GRCC ensures risk-taking is within Aegon's risk tolerances that the capital position is adequate to support financial strength and regulatory requirements, and that capital is properly allocated. The GRCC informs the CEO about any identified (near) breaches of overall tolerance levels that threaten the risk balance and potential threats to the company's solvency, liquidity, or operations.

The GRCC has three sub-committees: the ERM framework, Accounting and Actuarial Committee (ERMAAC), the Non-Financial Risk Committee (NFRC), and the Model Validation Committee (MVC).

The purpose of the ERMAAC is to assist the GRCC, CEO, and Executive Committee with financial risk framework setting and maintenance across all group-level balance sheet bases, including policies, standards, guidelines, methodologies, and assumptions.

The purpose of the NFRC is to assist the GRCC, CEO and Executive Committee with non-financial risk framework setting and maintenance, including policies, standards, guidelines, and methodologies, and to act as a formal discussion and information-exchange platform on matters of concern regarding non-financial risk management.

The MVC is responsible for approving all model validation reports across Aegon. This independent committee reports to the GRCC and the CEO to provide information on model integrity and recommendations on how to strengthen these models further.

Aegon's business units have a Risk, or Risk and Capital Committee, and an Audit Committee. The responsibilities and prerogatives of the committees are aligned with those of the company-level committees and further elaborated in their respective charters, which are tailored to local circumstances.

In addition to the four layers described above, Aegon has an established group-wide Risk function. It is the mission of the Risk function to ensure the continuity of the company by safeguarding the value of existing business, protecting Aegon's balance sheet and reputation, and supporting the creation of sustainable value for all stakeholders.

In general, the objective of the Risk function is to support the CEO, Executive Committee, Board, and business unit boards in ensuring that the company reviews, assesses, understands, and manages its risk profile. Through oversight, the Risk function ensures the company-wide risk profile is managed in line with Aegon's risk tolerances, and stakeholder expectations are managed under both normal business conditions and adverse conditions caused by unforeseen negative events.

The following roles are important to realize the objective of the Risk function:

• Advising on risk-related matters including risk tolerance, risk governance, risk methodology, and risk policies;

• Supporting and facilitating the development, incorporation, maintenance, and embedding of the ERM framework and sound practices; and

• Monitoring and challenging the implementation and effectiveness of ERM practices.

In the context of these roles, the Risk function has the following responsibilities:

ERM Framework

• The overarching ERM Framework supports Aegon’s corporate strategy and enables management to effectively deal with uncertainty and the associated
  risk-return trade-offs.

Global Risk Appetite (GRA)

• The GRA is linked to and supports Aegon’s strategy and purpose and translates these into risk tolerances and risk limits.

Risk identification and assessment

• All material risks are captured and classified in Aegon’s risk universe. An emerging risk process is in place to ensure that the risk universe remains up-to-date and complete. Where and to the degree appropriate, the emerging risk process is aligned with the Double Materiality Assessment (DMA). Risk assessment includes risk measurement across valuation and reporting metrics and feeds into Aegon’s risk strategy, including risk preferences and risk profile considerations. 

Risk governance

• A risk governance framework is in place across all levels of the company, including formal committees, committee charters, memberships across relevant functions, and escalation procedures.

Policies and standards

• Risk policies and standards set out requirements, roles and responsibilities, and processes to manage risks across the risk universe.

Risk framework embedding

• The ERM Framework is embedded in Aegon’s key business areas. The Group Solvency Self-Assessment (GSSA) unites the risk and capital management and the business planning processes across Aegon and aligns these to its strategy. The risk strategy is aligned with the business strategy, the strategy execution is closely monitored, and risks are identified on time to ensure strong delivery in a safe and timely manner. 

Risk oversight

• Major business (and risk) decisions are risk-based, properly risk-informed, and, where relevant, challenged by the Risk function to protect the balance sheet and proper customer conduct.

Risk monitoring and reporting

• Risks across the risk universe are monitored and reported.

Risk culture

• Risk culture is embedded across the company.

• Risk culture encompasses the awareness of employees, management, and leadership of relevant risks and how risks are managed.

Aegon's group-wide and business-unit risk management staff structure is fully integrated. Business unit CROs have either a direct reporting line to the Group CRO or one of the CROs that reports directly to the Group CRO.

ERM framework maintenance

Aegon continuously works on keeping its ERM framework
up-to-date, effective, and fit-for-purpose. The annual risk plan outlines priorities for the year and rationalizes activities that align with Aegon’s strategy and vision. Policies, charters, and other governance documents are regularly reviewed and updated where necessary. Also, activities such as the Emerging Risk Scan provide an internal and external perspective on the risk universe and will signal where updates are required. For example, sustainability risk, including climate risk, has been incorporated more explicitly into our risk taxonomy, relevant risk, and business policies and processes. In addition, internal processes such as policy attestation verify compliance with policies. Non-compliance requires remediating action plans, which are actively monitored to ensure execution.

Internal control system

Aegon has developed an internal control system that serves to facilitate its compliance with applicable laws, regulations (for example, Sarbanes-Oxley Act), and administrative processes, and the effectiveness and efficiency of operations with regard to its objectives, in addition to the availability and reliability of financial and non-financial information. The overall internal control system ensures appropriate control activities for key processes, as well as the documentation and reporting of administrative and accounting information. A key element of the internal control system is to facilitate action planning and embed continuous improvement in the organization's internal control environment. The internal control system is embedded through policies and frameworks such as the ERM Framework, which includes Model Validation Framework, Operational Risk Management (ORM) Framework, and Information Technology Risk Management (ITRM) Framework. Aegon’s internal control system is considered more encompassing in scope than the Integrated Framework issued by COSO on which criteria for the internal control system are based.

In 2024, the relevant management committees and bodies discussed risk management and internal control topics, including the Executive Committee, Risk Committee, and Audit Committee. An analysis of internal and external audit reports and risk reviews revealed no material weaknesses. As a result, no significant changes or major improvements were made or planned to the risk management and internal control systems.

Capital and liquidity management

Guiding principles

The management of capital and liquidity is of vital importance for Aegon, for its customers, investors in Aegon securities, and for Aegon's other stakeholders. In line with its risk tolerance, the goal of Aegon's capital and liquidity management is to promote strong and stable capital adequacy levels for its businesses, in addition to maintaining adequate liquidity to ensure the company is able to meet its obligations.

Aegon follows several guiding principles in terms of capital and liquidity management:

• Promoting strong capital adequacy in Aegon’s businesses and operating units

• Managing and allocating capital efficiently in support of the strategy and in line with its risk tolerance

• Maintaining an efficient capital structure, with an emphasis on optimizing Aegon’s cost of capital

• Maintaining adequate liquidity in both the operating units and the Holding to ensure that the company is able to meet its obligations by enforcing stringent liquidity risk policies; and

• Maintaining continued access to international capital markets on competitive terms

Aegon believes that the combination of these guiding principles strengthens the company's ability to withstand adverse market conditions, enhances its financial flexibility, and serves both the short-term and the long-term interests of the company, its customers, and other stakeholders.

The management and monitoring of capital and liquidity is firmly embedded in Aegon's Enterprise Risk Management (ERM) framework.

Management of capital

Aegon's capital management framework is based on adequate capitalization of its operating units, Cash Capital at Holding, and leverage.

Capital adequacy of Aegon’s operating units

Aegon manages capital in its operating units at levels sufficient to absorb moderate shocks without impacting the remittances to the Group. These moderate shocks could be caused by various factors, including general economic conditions, financial market risks, underwriting risks, changes in government regulations, and legal and arbitration proceedings. To mitigate the impact of such factors on the ability of operating units to pay remittances to the Group, Aegon established an operating level of capital in each unit. In its main units, these are: 400% Risk-Based Capital (RBC) Company Action Level (CAL) in the US and 150% Solvency Capital Requirement (SCR) in the UK; based on UK Solvency II. Aegon manages capital in the units to their respective operating levels throughout the cycle.

After investments have been made in new business to generate organic growth, capital generated by Aegon's operating units is available for distribution to the holding company. In addition to an operating level, Aegon established a minimum dividend payment level of capital in each unit: 350% RBC CAL in the US and 135% SCR in the UK, based on UK Solvency II. As long as the capital position of the unit is above this minimum dividend payment level, the unit is expected to pay remittances to the Group.

When the operating unit’s capital position approaches the minimum dividend payment level, capital management tools will ensure that units will remain well capitalized. The frequent monitoring of actual and forecasted capitalization levels of its operating units is an important element in Aegon's capital framework to maintain adequate capitalization levels.

The regulatory capital requirement, minimum dividend payment level, operating level, and actual capitalization for Aegon's main operating units on December 31, 2024 are included in the following table:

For more details on the capital ratios and the movement thereof, see note 37 "Capital management and solvency" in Aegon's consolidated financial statements.

Improving risk-return profile

Aegon has an active global reinsurance program designed to optimize the risk-return profile of insurance risks. In addition, Aegon monitors the risk-return profile of new business written, withdrawing products that do not create value for its stakeholders.

Aegon continues to take measures to improve its risk-return profile. In particular, several actions were taken in the United States to strengthen the capital position and reduce the volatility of the local capital positions.

Management actions US

As announced during the June 2023 Capital Markets Day, Transamerica aims to improve the quantum and quality of its capital generation, while reducing its exposure to Financial Assets. During 2024, Transamerica has made good progress in implementing its plans.

During 2024 the following management actions related to the Financial Asset portfolio were executed: 

• Actuarially justified rate increases in Long-Term Care with a total value of approvals achieved since the beginning of 2023 amounts to USD 571 million, which is 82% of the USD 700 million target set at the 2023 CMD.

• During the year, Transamerica achieved its target to purchase at least 40% of the USD 7 billion face value of institutionally owned universal life policies that were in-force at the end of 2021, locking in claims cost and reducing the mortality risk of the overall portfolio. The program achieved the targeted investment hurdles and concluded three years ahead of plan. Though the program has successfully concluded, funding remains available for potential additional purchases if these are economically favorable for Aegon.  

Cash Capital at Holding and liquidity management

Liquidity management is a fundamental building block of Aegon's overall financial planning and capital allocation processes. Liquidity is managed both centrally and at the operating unit level and is coordinated centrally at Aegon Ltd.

The ability of the holding company to meet its cash obligations depends on the amount of liquid assets on its balance sheet and on the ability of the operating units to pay remittances to the holding company.

To ensure the holding company's ability to fulfill its cash obligations, to maintain sufficient flexibility to provide capital and liquidity support to Aegon's operating units, and to provide stability in external dividends, the company manages Cash Capital at Holding, including Aegon's centrally managed (unregulated) holding companies, to an operating range of EUR 0.5 billion to EUR 1.5 billion.

The main sources of liquidity in Cash Capital at Holding are remittances from operating units and proceeds from divestitures. In addition, contingent internal and external liquidity programs are maintained to provide additional safeguards against extreme unexpected liquidity stresses.

Aegon uses the cash flows from its operating units to pay for holding expenses, including funding costs. The remaining free cash flow is available to execute the company's strategy, to strengthen the balance sheet through deleveraging or making capital injections into units as required, to make acquisitions, to fund dividends on its shares, and to return capital to shareholders, if possible, all subject to maintaining the targeted Cash Capital at Holding level. Aegon aims to pay out a sustainable dividend to enable equity investors to share in its performance.

When determining whether to declare or propose a dividend, Aegon's Board of Directors balances prudence with offering an attractive return to shareholders. This is particularly important during adverse economic and/or financial market conditions. Furthermore, Aegon's operating units are subject to local insurance regulations that could restrict remittances to be paid to the holding company or require capital and liquidity support. There is no requirement or assurance that Aegon will declare and pay any dividends.

On December 31, 2024, Aegon held a balance of EUR 1.7 billion in Cash Capital at Holding, compared to EUR 2.4 billion on December 31, 2023. Details on the movement are included in note 37 "Capital management and solvency", in Aegon's consolidated financial statements.

Liquidity management

The company's liquidity risk policy sets guidelines for its operating companies and the Holding to achieve a prudent liquidity profile and to meet cash demands under extreme conditions. Aegon's liquidity is invested in accordance with the company's internal risk management policies. Aegon believes that its Cash Capital at Holding, backed by its external funding programs and facilities, is ample for the company's present requirements.

Aegon maintains a liquidity policy that requires all business units to project and assess their sources and uses of liquidity over a two-year period under normal and severe business and market scenarios. This policy ensures that liquidity is measured and managed consistently across the company, and that liquidity stress management plans are in place.

Aegon's operating units are engaged in life insurance and pensions business, which are long-term activities with relatively illiquid liabilities and generally matching assets. Liquidity consists of liquid assets held in investment portfolios, in addition to inflows generated by maturing assets, coupons and premium payments, and customer deposits.

Leverage

Aegon uses leverage to lower the cost of capital that supports businesses in the company, thereby contributing to a more effective and efficient use of capital. In managing the use of leverage throughout the company, Aegon has implemented a Leverage Use Framework as part of its broader ERM framework.

Financial leverage

Aegon defines gross financial leverage as debt or debt-like funding issued for general corporate purposes and for capitalizing Aegon's business units. Gross financial leverage includes hybrid instruments, as well as subordinated and senior debt. Gross financial leverage was EUR 5.2 billion per December 31, 2024. For more information on the calculation of Financial Leverage see note 37 "Capital management and solvency", of this report.

The following are metrics that Aegon assesses in managing leverage:

• Gross financial leverage ratio

• Fixed charge coverage

• Various rating agency leverage metrics

• Other metrics, including gross financial leverage divided by operating capital generation1

Aegon's gross financial leverage ratio is calculated by dividing gross financial leverage by total capitalization. Aegon's total capitalization consists of the following components:

• Shareholders’ equity based on IFRS

• Non-controlling interests and shares related to long-term incentive plans that have not yet vested

• Contractual service margin, excluding joint-ventures and associates, net of tax

• Gross (or total) financial leverage

Aegon's fixed charge coverage is a measure of the company's ability to service its financial leverage. It is calculated as the sum of the operating result and interest expenses on financial leverage divided by interest payments on financial leverage. The fixed charge coverage includes the impact of interest rate hedging.

Operational leverage

Although operational leverage is not considered part of Aegon's total capitalization, it is an important source of liquidity and funding. Operational leverage relates primarily to the use of a Federal Home Loan Bank (FHLB) facility.

Funding and back-up facilities

Aegon Ltd., the parent company, issues the majority of Aegon's financial leverage. A limited number of other Aegon companies have also issued debt securities, but Aegon Ltd guarantees the vast majority of these securities.

To support the Letters of Credit (LOCs) and to enhance its liquidity position, Aegon maintains backup credit and LOC facilities with international lenders. Aegon entered into a new Revolving Credit Facility (RCF) effective June 29, 2024. Initially established in 2005, this facility has been extended periodically. Eleven banks participated, each contributing USD 125 million, resulting in a total facility size of USD 1.375 billion. The facility amount was reduced from EUR 1.733 billion to USD 1.375 billion. In addition, Aegon’s syndicated USD 1.5 billion Letter of Credit Facility (LCF) maturing in 2026 was reduced to USD 250 million on December 30, 2024. These facilities were reduced as a result of lower contingent liquidity needs following the combination of Aegon’s Dutch insurance and banking activities with a.s.r.

Rating agency ratings

Aegon's objective is to maintain robust financial strength ratings in its main operating units, and this plays an important role in determining the company's overall capital

management strategy. Aegon maintains robust financial strength ratings from several international rating agencies for its operating units.

Aegon Group Solvency Ratio

Following the transfer of Aegon’s legal domicile to Bermuda on September 30, 2023, group supervision moved from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA). Aegon’s group solvency ratio under the Bermuda solvency framework is broadly aligned with that under the previously applied Solvency II framework during a transition period until the end of 2027. This includes translating Transamerica’s capital position into the group solvency position. For more information about group solvency and recent developments, please refer to the "Regulation and supervision" section.

Aegon’s Group solvency ratio was 188% on December 31, 2024, compared with 193% on December 31, 2023. The Group solvency ratio includes Aegon UK based on the local UK Solvency II regulation. Per 4Q 2024 it has been decided to cap the ATHTF (China insurance joint venture) contribution to Group solvency at 100% of its core SCR ratio. This was driven by fungibility considerations in the context of the current low China interest rates. Please refer to note 37 "Capital management and solvency", of Aegon's consolidated financial statements for more details.

Sensitivities

Aegon calculates the sensitivities of its capital ratios as part of its capital management framework. The following table provides an overview of the sensitivities (downward and upward) to certain parameters and their estimated impact on the capital ratio. Aegon has a 29.95% stake in a.s.r. following the completion of the transaction. The impact from this 29.95% stake has been excluded in the sensitivities of the Group solvency ratio.

Please note that the sensitivities listed in the tables below represent sensitivities to Aegon’s position on December 31, 2024. The sensitivities reflect single shocks, where 

other elements remain unchanged. Real-world market impacts (for example, lower interest rates and declining equity markets) may happen simultaneously, which can lead to more severe combined impacts and may not be equal to the sum of the individual sensitivities presented in the table. The sensitivities reflect inadmissibility restrictions for deferred tax assets (DTA). The DTAs remain recoverable over time. In the US RBC ratio, a part of the DTAs was inadmissible per the end of the reporting period.

Equity sensitivities

Aegon is exposed to equity markets, which is mainly a consequence of indirect equity exposure in the Americas.

In the Americas, equity sensitivities are primarily driven by the variable annuity (VA) business, where base contract fees are charged as a percentage of underlying funds, many of which are equity-based. While guaranteed benefits are fully hedged for equity risk, the indirect equity exposure associated with the base contract fees is not. At the end of 2024, the US RBC ratio has become more sensitive to market movements driven by flooring of reserves on Variable Annuities and the cliff effects that occur when deferred tax assets become inadmissible (“DTA cliff impact”) that Aegon takes into account per year-end 2024.

Interest rates sensitivities

Aegon's group solvency ratio is not very sensitive to movements in interest rates given the asset liability management and hedging programs that are in place.

In the Americas, a decrease in interest rates leads to higher statutory reserves for variable annuities and universal life products, which are offset by payoffs from interest rate hedging programs. For the Americas, interest rate sensitivity results are quite stable due to the Clearly Defined Hedging Strategy implemented in 3Q 2021 (net of SSAP108 deferrals). The SSAP 108 deferral reduces non-economic statutory surplus volatility by deferring the breakage between the statutory reserves and hedge movement on TLIC. There is a deferral of net loss (creating an asset) in up-rate shocks and a deferral of net gain (creating a liability) in down-rate shocks to the balance sheet of the TLIC legal entity and this is generally amortized over a 10-year period.

A change in sensitivities is shown due to the impact of reserve flooring and the DTA cliff impact that Aegon takes into account per year-end 2024.

For Scottish Equitable (SE) Plc, the main insurance entity of Aegon UK, exposure to lower interest rates leads to higher required capital on mortality, expense, and policyholder lapse risks, which is partly offset by gains on the swaps held in the general account.

Spread sensitivities

The non-government spread sensitivities include shocks on corporate bonds and structured instruments. Overall, Aegon is exposed to the risk of widening credit spreads, which results in lower asset valuations. As a whole, Aegon has little exposure to changes in government spreads. The exposure in the Americas is negligible, and there is a slight risk in SE Plc. 

The solvency ratio of the Americas shows hardly any impact from spread widening/narrowing, which results from a higher/lower discount rate used for valuing employee pension plan liabilities offset by the negative/positive impact from lower fixed-income asset values.

Exposure to government spread sensitivities is driven by SE Plc, which is exposed to spreads widening due the reduced value of fixed-income assets.

Credit default and migration sensitivities

Credit sensitivities reflect the 1-in-10 impact of defaults and migrations separately. Defaults represent the annual impact of a level three times the long-term average with 1/3 in operating capital generation and the remainder as a shock impact. Ratings migrations are equivalent to 10% of the general account portfolio dropping one letter grade. Under the default sensitivity, the credit impairments reduce the value of credit exposures and increase the amount of required capital. The downward rating migrations of credit instruments increase the amount of required capital. Also for credit sensitivities the sensitivity increased due to the DTA cliff impact that Aegon takes into account per year-end 2024.

Longevity sensitivities

All main business units contribute to the company-wide risk that people will live longer than the expectations embedded in our provisions. The exposure has decreased since last year, driven by improved premium deficiency reserve sufficiency in the LTC business in the US, partly offset by the DTA cliff impact that Aegon takes into account per year-end 2024.

Regulation and supervision

Individually regulated Aegon companies are subject to prudential supervision in their respective home countries and therefore are required to maintain a minimum solvency margin based on local requirements. In addition, Aegon as a whole is subject to prudential requirements on a group basis, including capital, internal governance, risk management, reporting, and disclosure requirements.

Applicable regulatory regime

Aegon Ltd. has its legal domicile in Bermuda and Aegon’s group supervision is exercised by the Bermuda Monetary Authority (BMA) and, accordingly, the relevant Bermudian laws and regulations concerning group supervision are applicable. 

Single-entity level Solvency II supervision is applicable in respect of Aegon’s regulated EEA insurance entities in Spain and Portugal. Aegon’s Asset Management activities in the Netherlands are supervised by the Authority Financial Markets (AFM) and DNB.

In addition, subgroup supervision is exercised by the UK Prudential Regulatory Authority with respect to entities established in the United Kingdom as subsidiaries of Aegon on the basis of the relevant provisions of the UK regulatory regime for insurers. In the United States, Transamerica adheres to the RBC-framework, supervision is exercised by local state regulators and subgroup supervision is exercised by the Iowa Insurance Division.

For other individual regulated subsidiaries, the relevant regulatory regime and legal requirements are applicable. Among others, this comprises Bermuda regulated entities.

Group supervision

Aegon’s group supervision is exercised by the BMA and, accordingly, the relevant Bermudian laws and regulations concerning group supervision are applicable.

The Bermuda Insurance Act 1978 and related regulations provide the BMA with broad authority to perform its group supervisor role with a wide range of functions and supervisory activities, including but not limited to (i) coordinating the gathering of information and dissemination of relevant or essential information for going concerns and emergency situations (including information that is important for the supervisory task of other competent authorities), (ii) reviewing and assess the financial situation of the group, (iii) assessing the compliance with the rules on solvency and risk concentration and intra-group transactions of the group, (iv) assessing the system of governance of the group, (v) planning and coordinate supervisory activities in cooperation with other competent authorities concerned, (vi) coordinating any enforcement action against the group and its members, and (vii) planning and coordinating meetings of the college of supervisors of Aegon. Bermuda’s regulatory regime is well recognized, having been granted equivalent status by the EU under the Solvency II regime and by the United Kingdom under its own UK Solvency II regime. It has also been designated as a qualified jurisdiction and reciprocal jurisdiction by the US National Association of Insurance Commissioners (NAIC).

Group solvency

In Bermuda, Aegon’s group solvency ratio and surplus under the Bermuda solvency framework is broadly aligned with that under the previously applied Solvency II framework during a transition period until the end of 2027. After the transition period, Aegon will fully adopt the Bermudian solvency framework.

Insurance companies are required to determine technical provisions at a value that corresponds with the current exit value of their obligations towards policyholders and other beneficiaries of insurance and reinsurance contracts. The calculation of the technical provisions is based on market-consistent information where possible. The value of the technical provisions is equal to the sum of a best estimate and a risk margin. The discount rate at which technical provisions are calculated, as well as other parameters, may significantly affect the amount and volatility of own funds (the excess of assets over liabilities).

Insurers and reinsurers are required to hold eligible funds to ensure that they can meet their obligations over the next 12 months with a probability of at least 99.5% (that is, the ability to withstand a 1-in-200-year event). This objective is called the Solvency Capital Requirement (SCR). Insurance companies are allowed to use: (a) a standard formula to calculate their SCR, (b) a self-developed internal model for which the approval of supervisory authorities is required, or (c) a partial internal capital model (PICM), a combination of the standard formula and an internal model that also requires approval of supervisory authorities. An internal model should better reflect the actual risk profile of the insurance company than the standard formula. Aegon Ltd. uses a PICM to calculate the SCR. In addition to the SCR, insurance companies must also calculate a Minimum Capital Requirement (MCR). This represents a lower level of financial security than the SCR, below which the level of eligible own funds held by the insurance company is not allowed to drop. An irreparable breach of the MCR would lead to the withdrawal of an insurance company’s license. Insurance companies are required to hold eligible own funds against the SCR and MCR.

During the transition period, Aegon uses a combination of two methods - Accounting Consolidation and Deduction & Aggregation - to calculate the Group Solvency ratio. For insurance entities domiciled outside the EEA for which provisional or full equivalence applies, such as the United States, Aegon uses the Deduction and Aggregation method, based on local regulatory requirements, to translate these into the Group Solvency position. US insurance entities are included in Aegon’s group solvency calculation in accordance with local US Risk-Based Capital (RBC) requirements. Actual solvency levels are included in note 37 "Capital management and solvency" in Aegon's consolidated financial statements. Aegon's UK insurance subsidiaries have been incorporated into Aegon’s Solvency calculation in accordance with UK Solvency II standards, including Aegon UK's approved Partial Internal Model.

Designation as Internationally Active Insurance Group

Aegon retains its designation as an Internationally Active Insurance Group (IAIG) in accordance with the principles of ComFrame (the Common Framework for the Supervision of IAIGs). The provisions of ComFrame must be implemented in local legislation to have a binding effect. To the extent Bermudian regulations require these provisions for IAIGs, these provisions are applicable. This also applies to the Insurance Capital Standard (ICS), which is being developed as a consolidated group-wide capital standard for IAIGs. The ultimate goal of the ICS is a single ICS that includes a standard methodology by which it achieves comparable outcomes across jurisdictions. The key elements of the ICS include valuation, capital resources, and capital requirements. Ongoing work is intended to lead to improved convergence over time. The ICS was adopted by the International Association of Insurance Supervisors (IAIS) at its Annual General Meeting in December 2024. It is not known yet how the BMA chooses to amend its framework for IAIG supervision in order to be outcome equivalent to the ICS, if required.

Bermuda’s group supervision framework reflects international developments and principles for insurance group supervision adopted by the IAIS. The Insurance Amendment Act 2021 introduced the concept of an IAIG to meet the principles and standards of ComFrame. The Insurance Amendment Act 2021 amended the Insurance Act 1978 to make provision for supervisory requirements relating to the administration of IAIGs in Bermuda. Once designated as an IAIG, the IAIG is subject to any rules that the BMA may make prescribing prudential or technical standards to the IAIG and will continue to be subject to any other group supervision requirements.

Aegon closely monitors all regulatory requirements resulting from its designation as an IAIG. For example, Aegon has noted the BMA Insurance Prudential Standards Recovery Plan Rules 2024. These rules aim to ensure that insurers prepare for a range of possible adverse situations ahead of any severe stress condition. These rules will become effective on May 1, 2025.

In November 2019, the IAIS adopted the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector. The Holistic Framework consists of an enhanced set of supervisory policy measures and powers of intervention, an annual IAIS global monitoring exercise, and an assessment of consistent implementation of supervisory measures. The provisions of the Holistic Framework must be implemented in local legislation to have a binding effect. 

In 2025, the BMA plans to publicly consult on the design and implementation of an insurance resolution regime in line with the standards of the IAIS.

Future laws and regulations

Aegon has taken note of reforms to Bermuda’s prudential regime. Aegon continues to closely monitor all regulatory requirements and changes to them, both at the consolidated level and at the level of individual regulated subsidiaries. In addition to prudential regulatory requirements, this includes ESG-related legislation, such as EU regulation set out in the Corporate Sustainability Reporting Directive, the Taxonomy Regulation, and the Sustainable Finance Disclosure Regulation.

Code of Conduct

Aegon’s Code of Conduct embodies the company’s values and helps ensure that all employees act ethically and responsibly. It is available at www.aegon.com/coc.

It prescribes a mandatory set of standards for how Aegon employees should conduct business, comply with all applicable laws and regulations, and exercise sound judgment in reaching ethical business decisions in the long-term interests of Aegon’s stakeholders.

Aegon’s Code of Conduct applies to all Directors, officers, and employees of all Aegon companies around the world (regardless of the contractual basis of their employment), including associate companies and joint ventures that are majority-owned and/or controlled by Aegon Ltd. Companies in which Aegon does not hold a majority stake will be expected to either adopt the Aegon Code of Conduct or implement an equivalent code.

All Aegon employees must certify that they have read and understood the Code of Conduct and agree to abide by it. Employees are also required to follow mandatory training regularly to help embed the principles of the Code in the way they work.

Any waivers to the Aegon Code made to Directors or Executive Officers must be approved by the Aegon Ltd. Board of Directors or its Audit Committee. Waivers may only be granted in exceptional circumstances and will be promptly disclosed to our shareholders in accordance with applicable laws and stock exchange requirements. Aegon has elected to comply with home country practice and disclose any waivers to the Aegon Code in the Form 20-F instead of disclosing such waivers to shareholders within four business days under the NYSE rules. No waivers were requested or given during 2024. In April 2024, Aegon's Code of Conduct was amended as a result of the rebranding and restyling of Aegon and requirements for certain conducts were enhanced.

Aegon Speak Up: Reporting misconduct

Breaching laws and regulations, the Code of Conduct, or internal policies and procedures may have serious consequences for the company and its staff, its customers, shareholders, and business partners, and may also have a profound impact on the financial system or the public interest. Aegon aims to be a trusted long-term partner to all its stakeholders. Therefore, the company would like to be made aware of any suspected unlawful, unethical, or otherwise improper conduct that could harm the company and its stakeholders. Effective detection and resolution of such conduct will help sustain its business and ensure long-term value creation for all stakeholders.

Aegon implemented Aegon Speak Up to demonstrate its commitment to staff and other stakeholders that it encourages people to report any concerns regarding potential misconduct and will not tolerate reprisals for raising a concern that involves Aegon.

Aegon Speak Up provides a safe environment for anyone who wishes to raise a concern about suspected or observed misconduct that involves Aegon.

For this purpose, Aegon has contracted an independent third-party to host a secure reporting channel for employees and others to report potential misconduct. Reports can be submitted online or via toll-free telephone lines in all countries where Aegon conducts business (24 hours a day, 7 days a week). Reporters can choose to remain anonymous. If an issue is found upon investigation, appropriate management action is taken to resolve it and prevent it from happening again.

It is important that people feel supported and protected by the company for bringing issues to the attention of management that may be harmful to the reputation and integrity of the company, its employees, or other stakeholders. Aegon has established specific measures to provide support and to prevent and/or address situations that present a risk of reprisal. Reporters who believe they have experienced retaliation are encouraged to immediately bring the issue to the attention of the Group Compliance Officer directly or by using our Speak Up program.

Conformity Statement

The Board is responsible for preparing the financial statements and the Annual Report in accordance with Dutch and Bermuda law and the International Financial Reporting Standards, as adopted by the European Union (IFRS).

As required by section 5:25c of the Dutch Financial Supervision Act (Wet op het financieel toezicht (Wft)), the Board of Directors confirms that, to the best of its knowledge:

• The Aegon Ltd. financial statements have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial condition, and profit or loss of the company and the undertakings included in the consolidation as a whole.

• The report of the Board gives a true and fair view of the position at the reporting date of the company, the development and performance of the business during the financial year, and the undertakings included in the consolidation as a whole, together with a description of the principal risks and uncertainties that the company faces.

Aegon's risk management and control systems provide reasonable assurance for the reliability of financial reporting and the preparation and fair presentation of Aegon's financial statements. They cannot, however, provide absolute assurance that a misstatement of Aegon's financial statements can be prevented or detected.

The Hague, the Netherlands, March 26, 2025

The Board of Aegon Ltd.

Lard Friese, CEO, Executive Director
William L. Connelly, Chairman of the Board of Directors
Albert Benchimol, Director
Mark A. Ellman, Director
Karen Fawcett, Director
Jack McGarry, Director
Caroline Ramsay, Director
Thomas Wellauer, Director
Corien M. Wortmann, Director
Dona D. Young, Director