AEGON NV

Analysis

Business Description

Aegon NV (Aegon) is an international life insurance, pensions, and asset management company. Aegon is also active in accident, supplemental health, and general insurance, and has some limited banking activities. The company has businesses in more than 20 countries across Asia, Europe, and the Americas.

As of December 31, 2020, it served more than 30.4 million customers and managed about EUR921 billion in revenue-generation investments.

Aegon operates through seven geographic segments: Americas, International, Asset Management, The Netherlands, United Kingdom, Joint Ventures and Associates Eliminations, and Holding and Other Activities.

Business Segments
Overview

Offers accidents and health insurance.

Performance

Reported gross premiums of EUR 1,784 million for FY2020, which decreased 2.1% YoY, and reported a negative CAGR of 9.1% during 2016-20. Accounted for 11.1% of the company's gross written premium in FY2020.

Inventore veritatis
Overview

offers a range of general insurance products.

Performance

Reported gross premiums of EUR386 million for FY2020, which decreased 1% YoY, and reported a negative CAGR of 3.4% during 2016-20. Accounted for 2.4% of the company's gross written premium in FY2020.

Overview

Offers life and savings, pensions products.

Performance

Reported gross premiums of EUR13,929 million for FY2020, which decreased 12.5% YoY, and reported a negative CAGR of 9.1% during 2016-20. Accounted for 86.5% of the company's gross written premium in FY2020.

Geographical Segments
Overview

Offers insurance products for life, long-term care, accident and health, and variable and fixed annuities. Also, offers retirement plans, mutual funds, recordkeeping and advisory services, and investment products. Operates under the brand Transamerica in the US, and has joint ventures in Mexico and Brazil. Also has operations in Canada. Distributes its products through partners, institutional and workplace brokerage, and wholesale distribution channels. Its major subsidiaries in the US include Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Transamerica Corporation, Transamerica Premier Life Insurance Company, and Transamerica Casualty Insurance Company. Operates under the brand Transamerica in the US, and has joint ventures in Mexico and Brazil. Also has operations in Canada.

Distributes its products through partners, institutional and workplace brokerage, and wholesale distribution channels.

Its major subsidiaries in the US include Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Transamerica Advisors Life Insurance Company, Transamerica Premier Life Insurance Company, and Transamerica Casualty Insurance Company.

Performance

Reported gross premiums of EUR8,485 million for FY2020, which decreased 2.4% YoY, and reported a negative CAGR of 3% during 2016-20. Accounted for 49.9% of the company's gross written premium, excluding joint ventures and associates eliminations, in FY2020. Reported underlying earnings before tax of EUR820 million in FY2020, which decreased 27.1% YoY.

Inventore veritatis
Overview

Provides investment management services to private and institutional investors through its offices in the US, the UK, the Netherlands, Hungary, Hong Kong, and Spain under three main brands, including Aegon Asset Management, Kames Capital and TKP Investments. Major operating entities include Aegon USA Investment Management LLC, Aegon Investment Management B.V. (the Netherlands), TKP Investments B.V. (the Netherlands), Aegon USA Realty Advisors LLC, Kames Capital plc (United Kingdom) and Aegon Hungary Asset Management Company Zrt. Distributes its products and services through affiliated companies, independent investment advisors, direct to institutional clients, joint ventures, investment consultants, and third-party investment platforms.

Performance

Reported underlying earnings before tax of EUR182 million in FY2020, which grew 30.9% YoY.

Overview

Includes reinsurance activities, financing, and employee and other administrative expenses.

Performance

Reported gross premiums of EUR5 million for FY2020, which decreased 58.3% YoY, and reported a negative CAGR of 8.1% during 2016-20. Accounted for 0% of the company's gross written premium, excluding joint ventures and associates eliminations, in FY2020. Reported underlying loss before tax of EUR237 million in FY2020, compared to EUR228 million in FY2019.

Performance

Reported gross premiums of EUR1,677 million for FY2020, which decreased 10.4% YoY. Accounted for 9.9% of the company's gross written premium, excluding joint ventures and associates eliminations, in FY2020. Reported underlying earnings before tax of EUR156 million in FY2020, which grew 8.3% YoY.

Performance

Reported underlying earnings before tax of EUR31 million in FY2020, which decreased 38% YoY.

Performance

Reported gross premiums of EUR1,994 million for FY2020, which decreased 6.1% YoY, and reported a negative CAGR of 5.4% during 2016-20. Accounted for 11.7% of the company's gross written premium, excluding joint ventures and associates eliminations, in FY2020. Reported underlying earnings before tax of EUR665 million in FY2020, which grew 2.6% YoY.

Performance

Reported gross premiums of EUR4,858 million for FY2020, which decreased 23% YoY, and reported a negative CAGR of 16.4% during 2016-20. Accounted for 28.5% of the company's gross written premium, excluding joint ventures and associates eliminations, in FY2020. Reported underlying earnings before tax of EUR144 million in FY2020, which grew 3.6% YoY.