Aegon N.V. (NYSE:AEG) Q3 2022 Earnings Conference Call November 10, 2022 3:00 AM ET
Company Participants
Jan Willem Weidema - Head, Investor Relations
Lard Friese - Chief Executive Officer
Duncan Russell - Chief Transformation Officer
Matt Rider - Chief Financial Officer
Conference Call Participants
Andrew Baker - Citi
Robin van den Broek - Mediobanca
Cor Kluis - AAOB
David Barma - Exane
Michael Huttner - Berenberg
Ashik Musaddi - Morgan Stanley
Michele Ballatore - KBW
Steven Haywood - HSBCIB
Nasib Ahmed - UBS
Jan Willem Weidema
Thank you for joining this conference call on Aegon's Third Quarter 2022 Results. Before we start we would like to ask you to review our disclaimer on forward-looking statements which you can find at the back of the presentation.
With me today are Aegon's CEO, Lard Friese; CFO, Matt Rider; and Chief Transformation Officer, Duncan Russell who will take you through our 3Q results and the progress we are making in the transformation of Aegon. After that we will continue with our Q&A session.
And on that note, I would like to give the floor to Lard Friese.
Lard Friese
Yes. Thanks Jan Willem and good morning everyone. We appreciate that you're joining us on today's call. It's been a busy few months for us here at Aegon and I want to start by running you through our achievements on slide number two.
In the past few months we have taken a number of important steps in the transformation of Aegon. We have made substantial progress on our operational improvement plan and taken additional actions to maximize the value of both our US variable annuity book and TLB, our high net worth insurance business. And of course, we recently announced the combination of Aegon the Netherlands with ASR.
We also made solid progress on our ambition to grow our strategic assets, especially in our life and retirement businesses despite continued financial market volatility and political unrest.
Our operating results in the third quarter declined by 11% on a constant currency basis, reflecting adverse market conditions that more than offset an improvement in claims experience in the United States expense savings and the benefit from growth initiatives.
Based on extensive analyses and the learnings from engagements with third-parties, we have concluded that the best option with respect to our US variable annuity portfolio is to continue to own and actively manage it at least in the near-term.