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30 2021 Results AEGON The Hague - November 11 , 2021 Aegon reports third quarter 2021 results Consistent execution on strategic initiatives ; results impacted by adverse mortality experience • • Net loss of EUR 60 million reflects a EUR 470 million one - time charge as a result of management actions to release capital and increase the predictability of capital generation from the US variable annuity business , in line with prior guidance Operating result decreases by 16 % compared with the third quarter of 2020 to EUR 443 million , as adverse claims experience in the US – with COVID - 19 and a higher average claim size as the most important drivers - more than offsets increased fees from higher equity markets and the positive contribution from business growth Cash Capital at Holding decreases to EUR 961 million , which reflects EUR 192 million dividends to shareholders and EUR 212 million deleveraging in this quarter The capital ratios of all three main units remain above their respective operating levels ; Group Solvency II ratio increases to 209 % Statement of Lard Friese , CEO " In the third quarter of 2021 , we continued to drive our transformation forward by delivering on our financial and strategic commitments . Performance improvements across most of our businesses , supported by the disciplined execution of our operational improvement plan , were offset by elevated mortality in the United States . This quarter's operating result reflects the benefit from addressable expense savings that we have achieved so far . We remain on track to deliver our target of EUR 400 million expense savings by 2023. To date , we have executed 684 out of 1,200 performance improvement initiatives , with expense initiatives representing the majority thereof . Benefits from implemented growth initiatives can be seen in the results from Strategic Assets and Growth Markets , and our Asset Management business extended its track record of over nine years of positive third - party net deposits . We remain proactive in the management of our Financial Assets . In the third quarter , we launched the lump sum buy - out program for certain variable annuity policyholders . This was well received by customers , which can be seen by the 8 % take - up rate as of the end of September . Moreover , since the end of the third quarter , the guarantees on the remaining variable annuity portfolio are being fully hedged against equity and interest rate risk , reducing our economic sensitivity to financial markets . In our long - term care business , we have already achieved approval for more than USD 300 million worth of rate increases , and consequently , we have increased our expectations for the rate increase program to USD 450 million ; underscoring our track record of actively managing this business . On top of that , we took a series of incremental management actions in the US and the Netherlands to improve our risk profile , maintain a strong balance sheet and increase the value of our portfolio . While we are making good progress on our strategic and financial commitments , our US Life business experienced adverse mortality in part from the ongoing impact of COVID - 19 . We expect the impact from COVID - 19 to abate over time . A higher average claim size also contributed to this quarter's mortality experience . We are in the process of taking management actions to reduce the volatility in mortality experience in the United States . Recognizing the role that Aegon plays within our broader society , we continue to progress with our approach to sustainability and responsible investing . Last week , we announced our Group - wide commitment to transitioning our general account to net - zero greenhouse gas emissions by 2050 , with an intermediate goal set for 2025. Ahead of COP26 , Aegon UK - in partnership with Aegon Asset Management - launched its innovative Global Sustainable Sovereign Bond Fund . The fund invests in those countries that are making the best progress towards the United Nations Sustainable Development Goals , and allows our workplace pensions customers to align their investment objectives with the goal of a fair and sustainable future . And finally , as we look back at the third quarter , I also want to take a moment to recognize our 22,000 colleagues who are driving Aegon's transformation . The pandemic has fundamentally changed the way in which we work and the way we interact with our stakeholders . And while the way we interact may have changed , our colleagues remain committed to transforming Aegon into a high - performance organization . " Note : All comparisons in this release are against 3Q 2020 , unless stated otherwise . See page 8 of this press release for a full financial overview . Media relations Dick Schiethart +31 ( 0 ) 70 344 8821 gcc@aegon.com Investor relations Jan Willem Weidema +31 ( 0 ) 70 344 8028 ir@aegon.com Conference call including Q & A ( 9:00 a.m. CET ) Audio webcast on aegon.com United States : +1 720 543 0206 United Kingdom : +44 330 336 9434 The Netherlands : +31 20 703 8259 Passcode : 9702174