Aegon : trading update for first quarter 2024

May 16, 2024

1Q24 trading update

Aegon trading update for first quarter 2024

• EUR 256 million operating capital generation before holding funding and operating expenses, on track to achieve guidance of around EUR 1.1 billion for 2024
• Capital ratios remain robust, above their respective operating levels
• Cash Capital at Holding remains strong at EUR 2.0 billion, reflecting 85% completion of the ongoing EUR 1.535 billion share buyback program
• Planned new EUR 200 million share buyback program announced, expected to be completed by the end of 2024
• Reporting structure of US business amended to better reflect the US strategy as set out at the June 2023 Capital Markets Day
• Continued strong sales growth in US Strategic Assets, UK Workplace businesses and Brazilian life insurance business. Positive third-party net flows at Asset Management business. UK Retail business continues to be affected by challenging market conditions

Lard Friese, Aegon CEO, commented:

"The beginning of the year was marked by continued positive commercial momentum in the US and Brazil, as well as net inflows at our asset manager, and was underscored by solid operating capital generation of EUR 256 million, as well as healthy capital ratios in our main operating units.

In the US, we continued to execute upon our strategy to transform Transamerica into America's leading middle market life insurance and retirement company. Individual Life generated new life sales of USD 119 million, an increase of 5% compared with the same period in 2023. World Financial Group's (WFG) sales force grew by 13% to almost 76,000 licensed agents, driven by continued successful recruiting and training efforts. Retirement Plans reported net deposits of USD 1.0 billion, driven by the middle market. We also continued to execute the management actions we announced last year to reduce our exposure to Financial Assets, including the repurchase of institutionally owned universal life policies and the premium rate increase program in long-term care.

Our joint venture in Brazil, Mongeral Aegon Group, continued its strong performance, with life sales increasing by 22% to EUR 28 million.

Our UK Workplace segment saw continued high levels of inflows due to the onboarding of new schemes and net deposits from existing participants, despite being negatively impacted by the loss of a low margin scheme. Performance at the UK's Retail segment continued to be impacted by reduced customer activity due to the current macro-economic environment, as well as an industry-wide reduction of transfers from defined benefit to defined contribution pension schemes.

In our asset management business, both Global Platforms and Strategic Partnerships saw net inflows. Global Platforms third party reported net inflows of EUR 2.6 billion, mostly driven by fixed income in the UK. Strategic Partnerships saw net inflows of EUR 2.1 billion, driven by Aegon's Chinese asset management joint venture.

Today, we announce a planned new share buyback program of EUR 200 million. We expect the new program to start at the beginning of July 2024, and to complete it by the end of 2024.

These results represent a good start to the year as we continue to work hard to transform our company and deliver upon our 2025 financial targets. I look forward to providing you with an update on our plans to drive growth in our UK business at our teach-in on June 25."

Please note that all comparisons are versus the first quarter of 2023 unless stated otherwise.

Contact details and dial-in information can be found at the end of this press release, on page 16.

May 16, 2024

1Q24 trading update

Strategy

Aegon is an international financial services holding company. Aegon's ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon's portfolio of businesses includes fully owned businesses in

the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon's businesses in the US have been divided into Financial Assets and Strategic Assets. The aim is to reduce Aegon's exposure to its Financial Assets and improve the predictability of capital generation from those assets. Aegon intends to, over time, reallocate capital from Financial Assets to growth opportunities in its Strategic Assets, partnerships, and its global asset manager. Exposure to businesses outside of Aegon's core focus has been largely eliminated over recent years, most recently with the divestment of

the business in India, which was completed on February 23, 2024.

Throughout its transformation, Aegon aims to maintain a solid capital position in its business units and at the Holding.

Through proactive risk management actions, Aegon is improving its risk profile and reducing the volatility of its capital ratios. This is underscored by the capital strength conveyed in this press release.

The next chapter in Aegon's strategy is expected to lead to operating capital generation from its units of around EUR 1.2 billion, and of free cash flow of around EUR 800 million by 2025. Aegon aims to grow its dividend per share to around EUR 0.40 over 2025, barring unforeseen circumstances and subject to the necessary approvals. Gross financial leverage is expected to remain at around EUR 5 billion.

Share buyback program following the transaction with a.s.r.

On July 4, 2023, Aegon announced the completion of the combination of its Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r., and the beginning of its asset management partnership with a.s.r. The associated

EUR 1.5 billion share buyback program was 85% completed on March 31, 2023, and is expected to be fully executed by June 30, 2024. The buyback amount was subsequently increased to EUR 1.535 billion in the context of repurchasing shares related to share- based compensation plans.

2

May 16, 2024

1Q24 trading update

Business update Americas

Aegon Americas				unaudited
Business update
USD millions	Notes	1Q 2024	1Q 2023	%
Distribution KPIs - World Financial Group (WFG)
Number of licensed agents (end of period)		75,652	66,915	13
Number of multi-ticket agents (end of period)		37,211	33,314	12
Transamerica's market share in WFG (US Life)		64%	64%	-
Savings & Investments KPIs
Gross deposits Retirement Plans		9,699	7,786	25
Net deposits Retirement Plans		1,032	346	198
of which: net deposits mid-sized Retirement Plans		1,165	932	25
Individual Retirement Accounts AuA		10,996	9,043	22
General Account Stable Value AuA		11,307	10,468	8
Gross deposits Mutual Funds		1,249	1,575	(21)
Net deposits Mutual Funds		(627)	(21)	n.m.
Protection Solutions KPIs
Traditional Life		29	31	(8)
Indexed Universal Life		90	82	10
New life sales (recurring plus 1/10 single) Individual Life		119	113	5
New life sales (recurring plus 1/10 single) Workplace Life		25	27	(9)
New premium production Workplace Health		44	40	11
Net deposits Indexed Annuities		214	70	n.m.
Financial Assets KPIs
Capital employed in Financial Assets (at operating level)		3,692	3,889	(5)
Net deposits Variable Annuities		(1,558)	(1,115)	(40)
Net deposits Fixed Annuities (excluding SPGAs)		(195)	(153)	(27)
Variable Annuities dynamic hedge effectiveness ratio (%)¹		99%	97%	2
LTC actual to expected claim ratio (%) (IFRS)		102%	89%	15
NPV of LTC rate increases approved since end-2022		335	42	n.m.

1. Dynamic Hedge effectiveness ratio (%) represents the hedge effectiveness on targeted risk, in particular impact from linear equity and interest rate movements.

3

May 16, 2024

1Q24 trading update

Transamerica - Aegon's business in the United States - has a long and proud history of making financial services available to

the many, not just the few. The company aims to accelerate its growth and become America's leading middle market life insurance and retirement company.

To better align Transamerica's reporting structure with its strategy and business model, as of 2024, the businesses have been regrouped into four business segments: Distribution, Savings & Investments, Protection Solutions, and Financial Assets. This change reflects Aegon's focus on its Strategic Assets and provides more transparency on its growth areas, while presenting the results of Financial Assets separately. The new business segments align to the new applicable IFRS accounting standards, with the insurance businesses allocated to Protection Solutions and Financial Assets, and the non-insurance businesses grouped into Distribution and Savings & Investments.

Business update Distribution

Transamerica's Distribution business segment consists of World Financial Group (WFG), its wholly owned life insurance agency, and Transamerica Financial Advisors. Transamerica's ambition is to increase the number of WFG agents to 110,000 by 2027, while at the same time improving agent productivity.

At the end of the first quarter of 2024, WFG had 75,652 licensed agents. This is an increase of 13% compared with the same period in 2023 and was driven by continued successful recruiting and training efforts. Over the same period, the number of multi-ticket agents - those selling more than one life policy per 12 months - increased by 12% to 37,211 agents. Transamerica's market share in the WFG distribution channel in the US amounted to 64% for life products in the first quarter of 2024 and remained consistent with the level observed throughout 2023, building on the service experience for WFG agents and products tailored to the US middle market.

Business update Savings & Investments

Transamerica's Savings & Investments business segment includes Retirement Plans, Mutual Funds, and Stable Value Solutions. The growth focus lies in recordkeeping and investment services for US defined contribution plans and individual retirement accounts (IRA), as well as advice to plan participants. The Retirement Plan business aims to increase profitability by growing assets in the General Account Stable Value and IRA propositions, focusing on mid-sized and pooled plans, and delivering managed advice and other ancillary products and services.

Net deposits

Retirement Plans reported net deposits of USD 1.0 billion in the first quarter of 2024, compared with net deposits of USD 0.3 billion in the same period of the prior year. Net deposits for mid-sized plans amounted to USD 1.2 billion in the reporting period, compared with net deposits of USD 0.9 billion in the first quarter of 2023. Gross deposits for mid-sized plans benefited from higher takeover and recurring deposits, both largely driven by the large pooled plan sale of USD 1.7 billion in the first quarter of 2023. This more than offset higher withdrawals. Large-market plans recorded net outflows of USD 0.4 billion, compared with USD 0.9 billion in the prior year period, as gross deposits in large-market plans increased and withdrawals from contract discontinuances decreased compared with the first quarter of 2023. Part of the eligible participant withdrawals were rolled over to Transamerica's individual retirement accounts (IRAs), which generated USD 0.3 billion of net deposits during the reporting period, which was also supported by asset consolidation and other customer retention efforts.

Net outflows for Mutual Funds amounted to USD 627 million in the first quarter of 2024, compared with USD 21 million in the same quarter of 2023. This mainly reflected gross deposits decreasing by 21% compared with the prior year period and was due to continued investor preference for shorter term investments given the prevailing interest rate yield curve. Redemptions increased compared with the same period of 2023.

4

May 16, 2024

1Q24 trading update

Account balances

Account balances in Retirement Plans increased to USD 228 billion at the end of the first quarter of 2024 from USD 199 billion at

the end of the same quarter last year. Mid-sized plans accounted for USD 52 billion of the total account balances in Retirement Plans at the end of this quarter, compared with USD 43 billion at the end of the first quarter in 2023.

Transamerica aims to grow and diversify revenue streams by expanding both the General Account Stable Value product and IRAs to USD 16 billion and USD 18 billion of assets under management, respectively, by 2027. Assets under management in the General Account Stable Value product increased by 8%, compared with the end of March 2023 to USD 11.3 billion as of March 31, 2024. IRA account balances increased by 22% compared with the end of March 2023 to USD 11.0 billion as of March 31, 2024, driven by efforts to retain assets from retirement plans, additional customer deposits, and favorable equity markets over the past year.

Business update Protection Solutions

Transamerica's Protection Solutions business segment includes insurance businesses covering Individual Life, Individual Health, Workplace Life, Workplace Health, and Indexed Annuities lines of business. The Indexed Annuities line of business includes registered index linked annuities (RILA) and fixed indexed annuities (FIA). Transamerica is investing in its product manufacturing capabilities and operating model to position its Protection Solutions business for further growth in the US middle market, with distribution through both WFG and third parties.

New life sales

Transamerica targets around USD 750 million of annual new life sales in Individual Life by 2027. In the first quarter of 2024, Individual Life generated new life sales of USD 119 million, an increase of 5% compared with the prior year period. WFG represented 71% of total Individual Life sales in this quarter. The increase in sales was driven by the indexed universal life product line, which is the main Transamerica product marketed by WFG, partially offset by lower traditional life sales driven by competitive pressures in the term life market.

Workplace Life reported new life sales of USD 25 million compared with USD 27 million in the first quarter of 2023; the latter included the sale of a large contract.

New premium production Workplace Health

In the first quarter of 2024, new premium production for Workplace Health insurance amounted to USD 44 million, an increase of 11% compared with the same period of 2023, driven by a new large voluntary benefits contract.

Net deposits Indexed Annuities

Net deposits in RILA products amounted to USD 227 million in the first quarter of 2024, the highest amount since the introduction of this product in 2022, compared with USD 76 million in the same period of 2023. This was driven by enhanced distribution capacity and productivity for this product.

Net outflows for the FIA product amounted to USD 13 million compared with net outflows of USD 6 million in the prior year period. Currently, there are no new sales for this product.

Business update Financial Assets

Financial Assets are blocks of business that are capital intensive with relatively low returns on the capital employed. New sales for these blocks are limited and focus on products with higher returns and moderate risk profiles. Transamerica is actively managing variable annuities with interest rate sensitive riders, fixed annuities including Single Premium Group Annuities (SPGAs), the legacy universal life book, and long-term care portfolios as Financial Assets.

5

May 16, 2024

1Q24 trading update

Transamerica is taking in-force management actions on Financial Assets that are expected to reduce the capital employed by USD 1.2 billion, which, in addition to the assumed organic run-off, would lead to USD 2.2 billion of capital employed by year-end 2027. On March 31, 2024, Financial Assets had USD 3.7 billion of capital employed, a decrease of USD 0.4 billion compared with December 31, 2022. This was mainly driven by favorable market impacts in the variable annuities portfolio and the earlier expansion of the dynamic hedging program for the Variable Annuities guaranteed benefits to include the lapse and mortality margins.

Universal Life

The legacy Universal Life portfolio includes universal life policies with and without secondary guarantees, as well as a portfolio reinsured from Transamerica Life Bermuda. Transamerica is currently executing a management action to purchase institutionally owned universal life policies to reduce the mortality risk of the overall portfolio. By 2027, Transamerica aims to have purchased 40% of the USD 7 billion face value of institutionally owned universal life policies that were in-force at the end of 2021. By the end of

the first quarter of 2024, the company had purchased 34% of the face value of institutionally owned universal life policies for a cash consideration of more than USD 1.2 billion, focusing on older age policies with large face amounts.

Long-term care

Transamerica is actively managing its long-term care business, primarily through premium rate increase programs. The company continues to work with state regulators to get pending and future actuarially justified rate increases approved. At its 2023 Capital Markets Day, Aegon announced its intention to achieve an additional net present value of USD 700 million of premium rate increases. The total value of premium rate increases approved by the states achieved since the beginning of 2023 amounts to USD 335 million, which is 48% of the target. Claims experience continues to track well with assumptions, with the actual-to-expected claim ratio being mildly unfavorable at 102%.

Variable Annuities

The portfolio of variable annuities with significant interest sensitive riders is a legacy block that will run off over time, and that has been de-risked by dynamically hedging the market risk associated with guaranteed benefit riders, including the statutory lapse and mortality margins. In the first quarter of 2024, the hedge program was 99% effective, continuing its strong track record of managing the financial market risks embedded in the guarantees.

Net outflows in Variable Annuities amounted to USD 1.6 billion in the first quarter of 2024, compared with USD 1.1 billion in the same quarter last year, in line with expectations for this Financial Asset. Gross deposits in Variable Annuities increased by 19% to USD 0.3 billion in the first quarter of 2024, mainly from growing sales in a variable annuity product with limited guarantees. This was more than offset by higher surrenders, which nonetheless remained in line with long-term best estimates.

Fixed Annuities including SPGAs

The Fixed Annuities portfolio is a Financial Asset that will run off relatively quickly over time. In addition, a portfolio of Single Premium Guaranteed Annuities (SPGAs) is managed as a Financial Asset. Net outflows in the run-off Fixed Annuities book excluding SPGAs amounted to USD 195 million in the first quarter of 2024, compared with net outflows of USD 153 million in the same period of last year. Surrender rates and withdrawals for Fixed Annuities remained below long-term best estimates.

6

May 16, 2024

1Q24 trading update

Business update United Kingdom

United Kingdom				unaudited
Business update
GBP millions	Notes	1Q 2024	1Q 2023	%
Retail plaform		(896)	(413)	(117)
Workplace Solutions platfirm		546	733	(25)
Total platform business		(350)	320	n.m.
Traditional products		(377)	(264)	(43)
Total platform and traditional business		(727)	56	n.m.
Institutional		499	2,786	(82)
Total net deposits / (outflows)		(228)	2,841	n.m.
New life sales (recurring plus 1/10 single)		-	6	n.m.
Strategic KPIs
Annualized revenues gained / (lost) on net deposits		(4.6)	(2.6)	(76)
Platform expenses / AuA (bps)		24 bps	23 bps

In the United Kingdom, Aegon aims to become the leading digital platform provider in the workplace and retail markets, and to drive forward its pension and investment propositions for the benefit of all of its customers, advisers, and employers.

Strategic developments

In August 2023, Aegon announced an extension of its strategic partnership with Nationwide Building Society (NBS), under which NBS' financial planning teams moved to Aegon UK. In addition, Aegon UK will continue to provide the platform on which NBS members manage their investments. The transaction, which supports Aegon's strategy to focus on its core Retail and Workplace platform activities in the UK, was completed on February 1, 2024.

As previously announced, Aegon will host a teach-in on the UK strategy in the form of a webinar on June 25, 2024.

Business update

Net deposits

Net deposits in the Workplace segment of the platform amounted to GBP 546 million in the first quarter of 2024 compared with net deposits of GBP 733 million in the same period of 2023. The reduction was driven by the outflow of one large, low margin scheme of GBP 186 million. This offset solid levels of inflows driven by new schemes and net deposits on existing schemes. For Retail, net outflows amounted to GBP 896 million in the first quarter of 2024, compared with net outflows of GBP 413 million in the prior year period. This reflects a continued reduction of customer activity driven by the current macro-economic environment, as well as an industry-wide reduction of transfers from defined benefit to defined contribution pensions.

Net outflows in Traditional products amounted to GBP 377 million, compared with net outflows of GBP 264 million in the same period of 2023, as the book gradually runs off. For the Institutional business, net deposits amounted to GBP 499 million in the first quarter of 2024, whereas net deposits in the same period of 2023 amounted to GBP 2,786 million, driven by the onboarding of a large client.

The Institutional business is low-margin and net deposits for this business can be lumpy.

Annualized revenues gained / (lost) on net deposits

Annualized revenues lost on net deposits amounted to GBP 5 million for the first quarter of 2024, predominantly due to the run-off of the traditional product portfolio in addition to net outflows in the Retail channel. This more than offset annualized revenues gained in the Workplace channel.

7

May 16, 2024

1Q24 trading update

Platform expenses as a percentage of assets under administration

Platform expenses amounted to 24 basis points of assets under administration (AuA) in the first quarter of 2024, and increased by one basis point compared with the same period in 2023. This was mostly driven by higher employee expenses which more than offset the impact from higher assets under administration, which were predominantly due to favorable markets.

8

May 16, 2024

1Q24 trading update

Business update International

International				unaudited
Business update
EUR millions	Notes	1Q 2024	1Q 2023	%
Spain & Portugal		8	12	(34)
China		31	46	(32)
Brazil		28	23	22
TLB and others		6	5	19
New life sales (recurring plus 1/10 single)		73	86	(15)
New premium production accident & health insurance		12	15	(19)
New premium production property & casualty insurance		17	18	(5)

In Spain & Portugal, China and Brazil, Aegon is investing in profitable growth. Aegon is maximizing Transamerica Life Bermuda's (TLB) value through active in-force management, disciplined risk management, and capital management actions, while continuing to make profitable sales on a selective basis. Its closed block of universal life insurance liabilities is reinsured by Transamerica.

Strategic developments

In July 2023, Aegon announced the sale of its 56.1% stake in its associate business in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company. This transaction was completed on February 23, 2024.

During the quarter, TLB launched an upgraded indexed universal life insurance with new features offering a wider choice of index account options and enhanced life benefits.

Business update

New life sales

New life sales amounted to EUR 73 million, down 15% compared with the first quarter of 2023.

• New life sales in Spain & Portugal decreased by EUR 4 million to EUR 8 million due to lower sales in Santander Life, driven by some delays in product launches and the continued high interest rate environment.
• New life sales in China decreased by EUR 15 million to EUR 31 million, mostly driven by the negative impact of a pricing regulation related to insurance products with guaranteed interest rates.
• New life sales in Brazil increased by EUR 5 million to EUR 28 million, mainly driven by continued business growth, while also reflecting Aegon's increased economic stake.
• For TLB and others, new life sales grew to EUR 6 million, an increase of EUR 1 million compared with the first quarter of 2023, driven by higher indexed universal life sales in Singapore from TLB.

New premium production for non-life business

New premium production for accident & health insurance amounted to EUR 12 million, a decrease of 19% compared with the first quarter of 2023, driven by lower sales from both accident and health products from Santander Spain.

New premium production for property & casualty insurance decreased by 5% to EUR 17 million, driven by lower demand for mortgages in Spain due to higher interest rates resulting in fewer household policies being sold. This was partially offset by higher sales in Portugal.

9

May 16, 2024

1Q24 trading update

Business update Asset Management

Asset Management				unaudited
Business update
EUR millions	Notes	1Q 2024	1Q 2023	%
General Account		(1,286)	(935)	(38)
Affiliate		(677)	483	n.m.
Third Party		2,604	(367)	n.m.
Global Platforms		641	(819)	n.m.
Strategic Partnerships		2,091	(1,259)	n.m.
Net deposits / (outflows)		2,732	(2,078)	n.m.
Strategic KPIs
Annualized revenues gained / (lost) on net deposits - Global
Platforms		4.0	0.5	n.m.
General Account		68,933	91,788	(25)
Affiliate		40,764	63,531	(36)
Third Party		145,756	83,306	75
Global Platforms		255,453	238,626	7
Strategic Partnerships		58,593	57,037	3
Assets under Management		314,047	295,663	6

Aegon Asset Management (Aegon AM) aims to improve efficiency and drive growth through third-party assets, and by increasing the share of proprietary investment solutions in its affiliate business.

Strategic developments

Aegon AM has decided to further simplify its activities in Global Platforms to improve efficiency and profitability. Focus lies on three core competencies: growth in real assets and alternative fixed income assets, being a recognized leader in responsible investing and helping partners with retirement and fiduciary solutions to build market leading retirement platforms. As a result, Aegon AM is rationalizing its product set and has taken cost reduction measures.

Business update

Net deposits

Third-party net deposits in Global Platforms amounted to EUR 2,604 million in the first quarter of 2024, compared with net outflows of EUR 367 million in the same period of 2023. The net deposits in the first quarter were mostly driven by fixed income in the UK, where fund performance was strong and there was a large win. Alternative fixed income also contributed favorably, as well as the asset management partnership with a.s.r.

Net deposits in Strategic Partnerships amounted to EUR 2,091 million in the first quarter of 2024, compared with net outflows of EUR 1,259 million in the same period last year, and were driven by Aegon's Chinese asset management joint venture, Aegon Industrial Fund Management Company (AIFMC), which experienced inflows into money market funds. This was in part due to a successful collaboration with a consumer finance platform. La Banque Postale AM also recorded positive net deposits, but was impacted by continued withdrawals of low-margin business from a former shareholder.

Net outflows from the general account amounted to EUR 1,286 million in the first quarter of 2024, compared with net outflows of EUR 935 million in the prior year period. Net outflows from affiliates amounted to EUR 677 million in the first quarter of 2024, compared with net inflows of EUR 483 million in the same period of 2023. They were driven by the departure of a large US client and the gradual run-off of the traditional insurance book in the UK.

10