Practice English Speaking&Listening with: Alex Wynaendts on Aegon's 1H 2018 Results

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Hello and thanks for tuning into my update for the first half of 2018 from a

financial perspective. I'm pleased to report that we performed strongly of the

last six months. For me, three things in particular standout. First, underlying

earnings are up, mainly driven by a successful expense savings program, high

investment margins in Netherlands, and growth in our Asian businesses.

Second, we've grown our net deposits and this was largely due to high inflows into our

asset management business and better retention in our UK business.

Both evidence that our customers value expertise and the products and services we offer.

And third in terms of capital, our solvency position remains strong

and has increased significantly since our last results. This is a reflection of

how we further strengthened our balance sheet, and I am happy that we are

in an excellent position to deliver on a target to return capital to shareholders.

Looking beyond the key numbers, we've been very busy executing a strategy since the turn of the year.

So let me give you a snapshot of some notable highlights.

In our largest market, the United States, the outsourcing agreement we announced

has made us a more efficient franchise. This is enabling us to focus our efforts on

enhancing our platforms and digital services to the benefit of all our US

customers across all lines of business. Also in the U.S., we launched a new

wealth and health brand identity. By raising awareness about its connection

between physical and financial well-being, we have the potential to help

millions of people better prepare for the future. I'm also excited about the

benefits we already seen from our business. Moving to Europe, in the UK our

team has worked extremely hard to migrate over 400,000 retail customers

from Cofunds to our platform. This was a huge operation and in common with many

migrations of the scale, there has been some customer service interruption.

We are working hard to resolve this so that we can deliver a service to be proud of

to all our customers in the UK. Across our company, growth is a key focus and priority and this means building the right businesses

in the right markets, acquiring other businesses that will help us grow, and

also knowing when to divest from certain markets. In the Netherlands, we recently

acquired the leading income protection service provider, Robidus. This will

strengthen our position in the key growth market as we help Dutch employers

understand complex laws regarding absence and disability, and better manage

financial risk and cost. We also expanded in Spain, deepening our relationship

with Banco Santander, the country's largest bank. This agreement

will allow us to provide both life and selected non-life insurance to an

additional client base of 4 million people. In terms of divestments, in April

we successfully completed the sale of Aegon Ireland. And, we announced the sale

of Aegon Czech Republic and Aegon Slovakia, all of which give us added

financial flexibility. In Asia, we seen success across the region, with reduced

expenses and improved profitability in almost all of our units. Our joint

venture in China, for instance, has seen strong double-digit sales growth thanks

to its award-winning digital platform. Finally, I'm pleased that Aegon Asset

Management also performed well. Its mortgage funds, general pension fund

and new products are proving to be very successful, all meeting our customers' diverse needs.

To sum up, this has been a good first half year for our company.

We're well positioned to capture future growth; we're continuing to execute on our transformation.

And above all, we've got a great team who are as ever working

tirelessly to help our millions of customers around the world. And all of

this gives me confidence that we'll be able to meet our 2018 targets and I look

forward to updating you again in my next video.

The Description of Alex Wynaendts on Aegon's 1H 2018 Results