AEG vs PUK

AEG Core

Annual filing released 2025-03-27 · GPT 6 Luna

Aegon Asset Management (Aegon AM) is an active global investor. Its 385 investment professionals manage and advise on assets of EUR 332 billion as of December 31, 2024, for a global client base of corporate and public pension funds, insurance companies, banks, wealth managers, family offices, and foundations. Organizational structure

Third-party business, which includes Assets under Management (AuM) of the strategic partnerships, accounts for approximately 67% of its AuM as at December 31, 2024. The wholesale channel typically sells collective investment vehicles to customers through wholesale distributors and independent intermediaries. The asset classes are fixed income, equities, real assets, and multi-asset and solutions with fund performance usually measured against a benchmark or peer group. The institutional business typically sells its services to large insurance companies, fiduciary managers, OCIOs and pension funds. Aegon AM manages a full range of asset classes and manages the strategies against objectives, targets, and risk profiles agreed with clients. It offers both absolute and relative return products. In the Netherlands, Aegon AM is a leading player in the Fiduciary business. •

PUK Material

Annual filing released 2025-03-26 · GPT 6 Luna

In line with our strategy, we successfully acquired full ownership of Prudential Zenith Life Insurance Limited Nigeria in 2024. 49 Eastspring Actual exchange rate Constant exchange rate Average Exchange Rate 2024 2023 Change 2023 Change 2022 Total funds under management ($bn) 258.0 237.1 9 % 229.5 12 % 221.4 Fee margin based on operating income (bps) 30 31 (1) bps 31 (1) bps 29 Cost/income ratio (%) 52 53 1 ppts 53 1 ppts 55 Profit before shareholder tax ($m) 293 280 5 % 277 6 % 260 Profit after tax ($m) 264 254 4 % 251 5 % 234 Adjusted operating profit ($m) 304 280 9 % 277 10 % 260 Eastspring is the Group's asset management company. We are uniquely positioned with one of the widest footprints among asset management companies in Asia through our operations in 11 key markets.

Eastspring has $258.0 billion funds under management or advice (referred collectively as funds under management or FUM) including $148.5 billion funds under management on behalf of the Prudential Group with the balance managed for external third parties. Investment performance: Delivering excellence for our clients Over the past year, we have seen 60 per cent of FUM outperform their benchmarks, a notable improvement from 44 per cent in 2023. On a three-year basis, 61 per cent of FUM outperformed their benchmark (2023: 50 per cent). This improvement can largely be attributed to the efforts of our investment teams. Notably, the Multi Asset Portfolio Solutions (MAPS) team implemented platform improvements and process enhancements in early 2024, leading to 95 per cent of MAPS portfolios outperforming their benchmark over one year.

AEG Core

Annual filing released 2025-03-27 · GPT 6 Luna

About Aegon  Governance and risk management  Financial information  Sustainability information       Who we are Aegon is an international financial services group whose origins date back to the first half of the 19th century. Our ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions, always with a clear purpose: Helping people live their best lives.

In Brazil, Aegon has a 59.2% economic interest and 50% of voting common shares in Mongeral Aegon Group (MAG Seguros), the country’s third-largest independent life insurer. MAG Seguros offers individual protection solutions. Together with Banco Cooperativo do Brasil (Bancoob), MAG Seguros also operates a joint venture company dedicated to providing life insurance and pension products within the Sicoob, Brazil’s largest cooperative financial system. Transamerica Life (Bermuda) provides life insurance products and services to affluent and high-net-worth individuals predominantly in Asia. The company writes business out of Hong Kong and Singapore. Aegon Asset Management (Aegon AM) is an active global investment management business with EUR 332 billion of assets under management for a global client base, including Aegon’s subsidiaries and partnerships.

PUK Core

Annual filing released 2025-03-26 · GPT 6 Luna

We have top three positions in ten Asian and three African markets3 . We offer life and health insurance, savings and investments products across a broad range of customer segments, which represent a spectrum of income and wealth levels, and as at the year end, we serve over 18 million retail customers. Eastspring, our unique Asia-based asset management business, serves both in-house and third-party clients, has over US$258 billion in funds under management and is ranked in the top 10 in seven of its markets2 . In 2024, we have seen many of our markets returning to the underlying growth trends seen in the period before the effect of Covid-related restrictions that applied in 2019–2022, though certain life markets, such as Vietnam and China, continue to have specific local circumstances that we believe have deferred the reassertion of these underlying trends. 20

There are opportunities to grow the Group’s footprint, particularly in health, across other markets. Distribution Prudential has a multi-channel distribution platform of scale. We have scale in both agency and bancassurance channels with around 65,000 average monthly active agents across 2024 and more than 200 bank partners, 11 of which are strategic. Eastspring, our in-house asset manager, spans 11 markets and manages $258 billion of assets and occupies top-10 positions in seven of its markets. How we create value We offer insurance and asset management products, focusing on the markets where we believe there is rising demand for savings and protection offerings. By tailoring our products to the needs of customers in these markets, we believe we have a significant opportunity for growth and value creation. Underpinned by our commitment to sustainability Focusing on our rigorous risk man

AEG Material

Annual filing released 2025-03-27 · GPT 6 Luna

Aegon UK serves its customers through a combination of workplace and retail financial advisors. In Spain & Portugal, Aegon has a strategic partnership with Banco Santander to distribute life, health, and non-life insurance products through the bank’s branches, with Aegon owning a 51% stake in the joint venture. Aegon Spain’s own distribution channel offers life insurance, health insurance, and pension products. In China, Aegon owns a 50% stake in Aegon THTF Life Insurance Company, which offers life insurance solutions through a network of branches.

The Protection Solutions business segment includes Transamerica’s life insurance, health insurance (employee benefits), registered indexed annuities, and variable annuities lines of business that Transamerica aims to strategically grow. These products are distributed through WFG and other distribution channels. Transamerica is targeting approximately USD 750 million of annual new life sales in Individual Life by 2027. Transamerica is also investing in its product manufacturing capabilities and operating model to position its Protection Solutions business for further growth, with distribution through both WFG and third parties. Financial Assets are capital-intensive blocks of business with relatively low returns on the capital employed. We aim to maximize the value of these businesses through disciplined risk management and capital management actions.

PUK Material

Annual filing released 2025-03-26 · GPT 6 Luna

The estimated GWS Group capital adequacy requirements require that total eligible Group capital resources are not less than the GPCR. Health products Health products comprise health and personal accident insurance products, which provide morbidity or sickness benefits and include health, disability, critical illness and accident coverage. These typically are annually renewable and would involve diagnosis and treatment from licensed physicians/medical facilities.

Transforming the health business model By leveraging the power of our new health operating model, continuing to build our health capabilities and increasing the momentum around our health priorities, we are committed to achieving our ambitions to double 2022 new business profit and to deliver a top-quartile health insurance NPS in 2027. Hong Kong, Singapore, Indonesia and Malaysia are the primary markets writing health business. All of these markets have undertaken detailed operational reviews and have implemented substantial operational changes in both premium repricing and medical cost inflation mitigation including product redesign, centralising renegotiations of supplier contracts, and reducing fraud, waste and abuse. We are tracking health-specific rNPS across the four primary health markets with an ambition to deliver top quartile rNPS results by 2027.

AEG Material

Annual filing released 2025-03-27 · GPT 6 Luna

The Protection Solutions business segment includes Transamerica’s life insurance, health insurance (employee benefits), registered indexed annuities, and variable annuities lines of business that Transamerica aims to strategically grow. These products are distributed through WFG and other distribution channels. Transamerica is targeting approximately USD 750 million of annual new life sales in Individual Life by 2027. Transamerica is also investing in its product manufacturing capabilities and operating model to position its Protection Solutions business for further growth, with distribution through both WFG and third parties. Financial Assets are capital-intensive blocks of business with relatively low returns on the capital employed. We aim to maximize the value of these businesses through disciplined risk management and capital management actions.

PUK Material

Annual filing released 2025-03-26 · GPT 6 Luna

The estimated GWS Group capital adequacy requirements require that total eligible Group capital resources are not less than the GPCR. Health products Health products comprise health and personal accident insurance products, which provide morbidity or sickness benefits and include health, disability, critical illness and accident coverage. These typically are annually renewable and would involve diagnosis and treatment from licensed physicians/medical facilities.

Transforming the health business model By leveraging the power of our new health operating model, continuing to build our health capabilities and increasing the momentum around our health priorities, we are committed to achieving our ambitions to double 2022 new business profit and to deliver a top-quartile health insurance NPS in 2027. Hong Kong, Singapore, Indonesia and Malaysia are the primary markets writing health business. All of these markets have undertaken detailed operational reviews and have implemented substantial operational changes in both premium repricing and medical cost inflation mitigation including product redesign, centralising renegotiations of supplier contracts, and reducing fraud, waste and abuse. We are tracking health-specific rNPS across the four primary health markets with an ambition to deliver top quartile rNPS results by 2027.

AEG Core

Annual filing released 2025-03-27 · GPT 6 Luna

Our businesses In the Americas, Aegon operates primarily under two brands. The first, Transamerica, is a leading provider of life insurance, retirement, and investment solutions, which serves millions of customers with a strong track record of making financial services available to the many, not just the few. The second, World Financial Group (WFG), is an affiliated insurance distribution network of over 86,000 independent agents who primarily serve middle-income households across the United States and Canada. In the United Kingdom, Aegon aims to become a leading digital savings and retirement platform provider in the workplace and advisor markets. The company offers a broad range of solutions to individuals, advisors, and employers.

Aegon UK serves its customers through a combination of workplace and retail financial advisors. In Spain & Portugal, Aegon has a strategic partnership with Banco Santander to distribute life, health, and non-life insurance products through the bank’s branches, with Aegon owning a 51% stake in the joint venture. Aegon Spain’s own distribution channel offers life insurance, health insurance, and pension products. In China, Aegon owns a 50% stake in Aegon THTF Life Insurance Company, which offers life insurance solutions through a network of branches.

PUK Core

Annual filing released 2025-03-26 · GPT 6 Luna

We have top three positions in ten Asian and three African markets3 . We offer life and health insurance, savings and investments products across a broad range of customer segments, which represent a spectrum of income and wealth levels, and as at the year end, we serve over 18 million retail customers. Eastspring, our unique Asia-based asset management business, serves both in-house and third-party clients, has over US$258 billion in funds under management and is ranked in the top 10 in seven of its markets2 . In 2024, we have seen many of our markets returning to the underlying growth trends seen in the period before the effect of Covid-related restrictions that applied in 2019–2022, though certain life markets, such as Vietnam and China, continue to have specific local circumstances that we believe have deferred the reassertion of these underlying trends. 20

There are opportunities to grow the Group’s footprint, particularly in health, across other markets. Distribution Prudential has a multi-channel distribution platform of scale. We have scale in both agency and bancassurance channels with around 65,000 average monthly active agents across 2024 and more than 200 bank partners, 11 of which are strategic. Eastspring, our in-house asset manager, spans 11 markets and manages $258 billion of assets and occupies top-10 positions in seven of its markets. How we create value We offer insurance and asset management products, focusing on the markets where we believe there is rising demand for savings and protection offerings. By tailoring our products to the needs of customers in these markets, we believe we have a significant opportunity for growth and value creation. Underpinned by our commitment to sustainability Focusing on our rigorous risk man

AEG Core

Annual filing released 2025-03-27 · GPT 6 Luna

Our businesses In the Americas, Aegon operates primarily under two brands. The first, Transamerica, is a leading provider of life insurance, retirement, and investment solutions, which serves millions of customers with a strong track record of making financial services available to the many, not just the few. The second, World Financial Group (WFG), is an affiliated insurance distribution network of over 86,000 independent agents who primarily serve middle-income households across the United States and Canada. In the United Kingdom, Aegon aims to become a leading digital savings and retirement platform provider in the workplace and advisor markets. The company offers a broad range of solutions to individuals, advisors, and employers.

In Brazil, Aegon has a 59.2% economic interest and 50% of voting common shares in Mongeral Aegon Group (MAG Seguros), the country’s third-largest independent life insurer. MAG Seguros offers individual protection solutions. Together with Banco Cooperativo do Brasil (Bancoob), MAG Seguros also operates a joint venture company dedicated to providing life insurance and pension products within the Sicoob, Brazil’s largest cooperative financial system. Transamerica Life (Bermuda) provides life insurance products and services to affluent and high-net-worth individuals predominantly in Asia. The company writes business out of Hong Kong and Singapore. Aegon Asset Management (Aegon AM) is an active global investment management business with EUR 332 billion of assets under management for a global client base, including Aegon’s subsidiaries and partnerships.

PUK Core

Annual filing released 2025-03-26 · GPT 6 Luna

We have top three positions in ten Asian and three African markets3 . We offer life and health insurance, savings and investments products across a broad range of customer segments, which represent a spectrum of income and wealth levels, and as at the year end, we serve over 18 million retail customers. Eastspring, our unique Asia-based asset management business, serves both in-house and third-party clients, has over US$258 billion in funds under management and is ranked in the top 10 in seven of its markets2 . In 2024, we have seen many of our markets returning to the underlying growth trends seen in the period before the effect of Covid-related restrictions that applied in 2019–2022, though certain life markets, such as Vietnam and China, continue to have specific local circumstances that we believe have deferred the reassertion of these underlying trends. 20

In Singapore, following the discovery of the USD2.2 billion money-laundering ring in the market in 2023, the local authorities announced a new AML strategy in October 2024 to maintain the effectiveness of the national AML framework to prevent, detect, and enforce money laundering issues. The strategy also incorporates the revised money laundering national risk assessment of the Monetary Authority of Singapore (MAS) to enhance risk understanding and mitigation measures. Indonesia PT. Prudential Life Assurance and its subsidiary PT Prudential Sharia Life Assurance are authorised to carry out long-term insurance business in Indonesia.

AEG Material

Annual filing released 2025-03-27 · GPT 6 Luna

Transamerica offers insurance and financial products and services through affiliated and non-affiliated distributors. Various sales channels support the Strategic Assets business, further split into Savings & Investments and Protection Solutions. Transamerica’s Distribution business segment consists of World Financial Group (WFG), a wholly-owned subsidiary with agencies in the United States and Canada, a mutual fund dealer in Canada, and Transamerica Financial Advisors, a United States dually registered broker-dealer and investment advisor. WFG provides unique, differentiated access to the underserved middle market in the US and Canada. The WFG agent demographics are diverse across age, gender, ethnicity and background to align with the middle market customers they serve.

A number of Transamerica companies are also registered as investment advisors. Investment advisors owe a fiduciary duty to clients and are regulated by the SEC. In 2024, the SEC adopted new rules that will require corporate issuers to disclose climate-related risks that are reasonably likely to have a material impact on its business strategy, results of operations, or financial condition. However, the implementation of these rules has been stayed pending the resolution of related legal proceedings. The SEC has also proposed new rules concerning the use of predictive data analytic tools.

PUK Not tagged

Annual filing released 2025-03-26 · GPT 6 Luna

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AEG Material

Annual filing released 2025-03-27 · GPT 6 Luna

Aegon UK offers an institutional trading and custody platform to around 25 firms. Protection channel In 2023, Aegon UK closed its individual protection channel to new business and announced the transfer of this line of business to The Royal London Mutual Insurance Society Limited (Royal London). The policies transferred to Royal London on July 1, 2024, following the completion of a court-approved Part VII transfer and related balances derecognized from Aegon UK’s Statement of Financial Position.    322 | Annual Report on Form 20-F 2024 Table of Contents   Overview of United Kingdom        Competition Aegon UK is well positioned for growth, possessing leading positions in the markets it operates in with strong growth potential. Aegon UK is unique in the way it supports intermediaries wishing to operate across workplace and individual advice providing an end-to-end

The Adviser platform channel gives financial advisers access to long-term savings and retirement products through an open architecture technology platform offering over 4,000 funds. It aims to capitalize on the strong demand for advice, especially within the growing affluent population nearing and in retirement. The aim is to create a primary platform relationship, which positions Aegon UK to receive the majority of new business flows from the adviser partner. Aegon UK’s focus is on meeting the needs of its “target 500” advisers. This is underpinned by: • The new digital front-end experience, that was delivered in 2024 which improved the service to advisers and allows for the pace of future developments to be accelerated; and •

PUK Not tagged

Annual filing released 2025-03-26 · GPT 6 Luna

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AEG Material

Annual filing released 2025-03-27 · GPT 6 Luna

Aegon España has been offering general insurance products, mainly household protection, unemployment, accident, dependency, and funeral insurance, since 2013 through its joint ventures with Banco Santander. In Brazil, MAG Seguros launched in 2022 a new general insurance company called Simple2U under Brazil regulator’s sandbox. The startup offers a fully digital on-demand portfolio of home insurance and other items, primarily through B2B2C distribution partnerships. In 2023, the JV launched a new company called MAG Capitalização, which offers saving products with lottery features, either as riders of MAG Seguros portfolio or as embedded solutions on business partnerships. Competition Spain & Portugal

PUK Not tagged

Annual filing released 2025-03-26 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.