AEGON N.V.

AEGON N.V.
Quick Facts
Type	Public
sector	Financial Services
Headquarters (Benelux Organization)	Den Haag, Netherlands
Year of Origin	1983
Emissions (All Scopes)	18,79 Megatons of CO2 (2020)
Net Income	55 million EUR (2020)
Key People	Lard Friese (CEO and Chairman of the Executive and Management Board) Matt Rider (CFO)
Subsidiaries	Aegon Asset Management Knab Aegon Cappital TKP Pensioen Nedasco Verzekeringen Robidus

Aegon N.V., stylized as Aegon, is a Dutch company that offers insurances to over 30 million customers worldwide. Aegon is a constituent of the AEX index and listed on the Euronext Amsterdam. The company was formed from the merger between AGO and Ennia in 1983. The company has over 20000 employees and is active in several countries in Europe, Asia and America.

Company Structure

Board of Directors

Executive Board

Name	Function	Remuneration x1000 EUR
Lard Friese	Chief Executive Officer	1545
Matt Rider	Chief Finanacial Officer	1255

Management Board or Executive Leadership Team

Management Board

Name	Function
Lard Friese	CEO and Chairman of the Executive and Management Board of Aegon N.V.
Matt Rider	CFO and member of the Executive and Management Board of Aegon N.V.
Elisabetta Caldera	Chief Human Resources Officer and member of the Manegement Board of Aegon N.V.
Will Fuller	CEO of Aegon Americas and member of the Management Board of Aegon N.V.
Mike Holliday-Williams	CEO of Aegon UK and member of the Management Board of Aegon N.V
Allegra van H"ovel-Patrizi	CEO of Aegon the Netherlands and member of the Management Board of Aegon N.V.
Marco Keim	CEO Aegon International and member of the Management Board of Aegon N.V.
Onno van Klinken	General Counsel and member of the Management Board of Aegon N.V.
Bas NieuweWeme	Global CEO of Aegon Asset Management and member of the Management Board of Aegon N.V
Duncan Russel	Chief Transformation Officer and member of the Management Board of Aegon N.V.

Supervisory Board

Supervisory Board

Name	Function
William Connelly	Chairman
Mark Ellman	Member of the Risk Committee
Ben Noteboom	Chairman of the Remuneration Committee
Caroline Ramsay	Charimand of the Audit Committee
Thomas Wellauer	Member of the Audit Committee
Corien Wortmann-Kool	Vice Chairman of the Supervisory Board
Dona Young	Chairman of the Risk Committee

Accountant

The external accountant of Aegon N.V. is PricewaterhouseCoopers Accountants N.V.

Main Activities

In 1983 Aegon was conducted through a merger between AGO and Ennia. Aegon is active in over 20 countries in America, Europe and Asia. Worldwide they offer insurances to around 30 million customers. They also operate a direct bank under the name Knab. Knab has received some criticism due to having the highest cost for transaction compared to other Dutch banks. Their headquarter is located in The Hague.

Government

Aegon is listed on the Euronext Amsterdam and is a constituent of the AEX-index. They have not received a royal status and did not receive NOW support during Corona times.

Shareholdings

Aegons shareholdings are:

• N.V. Levensverzekeringsmaatschappij "De Hoop" (33.3%) (Netherlands)
• Tenet Group Limited (22%) (United Kingdom)
• Seguros Argos (89%) (Mexico)
• Aegon Life Insurance Company Ltd[7] (49%) (India)
• Mongeral Aegon (50%) (Brazil)

Paris Agreement to Today

In 2015 Aegon signed the Paris Pledge for Action. They undertook an internal review of their alignment with a (less than) 2 degrees future to understand what actions were required. They also joined the Net-Zero Owner Alliance in November 2021, this is a UN-convened group of institutional investors committed to transitioning their portfolios to net-zero greenhouse gas emissions by 2050. This specifically for Aegon entails a commitment to transition their EUR 156 billion general account investment portfolio.

Financial Results since 2015

The information that is collected here is focused on the Dutch data provided by Aegon.

Financial situation

Year	Revenue	Profit	Dividend
2015	33902 Million EUR	665 Million EUR	1089 Million EUR
2016	33655 Million EUR	570 Million EUR	10629 Million EUR
2017	32973 Million EUR	727 Million EUR	21099 Million EUR
2018	28941 Million EUR	654 Million EUR	XXX EUR
2019	28197 Million EUR	349 Million EUR	9491 Million EUR
2020	25657 Million EUR	538 Million EUR	2466 Million EUR
2021	XXX Billion EUR	XXX EUR	XXX EUR

Scandals and controversies

Aegon has been criticised for investing around 600 Million EUR in polluting tar sands companies. The extraction of tar sands is disastrous and very destructive for local nature. Hot water has to be used for the extraction and also chemicals are used to make the oil suitable for transport.

Current Policies and Emissions

GHG emissions (metric tons CO2e)

	2020	2019	to 2020
Scope 1	4993	5189	3,8%
Scope 2 (gross/location)	34072	42449	19,7%
Scope 2 (net/market)	102	1005	89,9%
Scope 3 operational	2139	11637	81,6%

Aegon's total operational (gross/location) GHG emissions have been reduced from 59275 to 41205 metric tons CO2e, this entails a 30,5% change from 2019 to 2020. Their total operational (net/market) GHG emissions have been reduced from 17831 to 7237 metric tons CO2e and this results in a 59,4% change.

Climate Policy and Plans

Aegons operations that are located in the Netherlands focus on achieving the target that is set on reducing the CO2 emissions per-employee by at least 50% by 2030 against 2018 levels. Measures include improving the energy efficiency of their buildings, making greater use of technology to reduce business travel, and providing employees with more sustainable commuting options. To achieve the four UN Principle for Sustainable Insurance (PSI)Aegon annually reports on actions they have taken to implements those princples. These principles are following:

• We will embed in our decision-making environmental, social and governance (ESG) issues relevant to the insurance business
• We will work together with our clients and business partners to raise awareness of ESG issues, manage risk and develop solutions
• We will work together with governments, regulators and other key stakeholders to promote widespreas actions across society on ESG issues
• We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles

Furthemore they seek to incorporate climate considerations into management actions across their businesses. Steps to mitigate the environmental impact of their direct operations include minimizing their energy consumption and using renewable energy. They also focus on sustainable investments through Aegon's responsible investment framework.

Annually they report on their operational carbon footprint.

Due Diligence

Aegon has said that they are reducing their investments in companies generating revenue from coal-fired power plants, or coal mining, to support the transition toward a low-carbon economy. They already exclude companies that derive 30% or more of sales from the exploration, mining, and refining of thermal coal.

Conclusion

Aegon is a Dutch insurance company with a net income of around EUR 55 million. They engaged with 237 companies, these engagements were centered around issues relating to Aegon's thee focus topics: climate change, good health & well-being and biodiversity. Aegon is focusing on sustainable investment and reducing the companies air travel. From their Integrated Annual Report it seems that their Scope 2 (gross/location) contibutes to most of their GHG emissions. Their main focus should therefore lie on reducing emissions associated with the electricity they use. The output of their Scope 1 emissions however appears to be reducing at a much slower decline, 3,8%. In regards to their absolute footprint concerning corporate fixed income and sovereign fixed income the change from 2019 to 2020 is not measured and therefore provide no further information as to how the company is or is not improving.