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)
Total Revenue	EUR 25.209 million
Stock Exchange	New York
Key People	Lard Friese (CEO and Chairman of the Executive and Management Board) Matt Rider (CFO)
Number of Employees	22,272
Subsidiaries	Aegon Asset Management Knab Aegon Cappital TKP Pensioen Nedasco Verzekeringen Robidus

Aegon N.V., stylized as Aegon, is a Dutch company that offers insurance to over 30 million customers worldwide. Aegon is a constituent of the AEX index and is listed on the Euronext Amsterdam. The company was formed from the merger between AGO and Ennia in 1983. The company has 22,272 employees. Aegon is active in several countries in Europe, Asia and America. In America, Aegon is known as Transamerica. Aegon's main brands are Aegon and Transamerica, but besides these two the company also has several stand-alone brands including; Knab, TKP, Futureready, and MAG. Furthermore, Aegon has one global asset manager Aegon Asset Management. Aegon Asset Management is active in the global investment business that manages and advises on assets of 410 billion euros. This money is from the global client base consisting of pension plans, public funds, insurance companies, banks, wealth managers, family offices, and foundations. In 2021, Aegon had a revenue of 25.2 million euros.

Company Structure

Board of Directors

Executive Board

Name	Function	Remuneration x1000 EUR
Lard Friese	Chief Executive Officer	1,545
Matt Rider	Chief Finanacial Officer	1,255

Management Board

Management Board

Name	Function
Lard Friese	CEO and Chairman of the Executive and Management Board
Matt Rider	CFO and member of the Executive and Management Board
Elisabetta Caldera	Chief Human Resources Officer and member of the Management
Will Fuller	CEO of Aegon Americas and member of the Management Board
Mike Holliday-Williams	CEO of Aegon UK and member of the Management Board
Allegra van Hövel-Patrizi	CEO of Aegon the Netherlands and member of the Management Board
Astrid Jäkel	Chief Risk Officer and member of the Management Board
Marco Keim	CEO Aegon International and member of the Management Board
Onno van Klinken	General Counsel and member of the Management Board
Bas NieuweWeme	Global CEO of Aegon Asset Management and member of the Management Board
Duncan Russel	Chief Transformation Officer and member of the Management Board
Debbie Waters	Chief Technology Officer (CTO) and member of the Management Board

Supervisory Board

Supervisory Board

Name	Function	Remuneration x1000 EUR
William Connelly	Chairman	162
Mark Ellman	Member of the Risk Committee	102
Ben Noteboom	Chairman of the Remuneration Committee	10-7
Caroline Ramsay	Charimand of the Audit Committee	121
Thomas Wellauer	Member of the Audit Committee	111
Corien Wortmann-Kool	Vice Chairman of the Supervisory Board	112
Dona Young	Chairman of the Risk Committee	119

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	33,902 Million EUR	523 Million EUR	306 Million EUR
2016	33,655 Million EUR	586 Million EUR	294 Million EUR
2017	32,973 Million EUR	2,358 Million EUR	328 Million EUR
2018	28,941 Million EUR	741 Million EUR	309 Million EUR
2019	28,197 Million EUR	1,525 Million EUR	63 Million EUR
2020	25,657 Million EUR	55 Million EUR	118 Million EUR
2021	25,209 Million EUR	1,701 Million EUR	248 Million 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 Emissions

GHG emissions (metric tons CO2e)

	2021	2020	2019	Change 2019 to 2021
Scope 1	5,557	NM	6,138	9.5%
Scope 2 (gross/location)	16,366	NM	35,659	54.1%
Scope 2 (net/market)	203	NM	516	60.7%
Scope 3 operational	2,101	NM	10,739	80.4%

Note: The supporting data and calculation methodology for measurement of GHG emissions has been re-evaluated for the 2019 baseline year, and applied to the 2021 reporting year. Operational GHG emissions for 2020 have not been recalculated, and to avoid inconsistency have been omitted from the Integrated Annual Report 2021.

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.