Our objective is to increase our return on equity to 10% by 2018. We will achieve this through growing our fee-based business and reducing operating expenses.
Operating expenses
Realize operating expense savings of €350 million by 2018. This was increased from the original €200 million communicated in January 2016.
Returning capital to shareholders
We plan to return €2.1 billion total capital to shareholders over 2016-2018 through a €0.4 billion share buyback (completed in 2016) and €1.7 billion in dividends.
Sales growth
Attain an annual average sales growth of 10% by growing our fee-based businesses and expanding in Asset Management. Aegon Asset Management's third-party assets under management are expected to increase to over 65% of total assets under management by 2018.
Capital position
Maintain a solid capital position with a Solvency II ratio within a range of 150-200% at Group level, an excess capital at the holding company of between €1.0 billion and €1.5 billion, and a leverage ratio in the 26-30% range.