Analyst consensus

The analyst consensus is based on the most recent estimates submitted by various financial analysts to Aegon N.V.

The estimates and any related opinions, forecasts, projections, predictions or expectations, are the sole responsibility of the analysts concerned. Aegon N.V. has not commented on nor verified any (individual) estimates and it does not express any opinion on nor endorses the estimates or their correctness and accuracy in any way. Aegon N.V accepts no liability in respect of the analyst consensus and undertakes no obligation to provide updates or revisions.

It should be noted that estimates are, by definition, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time and which may materially affect eventual results.

This analyst consensus is provided for information purposes only. It should not be seen as a recommendation to buy or sell financial instruments in Aegon N.V., or to take or refrain from taking any other action.

Take a look at our Financial Calendar for dates of upcoming events, including our next half-yearly results.

Date of publication: January 28, 2019

2H2018 estimates

Amounts in EUR million unless otherwise stated
Low Median  High # of estimates
Underlying earnings before tax  954 1,091 1,180 18
Fair value items -487 -355 -181 17
Gains/losses on investments -73 70 270 17
Impairment charges -112   -20 0 17
Other income -454 -347 -212 17
Run-off businesses -7 0 37 17
Net income 208 339 525 17
         
Shareholders' equity end of period 19,355 20,685 21,180 15
Adjusted shareholders' equity end of period* 16,798 17,974 18,631 13
         
Final 2018 dividend per share in EUR 0.14 0.14 0.16 18
         
Capital generation excl. market impacts and one-time items  545 708 755 13
Capital generation excl. market impacts and one-time items after holding funding & operating expenses 409 563 642

13

Gross remittances 610 707 830

14

Solvency II ratio end of period 200% 209% 216%

16

Holding excess cash 1,150 1,229 1,333

17

* Adjusted shareholders' equity equals reported shareholders' equity after adjusting for revaluation reserves, remeasurement of defined benefit plans, non-controlling interests and share options not yet exercised.

Underlying earnings before tax estimates

Amounts in EUR million Low Median High # of estimates
Full year 2019  2,019 2,191 2,364 17
Full year 2020 2,039 2,225 2,480 17
Full year 2021 2,036 2,266 2,543 13
Amounts in EUR million Low Average  High   # of estimates
Underlying earnings before tax                 461                489                515                           20
Fair value items             (172)             (102)                (42)                           20
Gains/losses on investments                (13)                  70                129                           20
Impairment charges                (57)                (29)                  (0)                           20
Other income                (75)                (15)                    5                           20
Run-off businesses                (14)                  (1)                    5                           20
Net income                228                321                463                           20
           
Operational Free Cash Flow excl. market impacts and one-time items                228                321                372                           15
Shareholders' equity end of period          15,467          18,046          18,873                           19
Adjusted shareholders' equity end of period*          13,258          15,017          15,690                           17
Adjusted shareholders' equity end of period*          13,258          15,017          15,690                           17
Adjusted shareholders' equity end of period*          13,258          15,017          15,690                           17
Underlying earnings before tax                 461                489                515                           20
Fair value items             (172)             (102)                (42)                           20
Gains/losses on investments                (13)                  70                129                           20
Impairment charges                (57)                (29)                  (0)                           20
Other income                (75)                (15)                    5                           20
Run-off businesses                (14)                  (1)                    5                           20
Net income                228                321                463                           20
           
Operational Free Cash Flow excl. market impacts and one-time items                228                321                372                           15
Shareholders' equity end of period          15,467          18,046          18,873                           19
Adjusted shareholders' equity end of period*          13,258          15,017          15,690                           17