2014 Annual General Meeting (AGM) Presentation

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The Hague, May 21, 2014 Annual General Meeting of Shareholders Aegon N.V. Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V.

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Transcript of 2014 Annual General Meeting (AGM) Presentation

  • The Hague, May 21, 2014

    Annual General Meeting of Shareholders Aegon N.V.

    Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V.

  • 2

    Welcome to the Annual General Meeting of Shareholders

    Welkom op de jaarlijkse Algemene Vergadering van Aandeelhouders

    In order to hear a simultaneous translation into English, please choose channel 2

    Voor het beluisteren van een simultaanvertaling in het

    Nederlands kiest u kanaal 1

  • 3

    Rob Routs

    Chairman Supervisory Board

    Voorzitter Raad van Commissarissen

  • 4

    Opening

    Agenda item 1 / Agendapunt 1

  • 5

    Presentation on the course of business in 2013

    Presentatie over de gang van zaken in 2013

    Agenda item 2 / Agendapunt 2

  • Executing on our strategy

    Alex Wynaendts, CEO & Chairman of the Executive Board

    The Hague, May 21, 2014

  • 7

    Focus on executing our strategy is delivering clear results

    2013 Strong performance Higher underlying earnings Strong capital position and ratings Increased dividend

    Executing on strategic transformation Getting closer to our customers Expanded digital capabilities Enhanced distribution

  • 8

    AA- financial

    strength rating

    EUR 1.9

    billion

    Strong underlying earnings before tax

    0

    140

    340

    2011 2012 2013

    More cash allocated to dividends (EUR millions)

    Strong excess capital position

    EUR 2.2

    billion

    Solvency ratio: 212%

    All numbers on this slide refer to full year 2013 or end-year 2013 data

  • 9

    Aegons purpose is to help people take responsibility for their financial future

    across their life cycle

  • 10

    Building trust and creating benefits in 2013

    Paid out 20 billion in claims and benefits to our customers

    Impact investments of

    3 billion

    Invested 6.3 million in local communities

    around the world

  • 11

    Global trends support Aegons businesses

    Aging leads to significant demand for our products globally

    Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat

    68.6 79.6

    51

    75.1

    71.9 81.7

    44.6

    76

    69.4 83.1

    1950

    2015

    Life expectancy at birth in 1950 and in 2015 (in years; overall: male + female)

  • 12

    Executing on our strategic objectives

  • 13

    Optimize portfolio Successful repositioning of Spanish business

    * Depending on the performance of the partnership, after 5 years an additional amount may be paid

    Divestiture of existing joint ventures Strategic partnership with Spains largest financial group

    Spanish divestments generated over EUR 1 billion

    Continued partnership with Liberbank

  • 14

    Operational excellence Disciplined focus on cost efficiency supports strategic investments

    Cost reductions allow for increased investments without materially increasing total expenses

    Cost reduction programs

    Consolidation from 13 to 3 divisions in the Americas

    Shared service center in the Americas for additional efficiencies

    Completed two-year cost reduction program in NL

    Extensive transformation program in UK

    Restructuring and deleveraging at holding

    Strategic investments to respond to our customers changing needs

    Technology continues to change customer

    behavior

    Committed to providing products and services customers need

    Customers seek different distribution channels New online channels to engage customers Redesigned intermediary capability

  • 15

    Loyal customers Technology continues to change customer behavior

  • 16

    Loyal customers Customers are more willing to go online

  • 17 17

    Loyal customers Extension of successful UK platform with direct-to-consumer proposition

  • 18

    Loyal customers Customers are seeking a wider range of distribution channels

    Spain Turkey

    India Brazil

  • 19

    64 67

    70

    2011 2013 2014

    Empower employees

    Employee engagement and customer commitment closely linked

    63 67

    69

    2011 2013 2014

    Engagement Enablement High performing norm 2014

    Financial services norm 2014

    73

    64

    70

    65

    NB: Both graphs refer to Aegons overall 2014 Global Employee Survey results

  • 20

    Sustainability is at the heart of our strategy

    Capital Talent Expertise Trust Benefits Profits Society

    Pricing and product development policy puts customer first

    Dow Jones Sustainability Index (DJSI) performance confirms our actions

    Aegon ranked Silver Class in the DJSI just behind the sector leader

    Various key policies established

    Volunteer hours for employees Sustainable procurement policy Health and safety statement

  • 21

    2014

    Further executing on our strategy

    Aegon well positioned to capture

    opportunities

    Looking ahead

  • 22

    Presentation on the course of business in 2013

    Presentatie over de gang van zaken in 2013

    Agenda item 2 / Agendapunt 2

  • 23

    Annual Report 2013

    Jaarverslag 2013

    Agenda item 3.1 / Agendapunt 3.1

  • Financial strategy supports strategic transformation

    Darryl Button, CFO & Member of the Executive Board

    The Hague, May 21, 2014

  • 25

    Aegon performed strongly in 2013

    1,544 1,851 1,945

    2011 2012 2013

    887 1,582

    849

    2011 2012 2013

    2011 2012 2013

    3,420 3,177 3,328

    2011 2012 2013

    * Total sales consist of new life sales, new premiums accident & health, general insurance and 1/10 of gross deposits

    Underlying earnings before tax (As reported; EUR million)

    Sales MCVNB

    Net income (EUR million)

    Operating expenses (EUR million)

    Sales* and MCVNB (As reported; EUR million)

    5,701 6,725 7,151

    422

    986

    Adjusted expense levels

  • 26

    Earnings up 5% Continued business growth Higher equity markets Partly offset by weaker US dollar

    Lower net income

    Positive: Higher gains on investments Lower impairments Lower tax charges

    Negative: Losses on equity hedges in place

    to protect capital position Losses due to adjustments in

    market assumptions

    Increased underlying earnings not reflected in net income due to hedging costs

    1,544 1,851 1,945

    2011 2012 2013

    887 1,582

    849

    2011 2012 2013

    Underlying earnings before tax (As reported; EUR million)

    Net income (EUR million)

  • 27

    Strong capital position and cash flows

    1.2 1.6

    1.3

    2011 2012 2013

    6.7 7.4 7.4

    2011 2012 2013

    1.2 2.0 2.2

    2011 2012 2013

    195% 228% 212%

    2011 2012 2013

    Operational free cash flows (Excl. market impacts; EUR million)

    Return on equity

    Solvency ratio (Insurance Group Directive, IGD)

    Excess capital at the holding (EUR billion)

  • 28

    Local balance sheets well capitalized

    Target

    Buffer

    US UK NL

    Floor

    New capital management framework implemented in 2013

    US and the Netherlands strongly capitalized and paying dividends

    to the holding

    UK capital position significantly improved after GBP 300 million

    contribution from the holding

    Capital levels (End of 2013)

  • 29

    2013 operational free cash flows in target range of EUR 1.3 - 1.6 billion

    Operational free cash flows paid out as dividend to the holding

    Americas and the Netherlands expected to remain stable; UK cash flows to increase New Markets contributing to increasing operational free cash flow going forward

    Operational free cash flows: dividends to holding & strengthening of local capital

    2013 Americas 0.8 Netherlands 0.3 United Kingdom 0.1 New Markets 0.1 Total normalized operational free cash flow 1.3 Market impacts & one-time items 0.2 Operational free cash flow 1.5

    2013 Americas 0.9 Netherlands 0.5 United Kingdom 0.0 New Markets 0.1 Dividend paid by units 1.5

    Strong cash flows at the units (EUR billion)

    translate into dividends to the holding (EUR billion)

  • 30

    How excess capital was put to use

    Excess capital in 2013 (EUR billion)

    2.0 1.5 0.6 (0.5) (0.4) (0.4) (0.4) 2.2

    Excess capital January 1, 2013

    Net dividends received from business units

    Acquisitions & divestments

    Investments in business units

    Common & preferred dividends

    Cancellation of preferred

    shares

    Funding & operating expenses

    Excess capital December 31,

    2013

  • 31

    Capital management results in Lower funding costs Improving cash flows Increasing return on equity

    Leverage ratio and fixed charge coverage on track to reach 2014 objectives

    Active capital management improves financial flexibility

    8.7

    ~6.8

    34.4%

    ~30.0%

    Q1 13 Q4 13 Q1 14 2014 target

    * Interest expense on f inancial leverage and preferred dividends; 2013 restated to reflected earnings impact of DAC and longevity accounting changes ** Gross leverage ratio reflects shareholders equity adjusted for DAC and longevity accounting changes

    520

    ~300

    3.4x

    6-8x

    2011 2012 2013 2014 target

    Lower funding costs* (EUR million, fixed charge coverage)

    Improved gross leverage** (EUR billion, %)

  • 32

    0

    0.10*

    0.21 0.22

    2010 2011 2012 2013

    Proposed final 2013 dividend of EUR 0.11 per share, total 2013 dividend of EUR 0.22 per share

    Continue to offer our investors a choice between cash and shares, with stated intention to neutralize any share dilution

    Future dividend growth dependent on strong capital position and cash flows

    Payment of growing and sustainable dividend

    0 0

    140

    340

    460**

    2010 2011 2012 2013 2014E

    * Final 2011 dividend of EUR 0.10 per share ** Assumes 2014 interim dividend maintained at EUR 0.11 per share

    + 5%

    Dividends per share (EUR per share)

    More cash allocated to dividends (EUR per share)

  • 33

    Underlying earnings up on higher account balances and lower financing costs at the holding

    Higher sales driven by deposit growth and strong accident & health sales in the US

    Active capital management further drives down cost of leverage, supports improving RoE

    Strong cash flows contributing to solid capital position

    Positive momentum continued in first quarter of 2014

    * Operational free cash flow excluding market impact and one-time items

    498m

    +7% vs Q1 13

    8.4%

    9.1% excluding run-off capital

    2.1bn

    +20% vs Q1 13

    305m

    Q1 13

    223m

    (4)% vs Q1 13

    37%

    +4% vs Q1 13

    Earnings RoE Sales Cash flow* MCVNB Fee

    498m

    +7% vs Q1 13

    8.4%

    9.1% excluding run-off business

    2.1bn

    +20% vs Q1 13

    305m

    -7% vs Q1 13

    223m

    -4% vs Q1 13

    37%

    +4 pp Q1 13

    Earnings RoE Sales Cash flow* MCVNB Fee

  • 34

    Progress towards 2015 targets

    * Excluding market impact and one-time items

    498m

    Underlying earnings +7% vs Q1 13

    498m

    Underlying earnings +7% vs Q1 13

    498m

    Underlying earnings +7% vs Q1 13

    498m

    Underlying earnings +7% vs Q1 13

    30-35%

    Fee-based earnings as % of underlying earnings by 2015

    1.3-1.6 billion

    Annual operational free cash flow* by 2015

    7-10%

    Grow underlying earnings before tax on average per annum between 2012 and 2015

    10-12%

    Return on equity by 2015

    37%

    Q1 2014

    305 million

    Q1 2014

    7%

    Q1 2014 vs. Q1 2013

    8.4%

    Q1 2014 (9.1% excluding run-off capital)

  • 35

    Annual Report 2013

    Jaarverslag 2013

    Agenda item 3.1 / Agendapunt 3.1

  • 36

    Remuneration Report 2013

    Remuneratierapport 2013

    Agenda item 3.2 / Agendapunt 3.2

  • Remuneration Report 2013

    Leo van Wijk, Chairman Compensation Committee

    The Hague, May 21, 2014

  • 38

    Aegons Global Remuneration Framework applies throughout Aegon Group to: Provide a consistent and integrated approach to remuneration

    Ensure compliance with European and Dutch regulations for remuneration in financial

    institutions

    Executive Board Remuneration Policy adopted by the AGM on May 12, 2011 Executive Board policy already complied with DNB requirements, some refinements

    were implemented

    No further changes to Executive Board policy since then

    Aegons remuneration policy Executive Board

  • 39

    Variable compensation: Based on successful achievement of performance indicators Conditionally granted at the start of the performance year Performance period = 1 year Conditionally allocated (awarded) after completion of the performance year, depending on results 50% of the allocation is in shares, 50% in cash 40% of the allocation is paid out/vests in year following performance year 60% of the allocation is deferred and is paid out/vests in the subsequent 3 years, subject to ex-

    post assessments After vesting, the variable compensation shares are subject to a holding period of 3 years

    Executive Board remuneration current outline

    Fixed compensation (annual salary) +

    Variable compensation (maximum 100% of annual salary) +

    Benefits (e.g. pension)

  • 40

    Remuneration in 2013 Fixed compensation: no change compared to 2012

    Deferred variable compensation from previous years paid out/vested (2010 : shares; 2011 : cash and shares)

    Upfront Variable Compensation regarding performance year 2012 paid out/vested (cash and shares)

    3 year holding periods apply to all vested shares

    Conditional variable compensation allocated over 2013 98,33% of fixed compensation for mr. Wynaendts - 98,50% of fixed compensation for mr. Button

    40% of the variable compensation related to 2013, is made available in cash and shares in 2014

    The remaining part (60%) of conditional variable compensation over the performance year 2013 (both cash and shares) is to be paid out/vest in future years, subject to ex-post assessments

    Executive Board remuneration 2013

  • 41

    Variable compensation measures are based on:

    Financial and non-financial targets (75%) Underlying earnings after tax (15%) Return on equity (15%) Market consistent value of new business (20%) Return on economic required capital (10%) Strategy/sustainability (15%):

    Aegons score on the Dow Jones Sustainability Index (7.5%)

    Employee engagement scores (7.5%)

    Personal targets (25%) Strategy execution e.g. critical change initiatives like customer centricity HR and Sustainability topics e.g. talent development, succession planning Large projects/issues e.g. balance sheet management, reorganizations

    Executive Board remuneration performance measures & results

    100%

    100%

    93.3% A. Wynaendts 94% D. Button

    Outcome 2013:

  • 42

    Aegon operates globally, in diverse environments, markets, cultures Opinions, perceptions and appreciation of variable compensation differ Aegon strives for a balance between global consistency and local optimization

    New/additional/updated legislation and regulations impact remuneration policies: Dutch government proposes to cap variable compensation in financial sector Regulations limit sign-on-, retention- and severance payments Number of Identified Staff expected to increase on the basis of new criteria Crisis-tax over income above EUR 150,000 continues Fiscal treatment of pension accrual in the Netherlands to be limited per January 1, 2015

    These changes will impact Aegons remuneration policies In general, for all staff globally In particular in the Netherlands Including the remuneration for the Executive Board

    Aegons remuneration policy in general going forward

  • 43

    Annual Report 2013

    Jaarverslag 2013

    Agenda item 3.1 / Agendapunt 3.1

  • 44

    Annual Accounts 2013: Proposal to adopt the Annual Accounts for the year 2013

    Jaarrekening 2013: Voorstel tot vaststelling van de Jaarrekening 2013

    Agenda item 3.3 / Agendapunt 3.3

  • 45

    Prior to the voting: Insert card with chip facing you Name appears in display

    During the voting: Voting options appear in display Press button:

    1 = For 2 = Against 3 = Abstain

    Choice appears in display During voting you can change

    your vote Last choice counts

    Vr de stemming: Plaats kaart met chip naar voren Naam verschijnt in venster

    Tijdens de stemming: Stemkeuzes verschijnen in venster Maak uw keuze:

    1 = Vr 2 = Tegen 3 = Onthouding

    Keuze verschijnt in venster Tijdens stemming kunt u uw

    keuze wijzigen Laatste keuze geldt

    Voting procedure / Stemprocedure

  • 46

    Annual Accounts 2013: Proposal to adopt the Annual Accounts for the year 2013

    Jaarrekening 2013: Voorstel tot vaststelling van de Jaarrekening 2013

    Vote on agenda item 3.3 / Stemming over agendapunt 3.3

  • 47

    Proposal to approve the final dividend 2013

    Voorstel tot goedkeuring van het slotdividend over het boekjaar 2013

    Agenda item 4 / Agendapunt 4

  • 48

    Cash flows upstreamed to the holding are available to execute our strategy, to fund operating expenses and to pay dividends to shareholders

    Aegon aims to pay a sustainable dividend to shareholders, which can grow over time if performance of the company allows so Balance prudence versus offering an attractive dividend

    In normal circumstances, Aegon expects to declare an interim dividend

    and to propose a final dividend for approval at the AGM

    Aegons dividend policy

  • 49

    Proposed final dividend for 2013: EUR 0.11 per common share

    Results in total dividend for 2013 of EUR 0.22 per common share

    To be paid in cash or stock

    Value of stock dividend approximately

    equal to cash dividend

    Aegons dividend proposal

    0.11

    0.11

    2012 2013

    Dividend (EUR)

    0.21 0.22

    Final dividend Interim dividend

  • 50

    Proposal to approve the final dividend 2013

    Voorstel tot goedkeuring van het slotdividend over het boekjaar 2013

    Agenda item 4 / Agendapunt 4

  • 51

    Proposal to approve the final dividend 2013

    Voorstel tot goedkeuring van het slotdividend over het boekjaar 2013

    Vote on agenda item 4 / Stemming over agendapunt 4

  • 52

    Proposal to release the members of the Executive Board from liability for their duties

    Voorstel tot het verlenen van kwijting aan de leden van de Raad van Bestuur

    Agenda item 5 / Agendapunt 5

  • 53

    Proposal to release the members of the Executive Board from liability for their duties

    Voorstel tot het verlenen van kwijting aan de leden van de Raad van Bestuur

    Vote on agenda item 5 / Stemming over agendapunt 5

  • 54

    Proposal to release the members of the Supervisory Board from liability for their duties

    Voorstel tot het verlenen van kwijting aan de leden van de Raad van Commissarissen

    Agenda item 6 / Agendapunt 6

  • 55

    Proposal to release the members of the Supervisory Board from liability for their duties

    Voorstel tot het verlenen van kwijting aan de leden van de Raad van Commissarissen

    Vote on agenda item 6 / Stemming over agendapunt 6

  • 56

    Proposal to appoint Mr. Robert W. Dineen to the Supervisory Board

    Voorstel tot benoeming van de heer Robert W. Dineen als

    lid van de Raad van Commissarissen

    Agenda item 7 / Agendapunt 7

  • 57

    Age: 64 Nationality: American Shares held in the company/Aantal aandelen in de vennootschap: None Former occupation/vroegere functie: Vice Chairman of Lincoln Financial Network Memberships other boards/Andere bestuursfuncties None

    Robert W. Dineen

  • 58

    I have always had the highest regard and respect for Aegon, first as a partner during my tenure at Merrill Lynch, and most recently as a competitor while at Lincoln Financial Group.

    I trust my many years of experience in the financial services industry will bring great

    value to the shareholders, customers, employees and the management team of

    Aegon. Robert W. Dineen

  • 59

    Proposal to appoint Mr. Robert W. Dineen to the Supervisory Board

    Voorstel tot benoeming van de heer Robert W. Dineen als

    lid van de Raad van Commissarissen

    Agenda item 7 / Agendapunt 7

  • 60

    Proposal to appoint Mr. Robert W. Dineen to the Supervisory Board

    Voorstel tot benoeming van de heer Robert W. Dineen als

    lid van de Raad van Commissarissen

    Voting on agenda item 7 / Stemming over agendapunt 7

  • 61

    Proposal to appoint Ms. Corien Wortmann-Kool to the Supervisory Board

    Voorstel tot benoeming van mevrouw Corien Wortmann-Kool als lid van de Raad van Commissarissen

    Agenda item 8 / Agendapunt 8

  • 62

    Age: 54 Nationality: Dutch Shares held in the company/Aantal aandelen in de vennootschap: None Main occupation/huidige functie Resigning member of the European Parliament Memberships other boards/Andere bestuursfuncties Member Supervisory Board Het Kadaster (NL, not listed) Member Supervisory Board Mercedes-Benz Netherlands

    (NL, not listed)

    Corien M. Wortmann-Kool

  • 63

    I look forward to helping Aegon achieve a sustainable, innovative and profitable business strategy that earns the trust of both customers

    and society. I trust my national and international experience in politics and public administration including extensive work in Europe and my knowledge of diverse stakeholder interests will support Aegon in meeting the challenges of a

    changing environment.

    Corien M. Wortmann-Kool

  • 64

    Proposal to appoint Ms. Corien Wortmann-Kool to the Supervisory Board

    Voorstel tot benoeming van mevrouw Corien Wortmann-Kool als lid van de Raad van Commissarissen

    Agenda item 8 / Agendapunt 8

  • 65

    Proposal to appoint Ms. Corien Wortmann-Kool to the Supervisory Board

    Voorstel tot benoeming van mevrouw Corien Wortmann-Kool als lid van de Raad van Commissarissen

    Voting on agenda item 8 / Stemming over agendapunt 8

  • 66

    Proposal to authorize the Executive Board to issue common shares

    Voorstel tot machtiging van de Raad van Bestuur tot uitgifte van gewone aandelen

    Agenda item 9 / Agendapunt 9

  • 67

    Proposal to authorize the Executive Board to issue common shares

    Voorstel tot machtiging van de Raad van Bestuur tot uitgifte van gewone aandelen

    Voting on agenda item 9 / Stemming over agendapunt 9

  • 68

    Proposal to authorize the Executive Board to restrict or exclude pre-emptive

    rights upon issuing common shares

    Voorstel tot machtiging van de Raad van Bestuur tot beperking of uitsluiting van voorkeursrechten

    bij de uitgifte van gewone aandelen

    Agenda item 10 / Agendapunt 10

  • 69

    Proposal to authorize the Executive Board to restrict or exclude pre-emptive

    rights upon issuing common shares

    Voorstel tot machtiging van de Raad van Bestuur tot beperking of uitsluiting van voorkeursrechten

    bij de uitgifte van gewone aandelen

    Voting on agenda item 10 / Stemming over agendapunt 10

  • 70

    Proposal to authorize the Executive Board to issue common shares under incentive plans

    Voorstel tot machtiging van de Raad van Bestuur tot uitgifte van gewone aandelen in het

    kader van incentiveplannen

    Agenda item 11 / Agendapunt 11

  • 71

    Proposal to authorize the Executive Board to issue common shares under incentive plans

    Voorstel tot machtiging van de Raad van Bestuur tot uitgifte van gewone aandelen in het

    kader van incentiveplannen

    Voting on agenda item 11 / Stemming over agendapunt 11

  • 72

    Proposal to authorize the Executive Board to acquire shares in the company

    Voorstel tot machtiging van de Raad van Bestuur tot verkrijging van eigen aandelen

    Agenda item 12 / Agendapunt 12

  • 73

    Proposal to authorize the Executive Board to acquire shares in the company

    Voorstel tot machtiging van de Raad van Bestuur tot verkrijging van eigen aandelen

    Voting on agenda item 12 / Stemming over agendapunt 12

  • 74

    Any other business

    Wat verder ter tafel komt

    Agenda item 13 / Agendapunt 13

  • 75

    Close of the meeting

    Sluiting van de vergadering

    Agenda item 14 / Agendapunt 14

  • 76

    Thank you Dank u wel

  • 77 77

    Please return your voting device and voting card before departing

    Wilt u voor uw vertrek uw stemkastje en stempas inleveren

    Slide Number 1Slide Number 2Slide Number 3Agenda item 1 / Agendapunt 1 Agenda item 2 / Agendapunt 2Executing onour strategyFocus on executing our strategy is delivering clear resultsSlide Number 8Aegons purpose is to help people take responsibility for their financial futureBuilding trust and creating benefits in 2013Global trends support Aegons businessesExecuting on our strategic objectivesOptimize portfolioSuccessful repositioning of Spanish businessOperational excellenceDisciplined focus on cost efficiency supports strategic investmentsLoyal customersTechnology continues to change customer behaviorLoyal customersCustomers are more willing to go onlineLoyal customersExtension of successful UK platform with direct-to-consumer propositionLoyal customersCustomers are seeking a wider range of distribution channelsEmpower employeesEmployee engagement and customer commitment closely linkedSustainability is at the heart of our strategyLooking aheadAgenda item 2 / Agendapunt 2Agenda item 3.1 / Agendapunt 3.1Financial strategy supportsstrategic transformationAegon performed strongly in 2013Increased underlying earnings not reflected in net income due to hedging costsStrong capital position and cash flowsLocal balance sheets well capitalizedOperational free cash flows: dividends to holding & strengthening of local capitalHow excess capital was put to useActive capital management improves financial flexibilityPayment of growing and sustainable dividendPositive momentum continued in first quarter of 2014Progress towards 2015 targetsAgenda item 3.1 / Agendapunt 3.1Agenda item 3.2 / Agendapunt 3.2Remuneration Report 2013Aegons remuneration policy Executive BoardExecutive Board remuneration current outlineExecutive Board remuneration 2013Executive Board remuneration performance measures & resultsAegons remuneration policy in general going forwardAgenda item 3.1 / Agendapunt 3.1Agenda item 3.3 / Agendapunt 3.3Voting procedure / StemprocedureVote on agenda item 3.3 / Stemming over agendapunt 3.3Agenda item 4 / Agendapunt 4Aegons dividend policyAegons dividend proposalAgenda item 4 / Agendapunt 4Vote on agenda item 4 / Stemming over agendapunt 4Agenda item 5 / Agendapunt 5Vote on agenda item 5 / Stemming over agendapunt 5Agenda item 6 / Agendapunt 6Vote on agenda item 6 / Stemming over agendapunt 6Agenda item 7 / Agendapunt 7Robert W. DineenSlide Number 58Agenda item 7 / Agendapunt 7Voting on agenda item 7 / Stemming over agendapunt 7Agenda item 8 / Agendapunt 8Corien M. Wortmann-KoolSlide Number 63Agenda item 8 / Agendapunt 8Voting on agenda item 8 / Stemming over agendapunt 8Agenda item 9 / Agendapunt 9Voting on agenda item 9 / Stemming over agendapunt 9Agenda item 10 / Agendapunt 10Voting on agenda item 10 / Stemming over agendapunt 10Agenda item 11 / Agendapunt 11Voting on agenda item 11 / Stemming over agendapunt 11Agenda item 12 / Agendapunt 12Voting on agenda item 12 / Stemming over agendapunt 12Agenda item 13 / Agendapunt 13Agenda item 14 / Agendapunt 14Thank you Dank u welSlide Number 77