For the six months ending 30 June 2023, the company’s net result before tax also stood at a loss of €232m.
Aegon has attributed this decline in net results to previously announced investments and assumptions in the US to support the company’s future growth.
The company registered a 3% increase in the operating result to €818m from €796m in the first half of 2022.
This increase was mainly due to higher operating results in the company’s Americas, the UK and International businesses, partly offset by a decline in operating results in Aegon AM resulting from adverse market conditions.
Operating expenses in H1 stood at €1.49bn, up by 5% from €1.42bn in the same period last year.
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The company said its Group Solvency II ratio during the period declined to 202% from 208% a year ago.
Aegon’s operating capital generation, before holding funding and operating expenses, rose by 13% to €620m from €548m in H1 last year.
After holding funding and other activities, the operating capital generation was €492m versus €413m in H1 2022.
Aegon CEO Lard Friese said: “Aegon had a solid first half of the year. Our operating result increased by 3% compared with the same period in 2022 and reflects improved results in all insurance units while asset management was negatively impacted by a challenging market environment.
“In the US, Transamerica performed well. New Life sales increased by 17% compared with the previous year, driven by another strong increase in the number of World Financial Group agents, now at a record high of 70,000.
“Written sales of mid-sized retirement plans increased almost 70%, driven largely by a pooled plan sale of $1.7bn.
“We also saw increased sales in our partnerships in China and Brazil. At the same time, results at Aegon’s asset management and UK retail businesses continued to be affected by adverse market conditions.”