Form 6-K AEGON NV For: Feb 09

Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d/16

of the Securities Exchange Act of 1934

February 2023

Aegon N.V.

Aegonplein 50

2591 TV THE HAGUE

The Netherlands

Aegon’s press release, dated February 9, 2023, is included as appendix and incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Hague – February 9, 2023

Aegon reports fourth quarter 2022 results

Acceleration of strategy execution and delivery on financial commitments

Statement of Lard Friese, CEO

“The fourth quarter closes out a year in which we accelerated our transformation and the execution of our strategy. During the quarter, we announced the transaction to combine our Dutch businesses with a.s.r., a historic milestone for the company. Throughout the year we also made significant progress in improving our operating performance, and in further strengthening our balance sheet despite challenging market circumstances.

Our net result for the fourth quarter reflects the previously announced impairment loss as a result of classifying Aegon the Netherlands as held for sale. The operating result increased by 4%, as improved claims experience, the benefit from our operational improvement program and strengthening of the US dollar more than offset adverse market conditions. The operational improvement program contributed EUR 627 million to our operating result over the course of 2022, exceeding our EUR 550 million target one year earlier than expected. Given the overall success of the program, and in light of upcoming changes due to the transaction with a.s.r., we have decided to close out the reporting on the operational improvement program. We will provide an update to our strategy, including plans to further improve the efficiency of our operations and to accelerate commercial momentum at our Capital Markets Day in June 2023.

This year’s commercial results underscore the importance of offering customers a broad range of products. As a result of the uncertain macroeconomic environment, we saw outflows in Asset Management and in the UK Retail channel. In Workplace Solutions in the US we experienced net outflows as a consequence of the departure of one large customer. At the same time, life insurance sales grew in our growth markets and in the US, where Individual Solutions achieved the highest level of quarterly new life sales in the last five years. During 2022, the Workplace channel in the UK recorded the highest level of net deposits in the past four years, demonstrating the improvements we are making to our UK franchise. In the fourth quarter, we introduced the first phase of More Ways to Save in the UK, a new savings proposition with enhanced online services. In the US, Transamerica launched a new indexed universal life product specifically designed for the brokerage channel, complementing our current product that is successfully marketed by World Financial Group’s more than 62,000 agents. Supported by the commitment of our employees across the company, we will continue to introduce new products, improve the digital experience for our customers, and further build on our distribution strengths.

As a result of the progress we have made, both strategically and financially, we will propose a final dividend for 2022 of 12 eurocents per common share at our Annual General Meeting, bringing the full year dividend to 23 eurocents per common share. Furthermore, we are announcing a new EUR 200 million share buyback program for the first half of 2023, which underscores our disciplined capital management and commitment to returning surplus capital to our shareholders.

Looking ahead, we remain fully focused on executing our strategy and meeting our financial objectives. The actions we have taken so far provide us with confidence that we can deliver at least EUR 1.0 billion operating capital generation from our units outside of the Netherlands in 2023, barring unforeseen circumstances. We have generated EUR 1.5 billion of free cash flow during the past two years, achieving the three year target we set at the 2020 Capital Markets Day. For 2023, we aim to deliver around EUR 600 million free cash flow and are targeting an increase in our dividend to around 30 eurocents per common share, a reflection of our confidence in our strategy for the group.”

Note: All comparisons in this release are against 4Q 2021, unless stated otherwise. See page 8 of this press release for key performance indicators.

The Hague – February 09, 2023

Strategic highlights

1. Trailing four quarters in constant currency. EUR million.

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Aegon’s strategy

Aegon is taking significant steps to transform the company in order to improve its performance and create value for all of its stakeholders. To ensure delivery against these objectives, a rigorous and granular operating plan has been developed across the organization. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, Brazil, and China) and one global asset manager. Aegon’s businesses within its core markets have been separated into Financial Assets and Strategic Assets. The aim is to release capital from Financial Assets and from businesses outside of Aegon’s core perimeter, and to re-allocate capital to growth opportunities in Strategic Assets, growth markets and the global asset manager. Throughout this transformation, the company aims to maintain a solid capital position in the business units and at the Holding. Through proactive risk management actions, Aegon is improving its risk profile and reducing the volatility of its capital ratios.

Operational improvement plan

Given the overall success of the operational improvement program, and in light of upcoming changes to the group’s structure and reporting due to the transaction with a.s.r., Aegon has decided to close out the reporting on the operational improvement. The plan was not only aimed at improving the operating performance and propositions to customers, but also has fundamentally changed the ways of working at Aegon. A continuous focus on efficiency and operational execution has been embedded in the organization, where ambitious yet realistic targets are set, granular plans with real-time initiative tracking are implemented, and accountabilities are clearly assigned. The increased operational rhythm has created a culture of transparency, early escalation, and a focus on developing talent to support new ways of working.

The initiatives executed as part of the plan have reduced costs, expanded margins, and helped the businesses grow profitably. Between the launch of the operational improvement plan and the end of 2022, a total of 1,199 initiatives have been executed, of which 921 are related to expense savings. At the Capital Markets Day in 2020, Aegon announced to target an operating result uplift of EUR 550 million by the end of 2023 from the combination of EUR 400 million expense savings and EUR 150 million of operating result contribution from growth initiatives. As of year-end 2022, the operational improvement plan has resulted in an operating result uplift of EUR 627 million, split between a EUR 366 million benefit from expense initiatives and an uplift to the operating result of EUR 262 million from growth initiatives.

The EUR 366 million of addressable expense savings delivered as of the end of 2022 compared with the base year 2019, represent 92% of the EUR 400 million savings targeted for the end of 2023. These expense savings were partly offset by EUR 86 million of additional expenses related to growth initiatives in 2022, only about 60% of the additional EUR 150 million of addressable expenses that were originally envisaged. As such, the operational improvement plan has led to a net reduction in addressable expenses of EUR 279 million compared with the target of EUR 250 million communicated at the Capital Markets Day in 2020.

Going forward, the company will continue to focus on improving the efficiency and growth of its various businesses. The company will present a strategy update, including plans regarding efficiency measures and continued growth, at an upcoming Capital Markets Day in June 2023.

Strategic Assets

Strategic Assets are businesses with a greater potential for an attractive return on capital, and where Aegon is well positioned for growth. In these businesses, Aegon invests in expanding its customer base and increasing its margins to realize profitable growth.

Americas

In the US Individual Solutions business, Transamerica’s aim is to achieve top-5 positions in term life, whole life final expense, and indexed universal life through profitable sales growth. The Individual Solutions business generated new life sales of USD 124 million in the fourth quarter of 2022. With an increase of 30% compared to the fourth quarter of last year, Individual Solutions achieved the highest level of quarterly new life sales in the last five years. For the full year 2022, Individual Solutions increased new life sales to USD 431 million, 20% higher than the prior year. The

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increase was driven by higher indexed universal life product sales across all distribution channels. The improved service experience and continued competitiveness of Transamerica’s products supported an increase in market share in the WFG distribution channel to 67% in the last quarter of 2022, compared with 59% a year earlier. WFG further expanded its distribution reach by growing the number of licensed life agents to a record level of more than 62,000 agents, an increase of 20% compared with the prior year quarter. Also, Transamerica launched a new indexed universal life product specifically designed for the brokerage distribution channel, complementing our current product that is successfully marketed through WFG. Term Life and Whole Life sales remained broadly stable in a competitive market.

In the US Workplace Solutions business, Transamerica aims to compete as a top-5 player in new sales in the Middle-Market segment of Retirement Plans. Written sales were USD 967 million in the fourth quarter of 2022, compared with USD 1.3 billion in the same quarter of 2021. For full year 2022, written sales were USD 7.9 billion compared with USD 9.2 billion in 2021. Lower equity markets and higher interest rates have had a negative impact on plan assets, and plan sponsors were more hesitant to move retirement plans given the volatile markets. Net outflows for the Middle-Market amounted to USD 5.7 billion. USD 5.2 billion of which were due to the discontinuance of one large Multiple-Employer-Plan contract. Excluding this contract, the Middle-Market segment saw net outflows of USD 0.5 billion, an improvement of USD 0.2 billion compared with the prior year quarter driven by strong written sales in prior periods. The aforementioned large discontinuance led to net outflows for the full year 2022, which amounted to USD 4.4 billion compared with USD 0.4 billion of net outflows in the prior year.

The Netherlands

Aegon is a leading mortgage originator in the Netherlands. The company originated EUR 1.9 billion of residential mortgages during the quarter. This is lower than the EUR 2.3 billion originated in the fourth quarter of 2021 due to reduced refinancing activity and a decline in home sales as a result of increased mortgage interest rates. In the fourth quarter of 2022, almost half of the mortgages were originated for third-party investors, who pay Aegon a fee for originating and servicing these mortgages. For the full year, mortgage origination volumes declined from EUR 10.9 billion in 2021 to EUR 8.7 billion in 2022. Despite the reduction in mortgage origination, the portfolio of mortgages under administration grew by EUR 3.1 billion compared with the fourth quarter of 2021 to EUR 62.9 billion.

Net deposits for the Workplace Solutions defined contribution pension products (PPI) in the Netherlands increased by 14% to EUR 212 million in the fourth quarter of 2022, supported by recurring gross deposits from continued strong demand for PPIs. Net deposits for the Workplace Solutions defined contribution products for full year 2022 increased by 13% to EUR 834 million.

Knab’s aim is to develop into a digital gateway for individual retirement solutions. Knab grew its fee-paying customer base by over 11,000 in the fourth quarter and over 44,000 for the full year to 346,000 at the end of 2022. This growth was mainly driven by the small business segment, which underscores the bank’s ability to attract and retain customers through its clear way of communicating, its customer-friendly service, and the way it offers customers an easy and cost-effective way to manage their banking matters online.

United Kingdom

In the United Kingdom, Aegon’s aim is to grow both the Retail and Workplace channels of its platform business. The platform business – excluding the low-margin Institutional business – generated net deposits of GBP 223 million. In comparison, net deposits amounted to GBP 504 million in the fourth quarter of 2021. Revenues declined in the fourth quarter of 2022 mostly as a result of the anticipated gradual run-off of the traditional product portfolio. Platform expenses as a percentage of assets under administration were stable compared with the same period of 2021 at 21 basis points, with expense savings offsetting the impact from unfavorable market movements on assets under administration.

Full year net deposits on the platform amounted to GBP 1.3 billion in 2022, a 5% increase compared to 2021. Net deposits in the Workplace channel of GBP 2.2 billion over the full year 2022 were the highest level in recent years, demonstrating the improvements Aegon is making to the franchise. Net outflows of GBP 0.9 billion were recorded in the Retail channel, largely as a result of negative investor sentiment. Over the full year net deposits on the platform

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had a small positive contribution to annualized revenues. The decline in revenues from the anticipated gradual run-off of the traditional product portfolio was more than offset by operational improvement measures which have reduced addressable expenses.

Financial Assets

Financial Assets are blocks of business that are capital intensive with relatively low returns on capital employed. New sales for these blocks are limited and focused on products with higher returns and a moderate risk profile. Dedicated teams are responsible for managing these businesses and maximizing their value through active in-force management, disciplined risk management, and capital management actions. To achieve this, Aegon considers unilateral and bilateral actions as well as third-party solutions. Unilateral actions are those that can be executed fully under Aegon’s control, while bilateral actions require the interaction and consideration of other stakeholders.

Americas

Transamerica is managing a book of variable annuities with interest rate sensitive riders, fixed annuities, and the long-term care book as Financial Assets. An active management and the implementation of in-force management actions has resulted in a de-risked legacy Variable Annuities portfolio that runs off over time. As previously indicated, the company remains exposed to the impact of equity markets on variable annuity base contract fees. Transamerica has intentionally left this risk open, as this is fundamentally an asset management type of exposure and a key driver of future variable annuity capital generation. In order to reduce the volatility of the RBC ratio caused by the exposure of base contract fees to equity markets, Transamerica established a voluntary reserve in the fourth quarter that more closely aligns the recognition of the fees in capital with when they are earned. This led to a one-time reduction of the RBC ratio and has substantially reduced the sensitivity of the ratio to equity market movements. Consequently, Aegon will benefit from an even more stable and higher quality capital generation from the variable annuity portfolio, mainly driven by the emergence of base fees and the release of required capital as the book runs off.

Previously, Transamerica had expanded the dynamic hedge program to variable annuity products with guaranteed minimum death benefits and guaranteed minimum income benefits. In the fourth quarter of 2022, Transamerica achieved a hedge effectiveness of 96% on its variable annuity dynamic hedge program, continuing its strong track record.

Transamerica is actively managing its long-term care business. The primary management action regarding long-term care are rate increase programs. The total value of approvals achieved since the start of the program now stands at USD 471 million, with USD 21 million additional approvals for rate increases obtained in the fourth quarter of 2022. The company had achieved the USD 450 million target for this program already in the third quarter of 2022. This was the upgraded target compared with the targeted USD 300 million value of rate increases that Aegon communicated previously. Transamerica will continue to work with state regulators to get pending and future actuarially justified rate increases approved.

Claims experience for the long-term care business in the fourth quarter was somewhat favorable to expectations mainly from higher claims terminations, while the frequency of new claims has returned to pre-pandemic levels. Actual-to-expected claims experience was 96% for the fourth quarter of 2022.

Transamerica Life Bermuda

Transamerica Life Bermuda (TLB) is Aegon’s high-net-worth business operating out of Hong Kong, Singapore, and Bermuda. Following the reinsurance transaction of the closed block of universal life insurance liabilities with Transamerica, TLB is now managed as a Financial Asset. In line with Aegon’s strategy to maximize its value through disciplined risk and capital management, TLB remitted EUR 57 million to the Holding in the fourth quarter of 2022. This brings the total remittances in the full year 2022 to EUR 112 million, supported by operating capital generation of the business and upstreaming of excess capital.

The Netherlands

The dedicated team responsible for the Dutch Life business – Aegon Levensverzekering N.V. – is actively managing risks and the capital position to enhance the consistency of remittances to the Holding. The Solvency II ratio of the

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Dutch Life business increased during the fourth quarter of 2022 from 207% to 210% largely driven by model and assumption updates. Market movements had a negative impact, driven by lower real estate revaluations.

Growth Markets and Asset Management

In its growth markets – Spain & Portugal, Brazil, and China – Aegon is investing in profitable growth. New life sales from these markets increased by 44% to EUR 74 million in the fourth quarter of 2022 mostly due to strong sales growth and increased business ownership in Brazil. For the full year 2022, new life sales totaled EUR 248 million, an increase of 15% compared with the full year 2021.

Market consistent value of new business (MCVNB) for the life business decreased by 28% to EUR 19 million in the fourth quarter of 2022, which reflects the impact of the divestment of Aegon’s stake in the joint venture with Liberbank and a less favorable product mix in Spain & Portugal, with a partial offset from the inclusion of Brazil. For the full year 2022, MCVNB amounted to EUR 73 million, representing a 22% decrease compared with the full year 2021. This was mostly due to industry-wide lower demand for critical illness products in China.

New premium production for property & casualty and accident & health insurance amounted to EUR 29 million and remained stable compared with the fourth quarter of 2021. In Spain & Portugal, business growth in accident & health was offset by lower demand for property & casualty products. For the full year 2022, new premium production for property & casualty and accident & health insurance increased by 10% when compared with the full year 2021 to EUR 117 million.

In October 2022, Aegon announced that it successfully completed the divestment of its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. The sale followed the change of control in Liberbank after its merger with Unicaja Banco in 2021. Aegon Spain has upstreamed EUR 146 million of proceeds from the transaction to Aegon Group in the fourth quarter of 2022. Aegon will continue to grow its business in Spain & Portugal through its key life and non-life joint ventures with Banco Santander as well as through its own channels, which have generated significant profitable growth over the last years.

Aegon Asset Management (Aegon AM) aims to increase the operating margin of its Global Platforms by improving efficiency and driving growth. However, challenging market conditions resulted in third-party net outflows of EUR 2.4 billion on the Global Platforms in the fourth quarter of 2022, as customers freed up liquidity in a rising interest rate environment. Adverse market and economic conditions in China impacted the Chinese asset management joint venture Aegon Industrial Fund Management Company (AIFMC) and led to third-party net outflows of EUR 1.4 billion in Strategic Partnerships.

Annualized revenues lost on net deposits for Global Platforms amounted to EUR 7 million for the quarter, predominantly as a consequence of net outflows in the third-party business. The operating margin for Global Platforms decreased to 4.7% in the fourth quarter of 2022, driven by lower revenues as a consequence of lower asset balances that were negatively impacted by both outflows and adverse market conditions.

Full year third-party net outflows on the Global Platforms amounted to EUR 3.8 billion in 2022 compared with net deposits of EUR 5.0 billion in 2021. This was driven by customers freeing up liquidity in a rising interest rate environment. Annualized revenues lost on net deposits for Global Platforms for full year 2022 amounted to EUR 22 million. The operating margin of Global Platforms for the full year 2022 was 11.9% compared with 12.6% in 2021, with lower expenses – including from lower variable compensation accruals and expense savings initiatives – partly offsetting the decrease in revenues.

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Financial highlights

1. Addressable expenses for all reporting periods are reported at constant currency at the FY 2022 YTD weighted average foreign exchange rate.

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