Aegon Ltd UK Strategy Teach-In Webinar Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Farooq Hanif - J.P. Morgan - Analyst : Hi, everybody, and thanks very much and thanks for a very informative presentation. Firstly, slightly cheeky question, I apologize, but why do you think you're a better owner of this business than some of the other scale players out there because everybody wants advisor and everybody wants workplace. So for example, is the ownership of Aegon Asset Management and overlap. So if you could just give the strategic rationale. Secondly, you will see done disposals and M&A in the past. Why are those not part plans, both kind of bolt-ons too help with tech, but also on disposals of traditional books like annuities? And then lastly, I'm sorry about the background we've got. But lastly, one of the experiences I've had as big a customer workplace pensions are very flexible workers and the companies want to give you a tool like Mylo or some platform, but the pancreatic data capped by the EBC employee benefit consultant has its own platform which access the patient through. But none of them actually ever get through, how do you address that, how you're going to make to the Mylo is actually used by customers rather than just being a sort of finding new tool you offer. But doesn't get the engagement. thank you so much.

Question: David Barden - Bank of America Securities - Analyst : Hello. Thank you for taking my questions. The first one, please. Could you talk a little bit about the mix of products within your advisor platform, please? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.

Question: Iain Pearce - BNP Paribas Exane - Analyst : Hi, thanks for the presentation. The first question I have was just on slide 27. Looking at the adviser flows from the non-targeting 500 advisory firms that you've highlighted, those are basically for the AUA is such a half on your on your projection. I'm just wondering why you're so negative on that particular segment. Are you sort of giving up on that segment to a certain degree and just focusing purely on that 500 target segment? And the second one was just on if you could give some details on the total cost of the investment program. I think you gave some towards the end of that presentation, but if you could just give a bit more detail on the cost of the program. And then on a final one, just on overall costs saves, what are you targeting in terms of overall cost saves? And is that cost expect it to be able to keep the margins of this business stable? Thank you.

Question: Nasib Ahmed - UBS Investment Bank - Analyst : Hello. Can you hear me? Yes, I think you guys can. So three questions from me. Firstly, on Royal London. Is there more solvency benefit to come through once that transaction is completed this year? Or has that come through already in the solvency ratio? And secondly, on ADX. Can you talk a little bit more about integration of co-funds and the ARC platform? Is that done? And is there kind of one platform now facing the adviser? And then finally, I think Mike mentioned investment income from the nationwide partnership. What investment income is Aon is going to earning on thar partnership.

Question: Steven Haywood - HSBC Holdings plc - Analyst : Good afternoon and thanks very much. Three questions from me. One on the adviser market. It is obviously struggling currently. What is going to make this market turnaround going forwards and the sort of doubling of AUA over 10 years for the advisor market does seem challenging. I can understand workplace and direct platforms are doubling in size of AUA, but the adviser one seems to be struggling for the medium term. Second question, just on your sort of all traditional annuity books, et cetera. Can you remind me who they are outsourced to? Is it TCS? I think you had an agreement with them some time in the past and is there any of that and outsourced businesses and the companies that you outsource to? And then thirdly, on the traditional business, again, can you give us an indication of what the runoff rate is in terms of percentage of AUA that runs off per annum and then what your target percentage might be to recapture that with your new products and Mylo app, et cetera. Thank you.

Question: Rishi Shah - Deutsche Bank Group - Analyst : Three questions for me. So the first one, and you've spoken a lot about increasing flows, assets, reducing costs over time. Just turning to the revenue side of things. How do you expect margins to evolve across the three growth businesses? And then the second question is just a clarification. Are you looking to increase the market share of those 500 adviser businesses that is your primary platform? Or is it just solely targeting the 500 and keeping them on? And then the third question on advice, what percentage of your advised customers and assets have come from Nationwide and what percentage are coming from the workplace book?

Question: Andrew Sinclair - Bank of America - Analyst : -- Just looking at slide 37, your remittance ratio actually seems to be falling over the course of the plan. I think it was 72% last year, 83% in 2024, 69% in 2026, and 63% in 2028. Why is that drifting down and what you see as a sustainable longer-term remittance ratio? That's question one. And secondly, you've talked a little bit about consolidation being a challenge that's still going on. What's the risk of those 500 financial advice firms you're focusing on get consolidated away from you. If you have any desire, bring some of those in-house? And then third question is just I mean, you're talking about being a leading platform in the UK. On what basis do you contextualize leading as that AUM is that profit. Is that low. On what basis do you want to be the UK's leading digital savings and retirement platform? Thank you.

Question: Farquhar Murray - Bernstein Autonomous LLP - Analyst : Afternoon all. Three questions from me. If you can hear me. In broad terms can you just outline how the investments of GBP300 million split between the key growth franchises on slide 16. But if you so maybe which are the key transformation components within that? And then you've been very open about the challenges within the IT landscape and the proposition gap. So just wondered if you could maybe give us some color in terms of fleshing out concretely what those proposition gaps are exactly. And then finally, with regards to slide 37, you intending to swing OCG by about GBP70 million through the planning period. I just wondered if you could break those down between the three components you outlined earlier, namely AUM, growth, capital release component and also some of the efficiencies. Thanks.