Aegon NV Virtual Capital Markets Day Transcript

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

Question: Cor Kluis - ABN AMRO Bank N.V., Research Division - Analyst : Cor Kluis, ABN MRO. Got a couple of questions. First of all, on the Dutch solvency operating -- solvency level target basically that you go for the 50%. How did you determine that? I mean some other insurance companies in the Netherlands are targeting higher solvency ratios. And to what extent did you take into account the possible outcome of the EIOPA review, which might be a little bit more favorable for mortgages? Because mortgages create some volatility, of course, of the Dutch solvency ratio. So that's my question on that, that the level is high enough, basically, than the 50% operating level for solvency in the Netherlands. That's my first question. My second question is you already surprised us positively on the divestment process, especially in Eastern Europe, obviously. If you release capital faster by selling some books or in the financial institute, you've got some operations. If you release capital faster -- you hinted on share buybacks, if there is extra capital available. Is it already possible before 2023 or not? Or how do you look to that, if you deal the first release of capital faster? How that might be returned or another view on that respect? And my last question is about interest rate risk. It's good that you want to reduce that somewhat further. And like you mentioned on the GMIB, GMDB books, what possible impact could that be on earnings? I think you also, in the U.S, might reduce in the life business the duration somewhat of your assets. Could you elaborate on that? Is that material? Or is it quite small? So the one-off or is it more cash flow kind of fit? Those are my questions.