The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Cor Kluis - ABN AMRO Bank N.V., Research Division - Analyst
: Cor Kluis, ABN AMRO. I got a couple of questions. First of all, about the assumption review, you did the review of the Americas, of course, in the
first half of the year. And it's good that you aligned some of these assumptions well. Question is more about Europe and Asia, also an assumption
review there going in the second half of the year. Could you comment a little bit on that and might be expect at Q4 results? Or might it also be
happen at the -- happening at the Capital Markets Day? And what are the items you're really looking at? So that's on that side.
And secondly, on the U.S., maybe a question for Lard. Question is, of course, physically, a little bit more of a challenge for you to look and analyze
the U.S. business in the first half of year. But could you give your comments and views what you've learned and especially on items like Long-Term
Care and Variable Annuity business? What's your view on that part of the U.S. business as well? That were my questions.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I just wanted to -- on the cash at year-end, whether you could talk me through the moving half. I heard the figures, but really I was typing at the
same time, not focusing, minus EUR 550 million, which is the dividend and holding costs, minus EUR 141 million for Santander, and I guess, minus
EUR 455 million for the debt repayment. So trying to deduct that from the EUR 1.7 billion, I get to a EUR 0.6 billion, and you said you'd be at the
bottom end of the range, EUR 1 billion. So if you could help me on that will be lovely.
And then second, the -- your new colleague, is a fantastic guy. What I remember most of him is his key question is always what is the number of
shares. In other words, the potential dilution to come from capital increase. And I just wondered if you can explain a little bit your thinking on that.
And here, I alluded to the fact that you did have a registration statement. I was sure that's kind of normal events in July. But that registration
statement does have the possibility of issuing shares and when can that be?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Well, basically, your new employee, Duncan...
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes, yes. No, no, that was Duncan. He is now in the group, right. And his key question is always, what is the right number of shares. Now you have
a shelf registration to issue shares in Aegon NV. And I just wondered is there a risk or possibility that all these reviews will lead to a capital increase?
Question: Steven Haywood - HSBC, Research Division - Analyst
: You've talked a lot about, obviously, deleveraging and review of your businesses. And obviously, there'll be cash coming up with the deleveraging.
But have you thought about any acquisitions going forward in the markets that you consider strategic? I assume that increasing diversification will
help lower -- the volatility of Solvency II ratios that is there for businesses. Whether are there any thoughts about M&A in the future at all?
And then secondly, just a quick question on your dividend. Are you still going to assume a broadly 50-50 split between the interim and the final?
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