Operating result

Operating result improved by € 11 million, to € -119 million. This was mainly due to the release of an employee-related provision.

The operating result includes interest charges of € 51 million (H1 2021: € 44 million) for subordinated liabilities (Tier 2 notes). The increase compared to the previous year is due to the newly-issued € 1 billion Tier 2 bond for financing the business combination with Aegon Nederland, which was offset by higher investment income.

Operating expenses

Operating expenses increased by € 8 million to € 94 million, mainly as a result of increased M&A expenses relating to the Aegon Nederland transaction.

Result before tax

The IFRS result before tax decreased by € 59 million to € -234 million, mainly relating to M&A activities and revaluations of property development operations.