Fee income

Fee income increased by € 122 million to € 244 million (2022: € 122 million). This increase was mainly driven by the contribution of € 108 million by the D&S entities of Aegon NL as well as by organic business growth in various portfolios and some small acquisitions.

Operating expenses

Operating expenses increased by € 107 million to € 199 million mainly due to the additional cost base of Aegon NL and several smaller acquisitions, in addition to organic growth of the business.

Operating result

The operating result increased by € 5 million to € 30 million (2022: € 25 million), driven by the contribution of Aegon NL (Nedasco, Robidus, and TKP). The growth in fee income was offset by higher operating expenses due to the growth of the business.

Incidental items

The incidental items decreased by € 17 million to € -29 million. Incidental items included the amortisation of intangible assets and a goodwill impairment.

Result before tax

The IFRS result before tax decreased by € 13 million to € 1 million despite an increase in the operating result. This was driven by a more negative impact of incidentals as a result of amortisation of intangible assets and a goodwill impairment.