Operating result

The operating result increased by € 21 million to € 100 million by a net positive contribution of the inclusion of the Aegon NL mainly driven by the addition of the mortgage business.

Assets under Management

Assets under management for third parties increased by € 5.5 billion to € 34.8 billion (2023: € 29.3 billion), which was driven by positive revaluations and net inflows in the DC products. In addition, our real estate funds experienced positive revaluations as well as net inflow of capital from existing participants in primarily the ASR Core Residential Fund and ASR Dutch Farmland Fund, which were partly offset by negative revaluations in the ASR Property Fund and the ASR Dutch Prime Retail Fund.

Mortgage origination

Mortgage origination increased by € 3.7 billion to € 9.2 billion, of which € 0.8 billion was related to Knab. Growth was driven by the additional six months’ contribution of the Aegon NL portfolio and increasing demand in the housing market.

The mortgages under administration amounted to € 86.6 billion (2023: € 84.2 billion), of which € 11.1 billion was related to Knab. The quality of the mortgage portfolio remains very strong. Payment arrears of more than two months are less than 0.1% for the overall mortgage portfolio and credit losses are negligible.

Operating expenses

Operating expenses increased by € 69 million, mainly as a result of the higher cost base related to Aegon NL.

Result before tax

The IFRS result before tax decreased by € 54 million to € 72 million (2023: € 126 million) reflecting an increase of the operating result being offset by negative impact from incidental items compared to 2023, which were driven by the net positive impact from the Aegon NL transaction and the exchange of investment portfolios.