Fee income

Fee income increased by € 141 million to € 377 million (2023: € 237 million). This increase was mainly driven by the additional six months’ contribution of Aegon NL entities. In addition, the increase in fee income was a result of organic business growth and small acquisitions.

Operating expenses

Operating expenses increased by € 128 million to € 319 million (2023: € 191 million), mainly due to the additional cost base of Aegon NL and several smaller acquisitions. The increase was also due to organic business growth and expenses to strengthen the business.

Operating result

The operating result of the Distribution and Services segment increased by € 17 million to € 50 million for 2024 mainly driven by the additional six months’ contribution of Aegon NL entities and business growth.

Incidental items

The incidental items amounted to € -33 million (2023: € -24 million), primarily driven by additional investments by TKP for the regulatory pension reform and the amortisation of intangible assets.

Result before tax

The IFRS result before tax increased by € 8 million to € 16 million, reflecting a higher operating result partly offset by higher incidental expenses.