Aegon to transition its EUR 156 billion general account investment portfolio to net-zero greenhouse gas emissions by 2050

Aegon to transition its EUR 156 billion general account investment portfolio to net-zero greenhouse gas emissions by 2050

(PRESS RELEASE) THE HAGUE, 2-Nov-2021 — /EuropaWire/ — Aegon N.V. (AMS: AGN), Dutch multinational life insurance, pensions and asset management company, has announced it has committed to transition its EUR 156 billion general account investment portfolio to net-zero greenhouse gas emissions by 2050. The move is seen as an important step in strengthening Aegon’s group-wide approach towards corporate sustainability. In this context, Aegon will join the Net-Zero Asset Owner Alliance, a UN-convened group of institutional investors committed to transitioning their portfolios to net-zero greenhouse gas emissions.

To ensure progress towards this 2050 commitment, Aegon has set a clear medium-term target. By 2025, Aegon aims to reduce by 25% the weighted average carbon intensity of its approximately EUR 55 billion corporate fixed income and listed equity general account assets where it has control. Aegon will set additional targets at 5-year intervals for the period after 2025 until 2050. To reach the 2025 target, Aegon will make adjustments to its general account portfolio.

Furthermore, Aegon will regularly engage with those companies in its global investment portfolio that are the most carbon intensive in order to drive real-world reductions in greenhouse gas emissions. Aegon will regularly update its group-wide responsible investment exclusion criteria to reflect the latest scientific findings on climate change.

“Climate change is one of the most urgent environmental and social issues of our time, and Aegon is committed to helping transition to a net-zero carbon economy,” said Lard Friese, CEO of Aegon. “With today’s announcements, Aegon is embarking on a journey to transition its investment portfolio to net-zero emissions by 2050. To live up to this commitment, we have set a first medium-term target, underpinned by concrete action plans. I am convinced that by building a sustainable company, we can create lasting value for all our stakeholders.”

Additional actions are underway in local markets. For its Dutch business, Aegon will commit to an extended 2050 climate action plan to include separate account assets and off-balance sheet investments, next to general account assets. Earlier this year, Aegon UK announced its commitment to a 50% carbon reduction in its standard funds for workplace pensions by 2030 and net-zero emissions by 2050. Complementary to Aegon joining the Net-Zero Asset Owners Alliance, Aegon Asset Management will join the Net Zero Asset Managers Initiative.

“With today’s announcements, Aegon is embarking on a journey to transition its investment portfolio to net-zero emissions by 2050. To live up to this commitment, we have set a first medium-term target, underpinned by concrete action plans. I am convinced that by building a sustainable company, we can create lasting value for all our stakeholders,” commented Lard Friese, CEO of Aegon

Media contact:

Dick Schiethart
Senior Spokesperson
+31 70 344 8821
dick.schiethart@aegon.com

Investor relations:

Jan Willem Weidema
+31(0) 70 344 8028
janwillem.weidema@aegon.com

SOURCE: Aegon