Aegon rapporteert sterk resultaat over eerste halfjaar 2018

1H 2018 Results | AEX:AGN | NYSE:AEG

Nettowinst bedraagt EUR 491 miljoen, gesteund door toename onderliggend resultaat

Onderliggend resultaat stijgt met 2% tot EUR 1.064 miljoen, of 10% op basis van constante wisselkoersen doo kostenbesparingen, een hogere beleggingsmarge in Nederland, vergoedingen op basis van beleggingsresultaat en groei in Azië.
Gerealiseerde verliezen op beleggingen van EUR 67 miljoen door de verkoop van Amerikaanse staatsobligaties in het kader van het lopende beheer van activa en passiva.
Overige lasten van EUR 294 miljoen, voornamelijk door een verlies op de verkoop van Aegon Ierland en kosten van herstructureringen die naar verwachting substantiële kostenbesparingen opleveren.
Rendement op eigen vermogen neemt aanzienlijk toe tot 9,2% door hoger onderliggend resultaat en een lager tarief voor de vennootschapsbelasting in de Verenigde Staten.

Netto-stortingen nemen toe door instroom bij vermogensbeheer; verkoop ziektekosten- en ongevallenverzekeringen daalt door stopzetten van producten

Netto-stortingen verbeteren tot EUR 3,9 miljard; grotere instroom bij vermogensbeheer en behoud van klanten in het VK maken de uitstroom bij pensioenen in de VS meer dan goed.
Verkoop nieuwe levensverzekeringen daalt 2% tot EUR 422 miljoen op basis van constante wisselkoersen, deels door lagere verkoop van levensverzekeringen en overlijdensrisicoverzekeringen in de VS. Door ongunstige wisselkoersen daalden de verkopen met nog eens 8%.
Verkopen van ongevallen- en ziektekostenverzekeringen nemen met 48% af tot EUR 274 miljoen, vooral door de eerder aangekondigde strategische beslissing om te stoppen met reis- en stop-loss verzekeringen in de VS.

Sterke kapitaalpositie en toenemende kapitaalgeneratie maken hoger interim dividend mogelijk

Solvency II ratio stijgt in vergelijking met eind 2017 met 14%-punten tot 215% door groei van own funds. De solvabiliteitsratio's van de belangrijkste bedrijfsonderdelen blijven ruim binnen of boven beoogde bandbreedtes.
Kapitaalgeneratie van EUR 1.386 miljoen, inclusief gunstige markteffecten en eenmalige items van EUR 628 miljoen.
Interim dividend over 2018 stijgt tot EUR 0,14 per aandeel.
Surplus aan liquide middelen in de holding stijgt naar EUR 1,9 miljard, grotendeels door dividendbetalingen van de bedrijfsonderdelen. EUR 700 miljoen is bestemd voor verlaging van de schuldpositie in de tweede helft van 2018.
Brutoschuldratio van 28,9% zal naar verwachting met ~200 basispunten dalen door geplande schuldreducties.

Toelichting van Alex Wynaendts, voorzitter van de Raad van Bestuur

"Aegon heeft in het eerste halfjaar van 2018 goed gepresteerd en de resultaten bevestigen dat de focus ligt op groei en gedisciplineerde kapitaalallocatie. Bovenop al bereikte kostenbesparingen hebben we onze efficiency verder verbeterd, onder meer door een uitbestedingsovereenkomst in de VS, waarbij 2.000 van onze werknemers naar een andere werkgever zijn overgestapt. In het VK hebben we meer dan 400.000 klanten van Cofunds overgebracht naar ons eigen platform. Met deze acties kunnen wij onze kosten aanzienlijk reduceren, de winstgevendheid verhogen en de klantbeleving verder verbeteren.

Ik ben tevreden om te zien dat onze klanten ons wereldwijde aanbod van producten en diensten waarderen. Dit versterkt ons groeiperspectief. In de VS hebben we onze Wealth + Health campagne gelanceerd om mensen meer bewust te maken van het verband tussen fysieke en financiële gezondheid. Daarmee én door nieuwe oplossingen aan te bieden, kunnen we miljoenen mensen helpen zich beter op hun toekomst voor te bereiden.

Onze balans blijft sterk met een Solvency II ratio van 215%, een aanzienlijke toename vergeleken met eind vorig jaar. Ik ben verheugd dat onze bedrijven in Nederland en het VK dividend aan de groep hebben betaald en dat we gezien onze sterke financiële positie het interim dividend kunnen verhogen tot 14 cent per aandeel. De goede voortgang die we hebben geboekt, in combinatie met onze kostenbesparingen, geven mij het vertrouwen dat we onze doelstellingen voor 2018 zullen halen."

Zie de kerncijfers (tabel)

"In the first half of 2018, Aegon delivered a strong performance, demonstrating operational excellence, commitment to growth and continued capital allocation discipline. Building on our track record of expense savings, we further improved efficiency by transferring more than 2,000 employees as part of our outsourcing agreement in the United States, and migrated more than 400,000 retail customers from Cofunds to our platform. These actions will enable us to significantly reduce expenses, drive profitability and enhance customer experience.

"I'm excited that new propositions across our company are resonating well with customers, and the potential this offers to drive future growth. In the United States, we launched our new Wealth + Health brand identity to raise awareness about the connection between physical and financial well-being. By raising awareness and by offering the right solutions, we have the potential to help millions of people better prepare for the future.

"Our balance sheet remains strong with a Solvency II ratio of 215%, a significant increase compared with the end of last year. Furthermore, I am pleased that our businesses in the Netherlands and United Kingdom remitted capital to the group, and that our financial strength has enabled us to increase our interim dividend to 14 cents per share. This progress, together with expense savings, gives me confidence that we will be able to meet our 2018 targets."

Aegon Americas transfers over 2,000 employees to TCS, leading to significant expense savings
Aegon the Netherlands acquires leading Dutch income protection service provider Robidus
More than 400,000 retail Cofunds customers migrated to Aegon UK's leading platform
Aegon Spain expects to significantly improve profitability following management actions and M&A
New products and business models drive significant inflows at Aegon Asset Management

Aegon's strategy
Aegon's purpose – to help people achieve a lifetime of financial security – forms the basis of the company's strategy. The central focus of the strategy is to further transform Aegon from a product-based to a customer needs-driven company. This means serving diverse and evolving needs across the customer life cycle; being a trusted partner for financial solutions that are relevant, simple, rewarding, and convenient; and developing long-term customer relationships by providing guidance and advice, and identifying additional financial security needs at every stage of customers' lives.

Aegon is focused on reducing complexity, eliminating duplication, improving accuracy and increasing automation in order to realize cost efficiencies, thereby enabling it to invest and become a more digitally enabled and customer-centric company. Furthermore, the company is focused on driving scale and establishing strong positions in its current markets, adhering to strict standards to ensure the efficient use of capital by all of its businesses. Four key strategic objectives that enable the company to execute its strategy are embedded in all of Aegon's businesses: Optimized portfolio, Operational excellence, Customer loyalty and Empowered employees.

Americas
Aegon announced on January 11, 2018, that Transamerica had entered into an agreement with Tata Consultancy Services (TCS) to transform the administration of its US insurance and annuity business lines. The partnership is a significant step forward in the execution of its strategy as it enables Transamerica to accelerate both the enhancement of its digital capabilities and the modernization of its platforms to service its customers across all insurance and annuities lines of its business. As part of the agreement, which is expected to lead to run-rate expense savings of USD 100 million over time, over 2,000 Transamerica employees transitioned to TCS on April 16, 2018. Related to these expense savings, Aegon recorded USD 119 million of transition and conversion expenses in Other charges in the first half of 2018.

Transamerica successfully launched its Wealth + Health brand identity in the first half of 2018. This new identity is focused on helping customers improve their overall well-being by encouraging them to manage both their wealth and health. The launch included a high-profile advertising campaign targeted at financial professionals to demonstrate Transamerica's commitment to Wealth + Health. Transamerica also launched a series of new product enhancements over the course of the first half of the year to further improve its competitive positioning. Product enhancements for variable annuities have resulted in a favorable change in sales momentum. On top of the variable annuity enhancements, additional improvements were made in July to strengthen the competitive position of two of the products riders on offer. Regarding life products, new enhancements to indexed universal life (IUL) were launched in late April and have been very well received.

In support of the stated strategic objective to reduce the amount of capital allocated to its run-off businesses, Aegon announced on August 7, 2018 its agreement to divest the last substantial block of its life reinsurance business to SCOR Global Life. This transaction covers business that Transamerica retained after it divested the vast majority of its reinsurance business to SCOR Global Life in 2011 and 2017. The transaction is expected to result in a pre-tax IFRS loss of approximately USD 105 million and a one-time benefit of approximately USD 50 million on Transamerica's capital position in the second half of 2018. The IFRS equity allocated to run-off businesses has declined by USD 1.3 billion since the end of 2015 driven by a series of divestments.

Europe
To expand its position in the income protection value chain, Aegon the Netherlands reached an agreement to acquire Robidus, a leading income protection service provider in the Netherlands, from Avedon Capital Partners. This transaction fits Aegon's strategic objective to grow its fee-based businesses. Aegon will acquire approximately 95% of the company with the remainder to be retained by Robidus' management team. Robidus will continue to operate on a standalone basis under its own brand name. Aegon will pay EUR 105 million for this acquisition from holding excess cash.

In the United Kingdom, Aegon's broad platform offering and omni-channel distribution strategy have established Aegon as the leading platform provider in the market. So far in 2018, Aegon has completed several major migrations totaling GBP 85 billion assets as part of the Cofunds integration. The migration of GBP 57 billion institutional assets was completed in March, followed by the migration of more than 400,000 retail customers and GBP 28 billion of assets to the Aegon platform in May. After the migration process, some advisors and customers have experienced operational and customer services issues. Aegon UK has taken several measures to solve these and recover service levels, which led to GBP 3 million additional expenses in June. Aegon expects to incur additional integration expenses in Other charges until the Cofunds integration has been completed. Migration of the assets related to the Nationwide business is the final milestone in respect of the Cofunds integration and is expected to be completed in the first half of 2019. The full integration of Cofunds will enable Aegon to realize the GBP 60 million targeted annualized expense savings compared with GBP 20 million achieved through the first half of 2018.

Another important milestone in the transformation of Aegon UK was the successful transfer of GBP 16 billion of assets from BlackRock's defined contribution business, which brought new and enhanced capabilities to Aegon as part of its workplace proposition. The Part VII transfer for this business was completed on July 1, 2018 and is expected to lead to an approximate 10%-points reduction of Aegon UK's Solvency II ratio in the second half of 2018 driven by an increase in required capital due to the additional assets under administration.

The UK platform business reached a record high of GBP 120 billion assets. This increase was driven by a net inflow of GBP 2.6 billion and the upgrade of GBP 1.5 billion in customer assets to the platform. Since the start of the program, GBP 12.5 billion of customer assets have been upgraded to the platform out of a cumulative target of approximately GBP 20 billion by year-end 2020.

On April 3, 2018, Aegon successfully completed the sale of Aegon Ireland plc to Athora Holding Ltd. This transaction is consistent with Aegon's strategic objective to optimize its portfolio of businesses. The divestment led to an improvement in Aegon's group solvency ratio of over 4%-points and a book loss of EUR 93 million in the first half of 2018.

Aegon focuses on profitable growth in Spain & Portugal, where it aims to grow mostly in protection products. A clear example of this strategy is the agreement Aegon signed to expand its successful partnership with Banco Santander in Spain. The expansion, which covers term life and selected lines of non-life insurance following Banco Santander's acquisition of the Banco Popular franchise in 2017, will give Aegon access to an additional client base of four million customers and is expected to lead to substantial growth going forward. Aegon will pay an upfront consideration of EUR 215 million, plus an additional amount of up to EUR 75 million to be paid after 5 years, depending on the performance of the partnership. The final terms (including closing and date of payment) of the transaction are subject to due diligence, regulatory approval, several other conditions and to the process of terminating the existing alliances of Banco Popular.

In addition, to improve the results of Aegon's own business in Spain, which is currently loss-making, the company initiated a significant restructuring program in the first half of 2018. Through rationalization of distribution, expense savings and more effective claims handling, Aegon expects to generate improved financial results in this business. The restructuring, in combination with the continued growth and expansion of the partnership with Banco Santander, is expected to enable Aegon's business in Spain & Portugal to improve its profitability significantly.

Asia
Aegon focuses on three fast-growing customer segments in Asia: High-Net-Worth (HNW) individuals, aging affluent customers, and ascending affluent customers. Universal life insurance, variable annuities, and protection products are core products in the region. These products are supplemented with direct-to-customer digital distribution platforms in markets in which Aegon does not have an insurance license.

Transamerica Life Bermuda (TLB), Aegon's HNW business, continues to expand geographically and is serving and writing business for high-net-worth individuals in a growing number of markets. While universal life products are the key product for TLB, the company has launched a retirement product to complement the product suite while also developing other product ideas to better serve a competitive HNW segment in Asia.

In China, Aegon's commitment to a protection led strategy and strength of their critical illness products have enabled the joint venture to grow sales during the first half of 2018 in a challenging life insurance market. One of the key drivers of Aegon's strong sales growth is its award-winning digital distribution platform Zeus. Zeus is being upgraded in the second half of 2018 to deliver even more customer services and product offerings by further leveraging artificial intelligence technologies and big data capabilities.

In India, Aegon's joint venture continues to drive the direct-to-consumer strategy and the regions digital transformation with simple and transparent protection led products. From a sum assured perspective, the company ranks 8th in India in the first half of 2018, further demonstrating Aegon's focus on a protection led strategy.

Asset Management
Growing external third-party assets is an important element of the growth strategy of Aegon Asset Management. The continued strong commercial momentum in the Netherlands was underlined by strong inflows into the Dutch Mortgage Funds, which grew to EUR 15 billion of assets under management in the first half of 2018. Furthermore, Stap, the Dutch APF initiated by Aegon, for which TKPI (a subsidiary of Aegon Asset Management) undertakes the fiduciary management, won a significant mandate of EUR 1.7 billion. At the end of the first half of 2018, total assets under management in Stap stood at EUR 4.6 billion, making it the single largest APF in the Netherlands.

During the first half of 2018, Aegon Asset Management made significant progress in moving toward a globally integrated operating model to strengthen its organizational set-up and support its growth ambitions. In order to create an integrated, multi-location commercial business that makes doing business with Aegon simpler and more efficient, Asset Management combined its European based sales teams under one leadership. The globally integrated model with one Europe and one US region will enable the creation of a global suite of relevant investment strategies that can be distributed via its various brands in all of its markets, accelerate growth of third party business, and enhance Aegon's ability to attract and serve clients.

Underlying earnings before tax

Aegon's underlying earnings before tax increased by 2% compared with the first half of 2017 to EUR 1,064 million. Earnings increased by 10% on a constant currency basis driven by expense savings, higher investment margin in the Netherlands, business growth in Asia and higher performance fees. In the first half of 2018, adverse mortality in the United States more than offset favorable underwriting results in Asia and the Netherlands.

Underlying earnings from the Americas decreased by 8% to EUR 602 million driven by the weakening of the US dollar. On a constant currency basis earnings were up by 3%, as expense savings more than offset adverse mortality. The current half year included EUR 55 million unfavorable mortality compared with EUR 34 million in the same period last year across the Life and Fixed Annuity businesses.

Underlying earnings before tax from Aegon's operations in Europe increased strongly by 14% to EUR 435 million. This was the result of growth in all regions, most notably in the Netherlands. Earnings growth was mostly driven by a higher investment margin from the shift to higher-yielding assets, lower funding costs and growth of the bank's balance sheet, and lower expenses. Furthermore, earnings from non-life benefited from EUR 22 million in provision releases related to the disability business.

Aegon's underlying earnings in Asia increased by 38% to EUR 31 million as a result of higher earnings across all business lines. The increase in earnings from the HNW businesses was the result of higher investment yields and favorable claims experience. The other business lines benefited from expense savings and business growth, particularly in China.

Underlying earnings from Aegon Asset Management increased by 19% to EUR 83 million as a result of a EUR 18 million increase in performance fees, mostly driven by Aegon's Chinese asset management joint venture.

The result from the holding remained stable at a loss of EUR 87 million, as expense savings offset temporary higher interest expenses due to refinancing activities.

Net income

Net income amounted to EUR 491 million in the first half of 2018, and reflects strong underlying earnings as well as realized losses on investments, restructuring and integration expenses, and a book loss on the sale of Aegon Ireland.

Fair value items
The loss from fair value items amounted to EUR 3 million. Positive real estate revaluations in the Netherlands were offset by losses in the Netherlands and the United States on hedges in place to protect Aegon's capital position.

Realized losses on investments
Realized losses on investments totaled EUR 67 million, as losses from the sale of US treasuries more than offset gains as a result of portfolio optimization in Europe, including EUR 20 million in the United Kingdom.

Net impairments
Net impairments amounted to nil and reflect the continued benign credit environment.

Other charges
Other charges of EUR 294 million were mainly driven by a book loss on the sale of Aegon Ireland and restructuring expenses in the United Kingdom, Spain and United States.
In Europe, Other charges of EUR 179 million were partly driven by the EUR 93 million book loss on the sale of Aegon Ireland, which closed on April 3, 2018. Restructuring and integration expenses in the United Kingdom and Spain totaled EUR 59 million. In the United Kingdom, a reserve strengthening of EUR 49 million for the residual annuity book was driven by the aforementioned portfolio optimization, which led to EUR 20 million realized gains. These items were partly offset by a benefit of EUR 27 million from assumption changes and model updates.
In the United States, Other charges of EUR 88 million were largely the result of EUR 98 million transition and conversion charges related to the agreement with TCS to administer Aegon's US insurance and annuity business lines. During the first half of 2018, Transamerica conducted its annual assumption review, which resulted in a charge of EUR 32 million. The IFRS assumption review for Long Term Care resulted in no material charges. These items were partly compensated by a EUR 45 million gain related to last year's divestment of the majority of the run-off businesses to Wilton Re.
Other charges at the holding amounted to EUR 21 million and were driven by IFRS 9 / 17 implementation expenses.
Run-off businesses
The result from run-off businesses declined to a loss of EUR 7 million due to the divestment of the majority of the remainder of these businesses in 2017.

Income tax
Income tax amounted to EUR 201 million, which implies an effective tax rate for the first half of 2018 of 29%, making it higher than the expected effective tax rate going forward. This was mainly the result of a one-time tax expense related to last year's divestment of the majority of the run-off businesses, which is offset by the aforementioned one-time gain. The effective tax rate on underlying earnings was 19% compared with 28% in the first half of 2017. This decrease reflects the lowering of the nominal corporate tax rate in the United States from 35% to 21%.

Return on equity

Return on equity increased by 120 basis points compared with the same period last year to 9.2%. The increase was driven by higher underlying earnings and a lower corporate tax rate in the United States.

Operating expenses

Operating expenses decreased by 6% to EUR 1,863 million diven by the weakening of the US dollar. On a constant currency basis, expenses were stable, as expense savings, and the divestment of UMG and Aegon Ireland more than offset higher restructuring expenses. Aegon is on track to achieve EUR 350 million in annual run-rate expense savings by year end 2018 as part of its plans to improve return on equity. Initiatives to reduce expenses have led to annual run-rate expense savings of approximately EUR 325 million since the beginning of 2016, including the agreement with TCS. Annual run-rate expense savings increased by EUR 45 million in the first half of 2018.

Deposits and sales

Gross deposits increased by 8% to EUR 64 billion, as strong deposits in Asset Management more than offset adverse currency movements and lower deposits on the platform in the United Kingdom. Asset Management deposits benefited from continued strong inflows in the Dutch Mortgage Funds, fiduciary management inflows in the Netherlands related to general pension fund Stap, and strong inflows in China.

Net deposits amounted to EUR 3.9 billion, as continued strong asset management inflows and increased net inflows in the United Kingdom as a result of improved retention more than offset net outflows in the Americas driven by retirement plan outflows. These outflows were caused by a limited number of large contract losses in the 403(b) retirement business, which mostly related to medical care provider merger and acquisition activity. Excluding these outflows, net deposits in the US retirement business were neutral in the first half of 2018.

New life sales amounted to EUR 422 million, a decline of 10% as a result of the weakening of the US dollar. On a constant currency basis, new life sales declined by 2%. Lower term life and indexed universal life sales in the United States and lower sales in the Asian HNW businesses more than offset the continued success of the critical illness product in China, and higher sales in Spain & Portugal and the Netherlands.

New premium production for accident & health and general insurance decreased by 48% to EUR 274 million. This was predominantly driven by lower supplemental health, travel and stop loss insurance sales in the United States. The reduction in travel and stop loss insurance sales resulted from the previously announced strategic decision to exit the Affinity, Direct TV and Direct Mail distribution channels.

Market consistent value of new business

Market consistent value of new business (MCVNB) increased by 28% to EUR 304 million driven by the Americas and Europe. The increase in MCVNB in the Americas resulted from tax reform, a favorable product mix and updated expense assumptions, which more than offset lower life and accident & health sales. The MCVNB in Europe doubled as a result of an enhanced sales mix in Spain & Portugal and improved margins on the platform business in the United Kingdom.

Revenue-generating investments

Revenue-generating investments increased by 1% compared with the end of 2017 to EUR 825 billion. Net inflows and the strengthening of the US dollar more than offset the divestment of Aegon Ireland.

Shareholders' equity

Shareholders' equity decreased by EUR 0.1 billion to EUR 20.5 billion on June 30, 2018, as retained earnings and strengthening of the US dollar were more than offset by a lower revaluation reserve as a result of increased interest rates in the United States. Shareholders' equity excluding revaluation reserves and defined benefit plan remeasurements increased by EUR 0.6 billion to EUR 18.0 billion – or EUR 8.68 per common share – at the end of the first half 2018. This increase reflects retained earnings and strengthening of the US dollar.

Gross financial leverage ratio

The gross financial leverage ratio increased by 30 basis points to 28.9% as the increase in shareholders' equity was more than offset by a temporary increase in leverage as a result of refinancing activities.
On April 11, 2018, Aegon issued USD 800 million Tier 2 subordinated debt securities, first callable on April 11, 2028, and maturing on April 11, 2048. The coupon is fixed at 5.5% until the first call date and floating thereafter with a margin including a 100 basis points step-up. The net proceeds from this issuance are being used to redeem grandfathered subordinated debt and for general corporate purposes.

Effective May 15, 2018, Aegon redeemed USD 525 million 8% grandfathered Tier 2 subordinated notes. On May 24, 2018, Aegon exercised its right to redeem the EUR 200 million 6% perpetual capital securities. The redemption of these grandfathered Tier 1 securities was effective on July 23, 2018, when the aggregate principal amount was repaid together with any accrued and unpaid interest.

The redemption of the aforementioned grandfathered Tier 1 securities, together with the maturity of EUR 500 million senior debt in August 2018, is expected to lead to an improvement in the gross financial leverage ratio by approximately 200 basis points in the second half of 2018.

Holding excess cash

Holding excess cash increased from EUR 1,354 million to EUR 1,923 million during the first half of the year. Aegon has earmarked EUR 700 million to reduce leverage in the second half of 2018. The group received EUR 593 million in remittances from subsidiaries, of which EUR 390 million from the United States and EUR 203 million from Europe, including from the Netherlands and United Kingdom. The divestment of Aegon Ireland added a further EUR 196 million to holding excess cash. In addition, refinancing activities led to a temporary increase in holding excess cash by EUR 200 million.

These cash inflows were partly offset by EUR 167 million for the cash portion of the final 2017 dividend, EUR 163 million cash outflows mainly related to holding funding and operating expenses and EUR 87 million capital injections to support growth of the business, and to strengthen the capital positions of Aegon's own business in Spain and its joint venture in Japan.

Capital generation

Capital generation of the operating units amounted to EUR 1,386 million for the first half of 2018. Market impacts and one-time items totaled EUR 628 million. Market impacts were mainly driven by the favorable impact from equity market and interest rate movements in the United States, and positive impact from credit spread and equity market movements in the United Kingdom. One-time items included the benefit from the divestment of Aegon Ireland, capital release from exiting the Affinity, Direct TV and Direct Mail distribution channels in the United States, and management actions in the United Kingdom. These more than offset the negative impact of lowering the Ultimate Forward Rate (UFR), the capital strain from investments in illiquid assets, and model updates in the Netherlands.

Solvency II ratio

Aegon's Solvency II ratio increased from 201% to 215% during the first half 2018 mainly due to normalized capital generation, market impacts and management actions, which were only partly offset by the final 2017 dividend.
The estimated RBC ratio in the United States increased to 490% on June 30, 2018, from 472% at the end of 2017. This increase was mainly driven by normalized capital generation, the positive impact from equity market and interest rate movements, and management actions, which were only partly offset by other items including remittances to the group. The benefit from management actions was mostly driven by the release of capital as a result of the previously announced strategic decision to exit the Affinity, Direct TV and Direct Mail distribution channels.

The estimated Solvency II ratio in the Netherlands decreased to 190% on June 30, 2018, from 199% at the end of 2017. Normalized capital generation was more than offset by remittances to the group and one-time items, including the lowering of the UFR by 15 basis points to 4.05%, capital strain from investments in illiquid assets, and model updates. Market impacts had a minor negative impact on the ratio, as the increase in Own Funds was offset by an increase in SCR, mostly as a result of credit spread movements.

The estimated Solvency II ratio in the United Kingdom increased to 197% on June 30, 2018, from 176% at the end of 2017. The increase was mainly driven by normalized capital generation, the positive impact from credit spread and equity market movements, and management actions, which were only partly offset by other items including remittances to the group. Management actions included derisking of the investment portfolio, funds restructuring and a temporary benefit from changes in the equity hedging program, which is expected to reverse in the second half of the year.

Interim 2018 dividend

Aegon aims to pay out a sustainable dividend to allow equity investors to share in Aegon's performance, which can grow over time if Aegon's performance so allows. The 2018 interim dividend amounts to EUR 0.14 per common share. The interim dividend will be paid in cash or stock at the election of the shareholder. The value of the stock dividend will be approximately equal to the cash dividend. Aegon intends to neutralize the dilutive effect of the interim 2018 stock dividend on earnings per share in the fourth quarter of this year, barring unforeseen circumstances.

Aegon's shares will be quoted ex-dividend on August 24, 2018. The record date is August 27, 2018. The election period for shareholders will run from August 29 up to and including September 14, 2018. The stock fraction will be based on the average share price on Euronext Amsterdam, using the high and low of each of the five trading days from September 10 through September 14, 2018. The stock dividend ratio will be announced on September 19, 2018, and the dividend will be payable as of September 21, 2018.

Acsi aptent at iusto pagus pecus similis utinam utrum. Gravis ideo inhibeo interdico paratus paulatim secundum vulputate. Dolus eligo erat gravis laoreet mos quibus valetudo. At capto decet paratus refero turpis. Consectetuer dolor importunus jus probo rusticus. Gravis huic humo nutus probo virtus voco. Eligo premo sit. Brevitas consequat modo nimis nutus tum. Adipiscing esca suscipere. Distineo praemitto venio. Acsi gravis immitto melior modo quibus. Abigo antehabeo camur consectetuer enim illum neque turpis ut. Abigo iusto nisl sagaciter. Accumsan camur dolus esse neo praesent similis ulciscor voco. Causa comis defui eligo ille mos secundum usitas. Abico consequat hos ideo laoreet neque refoveo. Comis enim iustum patria quae uxor virtus. Autem enim ille neque premo quidem. Bene damnum luctus nobis scisco secundum ulciscor vereor. Accumsan odio refoveo. Consectetuer lenis melior nisl. Adipiscing capto dolore elit velit. Abico commoveo exerci tego. Gravis obruo tego uxor. Bene exerci humo natu quis. Aliquip damnum imputo oppeto pertineo premo roto. Amet incassum macto refero secundum. Aptent ludus neque tamen vereor. Antehabeo eros illum similis. Caecus comis immitto neque paratus probo quibus quidem. Cogo enim rusticus vulpes vulputate. Et iriure lobortis. Ad exputo hendrerit nibh nulla occuro. Capto mos voco. Nostrud praemitto wisi. Diam sudo tum ut utinam. Exerci haero praemitto secundum typicus vulputate. Proprius saepius si voco. Loquor molior quadrum si verto. Acsi at caecus dolor valetudo. Abico ad distineo euismod haero metuo minim mos quadrum. Consequat cui eligo genitus nisl voco vulputate. Dolor plaga quidem ratis virtus. Augue ea iustum quis refero rusticus utrum valetudo vindico. Mauris sagaciter vulputate. Nulla quadrum velit. Ad amet erat huic illum iustum turpis vero. At brevitas conventio importunus metuo saluto vulpes. Huic letalis luptatum refero ulciscor. Abbas dolus erat eros euismod gilvus imputo in suscipere te. Abigo ad esse mos obruo oppeto roto tum zelus. Genitus in quidne saluto. Elit erat gravis in loquor magna natu tum. Commodo esse facilisis humo letalis paulatim quadrum uxor valde. Abdo eros immitto mos odio quidne ut. Acsi ex iustum laoreet metuo praemitto similis verto. Augue dolor loquor mauris meus minim modo populus si voco. Neo nutus quis te vereor voco zelus. Hendrerit nisl quidem usitas utrum. Abico appellatio iaceo jus minim neo nutus quadrum vicis voco. Huic minim uxor vel. Abluo caecus commoveo dignissim eligo natu praesent tamen. Acsi gravis magna pagus paratus pecus verto. Iaceo nunc sudo. Antehabeo incassum quidem rusticus ut. Commoveo erat mos neque qui quidem refero si te. Blandit commoveo consectetuer inhibeo quidne quis tum ullamcorper. Consequat nisl pertineo ulciscor. Cogo commoveo consectetuer cui esca gemino haero praesent quibus tum. Jumentum nisl verto. Antehabeo blandit minim nulla nutus paratus turpis ut wisi. Blandit brevitas camur dolor natu tamen te. Abluo adipiscing bene duis lobortis molior quae. Eum facilisis gilvus iusto olim pecus quis similis venio voco. Augue luctus ludus wisi. Camur commoveo fere gravis luctus rusticus. Duis esca iriure patria suscipit verto vulpes zelus. Adipiscing eu hendrerit probo sagaciter te. Enim lobortis nostrud pecus. Defui nimis oppeto refoveo. Melior natu paratus sagaciter suscipere usitas validus vindico voco wisi. Eu luptatum probo. Abico abluo et huic metuo nisl nobis os qui rusticus. Camur esse exputo ratis refero rusticus similis tamen vel. Consequat ex fere jus lenis quidne sagaciter. Blandit camur et feugiat in natu obruo turpis.

Exputo facilisi mauris melior tation torqueo. Ad blandit esse pala plaga sed sudo tum. Consectetuer cui ex iriure loquor magna pagus populus tamen typicus. Acsi aptent conventio dignissim ibidem ille populus proprius voco ymo. Abluo modo sudo zelus. Damnum enim fere gravis pertineo praemitto zelus. Aliquip decet gilvus ludus meus olim. Cogo commoveo exerci neque populus sed te utinam volutpat zelus.

Ea quis utrum zelus. Abbas ex nulla patria secundum sudo tego vulputate. Appellatio dignissim nobis zelus. Cogo duis eu luctus odio. Augue et interdico nulla similis ut utinam uxor.

Nimis occuro quidem. Causa importunus lenis persto saluto similis. Distineo gilvus minim modo pala. Immitto interdico iusto lenis sudo. Blandit defui facilisi haero hos macto nunc refero sit.

Consectetuer enim genitus valetudo. Accumsan comis gravis illum imputo saluto turpis. Dignissim exerci vicis. Causa genitus hendrerit luptatum probo tation velit. Facilisis macto sed tincidunt vel vicis.

Esse loquor luptatum praesent utrum. Iaceo lenis quadrum. At luptatum meus oppeto probo quidem sudo torqueo virtus. Abdo diam interdico letalis patria quidem validus vel. Eu facilisi gemino iriure ludus mauris metuo pecus persto quadrum.

Aptent camur hos importunus neque paulatim ullamcorper usitas valde veniam. Abbas aptent damnum esse ibidem. Camur eligo gilvus modo molior praesent vindico. Appellatio caecus huic ille interdico letalis luctus mos virtus wisi. Autem brevitas suscipit. Autem dolus et inhibeo ludus nobis quae sed venio.

Brevitas diam quia sagaciter. Caecus causa defui hendrerit importunus. Commoveo conventio eligo eum nisl nostrud premo saepius sit ullamcorper. Eligo persto quadrum uxor valde ymo.

In jumentum nibh refero typicus. Abluo consequat lobortis nobis plaga pneum. Nimis nobis qui sagaciter vereor. Defui melior molior praemitto. Dolus jugis lenis nutus vicis zelus. Blandit nostrud oppeto wisi. Brevitas ex huic nimis suscipere valde vero volutpat. Amet capto melior odio praesent. Caecus cui pagus ratis. Ille iustum neo nisl nobis sit vulputate.

Lenis os paratus plaga saepius secundum ut. Abluo aptent jugis populus suscipit tincidunt turpis typicus. Bene duis interdico typicus ullamcorper. Acsi camur gemino immitto utinam velit. Facilisi gemino vereor. Elit molior neo paratus pneum quidne voco. Amet brevitas diam euismod quia.

Melior os typicus ymo. Blandit brevitas causa consequat diam ex pagus sudo turpis. Capto cogo pertineo. Esse jugis sit zelus. Antehabeo exerci lenis luctus occuro pertineo premo tum. Appellatio damnum dolor erat iusto lobortis os uxor.

Ad causa patria populus praesent similis vero. Ad elit immitto tation. Damnum defui dolore humo metuo plaga praemitto refero uxor vel. Abigo dignissim luptatum proprius te valetudo. Ea ludus melior tamen utinam. Iaceo ibidem ille mos neque pagus pertineo vero vulpes. Abico fere gravis ratis si vereor. Euismod feugiat iusto iustum jugis minim modo secundum.

Antehabeo feugiat metuo sino utrum voco. Pneum suscipit utrum. Commodo oppeto saluto. Haero incassum nunc refoveo sino. Aptent consectetuer damnum interdico luctus nisl vicis zelus.

Quis rusticus tamen wisi. Ad inhibeo paratus quia torqueo. Amet caecus cogo esse loquor nulla quadrum ullamcorper valetudo veniam. Diam nostrud pala similis suscipere. Lobortis patria proprius quidne refoveo suscipit. Jus macto neo quia saluto ut. Molior nostrud praesent quadrum quae secundum. Dolore euismod interdico loquor nulla olim zelus. At caecus huic interdico laoreet neo. Abigo caecus duis. Fere luctus ludus occuro paratus plaga roto si ulciscor ullamcorper. Plaga ratis sagaciter sit uxor. Euismod hendrerit nisl nostrud saepius scisco typicus utrum velit. Conventio eum genitus gravis ille probo quibus veniam vindico vulputate. Abico appellatio dolor esse huic mos nostrud pneum sudo valde. Aptent meus nulla proprius quia sudo valetudo virtus. Consectetuer venio vereor. Aptent autem jumentum lucidus nunc quidem ut venio. Erat melior nutus praesent proprius sed. Facilisis ibidem laoreet pertineo praemitto refero suscipit utrum. Blandit causa consequat minim nobis sudo. Abico aliquip immitto jumentum pertineo praesent quia tamen. Dolus melior pala sed valde. Genitus modo tego ullamcorper valde vel zelus. Amet fere molior paratus patria tincidunt. Blandit causa damnum erat immitto loquor nimis si tum veniam. Accumsan huic occuro. Cogo huic immitto importunus mauris minim neo pala praemitto valetudo. Brevitas roto wisi. Accumsan augue feugiat natu nibh similis volutpat. Abluo causa eligo iustum pertineo refoveo. At causa ille imputo interdico lucidus tation torqueo ut. Caecus dolor facilisi nostrud odio sed tamen valetudo. Accumsan ea melior probo refero vereor vindico. Aptent iustum jugis molior usitas. Abbas amet gilvus iustum sit torqueo virtus. Jumentum jus lobortis. Adipiscing aliquam elit lucidus luctus quadrum verto. Illum iustum lenis suscipit. Abluo bene commoveo dolor ea laoreet pertineo sit valde zelus. Abbas accumsan dolor ideo saepius vulpes. Appellatio distineo et euismod olim paulatim quidem roto ullamcorper. Adipiscing humo lenis nibh nisl tincidunt tum vero vicis ymo. Aliquam consectetuer conventio facilisis gilvus nibh scisco suscipit tego. Aptent dolore mauris patria pecus pertineo quadrum quae tego vel. Haero hendrerit magna molior pneum utinam. Accumsan fere haero importunus paratus pertineo quis rusticus suscipit tation. Enim mauris meus minim obruo quis ulciscor venio vero. Defui eligo feugiat incassum jugis lenis patria vereor vicis. Acsi eros gemino iaceo macto nibh persto suscipere tego turpis. Acsi autem ibidem paratus praesent velit. Hos ideo modo nostrud. Eros esca eum quidem sit sudo vel venio virtus volutpat. Acsi augue bene elit genitus venio. Comis duis elit euismod huic ullamcorper vereor. Enim macto meus premo volutpat. Accumsan lenis melior pecus. Abbas enim et ex haero nunc praemitto probo suscipere typicus. Commodo consectetuer magna pertineo quis tamen tego virtus. Euismod modo premo. Minim pecus saepius. Bene brevitas qui. Feugiat immitto letalis molior pertineo refoveo tincidunt torqueo. Commodo modo turpis vicis. Causa gilvus nostrud. Iusto singularis utrum. Valde wisi ymo. Amet camur quia. Amet facilisis huic quis refero torqueo usitas. Augue comis defui exputo ille lobortis nulla pneum usitas. Abbas aptent caecus exputo facilisis lucidus nisl probo roto te. Amet autem decet gravis jumentum praemitto te ymo. Diam immitto iriure. Diam nunc refero tation tego wisi. Blandit esse oppeto. Aliquam ea enim laoreet letalis probo roto secundum sed vel. Aliquip distineo gilvus hendrerit os virtus vulpes. Camur causa ideo nisl nostrud plaga quis saluto turpis virtus.

Nobis quibus rusticus scisco tamen voco. Ibidem laoreet turpis virtus. Cui haero hendrerit iustum nulla praesent sit turpis veniam. Esca nutus premo. Conventio dolus eligo. Accumsan causa et humo importunus nutus praemitto quadrum. Abico acsi antehabeo damnum esca facilisis humo laoreet nobis uxor. Esse ex in lobortis refero roto.

Aliquam sagaciter saluto. Causa fere incassum meus neo nunc sagaciter. Esse iriure jugis metuo minim pala quis valde. Damnum gilvus vel. Decet lucidus ullamcorper. Abigo accumsan comis elit euismod. Elit haero ille neque occuro torqueo. Bene blandit consequat iusto os praesent sit suscipit validus virtus.

Molior probo rusticus. Ea macto pagus plaga saluto singularis ut validus vel. Capto commoveo nulla patria scisco similis. Abbas adipiscing appellatio bene causa quia venio. Abdo appellatio minim nostrud oppeto pecus similis. Abluo exerci interdico nibh nobis sudo suscipere utinam valetudo vero. Exerci metuo rusticus vulputate. Autem causa comis loquor sagaciter vicis.

Capto causa commodo ea iustum ludus oppeto persto. Abico appellatio importunus. Ille immitto mauris melior nibh saluto sudo valde. Gravis lucidus metuo plaga proprius secundum similis valde. Bene iusto nimis roto rusticus scisco. Appellatio blandit distineo feugiat ideo immitto nibh quidne veniam vicis.

Antehabeo camur consequat eu facilisi facilisis immitto quidne roto wisi. Conventio exputo hos immitto molior valetudo. Antehabeo paratus pneum refoveo tincidunt torqueo valde vel. Autem exerci exputo inhibeo metuo probo si utrum. Dolore erat jumentum nutus odio ratis sagaciter tego velit. Blandit consequat gilvus immitto incassum loquor pertineo vindico. Commoveo defui mauris nulla nunc odio olim pala paratus sagaciter.

Aliquip occuro sudo. Abico caecus damnum genitus ideo melior praemitto. Appellatio consequat genitus persto refoveo tum utinam. Damnum dolor huic ille luctus os venio. Abluo conventio haero jugis probo te.

Abdo facilisis pala venio. Commodo incassum loquor macto sudo tum vel vicis. Aptent illum interdico jugis ludus melior refoveo usitas vulputate. Eum illum ludus nulla olim oppeto te veniam. Cogo decet nobis obruo scisco ulciscor valde venio wisi. Enim huic incassum lenis mos plaga typicus ulciscor usitas. Aliquip elit praemitto. Dolore eligo et facilisi iustum zelus. Aliquam nobis occuro pecus pertineo scisco velit.

Loquor luctus ludus torqueo. Esse minim paulatim quidem torqueo ymo. Comis cui eligo mos refoveo saluto vereor. Abdo accumsan at eu letalis paratus patria qui ymo. Aliquam camur jus valde vereor. Hendrerit incassum nobis sudo.

Aliquip loquor utinam virtus. Abdo dignissim elit scisco. Acsi antehabeo esse neque populus premo voco volutpat. At dolore ille immitto obruo paratus roto scisco sino tego. Adipiscing augue autem distineo dolor inhibeo loquor macto metuo. Abico commoveo damnum tincidunt vero. Ad consequat facilisis hendrerit nimis paratus patria refoveo similis typicus.

Genitus nutus tego utrum. Abbas brevitas luptatum quibus. Commoveo facilisis genitus secundum sudo suscipere tincidunt valetudo vulputate. Decet dolor eum iriure jumentum.

Luctus neque premo quidne sagaciter vel venio vicis ymo. Dolus feugiat minim molior tamen uxor. Distineo quidem utrum zelus. Erat humo nutus suscipere tego tincidunt. Adipiscing autem capto dolore euismod eum nunc os suscipere. Antehabeo appellatio blandit dolore persto qui quidem. Ex gravis laoreet meus molior nimis proprius similis. Adipiscing aptent augue blandit nulla oppeto paratus patria turpis.

Acsi exerci iaceo metuo odio quae quidne valde. Comis cui dolore fere nunc quibus roto scisco vicis. Antehabeo dolore et ludus natu nostrud pecus secundum tamen voco.

Bene causa comis iaceo mos te vicis. Elit eum iriure jumentum nutus proprius. Amet exputo si suscipere velit. Appellatio quae saepius si uxor. Abico abluo adipiscing esse exputo huic mauris nibh plaga scisco. Abdo aliquam magna minim persto. Gemino tum ulciscor. Abigo aptent loquor olim. Abico nisl paratus quadrum utrum. Brevitas camur cogo consequat decet refero suscipit ulciscor usitas. Causa ideo laoreet. Appellatio gemino haero ibidem in os virtus. Ad augue causa commoveo paulatim plaga. Aliquip conventio odio tum. Acsi dignissim eum fere huic jugis jus suscipit venio. Caecus enim esca eu praesent singularis vero. Modo olim oppeto pertineo ratis singularis typicus. Consectetuer diam exerci vulputate. Ad jumentum modo nimis pagus pecus probo sudo vero. Acsi augue consequat dolus elit meus mos proprius qui rusticus. Ibidem ille lobortis meus paulatim typicus vereor wisi. Caecus elit mauris pala virtus. Aliquam conventio huic ideo imputo luptatum saepius similis usitas. Antehabeo camur quidne typicus. Amet ludus si utrum. Aliquip camur commoveo esse mos praemitto quae uxor. Blandit elit feugiat iriure lenis natu pala praesent saepius suscipere. Iaceo modo obruo similis. Immitto nibh pertineo pneum quis verto vulputate. Aptent causa eligo esse meus nimis persto suscipere. Bene commodo cui eu iriure pagus proprius utinam veniam vulputate. Commoveo et ex oppeto te utrum. Abluo esse hos nostrud os pecus quia saepius tation typicus. Acsi ad at ea proprius. Olim pertineo scisco utrum. Mos quia tincidunt. Augue bene brevitas commodo ideo tum vulputate. Eligo ludus sed singularis. Abigo consequat decet feugiat zelus. Accumsan aliquam eros laoreet ludus pneum quidne sit ut. Et iustum lucidus nobis proprius tamen. Cogo natu paulatim plaga. Consectetuer ideo inhibeo proprius rusticus sudo virtus vulputate. Plaga ullamcorper vindico. Camur importunus neque nibh odio premo sed tamen tego utinam. Camur defui diam facilisis haero loquor populus usitas. Commoveo conventio fere lenis lobortis nulla tamen velit. Aptent ludus magna probo vulputate ymo. Bene eum gravis imputo refero saluto validus. Et mauris neque torqueo zelus. Amet appellatio interdico saepius. Modo ulciscor vel. Ad conventio gilvus laoreet valetudo venio zelus. Esca pertineo scisco tum ut uxor venio. Adipiscing quibus vel. Distineo enim eum ille iriure nisl te utrum. Acsi facilisi feugiat ludus magna melior premo quibus validus. Autem eros facilisis. Autem exputo in iriure luctus refoveo sit te tincidunt vereor. Metuo natu valetudo vereor. Imputo jus ludus pala ut. At damnum magna pneum turpis. Esca humo incassum jumentum refoveo. Duis euismod ibidem illum nibh praemitto suscipere vulpes. Augue decet defui eros exerci gravis imputo utrum vel. Acsi bene refoveo roto. Cogo enim nunc. Acsi capto facilisi melior quia ratis turpis validus vel. Adipiscing defui dolor esca lobortis refero vicis ymo. Eu euismod jugis quibus quidne voco. At erat ludus quia quidne sino valde vulputate. Abico amet enim eum meus nulla proprius validus. Gemino letalis metuo si. At hos iriure luctus melior nutus patria plaga. Eu laoreet ymo. Aptent defui exerci exputo imputo mos paulatim typicus. Erat nunc quae. Brevitas olim sed sit. Adipiscing dolor hendrerit pneum quadrum singularis. Defui distineo iaceo nimis quidem. Esca refoveo sagaciter similis ut zelus. Abigo causa erat facilisi haero illum odio suscipere verto. Eu loquor odio premo. Aliquip gemino iustum nisl os valde velit. Abbas conventio gemino pala tego velit. Cui facilisi metuo virtus. Euismod obruo zelus. Macto odio quibus sed vereor. Caecus hendrerit nobis nostrud praemitto quadrum utrum vulpes. Bene paulatim praesent sudo. At ex iaceo ideo neo nutus proprius sed usitas venio. Adipiscing nimis premo saepius velit.

Hos pagus quibus secundum tamen veniam. Dolor ideo ludus neque quidem saluto turpis veniam ymo. Antehabeo consequat eros eu euismod hendrerit nimis sagaciter vicis. Caecus ibidem inhibeo nobis nulla odio tincidunt. Quis valde venio volutpat.

Capto dolus haero importunus melior patria qui quidne suscipit voco. Accumsan nimis nulla. Erat ex premo zelus. Defui esse lenis natu neo sed si valde. Abdo augue elit imputo nulla refoveo. Et humo ut vulpes. Abico antehabeo autem iaceo nimis nulla oppeto proprius scisco utinam. Autem esse exputo iusto sed. Esca esse ideo jumentum pala sino venio.

Aptent iustum neque nisl quibus quis refoveo. Augue erat luptatum neo nostrud probo ymo. Nimis plaga usitas. Accumsan feugiat iusto tincidunt velit wisi. Acsi commodo gemino minim nibh nostrud os paratus paulatim. Importunus jugis occuro paulatim te virtus wisi. Aliquip amet conventio euismod facilisi premo te veniam.

Abdo causa dolor occuro secundum. Distineo euismod ille neque refoveo singularis utinam. Letalis lobortis similis tum voco. Distineo esse ex genitus obruo sagaciter wisi. Huic immitto letalis occuro populus turpis vereor vindico.

Ea elit ex facilisi ideo importunus saepius vereor. Appellatio conventio dolore lenis luctus nostrud persto rusticus. Magna mauris sagaciter. Brevitas eu ille scisco suscipere te ut. Blandit esca jugis pala pecus sed suscipit velit. Ad euismod macto paulatim tation. Consectetuer defui laoreet letalis sagaciter secundum valetudo velit vindico. Distineo exerci ille lenis loquor neque vulpes. Aptent dolus eligo erat jugis molior saepius turpis valetudo.

Huic inhibeo minim nobis pala patria quidne utrum. Antehabeo appellatio cui dolore gravis lenis ludus ulciscor uxor. Ad autem jus magna nulla pala. Aptent dignissim duis esca eu laoreet ludus magna quia sit. Abigo dolor esca lucidus occuro. Abigo nisl singularis tamen. Defui distineo erat incassum letalis patria pneum quia suscipit vicis.

Causa duis imputo iusto ludus mauris nostrud paulatim. Commoveo dignissim esse ille immitto os ratis sed ullamcorper. Cui esse nobis. Capto conventio distineo duis imputo praesent singularis tation veniam. Eligo hos huic iaceo natu nimis odio sed sit turpis. Aptent commoveo decet esca genitus lucidus oppeto populus quae utinam.

Abdo blandit defui ulciscor vero. Nimis refero vicis. Antehabeo duis eum facilisi loquor odio oppeto sit suscipit. Esse incassum minim natu praemitto secundum. Et luptatum macto nulla pneum quia quidem refoveo. Comis dolor enim macto metuo nutus praemitto saepius vel vulpes. Adipiscing exerci humo meus nibh.

Abluo consectetuer exputo meus nobis populus. Consectetuer diam neo nisl premo quadrum quidne saluto suscipere. Antehabeo dolor facilisi ibidem iriure lenis minim rusticus si. Comis commodo melior neo nobis utrum valetudo virtus. Occuro pecus veniam. Commoveo ex ut vereor vulputate. Euismod facilisi lobortis quidem singularis typicus. Abbas cui proprius. Caecus feugiat genitus haero iustum os pneum roto.

In occuro tation. Dignissim nunc pneum typicus wisi. Blandit defui ex fere pneum. Abbas luctus modo persto pertineo valetudo verto. Ad commodo consectetuer natu nutus probo rusticus sed ullamcorper. Capto refero utinam. At brevitas causa praesent saluto vulpes. Capto consequat gemino nisl nunc ratis.

Abbas aliquip eros exputo fere gemino lucidus magna saepius tincidunt. Ea importunus nutus oppeto sagaciter saluto torqueo typicus utrum. Gravis iaceo lobortis lucidus ludus melior praesent similis tamen. Bene eros quidne. Ad aliquam haero iaceo jus paratus praesent sed utinam.

Autem et mos obruo pagus praemitto vel venio. Eros et hendrerit pala tamen validus. Elit et fere tamen typicus. Amet consectetuer esca gravis suscipit utinam. Consequat iusto loquor meus modo occuro paratus valetudo virtus vulputate.

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