Climate Change 2017 - Aegon · Data and insights G u i d a n c e & q u e s t i o n n a i r e s C o...

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Climate Change 2017 - AegonModule: IntroductionPage: IntroductionCC0.1IntroductionPlease give a general description and introduction to your organization.

Aegon’s history dates back over 170 years. Aegon was formed in 1983 through the merger of AGO andEnnia, both of which were successors to insurance companies founded in the 1800s. Aegon isheadquartered in the Netherlands and through its subsidiaries employs over 30, 000 people worldwide.

The Company fosters an entrepreneurial spirit within its businesses and encourages the innovation ofproducts and services. New products and services are developed by local business units with acontinuous focus on helping people achieve a lifetime of financial security. Aegon uses a multi-brand,multichannel distribution approach to meet its customers’ needs.

Aegon has the following reportable operating segments: the Americas, which includes the UnitedStates, Mexico and Brazil; the Netherlands; the United Kingdom; and New Markets, which includes anumber of countries in Central & Eastern Europe and Asia, in addition to Spain, France, Ireland, andAegon Asset Management.

Please see pages 8-9 of our Annual Review for more on this.

CC0.2Reporting YearPlease state the start and end date of the year for which you are reporting data.

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The current reporting year is the latest/most recent 12-month period for which data is reported. Enter thedates of this year first.We request data for more than one reporting period for some emission accounting questions. Please providedata for the three years prior to the current reporting year if you have not provided this information before, orif this is the first time you have answered a CDP information request. (This does not apply if you have beenoffered and selected the option of answering the shorter questionnaire). If you are going to provide additionalyears of data, please give the dates of those reporting periods here. Work backwards from the most recentreporting year.Please enter dates in following format: day(DD)/month(MM)/year(YYYY) (i.e. 31/01/2001).

Enter Periods that will be disclosedFri 01 Jan 2016 - Sat 31 Dec 2016

CC0.3Country list configuration Please select the countries for which you will be supplying data. If you are responding to the Electric Utilitiesmodule, this selection will be carried forward to assist you in completing your response.

Select countryUnited Kingdom

Netherlands

United States of America

CC0.4Currency selection Please select the currency in which you would like to submit your response. All financial informationcontained in the response should be in this currency.

EUR(€)

CC0.6ModulesAs part of the request for information on behalf of investors, companies in the electric utility sector,companies in the automobile and auto component manufacturing sector, companies in the oil and gassector, companies in the information and communications technology sector (ICT) and companies inthe food, beverage and tobacco sector (FBT) should complete supplementary questions in addition to thecore questionnaire.If you are in these sector groupings, the corresponding sector modules will not appear among the options ofquestion CC0.6 but will automatically appear in the ORS navigation bar when you save this page. If you wantto query your classification, please email [email protected] you have not been presented with a sector module that you consider would be appropriate for yourcompany to answer, please select the module below in CC0.6.Further Information

Module: ManagementPage: CC1. GovernanceCC1.1Where is the highest level of direct responsibility for climate change within your organization?

Board or individual/sub-set of the Board or other committee appointed by the Board

CC1.1aPlease identify the position of the individual or name of the committee with this responsibility

Marco Keim is the CEO of Aegon the Netherlands and is also a member of the Management Board forAegon NV, the holding company for the entire group. He is the board member responsible allsustainability (including climate change) matters for Aegon NV.

CC1.2Do you provide incentives for the management of climate change issues, including the attainment of targets?

Yes

CC1.2aPlease provide further details on the incentives provided for the management of climate change issues

mailto:[email protected]

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Who is entitledto benefit from

theseincentives?

The typeof

incentives

Incentivizedperformance

indicator

Comment

Board/Executiveboard

Monetaryreward

Other: DJSI Board Type: Aegon has a two-tier system ofcorporate governance, with an independentSupervisory Board (9 members) and a separateExecutive Board. The Executive Board (consistingof the CEO (Alex Wynaendts) and the CFO(Matthew Rider) is supported by a ManagementBoard, currently comprised of 10 members: thetwo members of the Executive Board, thecompany's Chief Risk Officer, the CEOs ofAegon's businesses in the Americas, ContinentalEurope and United Kingdom, the Global Head HR,the CEO Aegon Asset Management, the GlobalChief Technology Officer and the General CounselExecutive Board remuneration is made up of afixed component and a variable component, and isbased on the companies performance as well asthe individuals performance. 25% of the groupportion of executives variable compensation isbased on performance of non-financial- relatedobjectives .

Chief ExecutiveOfficer (CEO)

Monetaryreward

Board Type: Aegon has a two-tier system ofcorporate governance, with an independentSupervisory Board (9 members) and a separateExecutive Board. The Executive Board (consistingof the CEO (Alex Wynaendts) and the CFO(Matthew Rider) is supported by a ManagementBoard, currently comprised of 10 members: thetwo members of the Executive Board, thecompany's Chief Risk Officer, the CEOs ofAegon's businesses in the Americas, ContinentalEurope and United Kingdom, the Global Head HR,the CEO Aegon Asset Management, the GlobalChief Technology Officer and the General CounselExecutive Board remuneration is made up of afixed component and a variable component, and isbased on the companies performance as well asthe individuals performance. 25% of the groupportion of executives variable compensation isbased on performance on non-financial relatedobjectives. Our CEO also has personal objectives,which in 2016 included climate change relatedgoals which included our inclusion in the DJSI.

Business unitmanagers

Recognition(non-monetary)

Several of our own buildings in the US along withsome of our investment projects have beengranted LEED certification, demonstrating a strongcommitment to energy efficiency and greendesign. Our operations in the UK and NL are alsocertified to ISO 14001 standard.

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Who is entitledto benefit from

theseincentives?

The typeof

incentives

Incentivizedperformance

indicator

Comment

Energymanagers

Monetaryreward

Energyreductiontarget

In some countries our energy / recycling / wastemanagement targets do form part of our EnergyManagers personal objectives (this is the case inthe UK). When these targets are met and / orexceeded then this may be recognized within thelevel of individual pay award and bonus system.

Facilitymanagers

Recognition(non-monetary)

EmissionsreductionprojectEmissionsreductiontargetEnergyreductionprojectEnergyreductiontarget

In some countries our energy / recycling / wastemanagement targets do form part of our FacilitiesManagers personal objectives. When thesetargets are met and / or exceeded then this maybe recognized within the level of individual payaward and bonus system.

Other: PortfolioManagers

Other non-monetaryreward

Environmentalcriteriaincluded inpurchasesOther:Behaviourchangerelatedindicator

As of Dec 2016 - Aegon offers 7 sociallyresponsible investment (SRI) funds includingthose related to climate change. Portfoliomanagers are recognized for the performance oftheir funds. This can be both monetary and non-monetary. In November 2011 Aegon adopted aResponsible Investment (RI) policy whichincorporates environmental, social andgovernance (ESG) criteria into our decisionmaking process. Adherence to this policy is one ofthe items included in the portfolio managersperformance. In addition to this, portfoliomanagers are required to complete a trainingprogram on how to include ESG criteria into theirinvestment decision making process - failure tocomplete this training may jeopardise theireligibility for reward. in 2016 71% of thoseinvolved in investment decision making completedthis training. This figure was audited by ourexternal auditors - PwC.

All employees Recognition(non-monetary)

Throughout the year we continue to makeemployees aware of how their efforts andconsiderations can impact the over all companiesfootprint and positive or negative impact on theenvironment - often giving tips and advice on howto recycle and reduce waste as well as be moreefficient in the use of the buildings energy.

Board/Executiveboard

Other non-monetaryreward

Other: DJSI Executive Board variable remuneration iscomprised of 50% monetary reward (cash) and50% non-monetary (company shares). Our CEOalso has personal objectives, which in 2016included climate change related goals such ascarbon neutrality and also inclusion in the DJSI.

Further Information

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Page: CC2. StrategyCC2.1Please select the option that best describes your risk management procedures with regard to climate changerisks and opportunities

Integrated into multi-disciplinary company wide risk management processes

CC2.1aPlease provide further details on your risk management procedures with regard to climate change risks andopportunities

Frequencyof

monitoring

To whom areresults

reported?

Geographicalareas

considered

How far intothe futureare risks

considered?

Comment

Six-monthlyor morefrequently

Board orindividual/sub-set of theBoard orcommitteeappointed bythe Board

The reviewcovers all ofouroperations.

> 6 years Facility risk is one of the riskcategories monitored as part of ouroperational risk management (ORM)program. This risk includes damageto our property or assets as a resulta variety of factors includingflooding, fire and other climatechange related incidents. The risk ismonitored and assessed by all of ourreporting units and included in thequarterly reporting to the local riskcommittees as well as the GroupRisk and Capital Committee (GRCC)and the Enterprise RiskManagement Committee. These twocommittees support ourManagement Board in their oversightof the company's risk managementpolicy.

CC2.1bPlease describe how your risk and opportunity identification processes are applied at both company andasset level

On a company level climate change risk is assessed in 2 ways as part of our enterprise riskmanagement program.

1. Emerging risks have been identified as risks that can have a potential but significant impact on ourbusiness. They are analyzed on a semi-annual basis by a multi-disciplinary team, including but notlimited to expertise from financial risk, operational risk, actuarial, treasury & accounting. They arereported to the Enterprise Risk Management Committee.2. Operational risks have been broken down into several categories including facility risks which looksat damage to our property or assets as a result a variety of factors including flooding, fire and otherclimate change related incidents. The results of our operational risk assessment are reported to theEnterprise Risk Management Committee.

On an asset level climate change is assessed by the country units who analyse the impact of facilityrisk on their assets and operations. Country units report on their assessment of facility risk as categoryin their reporting on operational risk. The results are reported to local risk committees and monitored atgroup level by the Enterprise Risk Management Committee. As part of our sustainable procurementpolicy we also assess environmental risk.

As part of our responsible investment policy, portfolio managers are required to take environmental,social and governance factors into consideration when making investment decisions - we also engage

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with companies in which we invest on ESG matters.

In 2016 we ran a project: Climate Investment Risk Project - together with Portfolio Risk Management.This project was formed to delve deeper into climate change investment risk, and also involve moredisciplines. You can read more about this in our 2016 Responsible Investment Report - which isattached below. Page 23.

CC2.1cHow do you prioritize the risks and opportunities identified?

Climate change risk can impact our business both as an operational risk where flood or other naturaldisaster can affect our ability to conduct business and an emerging risk where the effect of climatechange can impact the value of the companies we invest in.

Our regional and enterprise risk management committees assess, monitor and manage risk by lookingat a wide variety of risks including our operational and emerging risks. Items are prioritized at aregional and enterprise level based on thresholds for accepting and managing risk. As a result, risksthat potentially can impact the business at a global level are reported through the process to theEnterprise Risk Management Committee. For all our operational risks we assess the likelihood andlikely impact in determining the actions needed to manage the risk.

CC2.2Is climate change integrated into your business strategy?

Yes

CC2.2aPlease describe the process of how climate change is integrated into your business strategy and anyoutcomes of this process

Our sustainability programme is a key part of our corporate strategy. This programme commits us toact responsibly and to create positive impact for all our stakeholders. This includes climate change.

Consideration for the environment is built directly into the programme through the following:

Responsible Investment Policy – This policy commits us to taking Environmental and climate changeissues, as well as Social and Governance factors into our investment decision making

Sustainable Procurement Policy - this policy sets out standards and principles we expect from our keysuppliers (identified by criteria in the policy) in our supply chain and is applicable to all our businessunits around the world.

Our business strategy is in turn influenced by climate change issues through the following:

Where we invest our money:

- Through our policy of engaging through the companies we invest in (which may result in exclusion ora change in investment strategy)- Through our impact investments resulting from changes in regulation, or tax incentives introduced tocombat climate change. - At the end of 2016 we had EUR 7.2bn in impact investments which includes EUR 309m in renewableenergy, EUR 14.4m in sustainable timber, EUR 176.4m in green bonds and Green RMBS and EUR4.8bn in affordable housing some of which include environmentally friendly features.

How we manage our supply chain – which suppliers we choose to work with:

- Through our sustainable procurement policy we apply environmental and climate change (as well associal & governance) factors when assessing which suppliers to work and engage with.- In addition to our sustainable procurement policy we also have local standards coveringenvironmental and climate change issues. For example, in the UK & NL we have introducedenvironmental clauses in our standard terms and conditions.

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How we manage risk:

- Through our policies (RI and sustainable procurement policies) – these are now being more formallyincorporated into our operational risk management framework- Through our materiality process (Environmental and investment risk is included in our materialitymatrix)

We don’t have global environmental targets. Responsibility for management of environmental impactslies with our local businesses. These businesses may set targets of their own.

These are the aspects of climate change that influence our strategy:

- Regulatory change & tax incentives that have been introduced to combat climate change – this in turndrives some of our impact investments. Please see above for specific examples. - Developing green business - we are driven by demand from investors and have several SociallyResponsible Investment (SRI) funds – including a climate change fund in Hungary and a greeninvestment fund in China. - Need for adaptation (introduction of more energy-efficient features in our office buildings andpremises such as virtualization of servers and more efficient cooling units that also result in reducedcosts).

Climate change influences our strategy over both the short and long term through:

- Investments (our RI policy ensures we take environmental and climate change issues into accountwhen investing). We also invest in ‘ impact investments’, which deliver a long-term environmental orsocial benefit, as well as a financial one. Examples include investments in green bonds, sustainabletimber, and renewable energy.

- Supply chain management (we have a Sustainable Procurement policy that commits us toconsidering environmental, as well as social and governance issues) when choosing and working withsuppliers.

This approach to climate change gives us a number of strategic advantages including:

- Better risk management (through our RI and Sustainable Procurement policies and our process ofengaging with suppliers and the companies we invest in). - Better reputation. For example through our approach to responsible investment and sustainableprocurement as well as our investments in renewable energy, green bonds sustainable timber andenvironmentally friendly housing- Potentially closer match between our assets and liabilities (Investments in renewable energy etc oftenprovide a longer term return).

This approach has led to a number of substantial business decisions including:

- Becoming a signatory of the paris pledge for action- in 2015 Aegon also organized a Climate Change Summer Camp to increase awareness among itsPortfolio Managers, Analysts and Risk Managers. Four external experts from different fields wereinvited to facilitate a discussion about ESG considerations, including experts from Shell and CarbonTracker, as well as academics, to achieve a balanced view.- In May of 2016 we made the decision to divest (and make no new investments) in companies thatderive 30% or more of their revenue from the sale of thermal coal – the type of coal used for power andheat generation. This means Aegon will divest in publicly-listed equity and bond holdings in coal miningcompanies from its general account assets.- Introduction of Responsible approach to investment with regard to climate change and environment(As well as social and governance)

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- Expansion of impact investment including areas of climate change and environment- We established a project group that will focus on better understanding return implications for differentasset classes, in different climate change policy scenarios. This project will be led by the Portfolio RiskManagement function and we will work with an external adviser with a good track record in addressingcarbon risk. We expect to report on the findings and recommendations of this project work later thisyear.- From 2015 onwards we will operate as a carbon neutral company. Continuing to reduce consumption,purchasing renewable energy where possible (Incl. REC's in the US) and offsetting where unavoidable.

See more information here:

Thermal Coal Divestments:http://www.aegon.com/en/Home/Investors/News-releases/2016/Aegon-strikes-coal-mining-off-its-investment-list-/

Paris pledge for action:http://www.aegon.com/en/Home/Investors/News/News/Archive/Aegon-commits-to-action-against-climate-change/

CC2.2c Does your company use an internal price on carbon?

No, and we currently don't anticipate doing so in the next 2 years

CC2.3Do you engage in activities that could either directly or indirectly influence public policy on climate changethrough any of the following? (tick all that apply)

Direct engagement with policy makersTrade associationsFunding research organizationsOther

CC2.3aOn what issues have you been engaging directly with policy makers?

Focus oflegislation

CorporatePosition

Details of engagement Proposed legislative solution

Energyefficiency

Support Aegon is a member ofthe Global Real EstateSustainabilityBenchmark (GRESB),an industry-drivenorganization committedto rigorous andindependent evaluationof the sustainabilityperformance of realestate portfolios.GRESB works intandem with institutionalinvestors and theirportfolio managers toidentify and implementsustainability bestpractices in order toenhance and protectshareholder value.

GRESB’s mission is to enhance and protectshareholder value by evaluating and improvingsustainability best practices in the global realestate sector.

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Focus oflegislation

CorporatePosition


Cleanenergygeneration

Support Our CEO along with theleaders of 65 other ofthe world's largestinsurance companiesconfirmed theircommitment to TheGeneva Association'sClimate Risk Statement- a set of guidingprinciples on thesubstantial roleinsurance can play inthe global efforts totackle climate relatedrisks.

The insurance industry is prepared to helpcounter climate risks through activecooperation in implementing building codes orsimilar means which encourage the use ofsustainable practices. We offer to work closelywith policymakers on communicating to ourcustomers their climate risk levels, possiblestrategies of mitigation and adaptation, inquantifying the financial benefits of thosestrategies. The insurance industry providesinnovative solutions for climate risk issues.These include funding relevant research andproviding tools to its customers to assess andcounter climate risks. We recognize thesignificant benefit of pooling climate risks. Weurge policymakers to collect robust data andmake it freely available to allow riskassessment and to facilitate efficient solutionswhere premiums are risk based.

Cleanenergygeneration

Support Aegon is a signatory tothe UN Principles forResponsible Insurance(UNPRI), the ExtractiveIndustry TransparencyInitiative (EITI), and theUN Principles forSustainable Insurance(UNPSI). Through ourmembership of theseinitiatives we supportthe inclusion ofenvironmental socialand governance (ESG)factors into our decisionmaking progress.

By showing support for initiatives like theUNPRI, UNPSI and EITI we encourage andpromote an environment where ESG factorsplay a more prominent role in our decisionmaking process.

Other:Parispledge forAction

Support Aegon is a signatory tothe Paris Pledge forAction. The pledgedemonstrates that non-party stakeholders areready to play their partto support the objectivesof the Paris Agreement.By joining the pledge,businesses, cities, civilsociety groups,investors, regions, tradeunions and othersignatories promised toensure that the ambitionset out by the ParisAgreement is met orexceeded to limit globaltemperature rise to lessthan 2 degrees Celsius.

Together with 150 cities and regions, itssignatories represent 150 million people andUS$11 trillion of investment. In signing theParis Pledge, Aegon committed to quickly andeffectively contribute to the implementation ofthe Paris Agreement and accelerating thetransformative changes needed to meet theclimate change challenge.

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Focus oflegislation

CorporatePosition


Climatefinance

Support in 2015 Aegon joinedthe InstitutionalInvestors Group onClimate Change(IIGCC).

The IGCC provides investors with acollaborative platform to encourage publicpolicies, investment practices, and corporatebehaviour that address long-term risks andopportunities associated with climate change.IIGCC pursues its mission through twostrategic objectives: 1. Changing marketsignals by encouraging the adoption of strongand credible public policy solutions that ensurean orderly and efficient move to a low carboneconomy, as well as measures for adaptation.2. Informing investment practices to preserveand enhance long-term investment values. -See more at: http://www.iigcc.org/about-us#sthash.rjN9oYCq.dpuf

Climatefinance

Support Participating in theAsset Owner ClimateChange Strategyworking group set up bythe Principles forResponsible Investment(PRI).

The PRI launched The PRI Climate ChangeStrategy Project to help signatory assetowners respond to climate change, includingreducing emissions. The project draws on thediverse experience of the PRI’s asset ownersignatory base, including particular input fromasset owners from seven countries and fromthe PRI’s asset class specific working groups.

CC2.3bAre you on the Board of any trade associations or provide funding beyond membership?

Yes

CC2.3cPlease enter the details of those trade associations that are likely to take a position on climate changelegislation

Tradeassociation

Is yourposition

on climatechange

consistentwith

theirs?

Please explain the tradeassociation's position

How have you, or are youattempting to, influence the

position?

UNPRI Consistent The United Nations Principlesfor Responsible Investment(UNPRI) Initiative is aninternational network ofinvestors working together toput the six Principles forResponsible Investment intopractice

We are a signatory to the UNPRI. As asignatory we are committed to theUNPRI’s six principles for responsibleinvestment, and reporting annually onprogress towards implementing them.The UNPRI discloses this progresspublicly on their website.

CC2.3dDo you publicly disclose a list of all the research organizations that you fund?

Yes

CC2.3ePlease provide details of the other engagement activities that you undertake

We are members of the United Nations Principles for Responsible Investment, the United NationsPrinciples for Sustainable Insurance and the Extractive Industry Transparency Initiative.

CC2.3fWhat processes do you have in place to ensure that all of your direct and indirect activities that influencepolicy are consistent with your overall climate change strategy?

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We have adopted a precautionary approach to climate change in our environmental policy. This issimilar to the approach we have taken in our Responsible Investment Policy where we considerenvironmental, social, and governance factors as part of our investment decision making process.

In our Code of Conduct we state that we have a long term commitment to the communities in which weoperate which means that we strive to respect the environment and undertake initiatives to promotegreater environmental responsibility.

We have also established an environmental policy that applies to all of our employees and haveincorporated environmental factors into our sustainable procurement policy.

Our operational risk management program looks at environmental factors and how these affect ouroperations. We also track emerging risks amongst a broad range of topics including operational(climate change related) risks.

Further Information

Attachmentsaegon-responsible-investment-report-2016-web.pdfCertificate for 2016 offsets.pdfCertificate - US RECs (1 Year) - AEGON - Renewal.pdf

Page: CC3. Targets and InitiativesCC3.1Did you have an emissions reduction or renewable energy consumption or production target that was active(ongoing or reached completion) in the reporting year?

Absolute targetRenewable energy consumption and/or production target

CC3.1aPlease provide details of your absolute target

ID Scope % ofemissions in

scope

%reduction

frombase year

Baseyear

Base yearemissionscovered by

target (metrictonnesCO2e)

Targetyear

Is this ascience-

basedtarget?

Comment

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/ClimateChange2017/CC2.Strategy/aegon-responsible-investment-report-2016-web.pdf

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/ClimateChange2017/CC2.Strategy/Certificate%20for%202016%20offsets.pdf

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/ClimateChange2017/CC2.Strategy/Certificate%20-%20US%20RECs%20(1%20Year)%20-%20AEGON%20-%20Renewal.pdf

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ID Scope % ofemissions in

scope

%reduction

frombase year

Baseyear

Base yearemissionscovered by

target (metrictonnesCO2e)

Targetyear

Is this ascience-

basedtarget?

Comment

Abs1 Scope1+2(market-based)

100% 100% 2014 77448 2016 No, andwe do notanticipatesettingone inthe next2 years

It is ourobjectiveto operateas acarbonneutralcompanybypurchasingrenewableenergy inour in-scopelocations,as well asrenewableenergycredits andoffsettingtheremainderbypurchasingco2offsets.

CC3.1d Please provide details of your renewable energy consumption and/or production target

ID Energytypes

covered bytarget

Baseyear

Baseyear

energyfor

energytype

covered(MWh)

%renewableenergy inbase year

Targetyear

%renewableenergy in

targetyear

Comment

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ID Energytypes

covered bytarget

Baseyear

Baseyear

energyfor

energytype

covered(MWh)

%renewableenergy inbase year

Targetyear

%renewableenergy in

targetyear

Comment

RE1 Electricityconsumption

2014 100800 27% 2016 100% In the UK and NL it ispossible to purchaserenewable electricitydirect from our energysupplier. In the UShowever this is moredifficult due to state-mandatory energysuppliers - therefore wepurchase certifiablerenewable energycredits in the US whichwe account asrenewable energy. Youcan find the certificateattached to previousquestion.

CC3.1eFor all of your targets, please provide details on the progress made in the reporting year

ID %complete

(time)

% complete(emissions or

renewableenergy)

Comment

Abs1 100% 100% for our 2016 co2 footprint we reduced our consumption,purchased renewable energy, and offset the remainingemissions to become carbon neutral

RE1 100% 100% for our 2016 co2 footprint we reduced our consumption,purchased renewable energy, and offset the remainingemissions to become carbon neutral

CC3.2Do you classify any of your existing goods and/or services as low carbon products or do they enable a thirdparty to avoid GHG emissions?

Yes

CC3.2aPlease provide details of your products and/or services that you classify as low carbon products or thatenable a third party to avoid GHG emissions

Level ofaggregation

Description of product/Group of products Are youreporting

low carbonproduct/sor avoidedemissions?

Taxonomy,project or

methodologyused toclassify

product/s aslow carbon

or tocalculateavoided

emissions

%revenuefrom lowcarbon

product/sin the

reportingyear

% R&lo

carbprodu

in trepor

ye

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Level ofaggregation



Taxonomy,project or




emissions


product/sin the

reportingyear

% R&lo

carbprodu

in trepor

ye

Group ofproducts

In Hungary we offer a socially responsibleinvestment fund where clients can invest inwind energy. This fund is called the AegonClimate Change Equity Fund. More on thishere:https://www.aegonalapkezelo.hu/en/investment-funds/classic/aegon-climate-change-equity-fund/ The primary investment targets arecompanies that benefit from global climatechange (Clean Tech, Energy efficiency,Environmental management), utilize alternativeenergies (renewable energy, water) or areinvolved in the agribusiness (agriculturalcommodity producer, livestock and aquacultureproducers, producers of agrochemicals, biofuelindustry). Additionally, we manage a €7.2 billionin impact investments that deliver the kind offinancial returns we expect, but also bringdefinite social or environmental benefits. Theseinclude several investments in wind and solarenergy. Solar tax credits – United States In2014, Aegon US Realty Advisors (AURA),began investing in the Solar Investment TaxCredit (SITC). Today, AURA has a total of fiveSITC investments. These five investments arecomprised of 28 utility-scale facilities ranging insize from 2 MW DC to 50 MW DC and totalnearly 2000 MW DC. Power generation acrossthese investments for 2016, a year in whichmany of the facilities were coming online andwere not fully operational, totalled 158 millionkWh. Windfarms in Germany and NorwayAegon Asset Management invested in anoffshore windfarm located in the German NorthSea, called Meerwind, The project, consistingof 80 turbines with a total capacity of 288 MWpeak, is meeting the electricity demand ofapproximately 360,000 German households.Aegon Asset Management also made a EUR 22million investment in wind energy, in theTellenes windfarm in Norway. The windfarmincludes 50 wind turbines, capable ofgenerating 500 million kWh of energy annually,for use in Google data centers. You can readmore about these on pages 64-69 of our 2016

Avoidedemissions

Other: USEPAGreenhouseEquivalenciescalculator

0% Less or equto 10%

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Level ofaggregation



Taxonomy,project or




emissions


product/sin the

reportingyear

% R&lo

carbprodu

in trepor

ye

Responsible Investment report. Attached inprevious question.

CC3.3Did you have emissions reduction initiatives that were active within the reporting year (this can include thosein the planning and/or implementation phases)

Yes

CC3.3aPlease identify the total number of projects at each stage of development, and for those in the implementationstages, the estimated CO2e savings

Stage ofdevelopment

Number ofprojects

Total estimated annual CO2e savings in metric tonnesCO2e (only for rows marked *)

Under investigation 10 0

To beimplemented*

4 0

Implementationcommenced*

0 0

Implemented* 17 88538

Not to beimplemented

3 0

CC3.3bFor those initiatives implemented in the reporting year, please provide details in the table below

Activity type

Descriptionof activity

EstimatedannualCO2e

savings(metrictonnesCO2e)

Scope Voluntary/Mandatory

Annualmonetarysavings

(unitcurrency

- asspecifiedin CC0.4)

Investmentrequired

(unitcurrency -

asspecifiedin CC0.4)

Paybackperiod

Estlife

ini

Energyefficiency:Building fabric

In the US weimplementedLED officelighting duringthe datacenter projectand will bemonitoringtheirperformancewith an eyetowardsincreasingdeployment.

0 Voluntary 0 4-10years

6-1

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Activity type


EstimatedannualCO2e




(unitcurrency


Investmentrequired

(unitcurrency -


Paybackperiod

Estlife

ini


Replacedhigh baylights withLED in CedarRapidsGymnasium

0 Voluntary 0 4-10years

6-1


LED Parkinglot lighting inExton

Voluntary 1-3years

11-1yea

Low carbonenergyinstallation

539 solarpanels wereinstalled onour CorporateCenter roof -with anexpectedoutput of142,000 kWp(year) Theinvestment ismade by theenergycooperativeGroenHofzicht(residents)and Aegonhas paid themain cablesfor solarpanels.Approximately€ 50.000

Scope 2(location-based)

Voluntary 50000 4-10years

11-1yea

Transportation:use

Aegon's UKDriving forWork & TravelPolicy are stillin place andreviewedannually.

Voluntary <1 year <1 y

5/19/2020 CDP


Activity type


EstimatedannualCO2e




(unitcurrency


Investmentrequired

(unitcurrency -


Paybackperiod

Estlife

ini


For NLprojectsimplemented,please seeattached file(in Dutch).The projectsare describedin this file.Theimplementedprojects are:5.3, 5.4, 5.5,5.11, 5.13,5.14, 5.15and 5.16.

Voluntary 4-10years

6-1

CC3.3cWhat methods do you use to drive investment in emissions reduction activities?

Method Comment

Employeeengagement

In the United Kingdom, we developed and delivered roadshows to makeemployees aware of how to contribute to energy / waster / water reductionand make them aware of our and their impact on the environment. We havealso introduced agile working arrangements, reducing the need for as many"personal printers" therefore reducing our consumption of paper and tonercartridges.

Internalincentives/recognitionprograms

Several of our facilities managers have energy reduction targets built in totheir yearly goals and objectives, which in turn contributes to their overallperformance and eligibility for bonus and compensation.

Dedicated budget forother emissionsreduction activities

In our US operations it is not possible to purchase renewable energy directfrom our energy suppliers, so in these cases we purchase RenewableEnergy Credits (REC's) for our US electricity consumption.

Further Information

AttachmentsNL projects implemented.pdf

Page: CC4. CommunicationCC4.1Have you published information about your organization’s response to climate change and GHG emissionsperformance for this reporting year in places other than in your CDP response? If so, please attach thepublication(s)

Publication Status Page/Sectionreference

Attachthe

document

Comment

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/ClimateChange2017/CC3.TargetsandInitiatives/NL%20projects%20implemented.pdf

5/19/2020 CDP


Publication Status Page/Sectionreference

Attachthe

document

Comment

In mainstreamreports (includingan integratedreport) but have notused the CDSBFramework

Complete aegon-annual-review-2016.pdf

Please see the following pages:Page 36: Responsible investmentPage 44: Re-think our approach tosustainability Page 86:Environmental performance Pages88-89: Sustainable developmentgoals Page 92: Our internationalcommitments > climate changecommitments

In mainstreamreports (includingan integratedreport) but have notused the CDSBFramework

Complete Please see following pages /sections: Pages 19-28: Climatechange Pages 64-73: Clean energy

Further Information

Module: Risks and OpportunitiesPage: CC5. Climate Change RisksCC5.1Have you identified any inherent climate change risks that have the potential to generate a substantivechange in your business operations, revenue or expenditure? Tick all that apply

Risks driven by changes in regulationRisks driven by changes in physical climate parametersRisks driven by changes in other climate-related developments

CC5.1aPlease describe your inherent risks that are driven by changes in regulation

Risk driver Description Potentialimpact

Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

Ma

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/CC4.1/aegon-annual-review-2016.pdf

5/19/2020 CDP



Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

Ma

Internationalagreements

Governmentssigning up tointernationalagreementsto reduceCO2emissionscould imposecosts onsome of ourlocal countryunits.

Increasedoperationalcost

3 to 6years

Direct Likely Low Withoutknowing thespecifics ofwhat futureregulationcould mean itis difficult toestimate thefinancialimplications.We believethat futurelegislation toreducecarbonemissionswouldincrease ouroperationalcosts.

Ouis tthedevof landto stheimpbusthindevwillriskassandanyplaalsup Pafor shocomto tAg

Air pollutionlimits

We could beliable forpenalties ifwe exceededCO2emissions setbygovernments.As an office-basedcompany,however, theimpact is notlikely to beverysignificant onour business.


1 to 3years

Direct Unlikely Low Withoutknowing thespecifics ofwhat futureregulationcould mean itis difficult toestimate thefinancialimplications.We believethat futurelegislation toreducecarbonemissionswouldincrease ouroperationalcosts.

Ouis tthedevof landto stheimpbusthindevwillriskass

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Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

Ma

Carbontaxes

Carbon taxesimposed onothercompaniescould impacttheir long-term potentialreturnstherebynegativelyaffecting theirshare price ofthecompanieswe invest in.

Reducedstock price(marketvaluation)

>6 years Indirect(Client)

About aslikely asnot

Low-medium

Withoutknowing thespecifics ofwhat futureregulationcould mean itis difficult toestimate thefinancialimplications.We believethat imposingcarbon taxesoncompanies insomeindustriescould havean impact ontheiroperatingmodels andconsequentlythe value ofthe company.

Oumamodevin tandincinfointoinvdecmapro

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Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

Ma

Cap andtradeschemes

Cap andtradeschemesimposed onothercompaniescould impacttheir long-term potentialreturnstherebynegativelyaffecting theirshare price




Low-medium

Withoutknowing thespecifics ofwhat futureregulationcould mean itis difficult toestimate thefinancialimplications.We believethat imposingcarbon taxesoncompanies insomeindustriescould havean impact ontheiroperatingmodels andconsequentlythe value ofthe company.

Oumamodevin tandincinfointoinvdecmaprohavest(wiGloMacomestprothato fbetundretimpfor assin dclimchasce

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Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

Ma

Renewableenergyregulation

Alternativeenergyprojects areoften highlydependent ongovernmentsubsidies andincentives.Removingthesesubsidiescouldnegativelyimpact thelong-termviability ofthis sectorand thereforeimpact ourimpactinvestmentportfolio

Other:Reductionin value ofour assets

Unknown Direct About aslikely asnot

Low Withouthaving moreconcreteinformationon policyregarding thestimulation ofgreentechnologiesit is difficultto estimatethe financialimplication.Removingsubsidiescould makethe return onsomeinvestmentslessattractive.

Oumamodevin tandincinfointoinvdecmapro

CC5.1bPlease describe your inherent risks that are driven by changes in physical climate parameters


Timeframe Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

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Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

Otherphysicalclimatedrivers

Climatechange canpose asignificant riskto thecompanies inwhich weinvest. Wehaveestablished aResponsibleInvestmentPolicy toincorporateenvironmental,social, andgovernancecriteria intoour ownershipand decisionmakingcriteria. Also,ourResponsibleInvestmentCommitteemonitorsongoing andemergingrisks.


>6 years Direct More likelythan not

Low-medium

The value ofcompanies incarbonintensiveindustriesmay beaffected ifregulationschangeimposing aprice oncarbon. Thiscould have anegativeimpact on thevalue of suchcompanies.Until moreinformation isknown it willbe difficult tocalculate theestimatedfinancialimplication.

Oreintecmdinaoinstthdhe(wGMcepthtobureimfoainccs

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Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

Uncertaintyof physicalrisks

Climatechange bringsan increasedrisk ofbusinessinterruptiondue to floodingor otherextremeweatherconditions. Wehavedeveloped abusinessdisruption andbusinesscontinuityplan(s) toaddress suchsituations.

Inability todobusiness

Unknown Direct Unlikely Low The risk ofbusinessinterruptioncould occur atany time. Wehavecontingencyplans in placeto recoveroperations sothat service toclients is notinterrupted.We havecontractedwith offsiteserviceproviders fortemporaryoffice spaceand staffhave theability to workremotely ifnecessary.We have notmade preciseestimates ofthe costsinvolved.

Binamaborimte

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Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

Change inmean(average)temperature

Changes inmeantemperaturecan result inadditionalheating andcooling for ouroffices.



Low We keeptrack of ourenergy useover time atall of our keyoffices. Whiletemperaturechanges doimpact ourenergy billsthis does nothave asignificantimpact on ouroperationalcosts ofrunning thebusiness.Energy costsrepresent avery smallportion of ouroperationalcosts whencompared tosalaries andotherexpenses

OstemeabtaaanpoemewlowmbthinligpMthins

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Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

Change intemperatureextremes

Changes intemperaturescould result inbusinessinterruption ifour employeesare not able toget to workdue toextremeweatherconditions.



Low We keeptrack of ourenergy useover time atall of our keyoffices. Whiletemperaturechanges doimpact ourenergy billsthis does nothave asignificantimpact on ouroperationalcosts ofrunning thebusiness.Energy costsrepresent avery smallportion of ouroperationalcosts whencompared tosalaries andotherexpenses

OstemeabtaaanpoemewlowmbthinligpMthins

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Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

Change inprecipitationpattern

Increased riskof flooding,causingbusinessinterruptionand increasedclaims frompolicy holdersin our propertyand casualtybusiness.



Low The risk ofbusinessinterruptioncould occur atany time. Wehavecontingencyplans in placeto recoveroperations sothat service toclients is notinterrupted.We havecontractedwith offsiteserviceproviders fortemporaryoffice spaceand staffhave theability to workremotely ifnecessary.We have notmade preciseestimates ofthe costsinvolved.

Binamaborimte

Change inprecipitationextremesanddroughts

While ourmain businesslines are lifeinsurance andpensions wedo offerproperty andcasualtyinsurance insome markets.Changes inprecipitationpatterns suchas floodingand droughtscould result inhigher claims,therebyimpacting ourprofitability.



Low Changes inprecipitationpatterns suchas floodingand droughtscould result inhigher claims,therebyimpacting ourprofitability

Wththcoopnbeoarethcrupb

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Likelihood

Magnitudeof impact

Estimatedfinancial

implications

M

Snow andice

Heavysnowfall canresult inbusinessinterruption ifour employeesare not able toget to workdue toextremeweatherconditions.



Low The risk ofbusinessinterruptioncould occur atany time. Wehavecontingencyplans in placeto recoveroperations sothat service toclients is notinterrupted.We havecontractedwith offsiteserviceproviders fortemporaryoffice spaceand staffhave theability to workremotely ifnecessary.We have notmade preciseestimates ofthe costsinvolved.

Binamaborimte

Snow andice

Removingsnow and icealso increasesour operatingcosts, and hasthe potentialto increaseworkerscompensationclaims due toslips and falls.


Unknown Direct Likely Low The cost ofremovingsnow and icewould lead toincreasedoperationalcosts and apotentialincrease inour workerscompensationpremiumsshould thenumber ofclaimsincrease.These costsare notmaterial whencompared toour overalloperationalcosts.

Ostethoisdwc

CC5.1c

5/19/2020 CDP


Please describe your inherent risks that are driven by changes in other climate-related developmentsRisk

driverDescription Potential

impact

Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationsReputation We are an

office-basedcompany andtherefore nota largeemitter ofCO2 gases.We haveadopted aResponsibleInvestmentPolicy wherewe takeenvironmentalfactors intoconsiderationin ourdecisionmaking. Tomaintain ourcredibility inthis area, weneed todemonstratethat we arealsocommitted tomonitoringourenvironmentalfootprint.There is adirectreputationalrisk if we arenot seen asbeing on the"right side" ofthe climatechangedebate. InDecember of2015 wesigned theParis Pledgefor Action andhave beenoperating as acarbonneutralcompany from2015onwards.

Reduceddemand forgoods/services


Low The potentialexists that,should ourreputation bedamaged as aresult of ouractivitiesrelated to theenvironment,our shareprice may beimpacted. Asan officebasedcompany therisk of ourreputationbeingdamaged byanenvironmentalincident isminimalcompared tothe risksrelated to ourinvestments.

5/19/2020 CDP


Riskdriver

Description Potentialimpact

Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationsFluctuatingsocio-economicconditions

Climatechange canhave a directimpact on therisks andopportunitiesfacing thecompaniesand countrieswe invest in,therebyimpactingtheir value.

Reduced stockprice (marketvaluation)

Unknown Direct Likely Low-medium

The impact ofclimatechange couldnegativelyaffect thevalue of someof thecompanieswe invest in.It is difficult togive a reliableestimate as tohow muchthis would be.

Climatechange isalso havingan impact onhow andwhere peoplelive.Movements inwhere peoplelive and theireconomicprosperity willhave an effecton demandfor ourproducts andservices.


Unknown Indirect(Client)

Likely Low-medium

This is a longterm risk andone that willbe felt overthe course oftime. Thefinancialimplicationsfor us lie inidentifyingtrends in themarket placeand adaptingto them in atimelymanner.

5/19/2020 CDP


Riskdriver


Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationsAs consumersbecome moreaware of theimpact ofclimatechange, theymay demandmoreproducts andservices thatare seen toaddress theissue. If weare not in aposition toprovide theproducts andservicesdemanded byconsumerswe may losemarket share.


Unknown Indirect(Client)

Unlikely Low-medium

Theimplicationsof this risk willevolvegradually overtime. In somecasescreatingopportunitiesfor us and inotherscreatingsituationswheredemand forsome of theproductsoffered by thecompanieswe invest inmay changeimpacting thevalue of thosecompanies. Itis difficult topoint toprovide areliableestimate ofthe impactthis will haveon the valueof thecompanieswe invest in.

Further Information

Page: CC6. Climate Change OpportunitiesCC6.1Have you identified any inherent climate change opportunities that have the potential to generate asubstantive change in your business operations, revenue or expenditure? Tick all that apply

Opportunities driven by changes in regulationOpportunities driven by changes in physical climate parametersOpportunities driven by changes in other climate-related developments

CC6.1aPlease describe your inherent opportunities that are driven by changes in regulation

Opportunitydriver

Description Potential impact Timeframe Direct/Indirect Likelihood Magnitudeof impact

imGeneralenvironmentalregulations,

The RealEstateAlternativesPortfolio

Investmentopportunities

Unknown Direct Likely Low-medium

Thinvsomwin

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Opportunitydriver


imincludingplanning

("REAP")program inthe UnitedStates hasmadeinvestments insustainablestrategies inboth realestate andnaturalresources: •In real estate,the REAPfunds areinvested inseveralpartnershipsthat aredevelopingofficebuildings toUS GreenBuildingCouncilLeadership inEnergy andEnvironmentalDesign(LEED)certificationstandards. •Real EstateAlternativesPortfolio(REAP) withinAAMcontinues tomaintain asizeabletimberland (arenewablenaturalresource)interest, withtheinvestmentsvalued atapproximatelyEUR 14m (Asof EOY,2016). 98.5%of the totalinvested

andcanby avataxstato conshoattfortheallomaenvor imp

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Opportunitydriver


imcapitalinvolved withtimberholdings isindependentlycertified as“sustainable”by theForestryStewardshipCouncil("FSC"),SustainableForestryInitiative®("SFI®") orOther.” AAMcontinues tomaintain largerenewableenergyinvestmentsthat total morethan EUR309m. Theseinclude windand solarenergyprojects. -Solar: EUR167m totalingsome 158GwH andoffsetsemissions ofequivalent of11,725 UShomes peryear. - Wind:EUR 43mtotaling some38,747 MWh -equivalent tothe averageannualelectricityconsumptionof 3917 UShomes. Wealso investedin GreenResidentialMortgageBacked

5/19/2020 CDP


Opportunitydriver


imSecurities(RMBS)totaling EUR57m whichincludesdwellingomittingapprox. 14%less Co2emissionsthantraditionalhousing.

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Opportunitydriver


imRenewableenergyregulation

Impactinvesting is anemergingapproachwithin theassetmanagementsector:makinginvestmentsthat delivernot onlysoundfinancialreturns, butalso a realsocial orenvironmentalbenefit.Currently,Aegon has aportfolio ofEUR 7.2billioninvested inprojectsranging fromlow-costhousing tosustainabletimber andrenewableenergy. EUR309m of theseinvestmentsare inrenewableenergy.

Increaseddemand forexistingproducts/services


Low IminvemthaconmofutopAsgovconstimgrewethemoinvopforconwocomsucenecommethebrodischaseeoptheplaenvfrieproserinvrenenetot309

CC6.1bPlease describe your inherent opportunities that are driven by changes in physical climate parameters

Opportunitydriver

Description Potential impact Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implications

5/19/2020 CDP


Opportunitydriver

Description Potential impact Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationsOtherphysicalclimateopportunities

Climatechange hascreatedopportunitiesforcompaniesto developnewproducts andmove intonew marketsthus openingupopportunitiesfor futuregrowth.


Unknown Direct More likelythan not

Low-medium

Thedevelopmentof newproducts toaddressopportunitiesresultingfrom climatechange willpositivelyimpact theinvestmentpotential forsomecompaniesthereforeprovidinggreaterreturns forour companyand ourclients.

Change intemperatureextremes

While ourmainbusinesslines are lifeinsuranceandpensions,we do offerproperty andcasualtyinsurance insomemarkets.Changes inprecipitationpatternssuch asflooding anddroughtscould resultin the needfor newproducts andservices.

Increaseddemand forexistingproducts/services


Low-medium

Opportunitieto developnew productand servicesin our non-life businesswill helpincreaserevenues.Non-life is arelativelysmall part ofour overallbusiness.

CC6.1cPlease describe your inherent opportunities that are driven by changes in other climate-related developments

Opportunitydriver


Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationsOtherdrivers

As part of ourcontinuedmonitoring of




Low-medium

The returnsoninvestments

5/19/2020 CDP


Opportunitydriver


Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationsinherentopportunitiesin the area ofclimatechange wemaintainedourinvestments,for example -The RealEstateAlternativesPortfolio("REAP")program inthe UnitedStates hasmadeinvestments insustainablestrategies inboth realestate andnaturalresources -examples ofsuch arebelow: In realestate, theREAP fundsare investedin severalpartnershipsthat aredevelopingofficebuildings toUS GreenBuildingCouncilLeadership inEnergy andEnvironmentalDesign(LEED)certificationstandards.Real EstateAlternativesPortfolio(REAP) withinAAMcontinues tomaintain a

in some areaslike windenergy andtimberlandcan beaffected bythe availabilityof tax creditsand stateincentives toinvest. Theycontinue toshow anattractivereturn for usand at thesame timeallow us tomake anenvironmentalor socialimpact.

5/19/2020 CDP


Opportunitydriver


Timeframe

Direct/Indirect

Likelihood

Magnitudeof impact

Estimatedfinancial

implicationssizeabletimberland (arenewablenaturalresource)interest, withtheinvestmentsvalued atapproximatelyEUR 14.4M(As of EOY,2016).

Further Information

Module: GHG Emissions Accounting, Energy and Fuel Use, and TradingPage: CC7. Emissions MethodologyCC7.1Please provide your base year and base year emissions (Scopes 1 and 2)

Scope Base year Base year emissions (metric tonnesCO2e)

Scope 1 Thu 01 Jan 2015 - Thu 31 Dec2015

3672

Scope 2 (location-based)

Thu 01 Jan 2015 - Thu 01 Jan2015

48811

Scope 2 (market-based)

Thu 01 Jan 2015 - Thu 01 Jan2015

38207

CC7.2Please give the name of the standard, protocol or methodology you have used to collect activity data andcalculate Scope 1 and Scope 2 emissions

Please select the published methodologies that you useThe Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition)

CC7.2aIf you have selected "Other" in CC7.2 please provide details of the standard, protocol or methodology youhave used to collect activity data and calculate Scope 1 and Scope 2 emissionsCC7.3Please give the source for the global warming potentials you have used

Gas ReferenceCO2 IPCC Second Assessment Report (SAR - 100 year)

CC7.4Please give the emissions factors you have applied and their origin; alternatively, please attach an Excelspreadsheet with this data at the bottom of this page

Fuel/Material/Energy Emission Factor Unit Reference

Further InformationPlease find attached our carbon calculations.

Attachments2016 Carbon Calculations.xlsx

Page: CC8. Emissions Data - (1 Jan 2016 - 31 Dec 2016)CC8.1Please select the boundary you are using for your Scope 1 and 2 greenhouse gas inventory

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/ClimateChange2017/CC7.EmissionsMethodology/2016%20Carbon%20Calculations.xlsx

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Operational control

CC8.2Please provide your gross global Scope 1 emissions figures in metric tonnes CO2e

4229

CC8.3Please describe your approach to reporting Scope 2 emissions

Scope 2, location-based Scope 2, market-based CommentWe are reporting a Scope 2,location-based figure

We are reporting a Scope 2,market-based figure

We report both in our annualreview. See page 86

CC8.3aPlease provide your gross global Scope 2 emissions figures in metric tonnes CO2e

Scope 2,location-

based

Scope 2,market-based (if

applicable)

Comment

51612 42605 From 2015 we began to calculate scope 2 emissions both marketbased and location based. We report location based and offset onthis basis.

CC8.4Are there any sources (e.g. facilities, specific GHGs, activities, geographies, etc.) of Scope 1 and Scope 2emissions that are within your selected reporting boundary which are not included in your disclosure?

No

CC8.5Please estimate the level of uncertainty of the total gross global Scope 1 and 2 emissions figures that youhave supplied and specify the sources of uncertainty in your data gathering, handling and calculations

Scope Uncertaintyrange

Mainsources ofuncertainty

Please expand on the uncertainty in your data

Scope 1 More than5% but lessthan orequal to10%

ExtrapolationMetering/MeasurementConstraints

The US is our largest reporting unit. We collectenvironmental data for all buildings that we own andoperate as we feel we have more control over ourconsumption. In 2016 the total number of employees inthese buildings were 8,597 of 11,431 employees in theUS (or 75% of the total employees). To come up with ourfinal scope 1 and scope 2 emissions we have grossed up(extrapolated) our known consumption data to reflect theestimated consumption of all employees in the US. Thereis also a level of uncertainty from the fact that we collectdata in some countries based on meter readings and inother countries based on amounts invoiced from energysuppliers.

Scope 2(location-based)

More than5% but lessthan orequal to10%



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Scope Uncertaintyrange

Mainsources ofuncertainty

Please expand on the uncertainty in your data

Scope 2(market-based)

More than5% but lessthan orequal to10%



CC8.6Please indicate the verification/assurance status that applies to your reported Scope 1 emissions

Third party verification or assurance process in place

CC8.6aPlease provide further details of the verification/assurance undertaken for your Scope 1 emissions, andattach the relevant statements

Verificationor assurancecycle in place

Status inthe currentreporting

year

Type ofverification

orassurance

Attachthe

statement

Page/sectionreference

Relevantstandard

Proportionof reported

Scope 1emissions

verified(%)

Annualprocess

Complete Limitedassurance

aegon-annual-review-2016.pdf

94-95 Other:A310N

100

CC8.7Please indicate the verification/assurance status that applies to at least one of your reported Scope 2emissions figures

CC8.8Please identify if any data points have been verified as part of the third party verification work undertaken,other than the verification of emissions figures reported in CC8.6, CC8.7 and CC14.2

Additional data pointsverified

Comment

Year on year change inemissions (Scope 1 and2)

We report changes in our co2 emissions in our report. This information isthen reviewed by our auditors.

Year on year change inemissions (Scope 3)

We report changes in our co2 emissions in our report - which includesair travel (scope 3). This information is then reviewed by our auditors.

CC8.9Are carbon dioxide emissions from biologically sequestered carbon relevant to your organization?

No

Further Information

Page: CC9. Scope 1 Emissions Breakdown - (1 Jan 2016 - 31 Dec 2016)CC9.1Do you have Scope 1 emissions sources in more than one country?

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/CC8.6a/aegon-annual-review-2016.pdf

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Yes

CC9.1aPlease break down your total gross global Scope 1 emissions by country/region

Country/Region Scope 1 metric tonnes CO2e

United Kingdom 71

United States of America 2243

Netherlands 1915

CC9.2Please indicate which other Scope 1 emissions breakdowns you are able to provide (tick all that apply)Further Information

Please see emissions calculation spreadsheet attached in previous section.

Page: CC10. Scope 2 Emissions Breakdown - (1 Jan 2016 - 31 Dec 2016)CC10.1Do you have Scope 2 emissions sources in more than one country?

Yes

CC10.1aPlease break down your total gross global Scope 2 emissions and energy consumption by country/region

Country/Region Scope 2,location-

based(metrictonnesCO2e)

Scope 2,market-based(metrictonnesCO2e)

Purchased andconsumed

electricity, heat,steam or cooling

(MWh)

Purchased and consumed lowcarbon electricity, heat, steam

or cooling accounted inmarket-based approach (MWh)

United Kingdom 5958 0 12153 12153

United States ofAmerica

40129 39317 70405 70405

Netherlands 5538 3288 14789 7254

CC10.2Please indicate which other Scope 2 emissions breakdowns you are able to provide (tick all that apply)Further Information

Please see emissions calculation spreadsheet attached in previous section. Please note the US figureis by the purchase of Midwest REC's. Certificate attached.

AttachmentsCertificate - US RECs (1 Year) - AEGON - Renewal.pdf

Page: CC11. EnergyCC11.1What percentage of your total operational spend in the reporting year was on energy?

More than 0% but less than or equal to 5%

CC11.2Please state how much heat, steam, and cooling in MWh your organization has purchased and consumedduring the reporting year

Energy type MWhHeat 0

Steam 0

Cooling 0

CC11.3Please state how much fuel in MWh your organization has consumed (for energy purposes) during thereporting year CC11.3aPlease complete the table by breaking down the total "Fuel" figure entered above by fuel type

Fuels MWhNatural gas 24310

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/ClimateChange2017/CC10.Scope2EmissionsBreakdown(1Jan2016-31Dec2016)/Certificate%20-%20US%20RECs%20(1%20Year)%20-%20AEGON%20-%20Renewal.pdf

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CC11.4Please provide details of the electricity, heat, steam or cooling amounts that were accounted at a low carbonemission factor in the market-based Scope 2 figure reported in CC8.3a

Basis for applying a lowcarbon emission factor

MWh consumedassociated with lowcarbon electricity,

heat, steam orcooling

Emissionsfactor (in units

of metrictonnes CO2e

per MWh)

Comment

Energy attribute certificates,Renewable Energy Certificates(RECs)

70542 REC's purchased inthe US due to state-mandated energycontracts in severalstates.

Contract with suppliers orutilities, with a supplier-specificemission rate, not backed byelectricity attribute certificates

19407 Renewable energypurchased from utilitysuppliers.

CC11.5Please report how much electricity you produce in MWh, and how much electricity you consume in MWh

Totalelectricityconsumed

(MWh)

Consumedelectricity thatis purchased

(MWh)

Totalelectricityproduced

(MWh)

Totalrenewableelectricityproduced

(MWh)

Consumed renewableelectricity that is

produced bycompany (MWh)

Comment

97347 97347 0 0 0

Further Information

Page: CC12. Emissions PerformanceCC12.1How do your gross global emissions (Scope 1 and 2 combined) for the reporting year compare to theprevious year?

Increased

CC12.1aPlease identify the reasons for any change in your gross global emissions (Scope 1 and 2 combined) and foreach of them specify how your emissions compare to the previous year

Reason Emissionsvalue

(percentage)

Directionof

change

Please explain and include calculation

Emissionsreductionactivities

0 Nochange

Divestment 0 Nochange

Acquisitions 0 Nochange

Mergers 0 Nochange

Change inoutput

0 Nochange

Change inmethodology

1 Increase Our overall gross emissions went up by 1%. This wasdue to us obtaining more accurate consumptioninformation from leased properties.

Change inboundary

0 Nochange

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Reason Emissionsvalue

(percentage)

Directionof

change

Please explain and include calculation

Change inphysicaloperatingconditions

0 Nochange

Unidentified 0 Nochange

Other 0 Nochange

CC12.1bIs your emissions performance calculations in CC12.1 and CC12.1a based on a location-based Scope 2emissions figure or a market-based Scope 2 emissions figure?

Location-based

CC12.2Please describe your gross global combined Scope 1 and 2 emissions for the reporting year in metric tonnesCO2e per unit currency total revenue

Intensityfigure =

Metricnumerator (Grossglobal combined

Scope 1 and 2emissions)

Metricdenominator:

Unit totalrevenue

Scope 2figureused

%change

fromprevious

year

Directionof

changefrom

previousyear

Reasonfor

change

0.00000205654 metric tonnesCO2e

33655000000 Location-based

Decrease Increaseinrevenues.

CC12.3Please provide any additional intensity (normalized) metrics that are appropriate to your business operations

Intensityfigure =

Metricnumerator (Grossglobal combined

Scope 1 and 2emissions)

Metricdenominator

Metricdenominator:

Unit total

Scope2

figureused

%change

fromprevious

year

Directionof

changefrom

previousyear

Reasonfor

change

metric tonnesCO2e

Further Information

Page: CC13. Emissions TradingCC13.1Do you participate in any emissions trading schemes?

Yes

CC13.1aPlease complete the following table for each of the emission trading schemes in which you participate

Scheme name Period forwhich data is

supplied

Allowancesallocated

Allowancespurchased

Verifiedemissions inmetric tonnes

CO2e

Details ofownership

Other: UK CarbonReductionCommitment Scheme

Fri 01 Jan2016 - Sat 31Dec 2016

5958 5958 Facilities weoperate butdo not own

CC13.1bWhat is your strategy for complying with the schemes in which you participate or anticipate participating?

5/19/2020 CDP


The carbon credits is in relation to the Governments CRC scheme (Carbon Reduction Commitment).We have to pay an annual cost relative to the amount of carbon we emit in terms of energy use –Electricity and Gas. If we exceed our agreed emissions target then we have to purchase additionalcarbon credits or if we use less then we can sell back our allocation.

CC13.2Has your organization originated any project-based carbon credits or purchased any within the reportingperiod?

Yes

CC13.2aPlease provide details on the project-based carbon credits originated or purchased by your organization inthe reporting period

Creditorigination

or creditpurchase

Projecttype

Projectidentification

Verifiedto whichstandard

Numberof

credits(metrictonnesCO2e)

Numberof

credits(metrictonnesCO2e):

Riskadjustedvolume

Creditscanceled

Purpose,e.g.

compliance

Creditpurchase

Other:Cookstoves

ID:103000000000009

GoldStandard

10500 10500 No VoluntaryOffsetting

Creditpurchase

Wind ID:103000000001980

GoldStandard


Creditpurchase

Wind ID:103000000001959

GoldStandard


Further Information

Page: CC14. Scope 3 EmissionsCC14.1Please account for your organization’s Scope 3 emissions, disclosing and explaining any exclusions

Sources ofScope 3

emissions

Evaluationstatus

metrictonnesCO2e

Emissionscalculation

methodology

Percentageof

emissionscalculatedusing dataobtained

fromsuppliersor value

chainpartners

Explanation

Purchasedgoods andservices

Notrelevant,explanationprovided

We do notcalculate ourCO2emissions forthis category

We are a financial servicescompany and as a result ourpurchases of goods andservices is proportionally notthat large compared to otherindustries. Additionally, alarge portion of the good andservices we procure areprofessional services such asconsulting, audit etc. wherethe CO2 impact is not thatsignificant.

5/19/2020 CDP


Sources ofScope 3

emissions

Evaluationstatus

metrictonnesCO2e


methodology

Percentageof



chainpartners

Explanation

Capital goods Notrelevant,explanationprovided


Our expenditure on capitalgoods and services is notmaterial and as a result wedo not calculate theassociated CO2 emissions.

Fuel-and-energy-relatedactivities (notincluded inScope 1 or 2)



Fuel and energy are used toheat and cool our buildings.This is measured in scope 1and 2

Upstreamtransportationanddistribution



As a provider of lifeinsurance and pensionproducts we are not involvedin physical distribution

Wastegenerated inoperations



We are a financial servicescompany and through ourannual materiality exerciseenvironment is not identifiedas a material topic. For thisreason we do not measure orcalculate co2 emissions forthis category.

Businesstravel

Relevant,calculated

13358 Our co2 airtravel figureis provided tous by thetravelcompanieswe use intheirrespectivecountries.

Our co2 air travel figure isprovided to us by the travelcompanies we use in theirrespective countries.

Employeecommuting


We do notcalculate ourCO2emissions forthis category.

We are a financial servicescompany and through ourannual materiality exerciseenvironment is not identifiedas a material topic. For thisreason we do not measure orcalculate co2 emissions forthis category

5/19/2020 CDP


Sources ofScope 3

emissions

Evaluationstatus

metrictonnesCO2e


methodology

Percentageof



chainpartners

Explanation

Upstreamleased assets



We do not have upstreamleased assets.

Downstreamtransportationanddistribution



As a provider of lifeinsurance and pensionproducts we are not involvedin physical distribution.

Processing ofsold products



We provide life insuranceand pension products. Thiscategory is not relevant forour industry

Use of soldproducts




End of lifetreatment ofsold products




Downstreamleased assets




Franchises Notrelevant,explanationprovided


We do not operate under afranchise system.

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Sources ofScope 3

emissions

Evaluationstatus

metrictonnesCO2e


methodology

Percentageof



chainpartners

Explanation

Investments Notrelevant,explanationprovided

See note. In 2014 we performed a co2footprint assessment in 3 ofour investment portfolios inthe UK, NL and the USA. Thefootprint(s) were then benchmarked against acomparable benchmark foreach portfolio / country. TheNL portfolio was 16.1% lesscarbon intensive than thebenchmark The UK portfoliowas 0.3% less carbonintensive than the benchmarkThe US portfolio was 12.5%less carbon intensive thanthe benchmark We have atthis point made the decisionthat this type of assessmentdoes not inform us any betterand are looking at alternativemeans of measurement. Thisis part of the scope of ourproject team mentionedearlier with regards toClimate Change and ourinvestments.

Other(upstream)



Not relevant for our industry.

Other(downstream)



Not relevant for our industry.

CC14.2Please indicate the verification/assurance status that applies to your reported Scope 3 emissions

Third party verification or assurance process in place

CC14.2aPlease provide further details of the verification/assurance undertaken, and attach the relevant statements

5/19/2020 CDP


Verificationor

assurancecycle in

place

Status inthe

currentreporting

year

Type ofverification

orassurance

Attachthe

statement

Page/Sectionreference

Relevantstandard

Proportion ofreported Scope

3 emissionsverified (%)

Verificationor

assurancecycle in

place

Status inthe

currentreporting

year

Type ofverification

orassurance

Attachthe

statement

Page/Sectionreference

Relevantstandard

Proportion ofreported Scope

3 emissionsverified (%)

Annualprocess

Complete Limitedassurance

aegon-annual-review-2016.pdf

94-95 Other:A310N

100

CC14.3Are you able to compare your Scope 3 emissions for the reporting year with those for the previous year forany sources?

CC14.4Do you engage with any of the elements of your value chain on GHG emissions and climate changestrategies? (Tick all that apply)

Yes, our suppliersYes, other partners in the value chain

CC14.4aPlease give details of methods of engagement, your strategy for prioritizing engagements and measures ofsuccess

We engage with companies in which we invest on environmental (as well as social and governance)topics. In 2016 we had 111 engagements relating to environmental or social topics (up from 22 in2015). Engagements are prioritized by the exposure we have to risks, including environmental risks -these engagements will then result in corrective actions / dialogue with the companies involved, whichare then monitored for progress on an ongoing basis.

In addition to engagements with companies in which we invest we also have a sustainableprocurement policy which commits our key suppliers to principles and standards with regard to ESG asa requirement for us to do business with them. We prioritize and identify these suppliers by performinga risk assessment which looks at several criteria including the working practices, policies andprocedures of the supplier, the country in which they operate, their strategic relationship with us andtheir exposure to certain risks.

CC14.4bTo give a sense of scale of this engagement, please give the number of suppliers with whom you areengaging and the proportion of your total spend that they represent

Type ofengagement

Numberof

suppliers

% of total spend(direct and

indirect)

Impact of engagement

Compliance 333 This represents the number of our suppliers whohave signed a sustainable supplier vendordeclaration.

Further Information

Module: Sign OffPage: CC15. Sign OffCC15.1Please provide the following information for the person that has signed off (approved) your CDP climatechange response

Name Job title Corresponding job categoryNeil Smith Senior Associate Environment/Sustainability manager

Further Information

https://www.cdp.net/sites/2017/52/252/Climate%20Change%202017/Shared%20Documents/Attachments/CC14.2a/aegon-annual-review-2016.pdf

5/19/2020 CDP


CDP: [X][-,-][P2]

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