{
  "docId": "019dd923-622c-750b-8b99-958328f81d65",
  "docSlug": "87e146d081a8",
  "documentTitle": "Aegon Ltd. (AEG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-12-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 77,
  "pageCount": 82,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "scenario_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 70,
  "notes": "The slide presents a bearish 'Low' case versus a 'Base' case, highlighting specific regional and operational headwinds.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-958328f81d65/77",
  "deckHref": "/decks/019dd923-622c-750b-8b99-958328f81d65",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-958328f81d65.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-958328f81d65#slide-77",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our 2025E Low forecast assumes sustained weakness in North American new life sales, stronger than expected outflows from the UK-based adviser platform, and further challenges for the international business, which has been under pressure recently due to macro-related headwinds in China and Spain.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b98f-97febb9ead38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Earnings: €1,681",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b98f-9a1ce01a07a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Our 2025E Low forecast assumes sustained weakness in North American new life sales, stronger than expected outflows from the UK-based adviser platform, and further challenges for the international business, which has been under pressure recently due to macro-related headwinds in China and Spain. Our 2025E Base forecast assumes WFG agent productivity normalizes in the Americas, the Company sees improved momentum in the UK workplace business as well as a deceleration in outflows from the UK adviser business, and an improvement of new business volume for the international business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f80c8ac-8452-4670-b32c-7f0fd30e6f7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Spruce Point Analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd94ccbf-652f-4459-939e-8a32c7cf51fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.61,
        "w": 0.74,
        "x": 0.13,
        "y": 0.31
      },
      "kind": "table",
      "text": "Operating Earnings and Free Cash Flow table for 2022-2025E",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b752f43-b472-43f9-9373-770dccd14d2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Summary of Spruce Point's Aegon Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24fa26a7-dbc6-4cc0-a5d0-48fd2696cde2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 82,
      "from": 75,
      "beatId": "dfc4724b-75da-456d-9498-fd110ff85675",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Spruce Point concludes with a reiteration of the potential downside risk to Aegon's stock price.",
      "position": 3,
      "confidence": 0.9,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}