Aegon on track to meet 2025 targets as US business grows

By Mateusz Rabiega

(Reuters) -Aegon said on Thursday it was on track to meet its 2025 targets after strong momentum in the U.S. and a good performance in the international and asset management divisions helped it beat market expectations in the third quarter.

Aegon, which is heavily exposed to the United States through its Transamerica division, recorded significant growth in life insurance sales and retirement plans in the quarter.

Its operating capital generation before expenses edged up to 340 million euros ($397 million) in the period, above analysts' median estimate of 319 million euros.

Its shares were up 1.5% at 0847 GMT.

"We are focused very much on average American families ... 68 million households," CEO Lard Friese told Reuters. "It's an under-served segment of the market, and with more than 90,000 agents, we have great access to those American families."

TURN TO THE U.S.

Following the divestment of its Dutch business to ASR Nederland in a $4.9 billion deal that was closed in 2023, Aegon has been restructuring its business and prioritising U.S. growth.

In late August, the company said that it was considering moving its legal domicile and head office to the United States.

"There are many aspects that we want to discuss with external stakeholders ... but we see that a lot of people see the same logic we're seeing," Friese said.

The company is also in talks with employee organisations, including works council and trade unions, as the move could affect roughly 250 staff at Aegon's corporate centre.

"Should we proceed, it would not mean that we would move all 250 staff to the U.S.," Friese said, adding the exact impact was still under discussion.

The potential move would see Aegon's New York listing become its primary one instead of Amsterdam.

The insurer will announce its decision on the move during its capital markets day on December 10.

($1 = 0.8575 euros)

(Reporting by Mateusz Rabiega in Gdansk; Editing by Matt Scuffham and Milla Nissi-Prussak)