Aegon Raises Share Buyback Plan to 350 Million Euros After Strong Capital Growth
Aegon's Financial Performance and Strategic Developments
Increased Share Buyback Following Strong Capital Generation
Aug 20 (Reuters) - Life insurer and asset manager Aegon on Thursday increased its planned share buyback for the second half of the year after first-half capital generation exceeded market expectations.
The Dutch group said it would repurchase 350 million euros ($409 million) of shares in the second half, up from the 200 million euros previously announced. Operating capital generation after expenses reached 416 million euros in the first half, above the 376 million euros expected by analysts polled by the company.
CEO Statement on Commercial Growth
"Transamerica delivered strong commercial growth compared with the prior year period," CEO Lard Friese said in a statement.
Strategic Initiatives and Corporate Changes
Redomiciliation and Rebranding Plans
Aegon plans to seek shareholder approval in October for its proposed redomiciliation to the United States, part of a broader strategy to rebrand as Transamerica and relocate its headquarters by early 2028. Aegon sold its business in Britain in April, though it kept the asset management arm.
Solvency Position and Regulatory Perspective
Aegon's solvency position, measured using its newly adopted U.S. risk-based capital (RBC) ratio, was 420%, more than double the level at which regulators would typically begin heightened scrutiny.
Leadership Changes
The company also announced that Duncan Russell would step down as chief financial officer and leave the company in April 2027.
Additional Information
($1 = 0.8565 euros)
(Reporting by Mateusz Rabiega and Aleksandra Kret; Editing by Matt Scuffham)
