Aegon N.V.

AEGON is a holding company. Through its subsidiaries, Co. provides life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and is also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Co. operates through the following segments: the Americas (which includes the U.S.A., Mexico and Brazil); the Netherlands; the United Kingdom; Central & Eastern Europe; Spain and Portugal; Asia and Aegon Asset Management.
  • TickerAGN
  • ISINNL0000303709
  • ExchangeEuronext Amsterdam
  • SectorLife Insurance
  • CountryNetherlands

Analysts

Benoit Valleaux

Aegon : Solvency margin impacted by changes to the model

>Underlying earnings in H2 were 3% shy of the consensus - Yesterday morning, Aegon published its 2019 results. Underlying earnings before tax in H2 2019 came to € 963m (-4.6%), impacted by lower interest rates and various one-off items. The figure is in line with our forecasts, but 3.3% lower than the consensus (€ 997m). Underlying earnings before tax were lower than expected in the US, coming to € 547m (-10.9%) with € 59m in non-recurring charges (including € 49m in...

Benoit Valleaux

Aegon : La marge de solvabilité a été impacté par des changements de modèle

>Le RO du S2 a été 3% en-dessous du consensus - Aegon a publié hier matin son résultat 2019. Le RO avant impôts du S2 2019 est ressorti à 963 M€ (-4.6%), impacté par la baisse des taux et différents éléments non récurrents. Il est en ligne avec notre prévision, mais inférieur au consensus (99 M€) de 3.3%. Le RO a été plus faible que prévu aux Etats-Unis à 547 M€ (-10.9%) avec 59 M€ de charges non récurrentes (dont 49 M€ d’amortissement de coûts d’acquisition différés)...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Haris Ladouari
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/14/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Haris Ladouari
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/02/2020

...

Bart Cuypers ...
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: AGN NA, AKZA NA, BEFB BB, BRNL NA, COFB BB, EXM BB, FAGR BB, REL LN, RTL BB, SBMO NA

AEGON: Selling the silverware tells it all: Downgrading Akzo Nobel: Feedback Investor Seminar Befimmo: FY19 Results as expected Brunel International: Home markets pressured, other regions growing Cofinimmo: FY19 Results in line with expectations EXMAR: Corona delays restricted cash release Fagron: Narrative shifting from opportunities to risks RELX Group: 7% EPS growth estimate in 2020, TP goes to £ 19.5 RTL Group: M6 results better than exp. on strong ad revs SBM Offshore: FY19 Conf Call Feedback

AEGON N.V.: Update following affirmation of ratings

A detailed rationale for Aegon N.V.'s A3 stable senior debt rating, highlighting its operations' credit profile as well as the holding's capital structure and liquidity profile.

AEGON N.V.: Semi-annual update

A detailed rationale for Aegon N.V.'s A3 stable senior debt rating, highlighting its operations' credit profile as well as the holding's capital structure and liquidity profile.

Moody's announces completion of a periodic review of ratings of AEGON N.V.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of AEGON N.V. Global Credit Research- 12 Jul 2019. London, 12 July 2019-- Moody's Investors Service has completed a periodic review of the ratings of AEGON N.V. and other ratings that are associated with the same analytical unit.

AEGON N.V.: Semi-annual update

A detailed rationale for Aegon N.V.'s A3 stable senior debt rating, highlighting its operations' credit profile as well as the holding's capital structure and liquidity profile.

Moody's assigns a Baa3(hyb) rating to Aegon N.V.'s proposed perpetual contingent convertible notes

Moody's Investors Service has today assigned a Baa3(hyb) rating to the proposed perpetual contingent convertible notes ("notes") to be issued by Aegon N.V. ("Aegon" or "Group"; senior unsecured A3, stable outlook). The rating is based on the expectation that there w...

Benoit Valleaux

Aegon : Solvency margin impacted by changes to the model

>Underlying earnings in H2 were 3% shy of the consensus - Yesterday morning, Aegon published its 2019 results. Underlying earnings before tax in H2 2019 came to € 963m (-4.6%), impacted by lower interest rates and various one-off items. The figure is in line with our forecasts, but 3.3% lower than the consensus (€ 997m). Underlying earnings before tax were lower than expected in the US, coming to € 547m (-10.9%) with € 59m in non-recurring charges (including € 49m in...

Benoit Valleaux

Aegon : La marge de solvabilité a été impacté par des changements de modèle

>Le RO du S2 a été 3% en-dessous du consensus - Aegon a publié hier matin son résultat 2019. Le RO avant impôts du S2 2019 est ressorti à 963 M€ (-4.6%), impacté par la baisse des taux et différents éléments non récurrents. Il est en ligne avec notre prévision, mais inférieur au consensus (99 M€) de 3.3%. Le RO a été plus faible que prévu aux Etats-Unis à 547 M€ (-10.9%) avec 59 M€ de charges non récurrentes (dont 49 M€ d’amortissement de coûts d’acquisition différés)...

Bart Cuypers ...
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: AGN NA, AKZA NA, BEFB BB, BRNL NA, COFB BB, EXM BB, FAGR BB, REL LN, RTL BB, SBMO NA

AEGON: Selling the silverware tells it all: Downgrading Akzo Nobel: Feedback Investor Seminar Befimmo: FY19 Results as expected Brunel International: Home markets pressured, other regions growing Cofinimmo: FY19 Results in line with expectations EXMAR: Corona delays restricted cash release Fagron: Narrative shifting from opportunities to risks RELX Group: 7% EPS growth estimate in 2020, TP goes to £ 19.5 RTL Group: M6 results better than exp. on strong ad revs SBM Offshore: FY19 Conf Call Feedback

ING
ING Helpdesk

Benelux Morning Notes

AEGON: Capital generation sound, but slight miss on SII and earnings. Ageas: Setting a new high bar for DPS €2.70 (INGF). AkzoNobel: Outlines ambitions for 2021-23F. Arcadis: good results on the back of 4Q19 organic revenue growth. Barco: Better than expected update on Entertainment. DSM: When the going gets tough… Euronext: low to mid-single digit negative earnings revisions. Fagron: FY2019 in line, Wichita below sales and SKU targets. KBC: Delivering on capital return promise. Kinepolis: New cinema openings possible in Belgium from August 2021. NN Group: Solid message on ca...

Benoit Valleaux

Aegon : Solvency margin expected to recover in H2

>Underlying earnings expected to erode amid low interest rates - Aegon is due to report its 2019 results on Thursday, 13 February before the market open. We expect underlying earnings before tax to be down 4.8% in H2 2019 (implying underlying earnings of € 1,972m for the full year 2019, down 4.9%), affected by some non-recurring items (including, for example, the refinancing of part of the debt, for which the charge now shifts to the P&L) and by the fall in interest r...

Aegon NV: 1 director sold

A director at Aegon NV sold 36,035 shares at 4.590EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Haris Ladouari
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/14/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Haris Ladouari
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/02/2020

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Danjou
  • Matthias Desmarais

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/10/2020

Scandic Hotels is the leading player in the Nordic hotel sector. The group boasts a broadly positive track record in terms of development and growth although its profitability continues to lag behind that of its peers. The outlook is fairly mixed and the lack of clear catalysts prompts us to take a cautious stance on the stock. We are initiating coverage with a Neutral rating and a target price of SEK 98. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Danjou
  • Matthias Desmarais

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/02/2020

Scandic est le leader de l’hôtellerie nordique. Le groupe est fort d’un track record globalement positif en termes de développement et de croissance même si la profitabilité reste en léger décalage par rapport aux pairs. Les perspectives à venir plutôt mitigées et le manque de catalyseurs francs nous poussent à être prudents sur le titre. Nous initions la valeur avec une recommandation Neutre et un objectif de cours de 98 SEK. Cf. étude publiée ce jour. - ...

Alfred Glaser ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2020

We have upgraded our recommendation for Edenred to Buy and our target price to € 60.0. The group, now part of the payment services universe, should continue to deliver solid growth in underpenetrated niche markets, with considerable scope to improve its profitability whilst at the same time maintaining significant FCF generation. The current valuation nonetheless remains discounted vs the payment services sector. - ...

An increasingly favourable environment allows AEGON to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of AEGON (NL), a company active in the Life Insurance industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date October 22, 2019, the closing price was EUR 3.97 and its expected value was estimated at EUR 3.81.

Zhang Jun

Aegon N.V.

ING
Maureen Schuller ...
  • Suvi Platerink Kosonen

Dutch financials/Banks more affected by the thin cap rule

During the annual budget day (Prinsjesdag, the third Tuesday of September) the Dutch government published its 2020 tax plan. The 2020 tax plan provides, among other things, for the introduction of the anticipated thin cap rule for banks and insurers. We consider banks to be more exposed than insurance companies to the tax change.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Engie and Anbang

In a Bloomberg interview at the World Economic Forum in Davos, Engie's (ENGIFP) CFO Judith Hartmann tackled questions around Brexit, acquisitions and the Yellow Vests in France. According to Engie's management, the main threat of a hard Brexit on the company's business is the impact on the overall UK economy and thus on utilities operating in the country. As far as France is concerned, Engie's activities are not directly impacted by the Yellow Vests movement. Judith Hartmann said that Engie's balance sheet is in good shape and offers room for acquisitions. According to the CFO, nothing is on t...

MarketLine Department

Allianz SE - Strategy, SWOT and Corporate Finance Report

Summary Allianz SE - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Allianz SE (Allianz) is one of the leading global insurers, offering life, and property and casualty (P&C) insurance products, under the Allianz and Euler Hermes brands. Its insurance offerings cover motor, liability, homeowner, accident, travel and assistance, marine, aviation and transport. It ...

MarketLine Department

AXA SA - Strategy, SWOT and Corporate Finance Report

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MarketLine Department

AXA SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's AXA SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by AXA SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This repo...

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Summary Marketline's QBE Insurance Group Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by QBE Insurance Group Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competi...

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CNP Assurances SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's CNP Assurances SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by CNP Assurances SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key...

Expert Corporate Governance Service (ECGS)

Aegon - AGM 17 May 2019

In general, Aegon is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR at all proposals. There are no further peculiarities.

Aegon – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Matthieu DRIOL

Short term view - AEGON NV : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €5.746. Breaking below the support at €4.945 would invalidate the trend.

Matthieu DRIOL

Analyse court terme - AEGON NV : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 5,746 €. La rupture du support à 4,945 € invaliderait cette tendance.

Matthieu DRIOL

Short term view - AEGON NV : Falling.

The trend is bullish. The current fall looks like a consolidation. The support at €5.214 could cause a bullish reaction towards €5.746. The break of €4.945 would endanger the trend.

Matthieu DRIOL

Analyse court terme - AEGON NV : Baisse en cours.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 5,214 € pourrait relancer le mouvement haussier vers 5,746 €. La rupture de 4,945 € mettrait la tendance en danger.

Matthieu DRIOL

Analyse moyen terme - AEGON NV : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 4,952 €. La tendance serait remise en cause par la rupture de 4,952 €.

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