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
ING
ING Helpdesk

Benelux Morning Notes

ASML: 2Q20 preview - room to beat. Dutch insurance: DNB resumes assessment of insurers' dividends. Orange Belgium: New CEO is Xavier Pichon

ING
Julie Cichon ...
  • Marcel Klok
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX+ Financials/Who is best positioned to weather the storm?

Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.

ING
ING Helpdesk

Benelux Morning Notes

Aalberts: Update looks satisfactory. AEGON: Duncan Russell appointed Chief Transformation Officer

Guy Sips ...
  • Jason Kalamboussis
  • Wido Jongman

Morning Note: AGN NA, BAR BB, CPINV BB, XIOR BB

AEGON: New CEO appoints Head of Strategy D. Russell Barco: Kinepolis upgrades its cinema’s to RGB+ laser CP Invest: KBC deal: ABB of about 10% of cap Xior: Closing Granada & Covid update

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 €.

ING
ING Helpdesk

Benelux Morning Notes

ASML: 2Q20 preview - room to beat. Dutch insurance: DNB resumes assessment of insurers' dividends. Orange Belgium: New CEO is Xavier Pichon

ING
ING Helpdesk

Benelux Morning Notes

Aalberts: Update looks satisfactory. AEGON: Duncan Russell appointed Chief Transformation Officer

Guy Sips ...
  • Jason Kalamboussis
  • Wido Jongman

Morning Note: AGN NA, BAR BB, CPINV BB, XIOR BB

AEGON: New CEO appoints Head of Strategy D. Russell Barco: Kinepolis upgrades its cinema’s to RGB+ laser CP Invest: KBC deal: ABB of about 10% of cap Xior: Closing Granada & Covid update

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : What can we learn from the publication of Q1 results?

Insurers have registered the initial impacts of the crisis in Q1 but we note the resilience of operating profitability, whilst solvency margins, albeit down, remain solid. The effects of the crisis are likely to impact Q2 results, but not significantly the outlook for 2021-2022 results. The sector is currently trading at attractive valuation multiples in view of its fundamentals. - >Q1 operating profit in line with forecasts - Insurers have reported solid results, give...

ING
Julie Cichon ...
  • Marcel Klok
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX+ Financials/Who is best positioned to weather the storm?

Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.

AEGON N.V.: Update to credit analysis

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.: Weak underlying earnings in the US weigh on Aegon’s first quarter results, expect pressures in remainder of 2020

Q1 under-performance in underlying earnings driven by the Group's dominant US business which faces the challenge of growing profitably.

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- 02 Apr 2020. London, 02 April 2020-- 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.: US business weighs on underlying earnings results

Aegon reported a 5% decrease in pre-tax underlying earnings at YE19 driven by its dominant US business. However, the European business increased earnings and Group net income increased.

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas Thorez
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2020

The impacts of the COVID-19 pandemic are massive on the hotel/leisure sector (2020e EPS forecast down 41%). They undermine the weakest players. Our preference henceforth goes to the most resilient business models and the most solid balance sheets; Advantage Accor and Whitbread. - ...

Thanks to a better fundamental star rating, AEGON sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to AEGON (NL), active in the Life Insurance industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date June 12, 2020, the closing price was EUR 2.57 and its expected value was estimated at EUR 2.40.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Aegon – AGM 15 May 2020

In general, Aegon is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 3.3 approval is sought for the Company's remuneration policy. Although the Aegon's executive compensation in the year under review has been in line with the applicable Dutch regulations, ECGS considers the pension benefits of the company CEO significantly above Dutch market practice and/or sector average. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 8.1 authority is sought for a capital reduction by cancellation of part of its ho...

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...

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