Report
Thomas Couvreur

AEGON FIRST LOOK: Solid semester, but conservative guidance limits upside

Aegon reported a solid semester, though aided by some one-offs both on OCG and FCF. Shareholder remuneration in line with expectations. Both our numbers and consensus are on the aggressive side of the OCG & FCF FY25 targets, which were reiterated today, leaving little room for further upgrades to our numbers. Given limited upside to our €5.5 TP, we move from accumulate to hold.
Underlying
AEGON N.V.

Provider
KBC Securities
KBC Securities

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Analysts
Thomas Couvreur

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