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.