Aegon : 2Q21 earnings good, solvency good, and risk reduction good
>Conclusion: Earnings good, Solvency good, and risk reduction good - The 2Q21 results were better than expected for all units supported by good equity markets. Also the Solvency ratio was better than expected in the Netherlands and the US. Aegon is making progress on reducing US variable annuity rider risk which will result in a higher valuation multiple on this unit. The company also marginally increased the guidance on two FCF metrics. We increased our target price...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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