Aegon : Good Q4 results, bringing house in order, more positive newsflow to come
>Conclusion - We believe the Aegon investment case is a material restructuring story, being more important than its 2H20 results. But still the 2H20 underlying profit was better than expected, and the US and UK Solvency were both better, and the NL Solvency was somewhat less. The new Aegon management team is bringing the house in order. For example they made the Dutch Solvency 2 ratio materially less sensitive than it was in the past, it ceased funding for GoBear, and...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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