Aegon : Results better than expected
>Conclusion - We believe the Aegon investment case is a material restructuring story, being more important than half year results. But still the 2H20 underlying profit was better than expected. On Solvency the US and the UK Solvency were better than expected, and the Dutch Solvency somewhat less. The US Covid-19 morbidity sensitivity guidance is improved somewhat. The dividend was EUR 0.06 in 2H20 as expected. We keep our Outperform recommendation.Profits...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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