Aegon : Small decline of Solvency, some Q1 profit pressure by US mortality, cash up
>Conclusion: lower S2, some Q1 profit pressure by US mortality, cash up - For 1Q22, we forecast a somewhat lower operating pre-tax profit of € 402m due to US adverse mortality (3Q21 excl. one-off US adverse mortality was € 495m; 4Q21 € 470m). We expect a decline of the Group Solvency 2 ratio to 204% end-1Q22 (211% end-4Q21) driven by lower equity markets and higher interest rates. We increase our TP to € 6.30 (was € 6.00).1Q22 operating earnings somewhat ...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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