Report
Aegon : Working to improve attractiveness of the US business, more to come
At the CMD Aegon showed that it targets a good double digit growth of its US Strategic Assets, showing its confidence in these operations. Aegon reduced its US Financial Asset risk materially and we expect there is likely more to come. Also they are likely to do material capital reallocation actions the next two years, and its track record has been good. Included in this note is our view for 2H25/4Q25 showing a small decline in its solvency ratio. The adj. FCF yield is 11.3% and capital enhancing actions could improve this further. We have an Outperform recommendation.
Underlying
AEGON N.V.
Provider
Oddo BHF
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.
Cor Kluis
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