As AEGON is preparing to change its domiciliation to the US, it may have to take bolder steps at its upcoming CMD. Keeping the current perimeter makes little sense. As such we believe disposals may come: International, where notably AEGON can exit or move its bancassurance JV with Santander to another player (NN Group?), UK, and certainly review its AM operations. In the US, a partial float of WFG would make sense but may not be a priority as much as reinsuring/exiting legacy books. We increase ...
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