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Best Income Stocks to Buy for July 9th
ZACKS· 2024-07-09 11:00
Here are two stocks with buy rank and strong income characteristics for investors to consider today, July 9:Aegon Ltd. (AEG) : This financial services provider has witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.6% the last 60 days.This Zacks Rank #1 company has a dividend yield of 4.7%, compared with the industry average of 2.1%.Banco Santander, S.A. (SAN) : This financial service provider has witnessed the Zacks Consensus Estimate for its current year earnings increasing ...
Aegon (AEG) Wraps Up EUR 1.535B Planned Share Repurchase
ZACKS· 2024-07-02 15:20
Aegon Ltd. (AEG) recently announced that it has completed a EUR 1.535 billion share repurchase program, buying 301 million shares between Jul 6, 2023, and Jun 28, 2024. The average price for the repurchase was EUR 5.0966 per share.Of the total amount, EUR 1.5 billion buyback, announced on Jul 6, 2023, is linked to the a.s.r. combination. The company will cancel all these repurchased shares. The remaining shares related to the EUR 35 million program, aimed at fulfilling some obligations connected to the seni ...
Relevate Power Secures $15 Million Initial Investment from Greenbacker Capital Management and an affiliate of Aegon Asset Management
GlobeNewswire News Room· 2024-06-20 13:00
MANHATTAN, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- Relevate Power, a leader in the redevelopment of run-of-river hydropower assets, secured a $15 million investment in the first close of a significant growth equity raise. Led by Greenbacker Development Opportunities Fund (“Greenbacker”) and Aegon Real Assets US, an affiliate of Aegon Asset Management, the initial close will support plans for an acquisition and construction of Relevate Power’s national operations center. Approximately 2,300 power-generating ...
Aegon(AEG) - 2024 Q1 - Earnings Call Transcript
2024-05-16 18:43
Financial Data and Key Metrics Changes - Aegon reported operating capital generation of EUR256 million in Q1 2024, a decrease of 12% compared to the same quarter last year, primarily due to a one-time benefit in the previous year [18][20] - Free cash flow for the period was EUR14 million, driven by remittances from the international business [18][26] - Cash capital at the holding stood at EUR2 billion, a decrease of approximately EUR400 million from the beginning of the year, attributed to the ongoing EUR1.5 billion share buyback program [18][26] Business Line Data and Key Metrics Changes - In the U.S. business, operating capital generation decreased by 27% to $165 million, driven by lower capital release and higher new business strain in Individual Life and Retirement Plans [22][23] - The Protection Solutions segment saw new life sales increase by 5%, mainly due to higher index universal life sales, while WFG accounted for 71% of total individual life sales [12][22] - The Savings & Investments segment recorded net deposits of $1.2 billion, benefiting from a large full-plan sale in the previous year [11] Market Data and Key Metrics Changes - In the U.K. Workplace channel, net deposits amounted to GBP546 million, slightly lower than the previous year due to outflows from a low-margin scheme [13] - The international segment experienced a 15% decrease in new life sales, with growth in Brazil offset by weaker sales in China and Spain [14] - The Global Platforms business reported net deposits of EUR2.6 billion, returning to positive net deposits after two years of outflows [15] Company Strategy and Development Direction - Aegon aims to transform Transamerica into a leading middle-market life insurance and retirement company, focusing on reducing exposure to financial assets [7][30] - The company has restructured its business segments to better align with its strategy, creating four segments to enhance transparency and growth focus [8][9] - Aegon plans to increase the number of WFG agents to 110,000 by 2027 while improving agent productivity [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2024 guidance of around EUR1.1 billion in operating capital generation despite challenges in the U.K. retail business [5][29] - The company remains focused on executing its strategic agenda and improving business performance, with a commitment to grow dividends to EUR0.40 per share by 2025 [29][30] - Management acknowledged the impact of macroeconomic conditions on investor sentiment, particularly in the U.K. retail channel [13] Other Important Information - Aegon announced a new share buyback program of EUR200 million, expected to start in July and complete by the end of 2024 [7][27] - The transition of CFO responsibilities from Matt Rider to Duncan Russell will take place on September 1, 2024, with Rider remaining as a Non-Executive Member of Transamerica's Board [31][32] Q&A Session Summary Question: Can you provide insights on the normalized run rate for capital generation? - Management indicated that the normalized run rate for capital generation is approximately EUR280 million after adjustments for claims experience and operating expenses [35][36] Question: What are the implications of potential new fiduciary standards for Transamerica? - Management believes they are well-positioned to adapt to new fiduciary standards and do not expect a material impact on ongoing business [44][45] Question: What is the strategic focus for potential M&A opportunities? - Aegon is focused on core markets and will evaluate M&A opportunities that strengthen and accelerate strategies in these areas [79] Question: What is driving the increase in new business strain? - The increase in new business strain is primarily due to higher sales in Individual Life and Retirement Plans, with management highlighting excitement for growth in these product lines [81]
Aegon Ltd. (AEG) Q1 2024 Sales/ Trading Statement Call Transcript
seekingalpha.com· 2024-05-16 18:43
Aegon Ltd. (NYSE:AEG) Q1 2024 Sales/ Trading Statement Call May 16, 2024 3:00 AM ET Company Participants Yves Cormier - Head of Investor Relations Lard Friese - Chief Executive Officer Matthew J. Rider - Chief Financial Officer Conference Call Participants Iain Pearce - Exane BNP Paribas David Barma - Bank of America Farooq Hanif - J.P. Morgan Michael Huttner - Berenberg Nasib Ahmed - UBS Yves Cormier Good morning, everyone. Thank you for joining this conference call on our First Quarter 2024 Trading Update ...
1Q 2024
2024-05-16 13:39
Financial Performance & Targets - Aegon's operating capital generation was EUR 256 million in 1Q 2024, putting the company on track to meet its guidance of around EUR 11 billion for 2024[2, 40] - Cash capital at the Holding company stands at EUR 20 billion, reflecting the completion of 85% of the current share buyback program by the end of 1Q 2024[2] - A new share buyback program of EUR 200 million is planned, starting in July and expected to conclude by the end of 2024[2] - Aegon aims to reduce gross financial leverage to around EUR 50 billion, increase operating capital generation to around EUR 12 billion, grow free cash flows to around EUR 800 million, and increase the dividend to shareholders to around EUR 040 per share by 2025[60] Business Segment Performance - US Strategic Assets, UK Workplace, and Brazil experienced continued strong sales growth, while Asset Management saw positive third-party net flows; UK Retail faced challenges[2, 62] - In the Americas, operating capital generation decreased, with earnings on in-force increasing due to growth in Strategic Assets, offset by unfavorable mortality experience; new business strain increased due to growth in Individual Life and Retirement Plans[43, 46] - International experienced lower new life sales in China (-32%) and Spain (-34%) due to pricing regulations and higher interest rates, respectively[20] - Aegon Asset Management saw improved net deposits in 3rd-party business and Strategic Partnerships, with increased operating capital generation driven by a non-recurring expense benefit in China[23] Capital Positions - The US RBC ratio was 441% at the end of 1Q 2024, a +5%-pts increase compared to the end of 2H 2023[39] - The UK Solvency II ratio was 192% at the end of 1Q 2024, a +9%-pts increase compared to the end of 2H 2023[39]
New Strong Sell Stocks for May 16th
zacks.com· 2024-05-16 11:36
Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:ArcBest (ARCB) provides freight transportation services and solutions. The Zacks Consensus Estimate for its current year earnings has been revised 15.7% downward over the last 60 days.Aegon (AEG) is an international insurance group which writes life and health insurance and offers related pension, savings and investment products in Europe, North America and the Caribbean. The Zacks Consensus Estimate for its current year earnings has ...
Aegon appoints Duncan Russell to succeed Matt Rider as Chief Financial Officer
globenewswire.com· 2024-05-16 05:02
The Hague, May 16, 2024 - Aegon today announces the appointment of Duncan Russell (1978) as Chief Financial Officer (CFO), effective September 1, 2024. Duncan will succeed Matt Rider (1963), who will retire after over seven years of exceptional service to the company. Matt will continue to serve as a member of the Board of Transamerica on a non-executive basis. Duncan Russell joined Aegon as Chief Transformation Officer in 2020. Prior to Aegon, Duncan worked at UK-based Admiral Group Plc, where he last hel ...
Aegon trading update for first quarter 2024
globenewswire.com· 2024-05-16 05:00
The Hague, May 16, 2024 - Please click here to access all 1Q2024 Trading Update related documents.  EUR 256 million operating capital generation before holding funding and operating expenses, on track to achieve guidance of around EUR 1.1 billion for 2024 Capital ratios remain robust, above their respective operating levels Cash Capital at Holding remains strong at EUR 2.0 billion, reflecting 85% completion of the ongoing EUR 1.535 billion share buyback programPlanned new EUR 200 million share buyback progr ...
Aegon (AEG) Unveils New Share Buyback Worth EUR 35 Million
Zacks Investment Research· 2024-04-09 17:10
Aegon Ltd. (AEG) recently announced that it intends to buy back shares worth EUR 35 million aimed at fulfilling some obligations connected to the senior management. The company is expected to retain the repurchased shares as treasury shares and then distribute them to share-based compensation plan participants.It is expected to start the buybacks from Apr 9 and conclude by the June quarter-end. The transaction is expected to be combined with Aegon’s ongoing EUR 1.5 billion share repurchase program, which al ...