Aegon N.V.

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.
  • TickerAGN
  • ISINNL0000303709
  • ExchangeEuronext Amsterdam
  • SectorLife Insurance
  • CountryNetherlands

Analysts

ING
Albert Ploegh, CEFA

AEGON/A foundation to perform from – upgrade to BUY

We upgrade AEGON from Hold to BUY on valuation grounds. Macro fears, M&A overhang (VIVAT) and long-term care concerns are currently being exaggerated in our view. At the mid-point of its guidance range AEGON is trading at a dividend yield of c.7.8% for 2019-21F. Moreover, the targets 2019-21 leave ‘financial flexibility' of c.€1bn (INGF) to offset any unexpected headwinds. TP unchanged.

Henry Heathfield

Morningstar | Aegon - Lowest Quality Comparative Opportunity

Aegon has had its fair share of problems, which have stretched across capital, solvency, governance, management, recurring nonrecurring items, and a missing strategy. Communication from management to the investment community has been very weak at best. However, we think Aegon has really turned a corner and is demonstrating that management has addressed and is addressing all of these issues. Nonetheless, the stock is still languishing at 0.5 times book value; in our view, this is because investors are still anchoring to the past. And while there have been signs of more cheer recently and the ma...

Henry Heathfield

Aegon - Lowest Quality Comparative Opportunity

Aegon reported a very poor close to the year; net income was down to EUR 253 million for the second half with some continued pretty serious one-offs. We maintain our EUR 6.70 fair value estimate and no-moat rating. This net income number has been hit by EUR 257 million in fair value movements as a result of market volatility in the second half as well as EUR 581 million from legal settlements and loss on divestment. While investors should usually look through these one-offs, they have become so ...

ING
Research Department

Benelux Morning Notes

AEGON: Divestment of stake in partnership with Sony Life in Japan. D'Ieteren: Profit growth guidance to >25% from >10%. Elia: Fully in-line trading update without further numbers. Takeaway.com: Amazon investment in Deliveroo should have limited impact on TKWY

AEGON N.V.: Semi-annual update

A detailed rationale for Aegon N.V.'s A3 stable senior debt rating, highlighting its operations' credit profile as well as the holding's capital structure and liquidity profile.

Moody's assigns a Baa3(hyb) rating to Aegon N.V.'s proposed perpetual contingent convertible notes

Moody's Investors Service has today assigned a Baa3(hyb) rating to the proposed perpetual contingent convertible notes ("notes") to be issued by Aegon N.V. ("Aegon" or "Group"; senior unsecured A3, stable outlook). The rating is based on the expectation that there w...

AEGON N.V.: Semi-annual update

A detailed rationale for Aegon N.V.'s A3 stable senior debt rating, highlighting its operations' credit profile as well as the holding's capital structure and liquidity profile.

Moody's assigns Baa1(hyb) rating to Aegon N.V.'s USD800 million dated subordinated notes

Moody's Investors Service ("Moody's") has today assigned a Baa1(hyb) rating to the USD800 million fixed-to-floating rate subordinated notes due 2048 to be issued by Aegon N.V. (rated A3 for senior unsecured debt, stable outlook). RATINGS RATIONALE The Baa1(hyb) rating r...

AEGON N.V.: US tax reform will lower solvency ratios in the short-term, positive impacts will be slow to materialise

The US tax reform will reduce the group's solvency ratio and profitability improvements will offset this reduction at a slow pace.

ING
Albert Ploegh, CEFA

AEGON/A foundation to perform from – upgrade to BUY

We upgrade AEGON from Hold to BUY on valuation grounds. Macro fears, M&A overhang (VIVAT) and long-term care concerns are currently being exaggerated in our view. At the mid-point of its guidance range AEGON is trading at a dividend yield of c.7.8% for 2019-21F. Moreover, the targets 2019-21 leave ‘financial flexibility' of c.€1bn (INGF) to offset any unexpected headwinds. TP unchanged.

Henry Heathfield

Morningstar | Aegon - Lowest Quality Comparative Opportunity

Aegon has had its fair share of problems, which have stretched across capital, solvency, governance, management, recurring nonrecurring items, and a missing strategy. Communication from management to the investment community has been very weak at best. However, we think Aegon has really turned a corner and is demonstrating that management has addressed and is addressing all of these issues. Nonetheless, the stock is still languishing at 0.5 times book value; in our view, this is because investors are still anchoring to the past. And while there have been signs of more cheer recently and the ma...

Henry Heathfield

Aegon - Lowest Quality Comparative Opportunity

Aegon reported a very poor close to the year; net income was down to EUR 253 million for the second half with some continued pretty serious one-offs. We maintain our EUR 6.70 fair value estimate and no-moat rating. This net income number has been hit by EUR 257 million in fair value movements as a result of market volatility in the second half as well as EUR 581 million from legal settlements and loss on divestment. While investors should usually look through these one-offs, they have become so ...

ING
Research Department

Benelux Morning Notes

AEGON: Divestment of stake in partnership with Sony Life in Japan. D'Ieteren: Profit growth guidance to >25% from >10%. Elia: Fully in-line trading update without further numbers. Takeaway.com: Amazon investment in Deliveroo should have limited impact on TKWY

Alexander Makar ...
  • Bart Cuypers
  • Cedric Duinslaeger
  • Jan Opdecam
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: AGN NA, CYAD BB, CFEB BB, DIE BB, ELI BB, EXM BB, HAL NA, IMMO BB

AEGON: Aegon to divest stake in Sony Life joint venture Celyad: AML update at EHA conference mid June CFE: Hornsea Two contract win D'Ieteren: Mixed bag, with again a great Belron performance Elia Group: 1Q19 trading update and status reorganisation EXMAR: Bond issue placement Hal Trust: 1Q19, NAV to € 144 p.s. (+4.6%) Immobel: Redevelopment of centre Monnaie in Brussels

1 director sold

A director at Aegon NV sold 44,610 shares at 5.560EUR and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/07/2019

The stabilisation of eurozone PMI indices in January contributes, albeit still modestly, to the abating of the excessive risk aversion end-2018. This is in addition to the welcome change in the Fed’s tone with the announced pause in monetary normalisation, pushing back the spectre of recession. Against this backdrop, the decent nature of results publications is contributing to the improvement in sentiment. However, questions about growth, or rather its rate of deceleration, persist. I...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/02/2019

La stabilisation des PMI Eurozone en janvier contribue, encore modestement, au reflux de l’excessive aversion au risque de la fin 2018. Ceci s’ajoute au bon accueil du changement de ton de la FED avec la pause annoncée dans la normalisation monétaire et repousse le spectre de la récession. Dans ce contexte, le caractère convenable des résultats participe à l’amélioration du sentiment. Pour autant les questions sur la croissance, ou plutôt son rythme de ralentissement, ne sont pas levé...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/10/2018

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/12/2018

...

With a more favourable environment, AEGON improves to Slightly Positive

AEGON (NL), a company active in the Life Insurance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date March 5, 2019, the closing price was EUR 4.68 and its potential was estimated at EUR 5.03.

Aegon NV

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Aegon NV

Aegon NV

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ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

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AXA SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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QBE Insurance Group Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's QBE Insurance Group Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by QBE Insurance Group Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competi...

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CNP Assurances SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's CNP Assurances SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by CNP Assurances SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key...

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Swiss Life Holding Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Swiss Life Holding Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Swiss Life Holding Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Swiss Life Holding Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and...

Expert Corporate Governance Service (ECGS)

Aegon - AGM 17 May 2019

In general, Aegon is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR at all proposals. There are no further peculiarities.

Aegon – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Matthieu DRIOL

Short term view - AEGON NV : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €5.746. Breaking below the support at €4.945 would invalidate the trend.

Matthieu DRIOL

Analyse court terme - AEGON NV : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 5,746 €. La rupture du support à 4,945 € invaliderait cette tendance.

Matthieu DRIOL

Short term view - AEGON NV : Falling.

The trend is bullish. The current fall looks like a consolidation. The support at €5.214 could cause a bullish reaction towards €5.746. The break of €4.945 would endanger the trend.

Matthieu DRIOL

Analyse court terme - AEGON NV : Baisse en cours.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 5,214 € pourrait relancer le mouvement haussier vers 5,746 €. La rupture de 4,945 € mettrait la tendance en danger.

Matthieu DRIOL

Analyse moyen terme - AEGON NV : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 4,952 €. La tendance serait remise en cause par la rupture de 4,952 €.

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