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
Maureen Schuller ...
  • Suvi Platerink Kosonen

Dutch financials/Banks more affected by the thin cap rule

During the annual budget day (Prinsjesdag, the third Tuesday of September) the Dutch government published its 2020 tax plan. The 2020 tax plan provides, among other things, for the introduction of the anticipated thin cap rule for banks and insurers. We consider banks to be more exposed than insurance companies to the tax change.

ING
Research Department

Benelux Morning Notes

Company comments AEGON: Objective is to release capital from Dutch business not to inject a.s.r.: Comfortably navigating through low interest rates environment Econocom: Final H1 quality unsupportive, FY guidance again confirmed Gimv: €10m investment in ophthalmic implants KAS BANK: Records weak earnings amidst the CACEIS's public offer in progress PostNL: As expected ACM does not approve merger with Sandd according to Dutch press

ING
Albert Ploegh, CEFA

AEGON/Not a déjà vu/BUY

Credit spreads mismatch had a material negative impact on the Dutch SII ratio. We are not overly concerned as we believe this should be a temporary impact and translate into higher capital generation over the duration of the book (‘flow' versus ‘stock' debate). The reality is that the low stock of SII capital (152% NL SII ratio) undermines AEGON's NL capacity to pay dividends to the group. AEGON stresses to explore options to improve the Dutch capital position, which may go beyond traditional reinsurance and could result in strategic questions, eg, releasing capital in closed books involving s...

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 announces completion of a periodic review of ratings of AEGON N.V.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of AEGON N.V. Global Credit Research- 12 Jul 2019. London, 12 July 2019-- Moody's Investors Service has completed a periodic review of the ratings of AEGON N.V. and other ratings that are associated with the same analytical unit.

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.

ING
Research Department

Benelux Morning Notes

Company comments AEGON: Objective is to release capital from Dutch business not to inject a.s.r.: Comfortably navigating through low interest rates environment Econocom: Final H1 quality unsupportive, FY guidance again confirmed Gimv: €10m investment in ophthalmic implants KAS BANK: Records weak earnings amidst the CACEIS's public offer in progress PostNL: As expected ACM does not approve merger with Sandd according to Dutch press

ING
Albert Ploegh, CEFA

AEGON/Not a déjà vu/BUY

Credit spreads mismatch had a material negative impact on the Dutch SII ratio. We are not overly concerned as we believe this should be a temporary impact and translate into higher capital generation over the duration of the book (‘flow' versus ‘stock' debate). The reality is that the low stock of SII capital (152% NL SII ratio) undermines AEGON's NL capacity to pay dividends to the group. AEGON stresses to explore options to improve the Dutch capital position, which may go beyond traditional reinsurance and could result in strategic questions, eg, releasing capital in closed books involving s...

Benoit Valleaux

Aegon : Baisse de la marge de solvabilité aux Pays-Bas

>Un RO contrasté selon les pays - Aegon a publié hier matin son RN du S1 19. L’activité du groupe, bien qu’en légère amélioration séquentielle par rapport au S2 18, est restée relativement faible sur le semestre. Le RO a été de 1 010 M€ au S1 19 (vs consensus de 987 M€ et notre prévision de 1 005 M€), en recul de 5% du fait d’une baisse des commissions reçues aux EU sur les produits VA et Retirement Plans et aussi d’investissements destinés à soutenir la croissance fu...

Benoit Valleaux

Aegon : Decline in the solvency margin in the Netherlands

>Mixed underlying earnings by country - Aegon released its H1 2019 net income yesterday morning. The group’s activity, although reflecting a slight sequential improvement vs H2 2018, nonetheless remained fairly lacklustre over the first half. Underlying earnings came in at € 1,010m in H1 2019 (vs the consensus: € 987m and ODDO BHF: € 1,005m), down by 5% due, on the one hand, to a fall in fees received in the US on variable annuity products and retirements plans in the...

ING
Research Department

Benelux Morning Notes

AEGON: Lard Friese to succeed Alex Wynaendts as CEO. Kendrion: Results preview; a good house in a bad neighbourhood. NN Group: David Knibbe to succeed Lard Friese as CEO. TKH Group: Results preview; facing a difficult YoY comparison base

1 director bought

A director at Aegon NV bought 40,596 shares at 4.600EUR and the significance rating of the trade was 70/100. 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 memb...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2019

...

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

...

Aegon NV

Aegon NV

AEGON sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of AEGON (NL), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 28, 2019, the closing price was EUR 4.38 and its potential was estimated at EUR 4.84.

Aegon NV

Aegon NV

ING
Maureen Schuller ...
  • Suvi Platerink Kosonen

Dutch financials/Banks more affected by the thin cap rule

During the annual budget day (Prinsjesdag, the third Tuesday of September) the Dutch government published its 2020 tax plan. The 2020 tax plan provides, among other things, for the introduction of the anticipated thin cap rule for banks and insurers. We consider banks to be more exposed than insurance companies to the tax change.

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

Coffee, Croissants & Credit/Engie and Anbang

In a Bloomberg interview at the World Economic Forum in Davos, Engie's (ENGIFP) CFO Judith Hartmann tackled questions around Brexit, acquisitions and the Yellow Vests in France. According to Engie's management, the main threat of a hard Brexit on the company's business is the impact on the overall UK economy and thus on utilities operating in the country. As far as France is concerned, Engie's activities are not directly impacted by the Yellow Vests movement. Judith Hartmann said that Engie's balance sheet is in good shape and offers room for acquisitions. According to the CFO, nothing is on t...

MarketLine Department

Allianz SE - Strategy, SWOT and Corporate Finance Report

Summary Allianz SE - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Allianz SE (Allianz) is one of the leading global insurers, offering life, and property and casualty (P&C) insurance products, under the Allianz and Euler Hermes brands. Its insurance offerings cover motor, liability, homeowner, accident, travel and assistance, marine, aviation and transport. It ...

MarketLine Department

AXA SA - Strategy, SWOT and Corporate Finance Report

Summary AXA SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights AXA SA (AXA) is an insurance company, offering both life and non-life insurance products. It offers life insurance and savings products such as individual life insurance, group life insurance, health and personal protection products, and individual and group savings retirement products. It also offer...

MarketLine Department

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

Summary Marketline's AXA 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 AXA 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 Highlights This repo...

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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...

MarketLine Department

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...

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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