Aegon boosts second-half buyback after capital generation beats forecasts
AEG•Redomiciliation plan and leadership change
Aegon plans to seek shareholder approval in October for its proposed redomiciliation to the United States, part of a broader strategy to rebrand as Transamerica and relocate its headquarters by early 2028. Aegon sold its business in Britain in April, though it kept the asset management arm.
"Our ambition is to be a leading force in the life insurance and retirement industry in the United States, because it's the largest market in the world. And mainstream America has been underserved," CEO Lard Friese said in an interview with Reuters.
Aegon's rivals in the U.S. life segment include Prudential Financial PRU.N, MetLife MET.N, Lincoln National LNC.N and AIG [RIC:RIC:AIGINL.UL].
"In (U.S.) life insurance business, we're well underway to become a top five life player in new sales," Friese told Reuters.
Aegon's solvency position, measured using its newly adopted U.S. risk-based capital (RBC) ratio, was 420%, more than double the level at which regulators would typically begin heightened scrutiny.
The company also announced that Duncan Russell would step down as chief financial officer and leave the company in April 2027.
Buyback increased after capital generation beat forecasts
Life insurer and asset manager Aegon AEGN.AS on Thursday increased its planned share buyback for the second half of the year after first-half capital generation exceeded market expectations.
The Dutch group said it would repurchase 350 million euros ($409 million) of shares in the second half, up from the 200 million euros previously announced. The larger buyback follows a 400-million-euro programme for the full year of 2026 announced last year that disappointed investors and dragged the shares down.
