Dutch insurer Aegon to launch 200 mln euro share buy-back in July (updated)

ASR Nederland NV

16/05/2024 06:52

(Adds detail on buy-back in paragraph 2, CFO change in
paragraph 3, detail on capital ratios in paragraphs 6-8)
       May 16 (Reuters) - Dutch insurer Aegon  AEGN.AS  said on
Thursday it plans to buy back 200 million euros ($218 million)
worth its own shares, after it reported quarterly operating
capital generation slightly below expectations.
    It expects to launch the buy-back programme at the beginning
of July and conclude it by the end of the year.
    Aegon also said Duncan Russell would replace retiring Matt
Rider as its chief financial officer in September.
    The group's operating capital generation before holding
funding and operating expenses was 256 million euros in the
first quarter of 2024, down from 292 million euros a year
earlier.
    Analysts on average had expected 260 million euros, a poll
provided by the company showed.
    Aegon, which generates most of its capital via the
Transamerica brand in the United States, reported a quarterly
U.S. risk-based capital ratio of 441%, slightly below the 443%
expected by analysts.
    Risk-based capital ratio, a key metric of an insurer's
financial health, is calculated by dividing the company's total
adjusted capital by its risk-weighted assets.
    Aegon did not report a Solvency II ratio, a measure of
capital strength under the European Union's risk-measurement
rules, for the quarter. It said this was so it could align with
Dutch peer ASR Nederland's  ASRNL.AS  reporting cycle.
($1 = 0.9190 euros)

 (Reporting by Gaëlle Sheehan and Mathias de Rozario in Gdansk;
Editing by Milla Nissi)
 ((gaelle.sheehan@thomsonreuters.com; +48 58 7785110;))