Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AEGON NV. We currently have 8 research reports from 2 professional analysts.
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Transformation is proceeding well
20 Feb 17
Aegon’s Q4 16 sales reached €2,727m (-5.5% yoy), but the ytd turnover is still showing an increase of 14.8% to €11,956m. FY 16 new life sales were down 27.2% to €2,054m. In Q4 16, the market consistent value of new business declined by 20.8% to €118m, confirming the negative trend for the full year (-29.6% to €420m). FY 16 gross deposits increased 21.4% to €100,325m. Q4 16 underlying earnings before tax improved by 27.4% to €554m yoy, but only 2.4% to €1,913m for the whole year. Only European and Asian operations recorded better underlying profits (17.2% to €655m and +5% to €21m, respectively). Americas’ earnings showed lower earnings (-2.2% to €1,249m), as did the asset management business (-12.3% to €149m). Realised gains on investments showed resilience at €340m. FY 16 net income stood at €586m. The solvency II ratio stood at 159%. The board will propose at the AGM a final dividend for 2016 of €0.13 per share, paid in cash or stock at the request of the shareholders.
A permanent member of the bad surprises club
12 May 16
Aegon’s Q1 16 sales reached €3,560m (+35.6% yoy). New Life sales were down by 11% to €266m. The market-consistent value of new business amounted to €133m, -5% yoy. Gross deposits increased 50.6% to €30,078m and net deposits followed the same positive trend and stood at €7,615m (+4.8% yoy). Q1 16 underlying earnings before tax improved by 6.9% to €462m. Realised gains on investments totalled only €54m. In Q1 16, operating expenses increased by 6.4% to €960m. The loss from fair value items amounted to €358m, leading to a Q1 15 net income of €143m, down 50.5% yoy. Shareholders’ equity reached €22,848m at end March 2016. The gross leverage ratio stood at 28.7% in Q1 16, well within the target range of 26-30%. Aegon’s Solvency II ratio declined to 155% on a pro forma basis. On 13 January 2016, Aegon announced and commenced its €400m share buy-back programme. The first tranche of the share buy-back programme (€200m) was completed on 31 March 2016 through the repurchase of 41.1 million shares. The second tranche of €200m was announced and started on April 2016. As of 11 May 2016, 29 million shares have been repurchased at an average repurchase price of €4.97/share.
US business weakens group earnings
19 Feb 16
Aegon’s Q4 15 sales reached €2,913m (+37.6% yoy), bringing the ytd turnover to €10,708m (+24.5% yoy). FY 15 New life sales were down 18.2% to €4,578m. The Q4 15, the market consistent value of new business declined by 23.9% to €149m, confirming the negative trend for the full year (-28.2% to €597m). FY 15 gross deposits increased 39.3% to €77,205m. Net deposits more than doubled to €17,563m. Q4 15 underlying earnings before tax decreased by 13.5% to €486m yoy, but increased 3.9% to €1,939m for the whole year. Realised gains on investments dropped by 50.3% to €346m. FY 15 net income stood at €619m, down 47.8% yoy. Shareholders’ equity increased to €24,293m at 31 December 2015. The gross leverage ratio further improved to 27% in Q4 15, well within the target range of 26-30%. The board will propose at the AGM a final dividend for 2015 of €0.13 per share, paid in cash or stock at the request of the shareholders.
Q4 15: reporting Friday, 19 February
11 Feb 16
After several earnings disappointments last year, and following guidance in the January investor presentation, we are expecting an uneventful Q4, with a modest 4% decline in underlying earnings. With some valuation upside emerging after recent volatility we upgrade the shares from SELL to a HOLD on valuation grounds.
Solvency II is no longer a nightmare
13 Jan 16
Aegon presented today its strategy update and 2018 financial targets. New targets include an ROE of 10% and a reduction in annual operating expenses of €200m by 2018, in part through investment in digital capabilities. The insurer has announced a Solvency II ratio of 160% by 2015, based on the approved partial internal model. Thanks to this, the final dividend was increased to €0.13/share and a €400m share buy-back programme was announced, of which a first tranche of €200m will be repurchased before 31 March 2016. The Dutch insurer has also announced that its strategic focus will be on growing the fee businesses, expanding in asset management, restructuring the US operations into one functionally-organised business, exploring options for the UK annuity book and implementing accounting policy changes with an estimated impact on shareholders' equity of €1.3bn to align accounting policies with in-force management.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.