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. Operating capital generation after expenses reached 416 million euros in the first half, above the 376 million euros expected by analysts polled by the company.
"Transamerica delivered strong commercial growth compared with the prior year period," CEO Lard Friese said in a statement.
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 Britainin April, though it kept the asset management arm.
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.
($1 = 0.8565 euros)
