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Economic Moat

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Capital Allocation

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Aegon Reports Another Good Result in First-Quarter 2021; FVE Maintained and Shares Undervalued

Analyst Note

| Henry Heathfield, CFA |

Aegon has reported results for the first quarter of 2021. The results look good and the name of the game looks to be consistency. This should be positively received. We are increasing our fair value estimate to EUR 4.95 per share and at current levels believe the shares are undervalued. We maintain our no moat rating.

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Company Profile

Business Description

Aegon is a Dutch headquartered insurance company with core operations that stretch across the U.S., Netherlands, and United Kingdom. The business also holds peripheral ventures in Spain, Portugal, and China and life insurance in Bermuda. Aegon management recently announced the sale of its Central and Eastern European operations to Vienna Insurance in what we think is an approximate fairly priced transaction. However, we would like to see these divestments go further with the sale of Spain and Portugal as well as the U.K. under the company’s new leadership.

Contact
Aegonplein 50, PO Box 85
The Hague, 2501 CB, Netherlands
T +31 703445458
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 22,000

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