Analyst Note| Henry Heathfield, CFA |
Aegon reported results for the second half of 2019, and the full year. This is yet another bad set of results for Aegon and we thought management could get a grip on this business. When Lard Friese takes over as chief executive this year, he certainly has his work cut out. We are revising our fair value estimate down to EUR 5.55 and maintaining our no-moat rating.