AEG - Aegon trades high on Q1 progress in expense savings program

Aegon ([[AEG]] +6.1%) Q1 reported net result of €386M (+43% Q/Q) indicating increased operating result and benign credit environment.Operating result rose by 20% to €431M led by expense savings and higher equity markets, partly offset by adverse claims experience in U.S.Cash capital stood at €1.2B, in the upper half of Aegon’s target range; free cash flow increased to €75M from €61M in year ago quarter.The company reduced addressable expense base by €136M and is on track to achieve half of its 2023 target of €400M expense savings by 2021 end.Aegon is the largest third-party mortgage originator in the Netherlands, benefiting from its scale, high service levels to intermediaries and customers, and diversified funding; it Q1 it raised €3B of residential mortgages.Strategic assets: Achieving growth in the U.S. (Individual and workplace solutions), Netherlands and U.K.On Mar. 31, 2021, Aegon successfully priced a €657M residential mortgage-backed securitization for further diversification of its mortgage funding; transaction was oversubscribed three

For further details see:

Aegon trades high on Q1 progress in expense savings program