Aegon: a.s.r. Sell-Down Boosts Flexibility; Valuation Still Attractive

2025-10-09 06:42:42 ET

We revisit Aegon ( AEG ) ( AEGOF ) following its H1 results and, more importantly, September’s sale of 12.5 million a.s.r. shares — a development not yet flagged by Seeking Alpha's analysts. While our stance on EU banks is still upbeat, the current peak-like valuation backdrop makes this transaction attractive. In our latest update, we were positive on Aegon based on 1) a new share repurchase announcement, 2) positive read-across from the Corebridge VA deal , supporting Aegon's annuities segment, 3) solid fundamentals with Operating Capital Generation , and 4 ) upside from the Transamerica segment . From a share-price perspective, the company continues to deliver, and in numbers, since early July 2025, Aegon is up by almost 12.5% (including the dividend payment - Fig. 1)....

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