Insurer Aegon doubles buyback amount as it mulls moving head office to US
By Mateusz Rabiega
Aug 21 (Reuters) - Dutch insurer Aegon AEGN.AS on Thursday doubled the planned value of its ongoing share buyback programme to 400 million euros ($466 million), which it aims to conclude by the end of 2025, and said it was studying the possibility of moving its head office into the United States.
The group, which also announced a nearly 20% increase in its interim dividend, is looking to slim down its capital at hand to 1 billion euros by the end of next year, from 2 billion euros currently, through shareholder returns and investments to drive growth.
Its shares rose around 7% in early trading. Analysts from J.P. Morgan highlighted the unexpected hike in the buyback and said a relocation could be positive for the insurer's valuation.
Aegon, which has a large exposure to the U.S. through its Transamerica division, is launching a review of the potential relocation of both its legal domicile and headquarters.
"More than 65% of the earnings of the company is coming from the U.S. and we believe there are benefits for us (in) moving our head office," CEO Lard Friese told Reuters. The potential move would also see Aegon's New York listing become its primary one instead of Amsterdam.
Following the divestment of its Dutch business to ASR Nederland ASRNL.AS in a $4.9 billion deal that was closed in 2023, Aegon has been restructuring its business and prioritising U.S. growth.
A relocation would take two to three years, as Aegon would have to adopt a new accounting framework before moving its legal domicile, it said.
Asked about President Donald Trump's trade policies, Friese said the possible relocation had nothing to do with the actions of the U.S. administration.
The insurer will announce its decision on the move during its Capital Markets Day on December 10.
Aegon's operating capital generation fell slightly to 576 million euros in the first half of 2025, narrowly beating analysts' consensus. The U.S. business generated 371 million euros of operating capital in the same period.
($1 = 0.8587 euros)
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