Aegon NV (AEG,AGN.L) said it would detail the actions in progress across its businesses to deliver on its strategic transformation during its Analyst & Investor Conference, which begins later today in London.
Chief Executive, Alex Wynaendts, and senior management from the United Kingdom, the Netherlands and the U.S., as well as the Central & Eastern European region and Aegon's asset management unit, would outline plans to drive business growth in its chosen markets. Finance Chief, Darryl Button, would outline the firm's disciplined capital management policy aimed at reducing financial leverage, supporting the continued payment of attractive dividends to shareholders, and making possible strategic initiatives; whereas Button would announce Aegon's intention to neutralize the dilutive effect of stock dividends going forward by repurchasing Aegon shares on the open market.
Further, the company would update analysts and investors on its progress towards its 2015 targets. The Dutch insurer is on track to meet its target to double the proportion of earnings generated from fee-based business to 30-35%, as well as its aim of achieving operational free cash flows of between 1.3 billion euros and 1.6 billion euros by 2015. Given the historically low interest rate environment, the firm is currently on a trajectory to deliver an increase in underlying pre-tax earnings of between 4-7% over the period 2010-2015 and 7-10% from 2012 to 2015.
Concerning its return on equity target, Aegon is now on a path to achieve a return on equity of between 8-10%, assuming current reinvestment yields until 2015, and considering the recent preferred share transaction and further capital deleveraging. Management, however, affirms its aim to achieve a return on equity of 10-12% and recognizes that additional actions are required to do so.
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