Aegon N.V. Q4 Operating Result Up 4%; Announces Share Buyback

Aegon N.V. (AGN.L,AEG) reported that its fourth quarter operating result increased by 4% year-over-year to 488 million euros. At constant currencies, the result decreased by 1%. The Group noted that lower fees due to adverse markets and outflows in US Variable Annuities and Asset Management broadly offset benefits from expense savings, growth initiatives, one-time reserve releases in the Netherlands, and improved claims experience.

Net result attributable to owners of Aegon N.V. was 2.35 billion euros compared to profit of 504 million euros, previous year. The impairment loss from classifying Aegon the Netherlands as held for sale following the transaction with a.s.r. led to net loss for the quarter.

Aegon announced a new 200 million euros share buyback, in line with the company's intention to return surplus cash capital to shareholders. The share buyback program will commence on February 10, 2023, and is expected to be completed on or before June 30, 2023.

The Group proposed final 2022 dividend of 0.12 euros per common share to be paid in cash, which brings the full year dividend to 0.23 euros per common share. The record date for the dividend will be May 30, 2023, and the dividend will be payable as of June 29, 2023. Aegon intends to move to a cash-only dividend as of the final dividend of 2022.

The Group targets a dividend of around 30 eurocents per common share over 2023.

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