(Reuters) -Dutch insurer Aegon on Thursday doubled the planned value of its ongoing share buyback programme to 400 million euros ($466 million), which it aims to conclude during the second half of 2025.
Its operating capital generation (OCG) fell slightly to 576 million euros in the first six months of the year, just above analysts’ median estimate of 574 million euros in a poll compiled by the company.
Aegon said the decline in capital generation was due to upfront costs of new business and a decrease in release of capital in its Chinese division.
“We remain on track to meet our OCG guidance of around 1.2 billion euros for 2025,” CEO Lard Friese said in a press release. The company also announced a nearly 20% increase in its interim dividend.
The Amsterdam-listed insurer, which has a large exposure to the U.S. through its Transamerica division, said it would begin a review on a potential relocation of its legal domicile and headquarters to the United States.
“The review will examine the implications of a potential relocation, including the impact on all of Aegon’s stakeholders, and of making its listing on the NYSE its primary listing alongside its Euronext listing,” Aegon said, adding the potential transition would take two to three years.
The U.S. business accounted for around 70% of Aegon’s operations and generated 371 million euros of operating capital between January and June.
($1 = 0.8587 euros)
(Reporting by Mateusz Rabiega in Gdansk, editing by Milla Nissi-Prussak)
