By Adam Clark

 

Dutch insurance and asset management company Aegon NV (AGN.AE) said on Tuesday that its financial restructuring will increase its annual capital generation by 150 million euros ($173.4 million).

In a presentation to analysts, Chief Financial Officer Matt Rider said Aegon would retain part of the additional capital generation to offset the impact of financial changes.

Mr. Rider also said Aegon's Netherlands and U.K. arms will change their reporting structures. Aegon Netherlands will report in four segments; life, banking, non-life and service businesses. Aegon U.K. will report in two segments; existing business and digital solutions.

Mr. Rider said that in the first half of 2018, all three of Aegon's geographical regions will send remittances to the parent company. The U.S. is expected to remit $450 million, the Netherlands is expected to remit EUR100 million, and the U.K. is expected to remit 50 million pounds ($65.9 million).

Aegon said all its units are expected to be in their target zones for their capital ratios following financial changes in the period from 2018 to 2020.

Shares were last up 2.8% at EUR5.47.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

June 19, 2018 10:26 ET (14:26 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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