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AEG

Aegon

$6.35

0.04 (0.63%)

11:49
08/07/18
08/07
11:49
08/07/18
11:49

AEGON agrees to divest last substantial block of life reinsurance business

Aegon announced it has agreed to divest the last substantial block of its life reinsurance business to SCOR Global Life. Under the terms of the agreement, Aegon's Transamerica life subsidiaries will reinsure approximately $700M of liabilities through SCOR Global Life. The transaction covers the last substantial block of life reinsurance business that Transamerica retained after it divested the vast majority of its reinsurance business to SCOR Global Life in 2011 and 2017. It is expected that the transaction has a one-time benefit of approximately $50M on Transamerica's capital position and a slightly positive effect on recurring capital generation. "The transaction is consistent with Aegon's stated strategic objective to reduce the amount of capital allocated to its run-off businesses...Future underlying earnings are not affected by this transaction as earnings of this block of reinsurance business are part of run-off businesses, which are not included in underlying earnings before tax. The transaction is expected to result in a pre-tax IFRS loss of approximately $105M, or EUR 90M, and will be reported in Other charges in the second half 2018 results. As a result of the transaction, Aegon will significantly reduce the size of a related captive insurance company and the related letter of credit facility in place to finance redundant reserves, generally referred to as XXX term life insurance reserves," Aegon stated.

AEG Aegon
$6.35

0.04 (0.63%)

06/15/18
BOFA
06/15/18
DOWNGRADE
Target $5.4
BOFA
Underperform
AEGON downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Michael van Wegen downgraded AEGON to Underperform and cut its price target to $5.40 from $5.90 following "relatively strong" stock performance.
06/15/18
06/15/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Southwest (LUV) downgraded to Hold from Buy at Argus with analyst John Staszak saying that despite being well managed and financially strong, its focus on the domestic market will lead to slower relative growth based on better expected performance in the international space. 2. Motorcar Parts (MPAA) downgraded to Neutral from Buy at Roth Capital with analyst Matt Koranda saying he expects margin erosion to intensify in the coming quarters as better industry growth is awaited. 3. BHP Billiton (BHP) and Rio Tinto (RIO) were downgraded to Hold from Buy at Investec. 4. AEGON (AEG) downgraded to Underperform from Neutral at BofA/Merrill with analyst Michael van Wegen citing "relatively strong" stock performance. 5. Splunk (SPLK) downgraded to Sell from Neutral at Citi with analyst Walter Pritchard saying he sees "growth drivers plateauing" and "some warning signs in numbers." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/05/18
HSBC
07/05/18
UPGRADE
HSBC
Buy
AEGON upgraded to Buy from Hold at HSBC
07/10/18
EVER
07/10/18
INITIATION
EVER
Underperform
AEGON initiated with an Underperform at Evercore ISI

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