Dutch insurer Aegon hikes capital generation target on US strength
(Reuters) — Dutch Insurer Aegon (NYSE:AEG) raised its full-year capital generation forecast on Thursday, driven by a strong performance in the U.S. market.
The company expects operating capital generation from its units to be around 1.2 billion euros ($1.30 billion) this year, versus a prior target of more than 1 billion.
It had previously said it expected to reach the 1.2 billion euro threshold in 2025.
CEO Lars Friese underlined «continued commercial momentum in the U.S» in a quarterly earnings statement.
Aegon has been simplifying its corporate structure by selling Central and Eastern European businesses while focusing on its U.S. operations, mainly through the Transamerica brand that focuses on retirement solutions, investments and life insurance.
«The company aims to accelerate its growth and become America's leading middle market life insurance and retirement company,» Aegon said.
In July, the Dutch group closed a deal to sell its domestic insurance operations to local peer ASR for 4.9 billion euros in cash and shares. Through the deal, ASR replaced Aegon as the country's second-largest insurer.
($1 = 0.9228 euros)
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