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Aegon: The Turnaround Is In Full Swing

Feb. 16, 2022 6:58 AM ETAegon N.V. (AEG)10 Comments
Philip MacKellar profile picture
Philip MacKellar


  • CEO Lard Friese took over in early 2020 as the pandemic hit capital markets.
  • In December 2020, Mr. Friese unveiled a new turnaround strategy through 2023, focused on corporate simplification, cost cutting, and higher free cash flow generation.
  • The latest annual and quarterly results suggest the turnaround is in full swing.
  • The 2022 outlook appears good and the targets for 2023 remain in place.
  • The turnaround strategy should improve operating metrics, reduce the valuation gap versus peers, and drive returns.

Old historic building of Aegon Magyarorszag insurance company in Budapest, Hungary

Mirko Kuzmanovic/iStock Editorial via Getty Images


Aegon (NYSE:AEG) is a Dutch-based multinational company with many insurance and asset management divisions. The corporation is best known for its Transamerica brand in the United States; in Europe, the organization’s main

Aegon financial targets 2021 - 2023

Aegon: December 2020 Investor Day Presentation.

Aegon progress since Capital Markets Day

Aegon: Q4 2021 Corporate Presentation

Aegon financial ratios vs peers

Table: amalgamated by author using Seeking Alpha data.

This article was written by

Philip MacKellar profile picture
Philip MacKellar is an analyst, portfolio manager, and investor at Contra the Heard Investment Newsletter. He has been with the company since 2011 and has been investing since 2004. The newsletter’s primary focus is on contrarian and value-oriented investment opportunities traded in the United States and Canada. In addition, Philip sometimes engages in M&A, other special situations, and holds bonds, preferred shares, and convertible securities. Contra the Heard is a Toronto based company and was founded in 1995. Philip also blogs about personal finance topics on his own website called mymoneymoves.ca in his free time. You can also follow Philip at the Globe & Mail, on Twitter @Rallekcam, and catch him on YouTube at Contra the Heard.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of AEG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The opinions expressed – imperfect and often subject to change – are not intended nor should be taken as advice or guidance. The information enclosed in this article is deemed to be accurate and reliable, but is not guaranteed by the author.

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