Analyse aandeel Aegon

Aegon verkoopt niet-kernactiviteiten die geen winst genereren. Een slankere en meer gerichte verzekeraar zou tot meer consistente resultaten moeten leiden. (Engelstalig rapport)

Vincent Lui, CFA 09 december, 2014 | 21:09
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INVESTMENT THESIS

Aegon's ongoing restructuring has been more than just a distraction and may explain why the stock is trading at a discount to book value. While the shares look cheap, our view is tempered by the fact that the insurance business is not fundamentally attractive, and the stock is appropriate only for risk-tolerant investors. We believe that returning to a normal return depends on how well the company can execute its strategy in a low interest-rate environment.

Aegon generates 70% of its earnings in the U.S. through Transamerica. Early in the decade, Aegon became aggressive in spread-based products, which left the company overly exposed to market risk. Aegon lost 30% of its shareholders' equity value during the financial crisis, as asset prices fell precipitously. As a result, management was forced to accept a EUR 3 billion bailout package from the Dutch government. The firm also embarked on a series of initiatives to derisk its balance sheet to achieve more stable returns on capital.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Aegon NV4,03 EUR-0,47Rating
Berkshire Hathaway Inc Class B275,00 USD-0,61

Over de auteur

Vincent Lui, CFA  Vincent Lui, CFA is an equity analyst for Morningstar, covering life insurance companies.

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