Aegon Q1 Trading Positive; To Start EUR 200 Mln Buyback; Names Duncan Russell CFO, Effective Sept.1

(RTTNews) - Aegon N.V. (AGN.L, AEG), a Dutch life insurance, pensions, and asset management firm, on Thursday issued its first-quarter trading update, reporting continued strong sales growth in US Strategic Assets, UK Workplace businesses and Brazilian life insurance business.

The company further announced a planned new share buyback program of 200 million euros, which is expected to start at the beginning of July 2024, and to complete it by the end of 2024.

Separately, Aegon announced the appointment of Duncan Russell as Chief Financial Officer, effective September 1. He will succeed Matt Rider, who will retire after over seven years of service to the company.

Rider will continue to serve as a member of the Board of Transamerica on a non-executive basis.

Russell joined Aegon as Chief Transformation Officer in 2020. Prior to Aegon, he worked at UK-based Admiral Group Plc, NN Group N.V., and at J.P. Morgan.

In its trading update for the first quarter, the company reported positive third-party net flows at Asset Management business. Meanwhile, UK Retail business continues to be affected by challenging market conditions.

Lard Friese, Aegon CEO, said, "These results represent a good start to the year as we continue to work hard to transform our company and deliver upon our 2025 financial targets. I look forward to providing you with an update on our plans to drive growth in our UK business at our teach-in on June 25."