Benoit Patchard's questions to Aegon Ltd (AEG) leadership • Q3 2024
Question
Benoit Patchard from Kepler Cheuvreux sought a preliminary view on the 2025 Operating Capital Generation (OCG) outlook given the current macro environment. He also asked if the strong 2024 OCG performance would affect the 2025 free cash flow guidance and whether the new €150 million buyback for H1 2025 is a final figure.
Answer
CFO Duncan Russell stated that while the current OCG run-rate is strong, Aegon is not changing its 2025 guidance of around €1.2 billion, citing offsetting factors like anticipated higher new business strain and runoff from financial assets. He confirmed the €150 million buyback is the amount announced for the first half of 2025 and declined to speculate on future changes.