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    Benoit Patchard

    Research Analyst at Kepler Cheuvreux

    Benoit Patchard is an Equity Analyst at Kepler Cheuvreux specializing in financial sector research, with a focus on European banks and insurance companies. He covers leading listed firms in the region and is recognized within the firm for delivering detailed and actionable insights to institutional clients. Patchard began his analyst career in the early 2010s, progressing through roles at specialized research boutiques before joining Kepler Cheuvreux in his current capacity in the late 2010s. He is known for thorough sector analysis but has limited public performance metrics or individual rankings available, and details on professional credentials or securities licenses are not publicly disclosed.

    Benoit Patchard's questions to AEGON (AEG) leadership

    Benoit Patchard's questions to AEGON (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.

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