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Iain Pearce

Iain Pearce

Research Analyst at BNP Paribas

London, GB

Iain Pearce is an Executive Director and senior equity analyst at Exane BNP Paribas, specializing in coverage of European financial institutions with a focus on insurance companies such as Aegon and Swiss Life. Pearce covers 27 stocks and maintains a 63.37% success rate on his investment recommendations, earning a 3.28-star ranking on analyst performance platforms. Beginning his career as a research analyst, he joined BNP Paribas SA (London Branch) as Executive Director in 2023, following earlier research roles within the sector. Pearce is recognized for his sector insight and regularly publishes stock ratings and performance outlooks for major European insurers.

Iain Pearce's questions to AEGON (AEG) leadership

Question · H1 2025

Iain Pearce of Exane BNP Paribas questioned the main challenges of the potential re-domiciliation, including the U.S. GAAP transition and any discussions with the main shareholder, Vereniging Aegon. He also asked if the move presented asset allocation opportunities, such as re-risking the U.S. portfolio.

Answer

CEO Lard Friese identified key challenges as building up head office processes in the U.S. while reducing them elsewhere, managing the complex U.S. GAAP implementation, and ensuring proper change management. He confirmed Vereniging Aegon has been informed. CFO Duncan Russell stated he sees no impact from the re-domiciliation on asset allocation choices, as the U.S. entity is already managed under the U.S. statutory regime with an appropriate asset allocation for its liabilities.

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Question · Q3 2024

Ian Pearce from Exane BNP Paribas requested more detail on U.S. new business trends, specifically why WFG agents are selling fewer Transamerica products and what third-party products are in demand. He also asked for clarification on the term 'gradually' regarding the plan to reduce cash holdings to the €1 billion target by 2026.

Answer

CEO Lars Fraser explained that WFG agents followed market demand for annuity products, particularly fixed indexed annuities, which Transamerica does not manufacture. He emphasized that Aegon still benefits financially through distribution revenues from these third-party sales. CFO Duncan Russell reiterated that the cash reduction to €1 billion by 2026 will be achieved through strategic investments or shareholder returns, without providing a specific linear timeline.

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