Jason Kalambosas's questions to Aegon Ltd (AEG) leadership • Q3 2024
Question
Jason Kalambosas from ING Groep N.V. asked for the net deposit figure for retirement plans excluding the two large discontinuances and inquired about the potential for similar future outflows. He also questioned if Aegon's M&A appetite is shifting towards larger deals and sought an update on the strategy for its ASR stake, noting the lack of recent sales.
Answer
CEO Lars Fraser specified that the two large plan outflows amounted to $10.5 billion. He stated that M&A is purely opportunistic and value-driven, without a specific size preference. CFO Duncan Russell addressed the ASR stake, reiterating that Aegon is a patient, long-term holder and will only sell if the stake reaches its view of intrinsic value or if a better value-creating opportunity arises, dismissing the idea of a 'vicious circle' impacting valuation.