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Jason Kalamboszis

Vice President and Equity Analyst at ING Groep NV

Jason Kalamboszis is a Vice President and Equity Analyst at ING, specializing in the European banking and financial services sector. He provides in-depth coverage of major firms including Deutsche Bank, BNP Paribas, Crédit Agricole, and Santander, and has delivered research recognized for its rigorous analytics and market impact, with a strong record of accurate investment calls and consistently positive review scores on platforms like Institutional Investor. Jason began his finance career in research roles at UBS and Commerzbank before joining ING in 2018, and he has since advanced to a leadership role within the research team. He holds FINRA Series 7 and Series 63 licenses, and is noted for his expertise in financial modeling and regulatory analysis.

Jason Kalamboszis's questions to AEGON (AEG) leadership

Question · H2 2025

Jason Kalamboussis asked if the 14% local currency growth in U.S. operating profit was primarily market-driven or indicative of strong momentum for 2026, and sought clarification on the UK sale process, specifically if bids for parts of the business are considered alongside offers for the whole.

Answer

CFO Duncan Russell clarified that the U.S. operating profit growth was largely driven by favorable variances, including a significant positive experience variance on claims. He reiterated the Capital Markets Day guidance of approximately 5% group operating profit growth, supported by 10% growth in strategic assets. CEO Lard Friese stated the UK strategic review pertains to the insurance and platform businesses (excluding asset management), is in early stages, and an update is expected before summer.

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Question · H1 2024

Jason Kalamboszis of ING asked if OCG guidance has a positive bias from experience variances, despite a zero assumption, and requested the H2 outlook for OCG from financial assets. He also inquired about a potential sales rebound in Spain and the timing for the next capital return update.

Answer

CEO Lars Frieser noted that sales in Spain should gradually recover as interest rates ease. On capital returns, he highlighted the ongoing €200M buyback and reiterated the policy to return excess capital over time, with evaluations being continuous. CFO Matt Rider explained the OCG run-rate normalizes to about €290M per quarter and that assumption changes have a minor impact, with business growth being the key driver.

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Jason Kalamboszis's questions to NNGRY leadership

Question · Q2 2023

Asked if improving Non-life solvency will unlock higher remittances, whether the company is happy with the Dutch Life solvency level, and for a potential range of impact from the mortgage model change.

Answer

Yes, the improved Non-life solvency position, with past model changes now behind them, is a key driver for increasing remittances and diversifying free cash flow. The company is content with the 190% Dutch Life solvency ratio, noting its higher quality and the group's overall capital flexibility. No further details were provided on the mortgage model impact.

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