In a report released today, David Barma from Bank of America Securities maintained a Buy rating on Aegon NV, with a price target of €7.50.
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David Barma has given his Buy rating due to a combination of factors including solid capital generation, resilient solvency, and an attractive valuation versus his price objective. While adjusted operating capital generation slightly trailed guidance, headline figures beat expectations and IFRS operating profit was above consensus, supporting confidence in the underlying franchise.
He also notes that capital and liquidity remain robust, with a strong U.S. RBC ratio, stable group solvency, and holding cash broadly in line with expectations, alongside a sustained dividend and ongoing share buyback. Despite some noise from non-operating items and mixed flows in retirement and asset management, strong growth in U.S. life protection and continued momentum in UK workplace and institutional business underpin a favorable risk‑reward profile.