Stock Analysis Report

Executive Summary

Aegon N.V. provides insurance, pensions, and asset management services worldwide.



Good value second-rate dividend payer.

Similar Companies

Share Price & News

How has Aegon's share price performed over time and what events caused price changes?

Latest Share Price and Events

Market Performance

7 Day Return




NL Insurance


NL Market

1 Year Return




NL Insurance


NL Market

Return vs Industry: AGN underperformed the Dutch Insurance industry which returned 10.9% over the past year.

Return vs Market: AGN underperformed the Dutch Market which returned 7.7% over the past year.

Share holder returns

7 Day5.5%3.7%1.8%
30 Day0.05%0.9%-1.1%
90 Day-15.4%-1.2%-0.9%
1 Year-21.2%-27.2%16.6%10.9%12.5%7.7%
3 Year25.2%4.3%48.8%28.3%41.9%26.1%
5 Year-14.2%-35.6%71.2%32.9%70.4%36.2%

Price Volatility Vs. Market

How volatile is Aegon's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Aegon undervalued based on future cash flows and its price relative to the stock market?


Discount to future cash flow value

Intrinsic Value Based on Future Cash Flows

Undervalued: AGN (€3.88) is trading below our estimate of fair value (€8.93)

Significantly Undervalued: AGN is trading below fair value by more than 20%.

Price Based on Earnings

PE vs Industry: AGN is poor value based on its PE Ratio (18.9x) compared to the Insurance industry average (12.6x).

PE vs Market: AGN is good value based on its PE Ratio (18.9x) compared to the Dutch market (19x).

Price Based on Expected Growth

Low PEG Ratio: AGN is poor value based on its PEG Ratio (1.8x)

Price Based on Value of Assets

PB vs Industry: AGN is good value based on its PB Ratio (0.3x) compared to the XE Insurance industry average (1.3x).

Next Steps

Future Growth

How is Aegon expected to perform in the next 1 to 3 years based on estimates from 12 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Estimates

Future Annual Growth Analysis

Earnings vs Savings Rate: AGN's forecast earnings growth (10.7% per year) is above the savings rate (0.4%).

Earnings vs Market: AGN's earnings (10.7% per year) are forecast to grow slower than the Dutch market (11.6% per year).

High Growth Earnings: AGN's earnings are forecast to grow, but not significantly.

Revenue vs Market: AGN's revenue is expected to decline over the next 3 years (-8.9% per year).

High Growth Revenue: AGN's revenue is forecast to decline over the next 3 years (-8.9%).

Earnings per Share Growth Estimates

Future Return on Equity

High Future ROE: AGN's Return on Equity is forecast to be low in 3 years time (6.8%).

Next Steps

Past Performance

How has Aegon performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Past Earnings Growth Analysis

Earnings Trend: AGN's earnings have grown significantly by 24.2% per year over the past 5 years.

Accelerating Growth: AGN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AGN had negative earnings growth (-78.1%) over the past year, making it difficult to compare to the Insurance industry average (9.1%).

Return on Equity

High ROE: AGN's Return on Equity (2.2%) is considered low.

Return on Assets

ROA vs Industry: AGN's Return on Assets is below or equal to the Insurance industry average last year.

Return on Capital Employed

ROCE Improving: AGN has significantly improved its Return on Capital Employed over the past 3 years.

Next Steps

Financial Health

How is Aegon's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: AGN has a low level of unsold assets or inventory.

Debt Coverage by Assets: AGN's debt is covered by short term assets (assets are 5.315570x debt).

Financial Institutions Analysis

Asset Level: AGN's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if AGN has a sufficient allowance for bad loans.

Low Risk Liabilities: AGN reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if AGN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: AGN has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if AGN has an appropriate level of bad loans.

Next Steps


What is Aegon's current dividend yield, its reliability and sustainability?


Expected Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Dividend Yield and Payments Analysis

Notable Dividend: AGN's dividend (7.74%) is higher than the bottom 25% of dividend payers in the Dutch market (2.27%).

High Dividend: AGN's dividend (7.74%) is in the top 25% of dividend payers in the Dutch market (5.98%)

Stable Dividend: Whilst dividend payments have been stable, AGN has been paying a dividend for less than 10 years.

Growing Dividend: AGN's dividend payments have increased, but the company has only paid a dividend for 8 years.

Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (146.2%), AGN's dividend payments are not well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: AGN's dividends in 3 years are forecast to be well covered by earnings (45% payout ratio).

Next Steps


What is the CEO of Aegon's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Alex Wynaendts (59yo)





Mr. Alexander Rijn Wynaendts, also known as Alex, has been an Independent Director of Air France-KLM SA since May 19, 2016. Mr. Wynaendts serves as an Independent Director of Citigroup Inc. since September ...

CEO Compensation Analysis

Compensation vs. Market: Alex's total compensation ($USD4.68M) is about average for companies of similar size in the Dutch market ($USD2.43M).

Compensation vs Earnings: Alex's compensation has been consistent with company performance over the past year.

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: AGN's management team is considered experienced (3.5 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: AGN's board of directors are considered experienced (4.4 years average tenure).

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Management Team

  • Mark Mullin (56yo)

    Member of the Management Board

    • Tenure: 9.8yrs
  • Alex Wynaendts (59yo)

    CEO & Chairman of the Executive Board

    • Tenure: 11.5yrs
    • Compensation: €4.23m
  • Adrian Grace (56yo)

    Member of the Management Board

    • Tenure: 7.7yrs
  • Marco B. Keim (57yo)

    Head of Aegon Continental Europe & Member of the Management Board

    • Tenure: 11.3yrs
  • Matt Rider (56yo)

    CFO & Member of the Executive Board

    • Tenure: 2.4yrs
    • Compensation: €2.09m
  • Carla Mahieu (60yo)

    Global Head of HR & Member of the Management Board

    • Tenure: 3.2yrs
  • J. van Klinken (50yo)

    General Counsel

    • Tenure: 3.2yrs
  • Bas NieuweWeme (47yo)

    Member of Management Board

    • Tenure: 0.3yrs
  • Allegra Cristina Van Hövell-Patrizi (45yo)

    Chief Risk Officer & Member of the Management Board

    • Tenure: 3.8yrs
  • Mark Bloom (55yo)

    Global CTO & Member of the Management Board

    • Tenure: 3.2yrs

Board Members

  • Dona Young (65yo)

    Supervisory Board Member

    • Tenure: 6.4yrs
  • Ben Noteboom (61yo)

    Supervisory Board Member

    • Tenure: 4.4yrs
  • Mark Ellman (62yo)

    Supervisory Board Member

    • Tenure: 2.4yrs
  • Bob Dineen (70yo)

    Supervisory Board Member

    • Tenure: 5.4yrs
  • Ben van der Veer (68yo)

    Supervisory Board Member

    • Tenure: 11yrs
  • Bill Connelly (61yo)

    Supervisory Board Chairman

    • Tenure: 1.4yrs
  • Maarten Edixhoven (48yo)

    Chairman & CEO of Aegon the Nederland

    • Tenure: 0yrs
  • Corien Wortmann-Kool (60yo)

    Supervisory Board Vice Chairman

    • Tenure: 2.8yrs

Company Information

Aegon N.V.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Aegon N.V.
  • Ticker: AGN
  • Exchange: ENXTAM
  • Founded: 1983
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: €7.843b
  • Shares outstanding: 2.02b
  • Website: https://www.aegon.com

Number of Employees


  • Aegon N.V.
  • Aegonplein 50
  • The Hague
  • Zuid-Holland
  • 2591 TV
  • Netherlands


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AEGNYSE (New York Stock Exchange)AMER REGD CERT(1 SH EUR0.12)USUSDJun 1985
AENFDB (Deutsche Boerse AG)AMER REGD CERT(1 SH EUR0.12)DEEURJun 1985
AGNSWX (SIX Swiss Exchange)YesCommon SharesCHCHFJul 1988
AGNENXTAM (Euronext Amsterdam)YesCommon SharesNLEURJul 1988
AEGO.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJul 1988
0Q0YLSE (London Stock Exchange)YesCommon SharesGBEURJul 1988
AENDXTRA (XETRA Trading Platform)YesCommon SharesDEEURJul 1988
AGNWBAG (Wiener Boerse AG)YesCommon SharesATEURJul 1988
AENDDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 1988
AGNABATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJul 1988
AGNBIT (Borsa Italiana)YesCommon SharesITEURJul 1988


Aegon N.V. provides insurance, pensions, and asset management services worldwide. It offers life, accident, and health insurance; property and casualty insurance; home and car insurance; individual investm ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/13 20:54
End of Day Share Price2019/10/11 00:00
Annual Earnings2018/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.


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