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Aegon (AEG) Extends JV Partnership in LBP AM Through 2035
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Aegon N.V. (AEG - Free Report) announced that its active global investor, Aegon Asset Management (Aegon AM), has extended a joint venture (JV) for asset management with La Banque Postale. The partnership in LBP AM, which commenced in 2015, has been extended through 2035.
Aegon AM owns a 25% stake in LBP AM. The extension follows LBP AM’s buyout of La Financière de l’Echiquier, which will boost its footprint in France, as well as Europe. The acquisition is expected to enhance its product range and give access to new third-party distribution options. It will also bring hefty assets under management figure, which was at EUR 67 billion as of 2022-end.
Both Aegon AM and La Banque Postale engaged in the capital raising event for the acquisition. The move is expected to provide both stakeholders with additional channels to distribute their products in the French and several other markets. The partnership extension is in line with Aegon’s strategy of investing in successful joint ventures for long-term growth.
The move is expected to enable Aegon to generate further growth from the multi-specialist investment manager space. The news follows its completion of the combination deal for its Dutch pension, life and non-life insurance, banking, as well as mortgage origination operations with its peer a.s.r., a Dutch insurance group. The company has also commenced an asset management partnership with a.s.r.
The combination with a.s.r. provided AEG with a 29.99% strategic stake in a.s.r. and EUR 2.2 billion cash proceeds. The company is expected to commence a share repurchase program of EUR 1.5 billion over a year. Also, Aegon is expected to use up to EUR 700 million to decrease its gross financial leverage.
Price Performance
The company’s shares have gained 25.6% in the past year against the 0.1% fall of the industry it belongs to.
Chattanooga, TN-based Unum is a global financial protection benefit solutions provider. The Zacks Consensus Estimate for UNM’s current-year earnings implies 20.6% year-over-year growth.
Based in Greenville, SC, World Acceptance is a finance company providing personal loan solutions and tax preparation, as well as filing services. The Zacks Consensus Estimate for WRLD’s current-year earnings indicates a more than 200% year-over-year increase.
Headquartered in Atlanta, GA, Assurant is a global provider of risk management solutions in the housing and lifestyle markets. The Zacks Consensus Estimate for AIZ’s 2023 earnings indicates a 3.7% year-over-year increase.
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Aegon (AEG) Extends JV Partnership in LBP AM Through 2035
Aegon N.V. (AEG - Free Report) announced that its active global investor, Aegon Asset Management (Aegon AM), has extended a joint venture (JV) for asset management with La Banque Postale. The partnership in LBP AM, which commenced in 2015, has been extended through 2035.
Aegon AM owns a 25% stake in LBP AM. The extension follows LBP AM’s buyout of La Financière de l’Echiquier, which will boost its footprint in France, as well as Europe. The acquisition is expected to enhance its product range and give access to new third-party distribution options. It will also bring hefty assets under management figure, which was at EUR 67 billion as of 2022-end.
Both Aegon AM and La Banque Postale engaged in the capital raising event for the acquisition. The move is expected to provide both stakeholders with additional channels to distribute their products in the French and several other markets. The partnership extension is in line with Aegon’s strategy of investing in successful joint ventures for long-term growth.
The move is expected to enable Aegon to generate further growth from the multi-specialist investment manager space. The news follows its completion of the combination deal for its Dutch pension, life and non-life insurance, banking, as well as mortgage origination operations with its peer a.s.r., a Dutch insurance group. The company has also commenced an asset management partnership with a.s.r.
The combination with a.s.r. provided AEG with a 29.99% strategic stake in a.s.r. and EUR 2.2 billion cash proceeds. The company is expected to commence a share repurchase program of EUR 1.5 billion over a year. Also, Aegon is expected to use up to EUR 700 million to decrease its gross financial leverage.
Price Performance
The company’s shares have gained 25.6% in the past year against the 0.1% fall of the industry it belongs to.
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Zacks Rank & Key Picks
Aegon currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are Unum Group (UNM - Free Report) , World Acceptance Corporation (WRLD - Free Report) and Assurant, Inc. (AIZ - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chattanooga, TN-based Unum is a global financial protection benefit solutions provider. The Zacks Consensus Estimate for UNM’s current-year earnings implies 20.6% year-over-year growth.
Based in Greenville, SC, World Acceptance is a finance company providing personal loan solutions and tax preparation, as well as filing services. The Zacks Consensus Estimate for WRLD’s current-year earnings indicates a more than 200% year-over-year increase.
Headquartered in Atlanta, GA, Assurant is a global provider of risk management solutions in the housing and lifestyle markets. The Zacks Consensus Estimate for AIZ’s 2023 earnings indicates a 3.7% year-over-year increase.