1012 GMT - Aegon is well placed to deliver value, UBS analysts say in a research note. The Dutch insurer is expected to continue doing buybacks and could announce a 100 million euro special program at its 3Q results, the analysts write. The company still holds around 30% of Dutch insurer ASR's equity, worth 2.8 billion euros. This capital could be returned to shareholders if value-creating opportunities aren't available, analysts say. However, any acquisition would need to be cheaper than the stake. Therefore, executing a share buyback funded by an ASR stake sale doesn't seem attractive, they say. The insurer also has $3.5 billion in capital within its U.S. non-core assets, which it can deploy to mitigate risks through third-party transactions. This could be a positive catalyst for the stock. UBS raises its rating on the stock to buy from hold. Aegon shares rise 1.3% to 5.95 euros. (nina.kienle@wsj.com)
(END) Dow Jones Newswires
October 22, 2024 06:12 ET (10:12 GMT)
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