Aegon N.V. (NYSE:AEG) stock fell 9.01% (As on Nov 26, 10:44:43 AM UTC-4, Source: Google Finance) though Credit Suisse upgraded the previous rating of Neutral to Outperform. At the moment, the stock has a 52-week-high of $5.29 and a 52-week-low of $3.53.
The expense savings initiatives have so far delivered EUR248 million of savings. So we remain on track to deliver on the EUR400 million expense reduction target in 2023. Initiatives aimed at improving customer service, enhancing user experience, and launching new innovative products are also well underway. These growth initiatives contributed EUR29 million to the operating result third quarter. The company continues to work together with the Vienna Insurance Group to close the divestment of the businesses in Central and Eastern Europe. VIG is continuing its constructive dialog with the Hungarian Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition. The company’s ambitious plan that now comprises more than 1,200 detailed initiatives is designed to improve our operating performance. The company is continuously adding new initiative to this plan to make up for any delays in existing initiatives and to capture the full potential of the organization. In the third quarter, the company has completed another 150 initiatives. More than 680 initiatives have now been fully implemented, and are contributing to the operating results over time.
In the third quarter, New Life sales had improved by 13%, mainly driven by indexed universal life and whole life final expense products. Sales are benefiting from a 24% increase in licensed agents at World Financial Group and from a funeral planning benefit for eligible indexed universal life policyholders. Whole life final expense sales increased following enhancements made both to the product and the application process. In the US retirement business, Transamerica aims to compete as a top-five player in the new middle market sales. This business continued to build momentum with the fifth consecutive quarter of written sales of over $1 billion, the third consecutive quarter of positive net deposits. Mortgage sales amounted to EUR2.7 billion as we benefit from our strong origination capabilities. About two-thirds of that consisted of fee-based mortgages originated for third-party investors through the Dutch Mortgage funds. In the workplace business, the company saw 6% increase in net deposits for new-style defined contribution products. Assets under management for this business increased to EUR5.6 billion at the end of the quarter, underscoring Aegon’s leading position in this market.