Bearish stock to watch: AEGON N.V. (NYSE: AEG)

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AEGON N.V. (NYSE: AEG) stock lost over 4.7% on 24th June, 2020 (As of 5:39 pm GMT+2; Source: Google finance). In the first quarter of 2020, the company had reported the underlying earnings before tax of EUR 366 million. This is due to the adverse mortality experience and impacts from lower interest rates in the Americas. Underlying earnings in the Netherlands, United Kingdom, International and Asset Management included limited unfavorable impacts from the COVID-19 pandemic in the first quarter of this year. The company has delivered the net income of EUR 1,270 million, includes the fair value gains of EUR 1,372 million, which were only partly offset by Other charges of EUR 162 million and net impairments of EUR 59 million.

The company appointed Duncan Russell in the newly established role of chief transformation officer, with effect from Sept. 1. He was previously the chief financial officer of Admiral Financial Services in UK based Admiral Group PLC. He is required to report to CEO Lard Friese and will become a member of Aegon’s Management Board.

Moreover, the company posted the gross deposits of EUR 52 billion in the first quarter of 2020, mainly from Asset Management and the Americas. The EUR 32.7 billion gross deposits at Asset Management came from primarily AIFMC, which posted significant inflows in both new and existing funds. Gross deposits in the Americas were EUR 12.4 billion, mainly due to Retirement Plans, Mutual Funds and Variable Annuities. In the Netherlands, gross deposits were EUR 3.7 billion, reflecting bank deposits at Knab and pension deposits at Aegon Capital. Gross deposits of EUR 3.0 billion in the United Kingdom came from the retail and workplace inflows on the platform. Shareholders’ equity had increased by EUR 1.3 billion in the first quarter of 2020 to EUR 23.8 billion on March 31, 2020, on the back of EUR 1.3 billion net income, a EUR 0.5 billion gain from the remeasurements of defined benefits plans as a result of credit spread widening, and a EUR 0.1 billion increase in the foreign currency translation reserve. This was partly offset by a EUR 0.6 billion decrease in revaluation reserves due to credit spread widening. Shareholders’ equity excluding revaluation reserves rose by EUR 1.8 billion to EUR 18.5 billion at the end of the first quarter of 2020 or EUR 8.99 per share.

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