THE HAGUE (dpa-AFX) - Dutch life insurer Aegon NV (AGN.L, AEG) said it will target a reduction on its gross financial leverage to 5.0 billion euros - 5.5 billion euros by 2023 from 6.6 billion euros on June 30, 2020.
At Capital Markets Day, Aegon CEO Lard Friese said that the company is implementing an expense savings program aimed at reducing expenses by 400 million euros in 2023 compared with 2019, representing 13% of the addressable expense base.
Of the saving, 150 million euros will be reinvested in growth. Associated one-time investments are expected to be around 650 million euros over the period 2021 to 2023, and will be booked as Other charges.
The company expects total free cash flows to amount to 1.4 billion euros to 1.6 billion euros, cumulatively over the period 2021 to 2023.
The company aims to grow its dividend per share to around 0.25 euros over 2023.
Copyright RTT News/dpa-AFX