THE HAGUE (dpa-AFX) - Netherlands-based Aegon (AEG.L, AGN), a diversified, international financial services group on Wednesday, reported that its operating capital generation before holding funding and operating expenses for the first quarter 2023 increased 5% year-over-year to 292 million euros, reflecting business growth, an improvement in claims experience, and lower expenses.
'I am confident that we will deliver on our strategic commitments and on our 2023 financial guidance. I look forward to providing an update on our strategic plans and medium-term financial objectives at our Capital Markets Day on June 22, 2023,' Lard Friese, CEO said in a statement.
In its trading update for the first quarter 2023, the company said the capital ratios of all three main units remain above their respective operating levels; Group Solvency II ratio increases to 210%.
As a result of the repurchase of shares related to the ongoing 200 million euros share buyback program, Cash Capital at Holding decreases to 1.4 billion euros, which is in the upper half of the operating range.
The company said it is on track for the closing of the transaction to combine Aegon's Dutch businesses with a.s.r. in the second half of 2023.
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