FX.co ★ Aegon Q1 Trading Positive; To Start EUR 200 Mln Buyback; Names Duncan Russell CFO, Effective Sept.1

Aegon N.V. (AGN.L, AEG), the Dutch life insurance, pensions, and asset management firm, released its first-quarter trading update on Thursday, highlighting sustained robust sales growth in its US Strategic Assets, UK Workplace businesses, and Brazilian life insurance operations.

The company also announced a new share buyback program worth 200 million euros, which is scheduled to commence in early July 2024 and conclude by the end of 2024.

In addition, Aegon revealed the appointment of Duncan Russell as Chief Financial Officer effective September 1. Russell will succeed Matt Rider, who is set to retire following more than seven years of service at the firm. Rider will continue to contribute as a non-executive member of Transamerica's Board.

Russell initially joined Aegon in 2020 as Chief Transformation Officer. His prior experience includes roles at UK-based Admiral Group Plc, NN Group N.V., and J.P. Morgan.

In its quarterly trading update, Aegon reported positive third-party net flows within its Asset Management business, despite its UK Retail segment facing pressure from challenging market conditions.

Aegon CEO Lard Friese remarked, "These results represent a strong start to the year. We remain committed to transforming our company and achieving our 2025 financial targets. I look forward to updating you on our growth strategies for our UK business during our teach-in on June 25."