PDF Report issued on the 06/05/2019

AEGON Company Profile

Euronext Amsterdam / AGN / NL0000303709

Business Summary Sector

Aegon is one of the world's largest insurance groups. Gross written premiums break down by activity as follows:
- life insurance (87.2%); Financials
- accident and health insurance (10.8%); Insurance
- other (2%): car, fire insurance, etc. Insurance
The group is also involved in banking activities.
Gross written premiums are distributed geographically as follows: the Netherlands (9.4%), the United Kingdom (41%), Spain Life & Health Insurance
and Portugal (1.7%), Europe (2.7%), Americas (40.7%) and Asia (4.5%). Life & Health Insurance - NEC
Number of employees : 28 318 people.
Income Statement Evolution

Financials (€)

Sales 2019 23 430 M Sales 2020 24 111 M P/E ratio 2019 6,59
EBIT 2019 2 143 M EBIT 2020 2 213 M P/E ratio 2020 6,69
Net income 2019 1 491 M Net income 2020 1 488 M Capi. / Sales2019 0,42x
Debt 2019 - Debt 2020 - Capi. / Sales2020 0,41x
Yield 2019 6,49% Yield 2020 6,83% Capitalization 9 806 M

Sales per Businesses

2016 2017
Delta
EUR (in Million) % EUR (in Million) %

Life Insurance 20,400 66% 19,952 65.9% -2.2%

Investment Income 7,788 25.2% 7,338 24.2% -5.78% Managers
Accident and Health Insurance 2,609 8.4% 2,511 8.3% -3.76%
Name Title
Fee and Commission Income 2,408 7.8% 2,802 9.3% +16.36%
Alexander Rijn Wynaendts Chief Executive Officer
General Insurance 444.00 1.4% 363.00 1.2% -18.24%
William L. Connelly Chairman-Supervisory Board
Other Revenue 7.00 0% 7.00 0% 0%
Matthew James Rider Chief Financial Officer

Sales per Regions Mark Bloom Global Chief Technology Officer

Independent Member-Supervisory
2016 2017 Ben van der Veer
Board
Delta
EUR (in Million) % EUR (in Million) % Independent Member-Supervisory
Dick P. M. Verbeek
Americas 14,940 48.4% 14,844 49% -0.64% Board

United Kingdom 11,680 37.8% 11,387 37.6% -2.51% Independent Member-Supervisory

Dona Davis Young
Board
Netherlands 4,976 16.1% 4,706 15.5% -5.43%
Independent Member-Supervisory
Robert W. Dineen
Asia 1,517 4.9% 1,390 4.6% -8.37% Board
Central & Eastern Europe 659.00 2.1% 720.00 2.4% +9.26% Independent Member-Supervisory
Corien M. Wortmann-Kool
Board
United Kingdom and Netherlands 636.00 2.1% 613.00 2% -3.62%
Beschier Jacob Noteboom Member-Supervisory Board
Spain & Portugal 416.00 1.3% 450.00 1.5% +8.17%
Global 416.00 1.3% 308.00 1% -25.96% Shareholders

Name Equities %
Equities
Vereniging AEGON NV 279,236,609 13.3%
Quantity Float Dodge & Cox 131,792,024 6.29%
Stock A 2,095,648,244 2,032,734,462 97.0% AEGON NV 100,644,671 4.80%
Stock B 585,022,160 0 0.0% Templeton Global Advisors Ltd. 54,132,629 2.58%
Fidelity Management & Research Co. 49,443,311 2.36%
Upcoming events on AEGON The Vanguard Group, Inc. 46,851,072 2.24%
05/16/19 Q1 2019 Earnings Release (Projected) BlackRock Fund Advisors 33,051,082 1.58%
05/17/19 | 04:00am Annual General Meeting Norges Bank Investment Management 30,504,261 1.46%
Amundi Asset Management SA
Past events on AEGON 19,348,225 0.92%
(Investment Management)
03/21/19 Morgan Stanley Financials Conference BlackRock Advisors (UK) Ltd. 17,577,472 0.84%
03/04/19 Association of Insurance and Financial Analysts Conference
Company contact info / Stock Exchange Codes

50 Aegonplein
PO Box 85
NL-2591 TV Den Haag (Netherlands)
Phone : +31 (0)70 344 32 10
Fax : +31 (0)70 344 84 45
Internet : http://www.aegon.com
- ISIN Code : NL0000303709 - Bloomberg Code : AGN:NA
- Reuters Code : AEGN.AS - Datastream Code : H:AEGN

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 06/05/2019

AEGON Financials and Forecast

Euronext Amsterdam / AGN / NL0000303709

Income Statement Evolution : Past and Forecast Financial Ratios

Size 2019e 2020e

Capitalization 9 806 M€ -
Entreprise Value (EV) - 9 806 M€

Valuation 2019e 2020e

P/E ratio (Price / EPS) 6,59x 6,69x
Capitalization / Revenue 0,42x 0,41x
EV / Revenue - -
EV / EBITDA - -
Yield (DPS / Price) 6,49% 6,83%
Price to book (Price / BVPS) 0,47x 0,45x

Profitability 2019e 2020e

Operating Margin (EBIT / Sales) 9,14% 9,18%
operating Leverage (Delta EBIT / Delta Sales) - 1,14x
Net Margin (Net Profit / Revenue) 6,36% 6,17%
ROA (Net Profit / Asset) 0,47% 0,45%
ROE (Net Profit / Equities) 7,87% 7,57%
Rate of Dividend 42,8% 45,7%

Annual Income Statement Data : Past and Forecast Balance Sheet Analysis 2019e 2020e
CAPEX / Sales - -
Actuals in M € Estimates in M €
Cash Flow / Sales 8,02% 7,85%
Fiscal Period December 2016 2017 2018 2019 2020 2021 Capital Intensity (Assets / Sales) 13,6x 13,8x
Financial Leverage (Net Debt / EBITDA) - -
Sales 23 453 22 826 19 316 23 430 24 111 23 751

EBITDA - - - - - -
Revenue Revisions & EPS Revisions
Operating profit (EBIT) 2 260 2 538 2 581 2 143 2 213 2 080

Pre-Tax Profit (EBT) 836 2 393 782 2 053 1 969 2 041

Net income 586 2 230 744 1 491 1 488 1 616

P/E ratio 24,9 4,92 11,3 6,59 6,69 6,25

EPS ( € ) 0,21 1,08 0,36 0,71 0,70 0,75

Dividend per Share ( € ) 0,26 0,27 0,29 0,30 0,32 0,34

Yield 4,97% 5,08% 7,11% 6,49% 6,83% 7,18%

Reference price ( € ) 5.228 5.315 4.079 4.679 4.679 4.679

02/17/2017 02/15/2018 02/14/2019

Announcement Date - - -
06:31am 12:49pm 06:30am

Finances - Leverage : Past and Forecast

Price Earning Ratio

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 06/05/2019

AEGON Analysts' Consensus

Euronext Amsterdam / AGN / NL0000303709

Evolution of the average Target Price

Consensus Sell Buy

Mean consensus HOLD

Number of Analysts 21
Average target price 5,30 €
Last Close Price 4,68 €
Spread / Highest target 45%
Spread / Average Target 13%
Spread / Lowest Target -17%

Consensus detail

Consensus revision (last 18 months)

Target Price consensus revisions : last 18 months

EPS - Rate of surprise

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 06/05/2019

AEGON Sector and Competitors

Euronext Amsterdam / AGN / NL0000303709

Chart Sector

Subsector Life & Health Insurance - NEC Ratings

1st jan. Capitalization (M$) Investor Rating

AEGON 14.71% 10 976

AXA 22.34% 62 576

PRUDENTIAL PLC 24.00% 59 536
METLIFE 16.90% 45 687
PRUDENTIAL FINANCIAL 26.46% 42 111
AFLAC 10.82% 37 639
MANULIFE FINANCIAL CORP. 28.81% 36 495 -
ASSICURAZIONI GENERALI 18.56% 30 412
SUN LIFE FINANCIAL INC 22.43% 24 553
NEW CHINA LIFE INSURANCE CO.. 36.01% 23 559
AVIVA 13.50% 21 985
GREAT-WEST LIFECO INC 12.85% 21 978
CATHAY FINANCIAL HOLDING CO.. --.--% 21 668
DAI-ICHI LIFE HOLDINGS INC -3.80% 17 183
PRINCIPAL FINANCIAL GROUP 30.36% 16 016
SWISS LIFE HOLDING 22.56% 15 598
SAMSUNG LIFE INSURANCE CO.,.. --.--% 14 414
LINCOLN NATIONAL CORPORATIO.. 30.87% 13 733
POWER CORPORATION OF CANADA 23.73% 9 431
SONY FINANCIAL HOLDINGS INC 11.35% 8 868
ATHENE HOLDING LTD 14.16% 8 509

Best Growth (Revenue) : Prudential PLC Worst Growth (Revenue) : Manulife Financial Corp
Best Profitability : Athene Holding Ltd Worst Profitability : Power Corporation of Ca
Best Situation Fi. : Power Corporation of Ca Worst Situation Fi. : AXA
Best EPS revision 4m. : Sony Financial Holdings Worst EPS revision 4m. : Cathay Financial Holdin
Best Valuation : Worst Valuation : AXA
Best Investor Rating : Athene Holding Ltd Worst Investor Rating : Manulife Financial Corp

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 06/05/2019

AEGON Technical Analysis

Euronext Amsterdam / AGN / NL0000303709

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Bullish Neutral Bearish
Resistance 4,71 5,56 4,81
Spread/Res. -3,7% -18% -5,7%
Spread/Supp. 1,6% 15% 12%
Support 4,46 3,96 4,05

Indicators

RSI 14 days 62.98

MA20 4.57
MA50 4.57
MA100 4.47
MA20 / Price -0.79%
MA50 / Price -0.79%
MA100 / Price 1.41%

Volumes

Avg. Volume 20 sessions 6 324 489

Volume ratio 0.33
Avg. Exchange 20 sessions 28 675 233€

Changes at 05/03 market close

5-day price change +0.91%

Change as of January 1 +14.71%
1-year price change -19.27%
10-year price change +19.97%

Extremes

10-year High (03/17/2015) 7.7

10-year Low (09/23/2011) 2.59

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 06/05/2019

AEGON Summary
Euronext Amsterdam / AGN / NL0000303709

Summary Surperformance© ratings

Fundamental ratings
• The company usually posts poor financials for mid or long term investments.
Overall rating
• The company has poor fundamentals for a short-term investment strategy.
Trading Rating
Investor Rating
Strengths Growth (Revenue)
Valuation -

• The equity is one of the most attractive in the market with regard to earnings multiple-based Finances -
valuation. Profitability
• This company will be of major interest to investors in search of a high dividend stock. Earnings quality
Business Predictability

Weaknesses P/E ratio

Potential
Yield
• Stock prices approach a strong long-term resistance in weekly data at EUR 4.81.
Consensus
• The underlying tendency is negative on the weekly chart below the resistance at 4.81 EUR
7 days EPS revision
4 months EPS revision
1 year EPS revision
4 months Revenue revision
1 year Revenue revision

Technical ratings

Overall rating
Short Term Timing
Middle Term Timing
Long Term Timing
RSI
Bollinger Spread
Unusual Volumes

Competitors

Investor Rating
FGL HOLDINGS
ATHENE HOLDING LTD
HANWHA CORP
SUN LIFE FINANCIAL INC
VOYA FINANCIAL INC
PRUDENTIAL PLC
AFLAC
MAX FINANCIAL SERVICES...
PRINCIPAL FINANCIAL GROUP
SWISS LIFE HOLDING

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 6 / 6