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January 22, 2014
05:27 EDTAEGAegon to implement accounting changes
Aegon announces changes to its accounting policies related to deferred policy acquisition costs and longevity reserves as of January 1. These changes improve the consistency, comparability and transparency of Aegon's financial results and will be applied beginning with Q1 condensed consolidated interim financial statements. The retrospective adoption of these two accounting changes is expected to decrease shareholders' equity by between EUR 2.2B-2.5B at January 1. Aegon estimates that these accounting changes will increase underlying earnings before tax by approximately EUR 80M in 2014. In addition, effective January 1, Aegon will establish its longevity reserves in the Netherlands on prospective mortality tables instead of observed mortality tables. IFRS reserves were previously based on observed mortality tables, while actual experience was taken through underlying earnings. The adoption of prospective mortality tables ensures that Aegon's IFRS reserving for longevity is consistent with that of its regulatory solvency calculations and internal economic framework. The change is expected to lead to a decrease in shareholders' equity of between EUR 0.8B-0.9B, and an increase in underlying earnings before tax of approximately EUR 130M in 2014. Aegon's gross financial leverage ratio stood at 30.1% on September 30, 2013. The pro forma impact of the announced accounting policy changes on the leverage ratio is 2.8 to 3.3 percentage points as a result of lower shareholders' equity. Consistent with Aegon's objective to reduce its gross financial leverage ratio to within its target range of 26 to 30%, the company has today announced the redemption of the $550M junior perpetual capital securities in a separate press release. This redemption improves the gross leverage ratio by 1.2 percentage points and will reduce Aegon's future leverage costs. The adverse impact on Aegon's group IGD ratio is approximately six percentage points. On September 30, 2013, the pro forma group IGD solvency ratio including the repayment of the securities would have been approximately 202%
News For AEG From The Last 14 Days
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September 25, 2015
05:19 EDTAEGAegon acquires Mercer's defined contribution book of business
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September 24, 2015
10:01 EDTAEGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 8point3 Energy (CAFD) upgraded to Market Perform from Underperform at Avondale... AEGON (AEG) upgraded to Buy from Neutral at Goldman... AMC Networks (AMCX) upgraded to Buy from Hold at Evercore ISI... Citi ups Ralph Lauren (RL) to Buy on valuation, cost savings... Kate Spade (KATE) upgraded to Overweight from Equal Weight at Stephens... L'Oreal (LRLCY) upgraded to Buy from Hold at Societe Generale... Marriott (MAR) upgraded on historical performance, growth outlook at SunTrust... Monster Beverage (MNST) upgraded to Buy from Neutral at Goldman... Nimble Storage (NMBL) upgraded to Buy from Neutral at Longbow... Qualys (QLYS) upgraded to Neutral from Underperform at Macquarie... Ralph Lauren (RL) upgraded to Buy from Neutral at Citi... Trex Company (TREX) upgraded to Outperform from Neutral at Wedbush... Valero Energy Partners (VLP) upgraded on better than expected transaction at SunTrust.
05:26 EDTAEGAEGON upgraded to Buy from Neutral at Goldman
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