Who Owns Aegon Company?

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Who Owns Aegon?

Understanding Aegon's ownership is key for investors and strategists. The company's recent strategic moves, like combining its Dutch operations in July 2023, have reshaped its market focus.

Aegon, a global financial services firm, specializes in life insurance, pensions, and asset management. Its roots trace back to 1844, with its current form established in 1983 through a significant merger.

Who owns Aegon?

Aegon's ownership is distributed among various shareholders, including institutional investors and the public. The company's strategic direction is also influenced by its Board of Directors. For a deeper dive into the external factors affecting the company, consider an Aegon PESTEL Analysis.

Aegon's origins in 1983 stem not from individual founders but from a significant consolidation of existing financial institutions. This strategic merger formed Aegon N.V. from AGO Holding N.V. and Ennia N.V., creating a substantial entity from the outset.

Formation of Aegon Aegon N.V. was established in 1983 through the merger of AGO Holding N.V. and Ennia N.V. Predecessor Companies AGO Holding N.V. was formed in 1968 by merging Algemeene Friesche, Groot-Noordhollandsche, and Olveh. Ennia N.V. Origins Ennia N.V. was created in 1969 by merging Eerste Nederlandsche and Nillmij. Early Roots The earliest roots of Aegon's constituent companies trace back to 1844 with the establishment of Algemeene Friesche. Initial Capitalization Aegon's initial capital was the combined balance sheets and market capitalizations of its predecessor companies. Market Position This consolidation immediately positioned Aegon as a significant entity within the Dutch insurance sector.

The structure of Aegon's inception meant that there were no individual 'founders' in the typical sense of a startup. Instead, the company's initial ownership was distributed among the shareholders of the merging entities, AGO Holding N.V. and Ennia N.V. This approach established Aegon as a publicly traded company from its inception, with its ownership reflecting the collective stakes of those who held shares in the predecessor organizations. The strategic integration aimed to build a robust financial services group, a vision that has guided its development and expansion, including its significant presence in markets like the United States through its subsidiary, which is a key part of its Target Market of Aegon.

Aegon's Ownership Structure

Aegon is a publicly traded company, meaning its ownership is held by its shareholders. The concept of individual founders is not applicable due to its formation through mergers.

• Aegon N.V. is listed on the Euronext Amsterdam and the New York Stock Exchange.
• Major shareholders are institutional investors and individual investors who purchase shares on the open market.
• The corporate governance structure is designed to represent the interests of all Aegon shareholders.
• Understanding Aegon ownership involves looking at the broad base of its public shareholders.

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Aegon's ownership has seen significant shifts, notably the divestment of its Dutch operations in 2023. These changes reflect a strategic focus on core businesses and value creation through key partnerships.

Aegon operates as a publicly traded entity, with its common shares listed on both Euronext Amsterdam and the New York Stock Exchange. The majority of its shares are held by institutional investors, indicating a broad base of ownership among financial institutions. The history of Aegon ownership is a dynamic narrative, marked by strategic realignments and international expansion, as detailed in its Brief History of Aegon.

Key Stakeholders and Strategic Holdings

Vereniging Aegon stands as a foundational stakeholder, committed to the company's long-term interests. Recent filings reveal substantial holdings by major investment firms, shaping the Aegon corporate structure.

• Vereniging Aegon holds a significant stake, representing over 31% of total shares.
• Institutional investors like Dodge & Cox and Norges Bank Investment Management are major Aegon shareholders.
• The sale of Aegon Nederland N.V. in July 2023 resulted in Aegon N.V. holding a 29.99% stake in a.s.r. Nederland N.V.
• This transaction highlights Aegon's strategic approach to business development and partnerships.
• The Aegon financial services group ownership is diversified, with a mix of institutional and association-based holdings.

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Aegon's Board of Directors is tasked with overseeing the company's general affairs and strategic direction, with members appointed by the General Meeting of Shareholders. As of March 31, 2025, nominations for new board members, including David Herzog, Lori Fouché, and Jay Ralph, were announced for the June 12, 2025 Annual General Meeting. David Herzog is slated to become Chair in the latter half of 2025, succeeding William Connelly.

Aegon operates on a 'one-share-one-vote' principle for its voting structure. However, Vereniging Aegon holds a unique position through its ownership of both Common Shares and Common Shares B. While typically each share carries one vote, Vereniging Aegon has voluntarily agreed to limit its voting rights on Common Shares B, exercising them fully only in specific 'Special Cause' scenarios, such as hostile takeover bids. Under normal circumstances, Vereniging Aegon casts one vote for every 40 Common Shares B. In a 'Special Cause' event, this voting power can significantly increase, as seen when it held 32.75% of voting power for a six-month period ending December 31, 2023. This structure is designed to safeguard the company's long-term interests during critical times. Aegon's investment voting policy generally favors proposals that enhance governance and shareholder rights, including the separation of Chair and CEO roles and the removal of dual-class share structures where applicable, aligning with principles of good corporate governance and potentially impacting future Aegon ownership dynamics.

Understanding Aegon's Shareholder Influence

Vereniging Aegon's voting rights are a key factor in Aegon's corporate structure. Their voluntary waiver of full voting rights on Common Shares B in normal operations highlights a commitment to balanced governance.

• Vereniging Aegon holds both Common Shares and Common Shares B.
• Voluntary waiver of full voting rights on Common Shares B except in 'Special Cause' situations.
• Normal voting: 1 vote per 40 Common Shares B.
• 'Special Cause' voting: Full voting rights on Common Shares B.
• This structure aims to protect long-term company interests.

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In recent years, Aegon has undergone significant strategic realignments, including a major divestment and active capital management. These shifts are reshaping its ownership profile and corporate structure as it focuses on core markets and shareholder value.

Aegon's strategic maneuvers in the past 3-5 years have been marked by a deliberate effort to refine its business portfolio and enhance shareholder returns. The divestment of its Dutch insurance operations in July 2023, retaining a significant stake in the acquiring entity, signifies a strategic pivot. Concurrently, the company has actively engaged in share buyback programs, demonstrating a commitment to capital efficiency and returning value to its Aegon shareholders. These actions, coupled with its reincorporation in Bermuda, are key elements in its evolving corporate structure and ownership trends, aiming to support its financial targets, such as reducing cash at holding and increasing operating capital generation, as evidenced by its Q1 2025 results showing a 4% increase in operating capital generation to EUR 267 million.

Strategic Divestment and Stakeholding

Aegon's divestment of its Dutch insurance business in July 2023 resulted in a 29.99% strategic shareholding in the buyer. This move is central to its strategy of portfolio streamlining.

Share Buyback Programs and Capital Management

The company completed a EUR 150 million share buyback by June 30, 2025, and initiated a new EUR 200 million program starting July 1, 2025. These actions reflect a focus on capital reduction at holding.

Corporate Reincorporation and Financial Outlook

Aegon reincorporated in Bermuda in October 2023, altering its domicile. The company reaffirmed its full-year 2025 targets, including €1.2 billion in operating capital generation.

Shareholder Participation and Voting Rights

The largest shareholder, Vereniging Aegon, participated in the latest buyback, acquiring EUR 37 million in shares. This participation helped maintain its approximate 18.4% voting rights.

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