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Dec 10, 2020MT Newswires
Aegon Targets 13% Cost Cuts to Lower Debt by 2023; Seeks to Grow Dividend
Aegon (AEG), a Dutch financial services company, said Thursday it plans to lower gross financial leverage to a range of EUR5 billion to EUR5.5 from 6.6 billion euro by implementing an expense savings program of EUR400 million, or 13%, by 2023.
The company also said it plans to reach free cash flows of EUR1.4 to 1.6 billion by 2023, and grow dividend per share to around EUR0.25 per share from EUR0.15 seen in 2019.
The company said going forward, it plans to focus on three core markets, the US, the Netherlands, and the UK, and three growth markets, Spain and Portugal, China, and Brazil, and one global asset manager.
The company said it plans to reduce expenses by EUR 400 million in 2023 compared with 2019, or around 13% of the addressable expense base. Of this saving, EUR 150 million will be reinvested in growth, the company said.
Price: 3.7000, Change: -0.10, Percent Change: -2.63
for comparison their revenue generating investments on 3/31/2020 was 818M euros.......I like the stock better after review the financial supplement to 2Q2021. They have those separate in pdf form at their site.