Aegon Governance changes seem sensible; we expect Aegon to retain ASR stake for now

Research evidence excerpt

Aegon Governance changes seem sensible; we expect Aegon to retain ASR stake for now

J P M O R G A N Europe Equity Research

28 May 2026

Aegon Overweight

AEGN.AS, AGN NA

Governance changes seem sensible; we expect Aegon Price (27 May 26):€7.48

to retain ASR stake for now Price Target (Dec-27):€9.45

Aegon has announced an updated governance framework that aligns it with European Insurance

ACcommon practice for US companies, ahead of its proposed redomiciliation to the Farooq Hanif

US. Importantly, Vereniging Aegon will retain a 18.4% shareholding in Aegon, but (44 207) 742-8091

will align with equal voting rights to common shareholders, which we believe is farooq.hanif@jpmorgan.com

positive. In line with our last published view on Aegon, we believe Aegon intends Bingdi Fan, CFA

to keep its ASR stake for now and the idea of ‘swapping’ it with Vereniging Aegon (44-20) 7742-5336

was unlikely to be feasible given the purpose and objectives of Aegon’s largest bingdi.fan@jpmorgan.com

shareholder. We do not believe this is necessarily a negative for ASR shares given Kamran M Hossain

ASR’s very strong capital position and ability to increase capital returns or deploy (44-20) 3493-3780

kamran.hossain@jpmorgan.com

capital for acquisitions. However, some investors may be disappointed that the

Nadia Claressaapparent ‘overhang’ of Aegon’s ownership in ASR may persist for longer than they

(44-20) 7134-7613

may have expected. nadia.claressa@jpmorgan.com

J.P. Morgan Securities plc

• Key announcements from Aegon. Aegon will move to annual elections for

directors by 2030 and move to voting rules that align with common US market Specialist Sales contact details:

standards. A new class of preferred stock will also be created. Vereniging Gigi Sparling - Specialist Sales -