Aegon announces the completion of the second tranche of its EUR 400 million share buyback program.
Between April 1 and May 19, 2016, the company repurchased 42 million shares at an average repurchase price of EUR 4.76 per share. The first tranche of EUR 200 million was completed on March 31, 2016.
In January, Aegon provided the market with a strategy update and 2018 financial targets at its Analyst & Investor Conference in London. At this conference, Aegon detailed its plans to increase capital returns to shareholders, which is underscored by the EUR 400 million share buyback and the 9% increase in the 2015 dividend.
As announced at Aegon's first quarter 2016 results, Vereniging Aegon (Association Aegon) participated in the share buyback program by selling EUR 58 million of its common shares in Aegon in an off-market transaction with the company in order to maintain its level of voting rights. This transaction was completed today and was an integral part of the second tranche.
It will be proposed to shareholders tomorrow at Aegon's Annual General Meeting, to cancel all shares repurchased under the share buyback program.