Share buyback program

Share buyback program

A buyback – also known as share repurchase – is when a company buys its own shares, lowering the number of its shares traded in the market. View details of current and previous share buybacks.

Latest 

Share buyback of EUR 300m (announced on 23/03/2022)

Updated: September 27, 2022

Aegon announced on March 23 that it would repurchase common shares for an amount of EUR 300 million. The share buyback program commenced on April 1, 2022 and is expected to be completed on or before December 15, 2022. The first tranche of EUR 100 million was completed on June 14, 2022. The second tranche of EUR 100 million commenced on July 7 and was completed on September 27, 2022. The third and final tranche started on October 3, 2022 and is expected to be completed on or before December 15, 2022, barring unforeseen circumstances. For each tranche Aegon engaged a third party to execute the buyback transactions on its behalf. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period, and will subsequently be proposed to be cancelled at Aegon's 2023 Annual General Meeting of Shareholders.

Neutralization of 2021 final dividend of EUR 106m (announced on 01/07/2022)

Aegon announced the intention in July 2022 to repurchase common shares for an amount of EUR 106 million to neutralize the dilutive effect of the 2021 final dividend paid in shares. These shares will be held as treasury shares and will be used to pay future stock dividends in shares.

Shareholders were given the opportunity to choose between receiving the 2021 final dividend of EUR 0.09 per common share in cash or in shares. The stock dividend and the cash dividend are approximately equal in value.

The repurchase of shares commenced on July 7, 2022, and was completed on September 27, 2022. Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period. This program was in addition to the existing EUR 300 million share buyback that was announced on March 23, 2022, of which the second tranche completed on September 27, 2022.

Neutralization of 2022 interim dividend of EUR 133m (announced on 27/09/2022)

Aegon announced the intention in September 2022 to repurchase common shares for an amount of EUR 133 million to neutralize the dilutive effect of the 2022 interim dividend paid in shares. These shares will be held as treasury shares and will be used to pay future dividends in shares.

Shareholders were given the opportunity to choose between receiving the 2022 interim dividend of EUR 0.11 per common share in cash or in shares. The stock dividend and the cash dividend are approximately equal in value.

The repurchase of shares commenced on October 3, 2022, and is expected to be completed on or before December 15, 2022, barring unforeseen circumstances. Aegon has engaged a third party to execute the transactions on its behalf. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period. This program is in addition to the existing EUR 300 million share buyback that was announced on March 23, 2022, of which the third tranche  started on October 3, 2022.

A weekly summary of the transactions is provided in the table below. Further details are available in the Daily Overview by Exchange.

Weekly overview Aegon share buyback

Start End Number of Shares Total amount (EUR) Average price (EUR)
Friday, April 1, 2022 Friday, April 1, 2022 375,000 1,850,282 4.9341
Monday April 4, 2022 Friday, April 8, 2022 1,745,000 8,646,692 4.9551
Monday April 11, 2022 Friday April 15, 2022 1,120,000 5,730,682 5.1167
Monday April 18, 2022 Friday April 22, 2022 1,220,000 6,496,236 5.3248
Monday April 25, 2022 Friday April 29, 2022 2,130,000 10,616,221 4.9841
Monday May 2, 2022 Friday May 6, 2022 2,260,000 10,983,654 4.8600
Monday May 9, 2022 Friday May 13, 2022 1,190,000 5,730,933 4.8159
Monday May 16, 2022 Friday May 20, 2022 50,000 245,144 4.9029
Monday May 23, 2022 Friday May 27, 2022 40,000 197,253 4.9313
Monday May 30, 2022 Friday June 3, 2022 3,000,000 14,528,816 4.8429
Monday June 6, 2022 Friday June 10, 2022 5,580,000 27,384,292 4.9076
Monday June 13, 2022 Friday June 17, 2022 1,795,405 7,874,685 4.3860
Monday June 20, 2022 Friday June 24, 2022 0 0 0.0000
Monday June 27, 2022 Friday July 1, 2022 0 0 0.0000
Monday July 4, 2022 Friday July 8, 2022 1,852,294 7,549,996 4.0760
Monday July 11, 2022 Friday July 15, 2022 4,921,007 19,819,630 4.0276
Monday July 18, 2022 Friday July 22, 2022 3,865,224 15,725,904 4.0686
Monday July 25, 2022 Friday July 29, 2022 3,545,114 14,780,160 4.1692
Monday August 1, 2022 Friday August 5, 2022 3,990,000 17,101,088 4.2860
Monday August 8, 2022 Friday August 12, 2022 3,707,963 16,997,807 4.5841
Monday August 15, 2022 Friday August 19, 2022 2,456,376 11,828,200 4.8153
Monday August 22, 2022 Friday August 26, 2022 4,076,688 18,501,008 4.5382
Monday August 29, 2022 Friday September 2, 2022 3,735,063 16,649,832 4.4577
Monday September 5, 2022 Friday September 9, 2022 3,928,753 17,454,333 4.4427
Monday September 12, 2022 Friday September 16, 2022 3,681,687 17,197,002 4.6710
Monday September 19, 2022 Friday, September 23, 2022 4,555,151 20,802,927 4.5669
Monday September 26, 2022 Friday, September 30, 2022 3,033,382 13,035,122 4.2972
Monday October 3, 2022 Friday October 7, 2022 5,359,837 22,641,194 4.2242
Monday October 10, 2022 Friday October 14, 2022 6,709,940 26,914,300 4.0111
Monday October 17, 2022 Friday October 21, 2022 4,841,266 20,248,930 4.1826
Monday October 24, 2022 Friday October 28, 2022 2,879,027 12,789,628 4.4423
Monday October 31, 2022 Friday November 4, 2022 4,861,633 22,766,780 4.6829
Monday November 7, 2022 Friday November 11, 2022 4,807,289 22,669,071 4.7156
Monday November 14, 2022 Friday November 18, 2022 5,760,236 26,798,958 4.6524
Total   103,073,335 462,556,760.33 4.4876
Percentage completed    

85.82%

 

 

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Previous 

Aegon to repurchase shares for share-based compensation plans

Aegon announced on January 7 that it would repurchase common shares for an amount of EUR 50 million to meet its obligations resulting from the 2021 and 2022 share-based compensation plans for senior management. The repurchased shares will be held as treasury shares until they are allocated to the plan participants.

The repurchase of shares commenced on January 7, 2022 and was completed on January 24, 2022. Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period.

A weekly summary of the transactions is provided in the table below. Further details are available in the Daily Overview by Exchange. 

Weekly overview Aegon share buyback for share-based compensation plans

Start End Number of Shares Total amount (EUR) Average price (EUR)
Friday, January 7, 2022 Friday, January 7, 2022 840,000 3,971,309.98 4.7277
Monday, January 10, 2022 Friday, January 14, 2022 2,965,258 14,675,587.14 4.9492
Monday, January 17, 2022 Friday, January 21, 2022 4,464,609 22,215,922.68 4.9760
Monday, January 24, 2022 Friday, January 28, 2022 1,888,493 9,143,235.89 4.8416
Total   10,158,360 50,006,055.69 4.9227
Percentage completed     100.01%  

 

Neutralization of stock dividend

Shareholders were given the opportunity to choose between receiving the 2021 interim dividend of EUR 0.08 per common share in cash or in shares. 58% of shareholders elected to receive the interim dividend in shares.

The repurchase commenced on October 1, 2021, and completed on October 26, 2021.

Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period.

A weekly summary of the transactions was provided in the table below. Further details are available in the Daily Overview by Exchange. 

Weekly overview Aegon share buyback for the neutralization of the 2021 Interim Dividend

Start End Number of Shares Total amount (EUR) Average price (EUR)
Friday, October 1, 2021 Friday, October 1, 2021 2,130,000 9,297,623.00 4.3651
Monday, October 4, 2021 Friday, October 8, 2021 6,706,131 29,782,307.27 4.4411
Monday, October 11, 2021 Friday, October 15, 2021 9,252,655 41,493,494.21 4.4845
Monday, October 18, 2021 Friday, October 22, 2021 2,570,502 11,483,332.31 4.4674
Monday, October 25, 2021 Tuesday October 26, 2021 872,639 3,979,951.03 4.5608
Total   21,531,927 96,036,707.50 4.4602
Percentage completed    

100.04%

 

 

Neutralization of stock dividend and share-based variable compensation plans

Shareholders were given the opportunity to choose between receiving the 2020 final dividend of EUR 0.06 per common share in cash or in stock. 58% of shareholders elected to receive the final dividend in stock.

As a result, Aegon repurchased a total of 35,933,035 common shares between July 8, 2021 and August 20, 2021.

The share buyback program involved Aegon repurchasing shares for an amount of EUR 72 million, which will be held as treasury shares and will be used to pay future stock dividends.

Aegon also repurchased common shares for an amount of EUR 61 million in the context of share-based variable compensation plans for the years 2017-2021. These repurchased shares will be held as treasury shares until allocation to the plan participants.

Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period.

A weekly summary of the transactions is provided in the table below. Further details are available in the Daily Overview by Exchange. 

Weekly overview Aegon share buyback for the neutralization of the 2020 Final Dividend and LTIC

Start End Number of Shares Total amount (EUR) Average price (EUR)
Thursday, July 8, 2021 Friday, July 9, 2021 2,500,000 8,626,198.50 3.4505
Monday, July 12, 2021 Friday, July 16, 2021 6,374,318 22,538,227.65 3.5358
Monday, July 19, 2021 Friday, July 23, 2021 5,670,091 19,556,357.74 3.4490
Monday, July 26, 2021 Friday, July 30, 2021 6,444,592 23,174,904.13 3.5960
Monday, August 2, 2021 Friday, August 6, 2021 5,064,026 18,435,104.22 3.6404
Monday, August 9, 2021 Friday, August 13, 2021 3,550,623 14,082,162.25 3.9661
Monday, August 16, 2021 Friday, August 20, 2021 6,329,385 26,586,991.20 4.2006
Total   35,933,035 132,999,998.58 3.7013
Percentage completed     100.00%  

 

Neutralization of stock dividend

Shareholders were given the opportunity to choose between receiving the 2020 Interim dividend of EUR 0.06 per common share in cash or in stock. The stock dividend and the cash dividend are approximately equal in value.

48% of shareholders elected to receive the interim dividend in stock. Those who elected stock dividend will receive one Aegon common share for every 39 common shares held. The stock fraction is based on Aegon's average share price as quoted on Euronext Amsterdam, using the high and low of each of the five trading days from September 7 up to and including September 11, 2020. The average share price calculated on this basis amounted to EUR 2.3264. The dividend was payable as of September 18, 2020.

The repurchase of shares commenced on October 1, 2020 and was completed on October 27, 2020. Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period.

A weekly summary of the transactions is provided below. Further details are available online in the Daily Overview by Exchange. 

Weekly overview Aegon share buyback for the neutralization of the 2020 Interim Dividend

Start End Number of Shares Total amount (EUR) Average price (EUR)
 Thursday, October 1, 2020  Friday, October 2, 2020  2,467,063  5,746,554.57  2.3293
Monday, October 5, 2020 Friday, October 9, 2020 4,863,699 12,209,809.44 2.5104
Monday, October 12, 2020 Friday, October 16, 2020 7,024,270 17,316,700.53 2.4653
Monday, October 19, 2020 Friday, October 23, 2020 5,752,491 14,088.233.64 2.4491
Monday, October 26, 2020 Tuesday, October 27, 2020 3,921,122 9,638,704.51 2.4581
Total   24,028,645 59,000,002.59  2.4554
Percentage     100.00%  

Neutralization of stock dividend

Shareholders were given the opportunity to choose between receiving the 2019 interim dividend of EUR 0.15 per common share in cash or in stock.

55% of shareholders elected to receive the interim 2019 dividend in stock. As a result, Aegon repurchased common shares for an amount of EUR 168 million to neutralize the dilutive effect of the 2019 interim stock dividend. These shares were held as treasury shares to be used to pay future stock dividends.

The repurchase of shares commenced on October 1, 2019, and was completed on November 8, 2019. Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period. A weekly summary of the transactions is provided below. Further details will be available in the Daily Overview by Exchange.

Weekly overview Aegon Share Buyback for the Neutralization of the 2019 Interim Dividend

Start End Number of Shares Total amount (EUR) Average price (EUR)
Tuesday, October 1, 2019   Friday, October 4, 2019 7,320,107 27,162,965.28  3.7107
Monday, October 7, 2019 Friday, October 11, 2019 7,136,393 26,410,236.31 3.7008
Monday October 14, 2019 Friday October 18, 2019 7,552,391 29,195,608.81 3.8657
Monday October 21, 2019 Friday October 25, 2019 6,662,662 26,536,933.37 3.9829
Monday October 28, 2019 Friday November 1, 2019 7,979,303 33,553,737.45 3.9544
Monday, November 4, 2019 Friday November 8, 2019 6,498,811 27,140,516.64 4.1762
Total   43,149,667 167,999,997.86 3.8934
Percentage     100.00%  

 

Neutralization of stock dividend

Shareholders were given the opportunity to choose between receiving the 2018 final dividend of EUR 0.15 per common share in cash or in stock.

45% of shareholders elected to receive the final 2018 dividend in stock. As a result, Aegon repurchased 32,873,805 common shares to neutralize the dilutive effect of the 2018 final dividend paid in shares. These shares will be held as treasury shares, and will be used to pay future stock dividends.

The repurchase of shares commenced on July 1, 2019, and completed on August 2, 2019. Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period.

A weekly summary of the transactions is provided below. Further details are available in the Daily Overview by Exchange.

Weekly overview Aegon Share Buyback for the Neutralization of the 2018 Final Dividend

Start End Number of Shares Total amount (EUR) Average price (EUR)
 Monday, July 1, 2019  Friday, July 5, 2019  5,972,075  26,939,080.77  4.5108
Monday, July 8, 2019 Friday, July 12, 2019 5,972,075 27,374,275.44 4.5837
Monday, July 15, 2019 Friday, July 19, 2019 5,858,382 26,778,890.07 4.5710
Monday, July 22, 2019 Friday, July 26, 2019 6,289,116 28,688,634.70 4.5616
Monday, July 29, 2019 Friday, August 2, 2019 8,782,157 38,912,202.23 4.4308
Total   32,873,805 148,693,083.19 4.5231
Percentage     100.00%  

Neutralization of stock dividend

Shareholders were given the opportunity to choose between receiving the 2018 interim dividend of EUR 0.14 per common share in cash or in stock. The stock dividend and the cash dividend are approximately equal in value.

44% of shareholders elected to receive the interim dividend in stock. As a result, Aegon will repurchase 24,133,950 common shares to neutralize the dilutive effect of the 2018 interim stock dividend. These shares will be held as treasury shares and will be used to pay future stock dividends.

Aegon has committed itself to repurchasing the common shares by engaging a third party to execute the transactions on its behalf. The repurchase of shares will commence on October 1, 2018, and is expected to be completed on or before November 9, 2018. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period.

A weekly summary of the transactions is provided below. Further details are available in the Daily Overview by Exchange.

Weekly overview Aegon Share Buy Back for Neutralization of 2018 Interim Dividend

Start End Number of Shares Total amount (EUR) Average price (EUR)
Mon, October 1, 2018 Fri, October 5, 2018 4,260,000 24,067,573.82 5.6497
Mon, October 8, 2018 Fri, October 12, 2018 4,423,458 24,587,244.67 5.5584
Mon, October 15, 2018 Fri, October, 19, 2018 4,376,022 23,226,935.76 5.3078
Mon, October 22, 2018 Fri, October 26, 2018 5,291,829 27,868,273.13 5.2663
Mon, October 29, 2018 Fri, November 2, 2018 2,891,501 15,506,360.42 5.3627
Mon, November 5, 2018 Fri, November 9, 2018 2,891,140 15,871,448.53 5.4897
Total   24,133,950 131,127,836.33 5.4333
Percentage completed     100.00%  

Neutralization of stock dividend

Shareholders were given the opportunity to choose between receiving the 2017 final dividend of EUR 0.14 per common share in cash or in stock.

42% of shareholders elected to receive the final 2017 dividend in stock. As a result, Aegon will repurchase 21,954,140 common shares to neutralize the dilutive effect of the 2017 final dividend paid in shares. These shares will be held as treasury shares, and will be used to pay future stock dividends.

Aegon has committed itself to repurchasing the common shares by engaging a third party to execute the transactions on its behalf. The transactions will commence on July 2, 2018, and are expected to be completed on or before August 10, 2018. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period. 

A weekly summary of the transactions is provided below. Further details are available in the Daily Overview by Exchange .

Weekly Report - Aegon share buyback

for neutralization of 2017 Final Dividend

 Start  End  Number of Shares Total Amount (EUR) Average Price (EUR) 

Monday, 
02 July 2018

Friday, 
06 July 2018
 3,844,780  19,777,188.60  5.1439
Monday,
09 July 2018
Friday,
13 July 2018
 3,819,325  19,717,190.85  5.1625
Monday,
16 July 2018
Friday,
20 July 2018
 3,729,445  19,667,926.81  5.2737
Monday,
23 July 2018
Friday,
27 July 2018
 3,296,549  17,832,059.28 5.4093 
Monday,
30 July 2018
Friday, 03 August 2018 3,815, 498  21,220,251.07 5.5616 
Monday,
06 August 2018
Friday,10 August 2018  3,448,543  18,953,457.49  5.4961
         
Total   21,954,140 117,168,074.10 5.3369
Percentage (%) completed     100.00%  

Neutralization of stock dividend

Aegon has completed the repurchase of 51,864,626 common shares to neutralize the dilutive effect of the 2016 final and 2017 interim dividends. These shares will be held as treasury shares and will be used to pay future stock dividends.

Aegon repurchased common shares by engaging a financial intermediary to execute the transactions on its behalf.

These transactions commenced on October 2, 2017, and were completed on December 15, 2017. The common shares were repurchased at a maximum of the daily volume-weighted average price.

A weekly summary of the transactions is provided below. Further details are available in the Daily Overview by Exchange (pdf).

Weekly Report

Period (2017) Number of Shares Total Amount (EUR) Average Price (EUR)
October 2-7 4,770,000 23,069,123 4.8363
October  9-13 4,074,165 19,607,192 4.8126
October 16-20 4,199,111 20,891,941 4.9753
October 23-27 4,600,000 23,399,508 5.0868
October 30-Nov. 3 3,754,670 19,202,392 5.1143
November 6-10 5,928,233 30,891,406 5.2109
November 13-17 6,005,000 30,810,911 5.1309
November 20-24 5,040,000 25,844,420 5.1279
November 27-December 1 5,605,666 29,102,258 5.1916
December 4-8 5,120,000 26,778,821 5.2302
 December  11-15 2,767,781 14,650,933 5.2934
Total 51,864,626 264,248,905 5.0950
      100%  completed

Neutralization of stock dividend

Aegon has completed the repurchase of 30,765,224 common shares to neutralize the dilutive effect of the 2016 interim dividend.

These shares will be held as treasury shares and will be used to pay future stock dividends.

Aegon repurchased common shares by engaging a financial intermediary to execute the transactions on its behalf.

These transactions commenced on October 3, 2016, and were completed on November 11, 2016. The common shares were repurchased at a maximum of the daily volume-weighted average price.

A weekly summary of the transactions is provided below. 

Weekly Report

Period (2016) Number of Shares Total Amount (EUR) Average Price (EUR)
October 3-8 5,660,259 20,346,790 3.5947
October 10-14 5,522,071 20,473,026 3.7075
October 17-21 5,047,742 19,207,677 3.8052
October 24-28 4,478,432 17,727,718 3.9585
October 31-November 4 6,361,585 24,542,336 3.8579
November 7-11 3,695,135 15,860,856 4.2924
Total
30,765,224 118,158,402 3.8406
      100%  completed

Aegon repurchased EUR 400 million worth of common shares in 2016, of which a first tranche of EUR 200 million was completed on March 31, 2016. The second tranche of EUR 200 million was completed on May 19, 2016. In total, Aegon repurchased 42 million shares at an average repurchase price of EUR 4.76 per share.

This buyback was related to a transaction we carried out with Association Aegon (Vereniging Aegon), our largest shareholder. In 2013, they exchanged €2.1 billion preferred shares for a mix of cash and shares worth €1.1 billion. This transaction helped simplify Aegon's capital structure and allowed the Association to substantially reduce its debt. The impact on other shareholders was limited to a minor dilution of their ownership from the issuance of shares. We therefore bought back shares to offset the dilutive effect of this transaction.

At the Annual General Meeting on May 20, 2016, shareholders approved the cancelation of all common shares repurchased as part of this program.

The shares have been repurchased at or below the daily volume-weighted average price. An overview of the transactions on a weekly basis can be found below.

Weekly Report (Tranche 2 - EUR 200m)

Period (2016)  Number of Shares  Total Amount (EUR) *Average Price (EUR) 
April 1  1,070,000  5,058,289  4.7274
April 4-8 4,769,529 22,266,664 4.6685
April 11-15 4,210,000 21,114,352 5.0153
April 18-22 4,815,000 25,120,356 5.2171
April 25-29 5,453,503 28,016,436 5.1373
May 2-6 5,421,169 26,568,169 4.9008
May 9-13 2,843,816 13,855,735 4.8722
May 16-20 13,450,835 58,000,001  4.3120
 Total 42,033,852  200,000,000  4.7581 
       
     

100% complete

 

Weekly Report (Tranche 1 - EUR 200m)

Period (2016) Number of Shares Total Amount (EUR) *Average Price (EUR)
 January 13-15 4,864,285 26,091,485 5.3639
January 18-22 2,628,587 13,355,334 5.0808
January 25-29 1,430,237 7,327,969 5.1236
February 1-5 5,299,167 25,796,122 4.8680
February 8-12 5,323,724  23,867,808 4.4833
February 15-19 2,533,802 10,979,013 4.3330
February 22-26 3,985,107 17,846,104 4.4782
February 29 - March 4 292,689 1,419,994 4.8515
March 7-11 5,094,164 24,883,750 4.8848
March 14-18 1,360,273 6,907,514  5.0780
March 21-25 7,491,243 37,690,061 5.0312
March 28-31 779,405 3,833,534  4.9185 
Total 41,082,683
200,000,000 4.8682
       
      100%  complete

* Includes fees if applicable

Neutralization of stock dividend

Aegon has completed the repurchase of 29,258,662 common shares to neutralize the dilutive effect of the 2015 final stock dividend.

These shares will be held as treasury shares and will be used to pay future stock dividends.

Aegon repurchased common shares by engaging a financial intermediary to execute the transactions on its behalf.

These transactions commenced on July 4, 2016, and were completed on August 12, 2016. The common shares were repurchased at a maximum of the daily volume-weighted average price.

A weekly summary of the transactions is provided below. Further details are available in the Daily Overview by Exchange.

Weekly Report

Period (2016) Number of Shares Total Amount (EUR) Average Price (EUR)
July 4-8 5,215,000 16,905,911 3.2418
July 11-16 3,796,603 13,076,382 3.4442
July 18-22 4,282,863 14,966,674 3.4945
July 25-29 5,003,985 17,932,845 3.5837
August 1-5 5,951,439 20,776,242 3.4910
August 8-12 5,008,772 18,904,853 3.7743
 Total 29,258,662 102,562,908 3.5054
      100%  completed

Neutralization of stock dividend

Aegon has completed the repurchase of 20,136,673 common shares to neutralize the dilutive effect of the 2015 interim stock dividend. These shares will be held as treasury shares and will be used to pay future stock dividends.

Aegon repurchased common shares by engaging a third party to execute the transactions on its behalf.

These transactions commenced on September 16, 2015, and were completed on October 13, 2015. The common shares were repurchased at a maximum of the daily volume-weighted average price.

Weekly updates of the transactions are provided below.

Weekly Report

Period (2015) Number of Shares Total Amount (EUR) Average Price (EUR)
September 16 - 18 5,520,544 29,351,142 5.3167
September  21 - 25 4,032,000 20,437,793 5.0689
September 28 - October 2 3,780,645 19,122,936 5.0581
October 5 - 9 3,403,484 18,723,902 5.5014
October 12 - 13 3,400,000 18,638,738 5.4820
Total 20,136,673 106,274,510 5.2777
      100%  completed

Neutralization of stock dividend

Aegon has completed the repurchase of 16,279,933 common shares to neutralize the dilutive effect of the 2014 final dividend paid in shares. These shares are held as treasury shares and will be used to pay future stock dividends.

Aegon repurchased common shares using a third party to execute the transactions on its behalf.

The transactions commenced on June 17, 2015, and were completed on July 14, 2015. The common shares were repurchased at a maximum of the daily volume-weighted average price.

Weekly updates of the transactions are provided below.

Weekly Report

Period (2015) Number of Shares Total Amount (EUR) Average Price (EUR)
June 17 - 19 3,458,025 22,544,136 6.5194
June 22 - 26 2,766,714 18,799,421 6.7949
June 29 - July 3 4,187,663 27,838,019 6.6476
July 6 - 10 4,408,273 28,751,833 6.5222
July 13 -14 1,459,258 10,041,453 6.8812
Total 16,279,933 107,974,862 6.6324
      100% of program completed

Neutralization of stock dividend

Aegon has completed the share buyback program announced on September 17, 2014. This program neutralized the dilutive effect of the 2014 interim dividend paid in shares. These shares will be held as treasury shares and will be used to pay future stock dividends.

Aegon repurchased common shares by engaging a third party to execute the transactions on its behalf.

Between September 17, 2014 and October 15, 2014 a total of 16,319,939 common shares were repurchased, at an average price of EUR 6.49 per share.

Weekly updates of the transactions are provided below.

Weekly Report

Period (2014) Number of Shares Total Amount (EUR) Average Price (EUR)
September 17 - 19 1,565,000 10,280,770 6.5692
September 22 - 26 4,966,149 32,961,213 6.6372
September 29 - October 3 5,266,703 34,252,244 6.5035
October 6 - 10 3,547,376 22,525,018 6.3498
October 13 - 15 974,711 5,928,093 6.0819
Total 16,319,939 105,947,337 6.4919
      100% of program completed

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Share buyback FAQ

 

Why does Aegon do share buybacks?
A share buyback – also known as share repurchase – is when a company buys its own shares, lowering the number of its shares traded in the market.

Twice a year – when interim and final dividend are paid out to shareholders - Aegon repurchases shares as a form of 'good housekeeping'. Shareholders can opt to receive dividend – a profit-share payout per share – in the form of cash or shares (stock dividend). When Aegon issues more shares, every existing shareholder owns a smaller, or 'diluted', percentage of the company, making each share less valuable.

To counteract this 'dilution', Aegon repurchases the equivalent amount of shares on the open market. The repurchased shares are held as treasury shares – that means they are held by Aegon and are not counted in voting rights. They'll be used to cover future dividends to Aegon shareholders.

Depending on Aegon's share price and the portion of dividend to be paid in shares, Aegon might face negative tax consequences in the future when buying back shares. Therefore, Aegon is considering various alternatives regarding future dividend payments if so required, including but not limited to a full cash dividend, a discount on dividend to be paid in shares, and a cap on the amount of dividend to be paid in shares. Any potential changes to be made as a result of this will not impact the 2021 final dividend.

In addition, Aegon senior management receives share-based compensation for which shares are repurchased in the market. These shares are also held as treasury shares until they are allocated to plan participants. Shares could also be repurchased in order to return capital to shareholders.

How do share buybacks add shareholder value?
Share buybacks add shareholder value as they reduce the number of shares outstanding, which increases the earnings per share (EPS). EPS is one metric used when valuing companies. A higher EPS usually means a higher market value for the remaining shares.

How do we pay for the shares?
We finance the repurchased shares with Cash Capital at the Holding. This is the money we hold at the Group level to ensure we are able to fulfil our cash obligations, to maintain sufficient flexibility to provide capital and liquidity support to Aegon's operating units, and to provide stability in external dividends.

Cash Capital at the Holding is financed by remittances we receive from our operations. We report our Cash Capital at the Holding position in our quarterly results.

Doesn't insider knowledge prevent us from doing buybacks?
We use an intermediary to make the purchase orders as this ensures there can be no suggestion that Aegon or any of our employees benefit from insider information.