Dutch life insurance coverage firm AEGON has named Duncan Russell as its new chief monetary officer (CFO), changing Matt Rider, who is about to retire after a stint of greater than seven years.
Russell will assume the brand new accountability on 1 September 2024.
Rider will proceed his affiliation with Aegon as a non-executive member of the board of Transamerica.
Russell joined Aegon in 2020 as chief transformation officer.
His expertise within the monetary sector contains his tenure at Admiral Group, the place he was the CFO of Admiral Monetary Providers, and at NN Group, the place he managed group capital administration, treasury, enterprise growth and group technique.
Russell additionally labored at JP Morgan because the managing director and head of fairness analysis European insurance coverage.
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Aegon CEO Lard Friese mentioned: “I’m happy to nominate Duncan Russell as our new CFO. I’m assured that together with his monetary acumen, deep insurance coverage experience and complete data of the capital markets and our organisation, he’ll proceed to contribute to the success and transformation of our firm.”
Along with the manager appointment, Aegon issued a first-quarter buying and selling replace.
For the quarter, Aegon generated working capital of €256m, down from €292m throughout the identical interval in 2023.
The corporate stays assured in attaining its 2024 steering of roughly €1.1bn.
It highlighted robust gross sales development in its US Strategic Property, UK office companies and Brazilian life insurance coverage operations, whereas flagging that the UK Retail enterprise continues to be grappling with difficult market circumstances.
Aegon additionally introduced a brand new €200m share buyback programme, set to start in early July 2024 and conclude by the top the 12 months.
Friese added: “The start of the 12 months was marked by continued optimistic business momentum within the US and Brazil, in addition to internet inflows at our asset supervisor, and was underscored by strong working capital technology of €256m, in addition to wholesome capital ratios in our fundamental working models.”
