AEGON is organizing an investor day that starts on 21 June at 4:30pm and ends on 22 June at 3:45pm. At that occasion AEGON publishes the details of the strategy that aims to deliver sustainable earnings growth. More specific, AEGON aims to: - Grow underlying earnings before tax on average by 7-10% per annum between 2010 and 2015; - Achieve a return on equity of 10-12% by 2015; - Increase the fee business to 30-35% of underlying earnings by 2015; - Increase normalized operational free cash flow by 30 by 2015; - Resume dividend payments with dividend of € 0.10 per common share related to 2H11 in May 2012. Our View: AEGON fully repaid the remaining Dutch State aid which means that the company can now focus on its updated financial targets. Targets seem achievable although we currently target a ROE of 8.6% by 2015. Conclusion: We remain Accumulating with an unchanged target at € 7.0.