UBS maintains its 'buy' recommendation and €6.6 target price for Aegon shares, following the Dutch insurance and financial services company's H1 results.

The broker highlights the announcement of an additional €200m share buyback program, which it estimates represents approximately 2% of the company's market cap.

While Aegon exceeded its earnings expectations due to fair value items, UBS points to disappointing underlying operating cash flow (OCG) and currency headwinds on its contractual service margin (CSM).