May 16 (Reuters) - Dutch insurer Aegon laid out plans to buy back 200 million euros ($218 million) worth of its own shares on Thursday, after it reported quarterly operating capital generation slightly below market expectations.

Aegon said its operating capital generation before holding funding and operating expenses was 256 million euros in the first quarter, down from 292 million euros a year earlier.

Analysts on average had expected 260 million euros, a poll provided by the company showed. (Reporting by Gaëlle Sheehan and Mathias de Rozario in Gdansk; Editing by Milla Nissi)