Shares in Dutch insurer Aegon rose sharply in early morning trading on Thursday, after the company raised its capital generation forecast.

At a business update, the group said it now expected capital generation of around 1.2 billion euros by 2023, up from more than a billion previously.

In the third quarter, its operating capital generation climbed 16% to 354 million euros.

CEO Lard Friese explained that the insurer - now headquartered in Bermuda - was benefiting from continued strong sales momentum in the US and favorable exceptional items.

Aegon - which wants to ensure that its US subsidiary Transamerica reaches its 'full potential' - emphasized that the branch's strategic assets continued to grow in the third quarter.

Following this encouraging business update, the share gained more than 3% around 10:30 a.m., posting by far the biggest rise on the AEX index.

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