Aegon (AEG) has increased its H2 share buyback program by 150 million euros ($174.9 million) to 350 million euros, effective Monday, the company said.

The original 200 million euros program began July 1, with Aegon repurchasing shares for 57 million euros through Monday, representing about 28% of the initial program, it said.

The expanded program is expected to be completed by Dec. 23, with the increase supporting Aegon's objective to reduce Cash Capital at Holding to around 1 billion euros by the end of the year, the company said.

Aegon said Vereniging Aegon, its largest shareholder, will participate pro rata in the additional 150 million euros based on its roughly 18.4% voting interest, contributing about 26 million euros to the additional buyback.

Shares of the company were 1.4% higher in Monday premarket activity.