Aegon (AEG) has launched a new 200 million euro ($227.8 million) share buyback program following the completion of a previous 227 million euro repurchase initiative, the company said Wednesday.

The new buyback will run until Dec. 23, and the company plans to cancel the shares it repurchases under the program, it said.

Aegon's largest shareholder, Vereniging Aegon, will participate on a pro-rata basis, contributing about 37 million euros based on its 18.4% voting stake, it added.