AEGON (AEG)

• **Aegon reported a full-year 2025 net result of EUR 980 million, a 45% increase from 2024, and a full-year operating result of EUR 1.7 billion, up 15%. **
• **The company exceeded its 2025 targets, with Operating Capital Generation (OCG) of EUR 1.3 billion (target EUR 1.2 billion) and free cash flow of EUR 829 million (target EUR ~800 million). **
• **A final dividend of EUR 0.21 per common share was proposed, leading to a total 2025 dividend of EUR 0.40, and EUR 1.1 billion was returned to shareholders through dividends and share buybacks in 2025. **
• **Key strategic developments include the ambition to become a leading US life insurance and retirement group, with plans to relocate its head office to the US by January 1, 2028, and a strategic review of Aegon UK. **
• **Capital ratios remained robust at December 31, 2025, with the US RBC ratio at 424%, Solvency UK ratio at 183%, and Group solvency ratio at 184%. **

• Aegon met or outperformed all its financial targets for 2025, with operating capital generation before holding and funding expenses increasing to EUR 1.3 billion and operating results growing by 15% to EUR 1.7 billion compared to 2024.
• The company proposed a full-year 2025 dividend of EUR 0.40 per share, a 14% increase from 2024, and executed EUR 400 million in share buybacks in H2 2025, with a new EUR 400 million program for 2026 underway.
• Commercial momentum was strong in 2025, particularly in US strategic assets, where new life sales increased by 10% and indexed annuity net deposits grew by 45%. Capital employed in financial assets was reduced to $2.7 billion at year-end 2025, ahead of target.
• For the 2026-2027 period, Aegon aims to grow the group's operating result by approximately 5% per year from the 2025 run rate of EUR 1.5-EUR 1.7 billion.

• AEGON reported strong financial performance for full year 2025, with operating capital generation before holding and funding expenses increasing to EUR 1.3 billion and operating results growing by 15% to EUR 1.7 billion, meeting or outperforming all financial targets.
• The company proposed a full-year 2025 dividend of EUR 0.40 per share, a 14% increase from 2024, and executed EUR 400 million in share buybacks in H2 2025, with a new EUR 400 million program for 2026 underway.
• Commercial momentum remained strong in 2025, with new life sales increasing by 10% and indexed annuity net deposits rising by 45% in the Americas, while the number of licensed agents at World Financial Group grew by 11% to nearly 96,000.
• AEGON is progressing with preparations for its proposed relocation to the U.S. and U.S. GAAP implementation, and aims to grow the group's operating result by approximately 5% per year over the 2026-2027 period.

• AEGON met or outperformed all financial targets for 2025, with operating results increasing by 15% compared to 2024 to EUR 1.7 billion and free cash flow reaching EUR 829 million.
• The company proposed a full year 2025 dividend of EUR 0.40 per share, representing a 14% increase from 2024, and executed EUR 400 million in share buybacks in the second half of 2025, with a new EUR 400 million program for 2026 already underway.
• Commercial momentum remained strong in 2025, particularly in U.S. Strategic Assets, where new life sales increased by 10% and indexed annuity net deposits rose by 45%.
• AEGON aims to grow its group operating result by approximately 5% per year over the 2026-2027 period from the 2025 run rate of EUR 1.5 billion-EUR 1.7 billion.

Aegon reported strong financial results for full-year 2025, with both net result and operating result showing significant increases compared to 2024. The company exceeded its operating capital generation (OCG) target and achieved its free cash flow target for full-year 2025. Aegon proposed an increased final dividend for 2025, contributing to a total dividend consistent with its target, and returned substantial capital to shareholders through dividends and share buybacks during 2025. Valuation equity per share also saw an increase in the reporting period.

Calculations:

• Operating result H2 2024: The operating result for H2 2025 was EUR 858 million, up 11% compared with H2 2024. So, H2 2024 Operating result = 858 / 1.11 = EUR 773 million.
• Operating result FY 2024: The full-year 2025 operating result was EUR 1.7 billion, up 15% compared with 2024. So, FY 2024 Operating result = 1,700 / 1.15 = EUR 1,478 million.
• Operating Capital Generation (OCG) H2 2024: OCG before holding funding and operating expenses increased by 8% to EUR 711 million compared with H2 2024. So, H2 2024 OCG = 711 / 1.08 = EUR 658 million.
• 2024 final dividend: The 2025 final dividend of EUR 0.21 per common share is an increase of 11% compared with 2024 final dividend. So, 2024 final dividend = 0.21 / 1.11 = EUR 0.19.

• Aegon initiated a EUR 227 million share buyback program on January 12, 2026, which is expected to be completed by June 30, 2026.
• This buyback includes EUR 200 million from a previously announced EUR 400 million program and an additional EUR 27 million to cover share-based compensation plans for senior management.
• Aegon's largest shareholder, Vereniging Aegon, will participate pro-rata, accounting for EUR 37 million of the buyback.
• The company intends to cancel the shares associated with the EUR 200 million component of the buyback.

• Aegon commenced a EUR 227 million share buyback on January 12, 2026.
• This buyback includes EUR 200 million from a previously announced EUR 400 million program and an additional EUR 27 million to cover obligations from share-based compensation plans for senior management.
• The company's largest shareholder, Vereniging Aegon, will participate pro-rata, accounting for EUR 37 million of the buyback.
• The share buyback is projected to be completed by June 30, 2026, and Aegon intends to cancel the shares associated with the EUR 200 million component.

• Aegon successfully completed its share buyback program, which totaled EUR 400 million.
• The program, initially launched on July 1, 2025, for EUR 200 million, was expanded by an additional EUR 200 million on August 25, 2025.
• Between July 1, 2025, and December 15, 2025, Aegon repurchased 61,197,437 common shares at an average price of EUR 6.4772 per share.
• The repurchased shares will be canceled in December 2025.

• Aegon announced its ambition to become a leading US life insurance and retirement group, with plans to move its head office and legal seat to the US and be renamed Transamerica Inc. by January 1, 2028.
• The company will initiate a new EUR 400 million share buyback program in 2026 and targets dividend growth of > 5% per annum from approximately EUR 0.40 per share for 2025.
• Aegon anticipates its operating result and free cash flow to grow by around 5% per annum between 2025 and 2027.
• A strategic review of Aegon UK is underway, evaluating all options including divestment, with an estimated one-time implementation cost of around EUR 350 million for the relocation between 2H 2025 and 1H 2028.

• Aegon, a Dutch life insurance company, plans to relocate its head office and legal seat to the United States and rename itself Transamerica Inc. by January 1, 2028, to fully capitalize on growth opportunities in the U.S. market.
• The transition will incur a €350 million implementation cost and includes a €400 million share buyback program planned for 2026.
• Post-relocation, the company will begin reporting under U.S. GAAP starting with the 2027 financial results and projects annual operating result growth of around 5% and dividend growth exceeding 5% per annum through this transition period.
• Aegon will stop publishing trading updates in 2026 and 2027, limiting disclosures to comprehensive half-year reporting during the transition period.