1H 2025 Financial highlights
- Net profit of EUR 606 million compared with a net loss of EUR 65 million for the first half of 2024
- Operating result of EUR 845 million, up 19% compared with the first half of 2024, reflecting business growth and improved experience variance in the United States
- Valuation equity – the sum of shareholders’ equity and the contractual service margin (CSM) after estimated tax adjustment – per share of EUR 8.47; a reduction of 5% in the reporting period, as the contribution from net profit is offset by unfavorable currency movements and capital returns to shareholders
1H 2025 Capital highlights
- Operating capital generation (OCG) before holding funding and operating expenses of EUR 576 million, a decrease of 2% compared with the first half of 2024 reflecting unfavorable non-recurring items and more new business
- Free cash flow of EUR 442 million; up 18% compared with EUR 373 million for the first half of 2024
- Capital ratios of Aegon’s main units remain above their respective operating levels; Cash Capital at Holding remains above the operating range at EUR 2.0 billion
- Aegon announces increase in currently ongoing share buyback program by EUR 200 million, taking the total 2H 2025 share buyback to EUR 400 million
- 2025 interim dividend of EUR 0.19 per common share, an increase of EUR 0.03 compared with 2024 interim dividend
- On track to meet all 2025 financial targets
Strategic developments
- Review announced on relocating Aegon’s legal domicile and head office to the United States
Lard Friese, Aegon CEO, commented:
“We generated strong commercial momentum across our key markets in the first half of 2025. In the United States, new life sales increased by 13% to USD 276 million, while World Financial Group (WFG) continued to expand its distribution network. Our UK Workplace business continued to perform well, generating GBP 2.1 billion in net deposits, while our Asset Management business also achieved positive net flows. Our International business saw overall sales growth, driven by Brazil, China, and Spain & Portugal.
In the first two quarters, we booked EUR 576 million of Operating Capital Generation (OCG) and we remain on track to meet our OCG guidance of around EUR 1.2 billion for 2025. Our operating result was EUR 845 million, up 19% compared to last year. Our annual assumption updates in the United States led to some strengthening of assumptions to address adverse policyholder behavior experience witnessed over recent quarters.
Our capital ratios remain robust, and our cash capital position stands above our operating range. We are therefore announcing an interim dividend of 19 euro cents, which represents a year-on-year increase of 19%, and that we are increasing our currently ongoing share buyback to EUR 400 million from the previously announced EUR 200 million.
Today we are announcing an important step for our company, as we will begin a review on a potential relocation of Aegon’s head office to the United States. In recent years, Aegon’s business in the United States – which accounts for approximately 70% of Aegon’s operations – has become Aegon’s primary market and central to the company’s strategy and long-term growth.
A relocation of Aegon’s legal domicile and head office to the United States is expected to simplify Aegon’s corporate structure as it would align its legal domicile, tax residency, accounting standard and regulatory framework with the geography where it conducts the majority of its business.
We aim to share the outcome of this review at our Capital Markets Day on December 10, 2025.”
Review on relocating Aegon’s legal domicile and head office to the United States
Aegon today announces the start of a review on a potential relocation of the company’s legal domicile and head office to the United States.
This comprehensive review will examine the implications of a potential relocation, including the impact on all of Aegon’s stakeholders, and of making its listing on the NYSE its primary listing alongside its Euronext listing.
Should Aegon decide to proceed with the relocation, the transition is expected to take two to three years. A key element of the potential relocation is the implementation of US GAAP, preparations for which have begun.
Aegon expects to conclude the review in the coming months and aims to provide more details at its Capital Markets Day on December 10.