1H 2026 Financial highlights
- Net result of EUR 608 million, compared with EUR 606 million in the first half of 2025
- Operating result of EUR 804 million, up 9% compared with the first half of 2025, reflecting strong commercial momentum and favorable financial markets
- Valuation equity – the sum of shareholders’ equity and the contractual service margin (CSM) after estimated tax adjustment – per share of EUR 9.42; an increase of 4% in the reporting period, driven by healthy business growth whilst returning a significant amount of capital to shareholders
- On track to meet or exceed all Group financial ambitions for 2026
1H 2026 Capital highlights
- Operating capital generation (OCG) after holding funding and operating expenses increases by 27% to
EUR 416 million compared with the first half of 2025 - Free cash flow of EUR 392 million, compared with EUR 442 million for the first half of 2025, as Aegon UK remittance is now excluded
- Capital ratios of Aegon’s main units remain strong, above their respective operating levels
- Cash Capital at Holding of EUR 1.7 billion remains above the operating range
- Ongoing second-half 2026 share buyback program increased by EUR 150 million, to a total of EUR 350 million, consistent with the objective to reduce Cash Capital at Holding to around EUR 1.0 billion by year-end 2026
- 2026 interim dividend of EUR 0.21 per common share, an increase of 11% compared with 2025 interim dividend
Lard Friese, Aegon CEO, commented:
“In the first half of 2026, we continued to grow our businesses, delivered robust financial results and progressed at pace with our planned relocation to the US. These results demonstrate our strategy is gaining momentum and reinforce our confidence in the ambitions outlined at our 2025 Capital Markets Day.
Transamerica delivered strong commercial growth compared with the prior year period. Individual Life sales grew by 54%, fueled by growth in the instant decision market. We further expanded our distribution capabilities, with World Financial Group now exceeding 100,000 agents, and we maintained good commercial momentum in Retirement Plans written sales. Aegon Asset Management benefited from third-party net flows and positive market developments, and our International businesses continued to grow, led by Brazil.
We made significant progress in preparing for our future in the US. We selected New York City as the future location of our head office and announced changes to our leadership team. We reached an agreement with Vereniging Aegon, our largest shareholder, on its future relationship with our company and a proposed US-aligned governance framework. As previously announced, and in the context of our increased US focus, we also announced the sale of Aegon UK to Standard Life. Finally, we target an Extraordinary General Meeting on October 8, 2026, to seek shareholder approval for the domiciliation to the US.
In the first half of 2026, operating result increased by 9% to EUR 804 million and operating capital generation grew by 27% to EUR 416 million, enabling EUR 392 million in free cash flow. We also conducted our annual assumptions review, mostly to adjust for changing policyholder behavior observed in recent periods.
Our performance in the first half reflects the dedication of our people, the momentum in our strategy, and our disciplined capital management. We are announcing an interim dividend of 21 eurocents per share, up 11% versus the prior year period. Supported by our strong capital position and confidence in the outlook for our businesses, we are also increasing our recently announced share buyback program by EUR 150 million to EUR 350 million. Our businesses are well capitalized and we are on track to meet or exceed our Group financial ambitions for 2026.”
Strategic developments
On December 10, 2025, at the CMD (Capital Markets Day), Aegon announced its ambition to become a leading US life insurance and retirement group and its decision to move its head office and legal seat to the US. The redomiciliation process is running at pace with a number of developments underway:
- Implementation of US GAAP on track for a first release of the full-year 2027 results
- Ensuring leadership continuity, Lard Friese’s term as Executive Director and CEO extended until the end of 2030 AGM. Will Fuller to become President and Chief Operating Officer of Aegon Ltd. from January 1, 2027
- New York City selected as the location for the future head office
- Sale of Aegon UK to Standard Life for a total consideration of GBP 2.0 billion. The transaction is expected to close around the end of 2026, subject to customary conditions, including regulatory approvals. The consideration at completion includes 181 million shares in Standard Life (worth GBP 1.25 billion upon announcement on April 15, 2026) and GBP 649 million in cash after the deduction of the expected remittance paid to Aegon over the course of 2026
- Issuance of USD 500 million senior unsecured note, trading on the New York Stock Exchange (NYSE), establishing a US dollar yield curve to support future senior debt issuances in the US market
- Agreement with Vereniging Aegon on the future relationship with the Group and the proposed US-aligned governance framework
- Extraordinary General Meeting (EGM) on proposed US redomiciliation targeted for October 8, 2026
- EUR 137 million of expenses booked in aggregate on US GAAP implementation and redomiciliation since the second half of 2025
Revised financial ambitions
Following the announced sale of Aegon UK to Standard Life, Aegon’s Group financial ambitions for 2026 and 2027 were updated:
- The Group operating result run-rate is expected to grow by around 5% per annum, from a pro forma 2025 run-rate of EUR 1.3 – 1.5 billion
- OCG after holding funding and operating expenses is expected to grow between 0% and 5% per annum from a pro forma 2025 run-rate of EUR 0.7 – 0.75 billion
- Free cash flow run-rate is expected to increase at around 5% per annum from a pro forma 2025 run-rate of around EUR 0.68 billion. The free cash flow growth ambition of around 5% per annum does not include remittances from Aegon UK or dividends from Standard Life
- Dividend per share is expected to grow in excess of 5% per annum, which remains unchanged from the 2025 CMD financial ambition
In addition, subsequent to the announcement at the 2025 CMD, Aegon has completed the transfer of Transamerica Asset Management (TAM) from Transamerica to Aegon Asset Management (AAM) resulting in the following updated financial ambitions for Transamerica and AAM, with no impact on Group financial ambitions for 2026 and 2027.
- Transamerica’s operating result run-rate is expected to grow by around 5% per annum, starting from a pro forma 2025 run-rate of USD 1.35 – USD 1.55 billion
- Transamerica’s OCG run-rate is expected to grow between 0% and 3% per annum, starting from a pro forma 2025 run-rate of USD 0.86 – 0.96 billion
- Transamerica’s remittance run-rate is expected to grow by around 5% per annum, starting from a pro forma 2025 run-rate of USD 645 million
- AAM’s pro forma 2025 operating result, OCG and remittance run-rates are increased to EUR 210 – 240 million, EUR 150 – 170 million and EUR 110 million, respectively, with growth trends in line with the 2025 CMD financial ambitions