2H 2025 Financial highlights
- Net result of EUR 375 million, a decrease compared with EUR 741 million in the second half of 2024, as growth in the operating result is offset by non-operating items and other charges. Full-year 2025 net result of EUR 980 million, up 45% compared with 2024
- Operating result of EUR 858 million, up 11% compared with the second half of 2024 driven by an increase across all business units, reflecting commercial momentum and favorable financial markets. Full-year 2025 operating result of EUR 1.7 billion, up 15% compared with 2024
- Valuation equity – the sum of shareholders’ equity and the contractual service margin (CSM) after estimated tax adjustment – increases by 7% in the reporting period to EUR 9.06 per share, driven by the net result, favorable market impacts, and the share buyback
2H 2025 Capital highlights
- Operating capital generation (OCG) before holding funding and operating expenses increases by 8% to EUR 711 million compared with the second half of 2024. With full-year 2025 OCG of EUR 1.3 billion, Aegon exceeds its target of EUR 1.2 billion
- Capital ratios of Aegon’s main units remain strong, above their respective operating levels
- Cash Capital at Holding of EUR 1.3 billion, EUR 0.7 billion lower compared with the first half of 2025 mainly driven by capital returns to shareholders
- Free cash flow of EUR 388 million, contributes to full-year free cash flow of EUR 829 million, consistent with the target of around EUR 800 million
- 2025 final dividend of EUR 0.21 per common share proposed, an increase of 11% compared with 2024 final dividend, enabling Aegon to meet its EUR 0.40 target for full-year 2025
Lard Friese, Aegon CEO, commented:
“Our results for 2025 demonstrate the strength of our strategy and our ability to consistently deliver upon our ambitions. We have met or exceeded all the financial targets that we set out at our Capital Markets Day (CMD) in 2023, and I would like to thank all my colleagues across our businesses for their dedication and hard work that made this possible.
We generated EUR 1.3 billion of operating capital (OCG), ahead of our EUR 1.2 billion target. We also reported EUR 829 million of free cash flow, consistent with our EUR ~800 million target for 2025. Our main business units remained well capitalized, and we delivered a full year IFRS operating result of EUR 1.7 billion, an increase of 15% compared with 2024.
In the US, commercial momentum remained strong. Transamerica expanded its distribution network, World Financial Group (WFG), to over 95,000 licensed agents, and, at the same time, achieved a record 30% increase in individual new life sales in 2025 compared with 2024. Assets under administration at Transamerica’s Retirement Plans business also increased. At the same time, the capital employed by Transamerica’s Financial Assets decreased to USD 2.7 billion, ahead of our USD 2.9 billion target for 2025. This gives us confidence that our plans have a robust foundation as we work to further accelerate growth in our US business. We also reported solid results in our other business units. Our asset management business delivered EUR 1.0 billion in net third-party inflows in 2025, while our International business continued to perform well, and, in the UK, our Workplace Platform generated GBP 2.4 billion in net inflows.
During 2025, we returned EUR 1.1 billion of capital to shareholders through dividends and share buybacks.
On the basis of our performance in 2025, we propose a final dividend of 21 eurocents per share. This will result in a total dividend paid for the full year 2025 of 40 eurocents, consistent with our target.
We are now fully focused on delivering upon the plans we outlined at our 2025 CMD, including the relocation of our head office and legal seat to the US. I am confident that we can build upon the strong momentum we created during 2025 and continue to accelerate the growth of our businesses throughout the coming year.”
2025 Capital Markets Day
On December 10, 2025, Aegon hosted a Capital Markets Day (CMD) to provide an update on its strategy, medium-term financial targets, and the conclusion of the comprehensive review on the relocation of its head office and legal seat to the United States.
At the CMD, 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. Following the completion of the relocation, which Aegon aims to conclude by January 1, 2028, the holding company, Aegon Ltd., will be renamed Transamerica Inc., while the business units will continue to operate under their current brands.
Aegon also announced the start of a strategic review of Aegon UK, with all options being evaluated, including a potential divestment, as well as a reinsurance transaction on part of Transamerica’s Secondary Guarantee Universal Life (SGUL) block to reduce mortality and policyholder behavior risk.
Aegon’s strategy is expected to result in an increase in the group’s operating result run-rate of around 5% per annum from the 2025 EUR 1.5 - 1.7 billion run-rate, an increase of OCG after holding funding and operating expenses of between 0% and 5% per annum from a run-rate of EUR 0.9 billion (corresponding to an OCG of around EUR 1.2 billion before holding funding and operating expenses), and an increase in free cash flow of around 5% per annum from around EUR 0.8 billion, between 2025 and 2027. We aim to increase the dividend per share, which benefits from the reduction in share count from the announced share buyback programs, by more than 5% per annum.