Our strategy
At Aegon, we build leading businesses that offer investment, protection and retirement solutions, and that can thrive in a changing business environment and respond to the evolving needs and expectations of our stakeholders.
The Next Frontier: Aegon’s move to the US
At our Capital Markets Day (CMD) 2025, we announced our ambition to become a leading US life insurance, annuity, and retirement group with international insurance and asset management subsidiaries.
Our future is in the US, the world’s largest and most dynamic insurance market, where we are positioning ourselves to capture significant growth opportunities in life, protection, and retirement solutions. To enable this ambition, we are relocating our head office and legal seat to the US. Following the completion of the relocation, which we aim to conclude by January 1, 2028, the holding company, Aegon Ltd., will be renamed Transamerica Inc.
US strategy
In the US, people are living longer, the protection gap is widening, and there is a significant opportunity to support American families in preparing for retirement. As an iconic American brand, our US business, Transamerica, is strongly positioned to serve middle-market and mass-affluent families, and medium-sized companies. These groups, which we refer to as “Main Street” America, represent a vast underserved segment of the US marketplace.
To underpin our US growth plans, Transamerica aims to:
- Make World Financial Group, Transamerica’s affiliated insurance distribution network of more than 92,000 independent agents, the top agent network for “Main Street” America.
- Grow, expand, and scale its Protection Solution business by increasing new life sales, and expand further into attractive annuities products.
- Capitalize on its leadership position in pooled Retirement plans and further improve the penetration of its ancillary product range, including the General Account Stable Value product and Individual Retirement Accounts.
- Continue to decrease its exposure to its legacy blocks of business, which we refer to as Financial Assets. Transamerica aims to drive capital employed for Financial Assets down by reducing risk sensitivities in the portfolio through management actions and transactions with third parties.
Asset management strategy
Our global asset manager, Aegon Asset Management (Aegon AM), is an important contributor to our strategy. Aegon AM aims to expand its third-party business by focusing on higher revenue-margin strategies – which include Collateralized Loan Obligations, Alternative Fixed Income, and Global High Yield – so that third-party revenue growth outpaces growth in assets under management. Aegon AM is also implementing initiatives to improve its scalability and efficiency, and the business will continue to grow its strategic partnerships in China and France, which are strong contributors to Aegon AM’s earnings and remittances. Moreover, Aegon AM’s strong collaboration with Transamerica will continue to further support our US growth plans.
International strategy
Aegon will continue to invest in profitable growth in its International business, which include businesses in Spain & Portugal, Brazil, China, and Transamerica Life Bermuda. These businesses, mostly joint ventures with strong local partners, operate in some of the most promising markets in the world. They are expected to continue to upstream remittances and contribute to the Group’s operating results, with their growth resulting from product innovation, customer service, and expanding distribution.
UK strategy
Our strategy to transform Aegon UK into a leading digital savings and retirement platform continues to make good progress and the business remains a reliable and growing source of revenues for the Group. In the context of our stronger focus on the US, we announced at our CMD 2025 that we will begin a strategic review of Aegon UK to assess the best way to accelerate and maximize Aegon UK’s value for all stakeholders. In this review, all options will be evaluated, including a potential divestment.
a.s.r. shareholding
In July 2023, Aegon completed the transaction to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r. As part of the transaction, Aegon received EUR 2.2 billion in cash proceeds and a 29.99% strategic shareholding in a.s.r. Following a transaction in September 2025, Aegon now owns approximately 24% of a.s.r.’s share capital.
Financial targets
For the transition period 2025 to 2027, we have set financial ambitions based on steady profitable growth. Our operating result is expected to increase by around 5% annually from a EUR 1.5–1.7 billion 2025 run-rate, driven mainly by the expansion of our US businesses. Operating Capital Generation (OCG), after holding funding and operating expenses – which represents the capital that is generated by our businesses from both in-force and new business – is anticipated to grow between 0% and 5% per year from a 2025 run-rate of approximately EUR 0.9 billion, as higher in‑force earnings are partly offset by increased new business strain. Free cash flow is expected to grow by around 5% annually from a EUR 0.8 billion run-rate, reflecting a gradually rising OCG pay‑out ratio. Dividends are expected to remain well covered by free cash flow and, helped by share buybacks reducing the share count, dividend per share is projected to grow by more than 5% per year.
Throughout our transformation, we aim to maintain a solid capital position in our business units and at the Holding, underscored by health capital ratios in our key businesses and for the Group. This allows us to build leading, advantaged businesses and create value for our customers and wider stakeholder base.