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Aegon (AGN) investor relations material

Aegon H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Feb, 2026

Executive summary

  • Operating capital generation reached EUR 1.3 billion in FY 2025, surpassing the EUR 1.2 billion target, with a 15% increase in operating result to EUR 1.7 billion year-over-year.

  • Free cash flow for 2025 totaled EUR 829 million, in line with target; full-year dividend of EUR 0.40 per share, up 14% from 2024.

  • Executed EUR 400 million share buyback in 2025 and launched a new EUR 400 million buyback program for 2026.

  • Strong commercial momentum in the US, with agent count up 11%, new life sales up 30%, and robust growth in Retirement Plans and Asset Management.

  • Strategic focus includes US expansion, UK business review, and head office relocation to the US.

Financial highlights

  • Operating result for H2 2025 increased 11% year-over-year to EUR 858 million, with all business units contributing.

  • IFRS net result for 2H 2025 was EUR 375 million, down from 2H 2024 due to non-operating losses and charges, but full-year net result rose 45% to EUR 980 million.

  • Valuation equity per share increased 7% to EUR 9.06 at year-end, supported by US growth and share buybacks.

  • Group solvency ratio robust at 184% at year-end 2025; gross financial leverage stable at EUR 4.9 billion.

  • Nearly EUR 1 billion returned to shareholders in 2025 via dividends and buybacks.

Outlook and guidance

  • Targeting 5% annual operating result growth for 2026–2027 from the EUR 1.5–1.7 billion 2025 run rate.

  • Dividend per share expected to increase by more than 5% per annum.

  • Confident in meeting 2026 and 2027 growth ambitions; next results to be presented in August 2026.

  • Strategic review of UK business ongoing, including potential divestment.

  • Relocation of head office and legal seat to the US targeted for completion by January 1, 2028.

US relocation: expected financial benefits?
UK Adviser Platform turnaround strategy
Why target lower Cash Capital at Holding?
WFG operating margin impact from investments
U.K. strategic review: criteria for offers
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Frequently asked questions

Aegon N.V. provides insurance, pensions and asset management services in the Americas, the Netherlands, and the United Kingdom. Major products include life insurance, pensions and long-term care insurance, investment products and services, health insurances and short-term insurance. With the Aegon companies employees have a better future through decent pensions, personal accident cover and modern old-age care. Aegon N.V. was founded in 1983 and is headquartered in The Hague, the Netherlands.

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