Aegon (AGN) H1 2025 earnings summary

Executive summary

• Operating result for H1 2025 rose 19% year-over-year to EUR 845 million, driven by profitable growth and improved claims experience in the U.S., U.K., and international segments.

• Net profit reached EUR 606 million in H1 2025, reversing a net loss of EUR 65 million in H1 2024, supported by higher operating results and favorable non-operating items.

• Cash capital at holding increased to EUR 2.0 billion, reflecting strong free cash flow and completed share buybacks.

• Interim dividend increased by EUR 0.03 to EUR 0.19 per share; share buyback program expanded to EUR 400 million for H2 2025.

• Announced review of potential relocation of legal domicile and head office to the U.S., aligning with primary business operations and simplifying the corporate structure.

Financial highlights

• Operating capital generation before holding and funding expenses was EUR 576 million, down 2% year-over-year due to higher new business strain.

• Free cash flow for H1 2025 was EUR 442 million, up 18% from H1 2024.

• Valuation equity per share decreased by 5% to EUR 8.47, mainly due to unfavorable exchange rates.

• Group solvency ratio declined by 5 percentage points to 183%, impacted by share buybacks and interim dividend reservation.

• Shareholders' equity per share increased to EUR 4.64 from EUR 4.53 at year-end 2024.

Outlook and guidance

• On track to achieve all 2025 financial targets, including OCG guidance of around EUR 1.2 billion.

• U.S. operating result guidance raised by $50 million to $700–800 million for H2 2025; group guidance maintained at EUR 750–850 million.

• OCG before holding, funding, and operating expenses expected to be around EUR 1.2 billion for 2025.

• Targeting cash capital at holding of around EUR 1 billion by end of 2026.

• Review on U.S. relocation expected to conclude by December 2025; transition, if approved, would take 2–3 years.