Aegon (AGN) H2 2024 earnings summary

Executive summary

• Achieved operating result of EUR 1,485 million for 2024, matching prior year, with improved claims experience and business growth in the US and asset management.

• Operating capital generation reached EUR 1,245 million, meeting updated guidance of around EUR 1.2 billion.

• Free cash flow was EUR 759 million, in line with guidance.

• Dividend for 2024 proposed at EUR 0.35 per share, up 17% year-over-year, with a target of EUR 0.40 for 2025.

• Returned EUR 1.4 billion to shareholders via dividends and buybacks; ongoing EUR 150 million buyback program.

Financial highlights

• IFRS operating result for H2 2024 increased 14% year-over-year to EUR 776 million, mainly driven by Americas growth.

• Net profit for H2 2024 was EUR 741 million.

• Shareholders’ equity per share increased to EUR 4.53; valuation equity per share rose to EUR 8.91.

• Group solvency ratio at 188%, US RBC ratio at 443%, UK solvency at 186%.

• Return on equity at 16.4%, up from 14.1% in 2H 2023.

Outlook and guidance

• 2025 OCG guidance reiterated at EUR 1.2 billion, with free cash flow target of around EUR 800 million.

• Dividend per share target for 2025 is EUR 0.40.

• Strategy update and new group targets to be presented at Capital Markets Day in December 2025.