Aegon (AGN) H2 2025 earnings summary

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.