Aegon (AGN) Q3 2025 TU earnings summary

Executive summary

• Operating capital generation reached EUR 340 million in Q3 2025, up 1% year-on-year, keeping the group on track for its EUR 1.2 billion full-year target and reflecting strong commercial momentum, especially in the U.S. and international segments.

• Cash Capital at Holding stood at EUR 1.9 billion, supported by proceeds from the a.s.r. share sale, dividend payments, and ongoing share buybacks.

• U.S. and international life sales grew strongly, with WFG agent base up 12%, life sales up 15%, and annuity sales up 9%.

• U.K. business experienced net outflows due to the exit of two large low-margin workplace schemes, but asset management and international segments continued to grow.

• The group remains on track to meet all 2025 financial targets, reaffirming its full-year OCG target of EUR 1.2 billion.

Financial highlights

• Operating capital generation before holding, funding, and expenses increased 1% year-on-year to EUR 340 million, with OCG after holding funding and expenses at EUR 274 million, up 4%.

• Free cash flow for the quarter was EUR 76 million, mainly from ASR's interim dividend.

• US RBC ratio rose to 425%, up five percentage points from June, with OCG contributing 13 points.

• Gross financial leverage stood at EUR 4.9 billion, in line with targets and slightly reduced compared to 1H 2025.

• EUR 700 million in proceeds from ASR share sale supported cash capital at holding.

Outlook and guidance

• On track to achieve all 2025 financial targets, including full-year OCG target of around EUR 1.2 billion and free cash flow of around EUR 800 million.

• Share buyback program of EUR 400 million expected to complete by year-end, with 54% completed by Q3.

• Cash capital at holding targeted to reach EUR 1 billion by end of 2026, aiming for the mid-point of the EUR 0.5-1.5 billion range.

• Management maintains focus on commercial momentum and capital discipline.