Aegon Ltd. (AEG) Nears Annual Report Date as Strategic Transition Stays in FocusAegon Ltd. (NYSE: AEG) headquartered in Schiphol, the Netherlands, domiciled in Bermuda, and listed on both Euronext Amsterdam and the New York Stock Exchange. In Aegon’s official 2026 calendar, March 26, 2026 is listed as the date of its 2025 Annual Report, while 4Q 2025 results were released on February 19, 2026 and 2Q 2026 results are scheduled for August 20, 2026.That distinction matters because some third-party earnings cal ...

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Group 1 - Aegon Ltd. (NYSE:AEG) is identified as an oversold stock with a recent price target increase by Citi to EUR 8.02 from EUR 7.69, maintaining a Buy rating [1] - Aegon has expanded its operations in China by establishing Aegon Insurance Asset Management Company (Aegon IAMC), which began operations on February 2, 2026, after obtaining its insurance asset management license [2][4] - The launch of Aegon IAMC allows the company to access long-term investment opportunities in China, focusing on sectors like infrastructure and renewable energy, aligning with its long-term investment strategy [3] Group 2 - In the second half of 2025, Aegon's net result was €375 million, a decrease from €741 million in the second half of 2024, while the full-year net result increased by 45% to €980 million [4] - Operating results for Aegon rose by 11% in the second half to €858 million and by 15% for the full year to €1.7 billion, supported by all business units and favorable market conditions [4] - Aegon's valuation equity increased by 7% to €9.06 per share, with capital generation reaching €711 million in the second half and €1.3 billion for the full year, alongside a proposed final dividend of €0.21 [4]

Industry Overview - The US insurance market, valued at $3.35 trillion, is transitioning from "hard market" volatility to a phase of tactical stability, with premium growth expected to slow to about 4% in 2026 from 5.5% in 2025 [2] - Return on equity (ROE) is projected to remain stable at 10%, supported by rising investment rates estimated at 4.2% [2] - The property and casualty (P&C) sector is experiencing a bifurcated landscape, with commercial property rates decreasing by high single digits to over 20% for well-protected risks, while the casualty sector faces pressures from "social inflation" and increasing jury awards [3] Technology Trends - The insurance industry is expected to shift from AI experimentation to widespread operational implementation by 2026, with technology investments projected to exceed $173 billion, reflecting a growth of approximately 7.8% [4] - Leading insurers are integrating advanced AI capabilities into their operations, which is anticipated to increase expense ratios by about two percentage points [4] Company Highlights Aegon Ltd. (NYSE:AEG) - Aegon Ltd. has seen its price target increased by Citi to EUR 8.02 from EUR 7.69, maintaining a Buy rating [9] - The company has expanded its presence in China by establishing Aegon Insurance Asset Management Company, which began operations on February 2, 2026, after obtaining its insurance asset management license [10][11] - Aegon's net result for 2H 2025 was €375 million, down from €741 million in 2H 2024, while the full-year net result rose 45% to €980 million, supported by favorable market conditions [12] eHealth, Inc. (NASDAQ:EHTH) - eHealth, Inc. has been identified as an oversold stock, with RBC Capital reducing its price target to $3 from $9 while maintaining a Sector Perform rating [14] - The company reported a 4% year-over-year increase in quarterly sales to $326.2 million for Q4 2025, with total revenue for the fiscal year reaching $554 million, also a 4% increase [15] - Despite strong sales growth, GAAP net income for Q4 fell to $87.2 million from $97.5 million a year earlier due to a higher effective tax rate, while adjusted EBITDA increased by 10% to $132.9 million [16]

Core Viewpoint - Aegon NV (AEG) is currently viewed as a better value opportunity compared to Prudential (PUK) based on various financial metrics and rankings [1]. Group 1: Zacks Rank and Earnings Outlook - Aegon NV has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while Prudential has a Zacks Rank of 3 (Hold) [3]. - The improving earnings outlook for AEG makes it stand out in the Zacks Rank model, suggesting a favorable investment opportunity [7]. Group 2: Valuation Metrics - AEG has a forward P/E ratio of 6.17, significantly lower than PUK's forward P/E of 14.93, indicating that AEG may be undervalued [5]. - AEG's PEG ratio is 0.19, while PUK's PEG ratio is 0.95, further suggesting that AEG has a more attractive valuation relative to its expected earnings growth [5]. - AEG's P/B ratio is 1.33 compared to PUK's P/B of 1.94, reinforcing the notion that AEG is undervalued [6]. - These metrics contribute to AEG's Value grade of A and PUK's Value grade of C, highlighting AEG's superior valuation [6].

Core Insights - Aegon reported strong financial performance for 2025, meeting or exceeding all financial targets, with operating results up 15% year-over-year to EUR 1.7 billion and operating capital generation of EUR 1.3 billion [2][6][3] Financial Performance - Free cash flow for 2025 totaled EUR 829 million, aligning with the company's target [1] - Aegon proposed a final dividend of EUR 0.21 per common share, raising the full-year dividend to EUR 0.40 per share, a 14% increase from 2024 [1] - Second-half operating results increased 11% year-over-year to EUR 858 million, with all business units contributing to higher results [7] Strategic Initiatives - Management is pursuing strategic actions to reduce U.S. financial asset exposure, including the SGUL reinsurance transaction and a proposed relocation to the U.S. [4][19] - Aegon is conducting a strategic review of its U.K. business, with an update expected before summer [12] Growth Metrics - U.S. growth at World Financial Group (WFG) saw licensed agents rise to nearly 96,000, with new life sales up 10%, annuity sales up 6%, and indexed annuity net deposits up 45% [5][10] - The company aims to grow group operating results by about 5% per year for 2026-2027 [4][15] International Performance - Aegon's Brazil joint venture reported higher new life sales, while Spain and Portugal also saw increases [13] - The Adviser platform business in the U.K. experienced net outflows due to consolidation in non-target adviser segments [12] Asset Management - Aegon Asset Management reported positive third-party net deposits in 2025, although at a lower level than the previous year [14] - Fixed income products drove inflows in global platforms, offsetting outflows from the prior year's SGUL reinsurance transaction [14]

Core Viewpoint - Etsy Inc has agreed to sell its fashion marketplace Depop to eBay for approximately $1.2 billion in cash, leading to a significant increase in Etsy's stock price during pre-market trading [1]. Group 1: Company Actions - Etsy has entered into a definitive agreement with eBay for the sale of Depop [1]. - The acquisition price for Depop is approximately $1.2 billion in cash [1]. Group 2: Market Reaction - Following the announcement, Etsy's shares rose by 15.5%, reaching $50.86 in pre-market trading [1].

Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [4] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Group solvency ratio remains robust at 184% [16] Business Line Data and Key Metrics Changes - In the U.S. Strategic Assets, new life sales increased by 10% compared to 2024, with a 13% increase in individual life business sales [9] - Indexed annuity net deposits increased by 45% in 2025 due to improved wholesale distribution productivity [9] - Aegon U.K. reported net deposits driven by onboarding new schemes and regular contributions, while the Adviser platform experienced net outflows due to ongoing consolidation [10][11] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The number of licensed agents in the U.S. increased to nearly 96,000, an 11% increase year-over-year [8] - The U.K. Workplace platform generated healthy net inflows, while the International segment reported higher new life sales in Brazil, Spain, and Portugal [11] - In China, new life sales were negatively impacted by changes to product pricing and the economic environment [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and U.S. GAAP implementation [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5 billion-EUR 1.7 billion run rate in 2025 [18] - The strategic review of Aegon U.K. is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance and favorable market conditions [26] - Positive mortality and morbidity variances were noted, contributing to strong operating results [38] - Management acknowledged the challenges in the U.K. market due to consolidation and budget jitters affecting client behavior [92] Other Important Information - The company executed EUR 400 million of share buybacks in the second half of 2025 and announced a new EUR 400 million buyback program for 2026 [6] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [24] Q&A Session Summary Question: Sustainability of operating profit and a.s.r stake - Management indicated that the second half operating result was a reasonable representation of underlying figures, supported by strong markets [32] - The company remains satisfied with its stake in a.s.r, with no immediate plans to sell [33][34] Question: Conditions for OCG and WFG trends - Management highlighted positive variances and strong sales performance as key drivers of OCG, while investments in WFG were noted as a reason for lower operating results [40][41] Question: Legal settlements and U.K. strategic review - Management confirmed that legal settlements are included in the $230 million charges and are awaiting court approval [46] - Updates on the U.K. review are expected before summer [47] Question: Financial assets and IFRS changes - Management discussed ongoing management actions to reduce required capital and emphasized the importance of IFRS in their reporting [61][62] Question: Net inflows and asset management outlook - Management noted that U.S. retirement plans are performing well despite net outflows, while U.K. outflows are attributed to market trends and client behavior [91][92]

Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [5] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Operating results in the second half of 2025 increased by 11% year-on-year to EUR 858 million [14] Business Line Data and Key Metrics Changes - In the U.S., new life sales increased by 10% compared to 2024, with a 6% increase in annuity sales [9] - The number of licensed agents in the U.S. increased by 11% to nearly 96,000 [8] - Aegon UK reported net deposits driven by onboarding new schemes and regular contributions from existing schemes [10] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The U.S. operating result increased by 5% in euros, or 14% in U.S. dollars, due to business growth and favorable variances [16] - The operating results of the UK increased, benefiting from business growth and favorable markets [17] - In the international segment, new sales contributed to growth, with higher new life sales reported in Brazil, Spain, and Portugal [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and is implementing U.S. GAAP [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5-EUR 1.7 run rate in 2025 [18] - The strategic review of Aegon UK is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance [26] - The company noted that the retirement business in the U.S. is performing well despite net outflows due to market trends [92] - Management acknowledged the impact of market conditions on financial assets and the need for ongoing management actions [60] Other Important Information - The group solvency ratio remains robust at 184% [16] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [25] - The company executed EUR 400 million of share buybacks in the second half of 2025 [6] Q&A Session Summary Question: Sustainability of Operating Profit - Management indicated that the second half operating result was a reasonable representation of underlying figures, benefiting from strong markets [32] Question: ASR Stake Ownership - Management confirmed no change in their position regarding the ASR stake, stating it would not be influenced by redomiciliation to the U.S. [33] Question: OCG Conditions - Management highlighted positive mortality and morbidity variances and high new business strain as factors affecting OCG [38] Question: WFG Performance - Management explained that lower margins in WFG were due to investments in leadership, technology, and training to support agent productivity [41] Question: Legal Settlements - Management confirmed that legal settlements were included in the $230 million of charges and are awaiting court approval [46] Question: Investment Credit Concerns - Management noted that ECL movements were relatively small and benign, with no significant concerns about further downgrades [76]

2H 2025 Results Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer February 19, 2026 2 2 Key messages 1. Operating capital generation (OCG) before Holding funding and operating expenses Distribution WFG licensed agents (number in thousand) 36 FY24 37 FY25 86 96 Multi-ticket agents Transamerica's market share 66% Savings & Investments Net deposits mid-sized plans FY24 FY25 0.6 1.1 Protection Solutions New individual life sales 473 617 FY24 FY25 3 1. Refers to WFG sales in the US for L ...