Core Points - AEG Presents UK has announced the opening of the booking diary for a new venue named British Airways ARC, set to launch in 2026 with a capacity of 3,800 [1][2][3] - The venue is part of a £1.3 billion transformation of Olympia, London, which will also include a 1,575-seat theatre, 30 bars and restaurants, two hotels, and 550,000 square feet of office space [3] - British Airways ARC aims to provide an exceptional live event experience, honoring the site's rich musical history while offering modern facilities [4][6] Venue Details - British Airways ARC will be located above the existing west exhibition hall in Olympia, London, and will be operated by AEG Presents UK [1][5] - The venue will feature a strong focus on artist development and community engagement, aligning with AEG Presents' global commitment to the music and entertainment industries [7][8] - AXS will serve as the ticketing partner for British Airways ARC, enhancing the ticketing experience for fans [5][11] Strategic Partnerships - British Airways is the naming rights partner for the venue, emphasizing its commitment to supporting the arts and culture scene in London [1][6] - The collaboration aims to create unique experiences for audiences and spotlight emerging talent in the entertainment industry [6]

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Financial Data and Key Metrics Changes - In Q3 2025, the company generated EUR 340 million of operating capital generation, a 1% increase year-on-year [3][10] - Free cash flow amounted to EUR 76 million, primarily reflecting the share of ASR's 2025 interim dividend [10] - Cash capital at holding remained strong at EUR 1.9 billion, despite returning over EUR 800 million to shareholders during the period [4][15] - Operating capital generation (OCG) from the Americas increased by 6%, or 12% on a constant currency basis [10][11] - The U.S. RBC ratio increased by five percentage points to 425% [13] Business Line Data and Key Metrics Changes - In the U.S., life sales at World Financial Group (WFG) increased by 15%, and annuity sales rose by 9% [7] - The Protection Solutions segment saw a 39% increase in new life sales, driven by higher index universal life sales [7] - In the U.K., net deposits in the workplace platform were negative for the first time in two years due to the departure of two large low-margin schemes [8] - The international segment experienced growth in Brazil, particularly in credit and group life products, although new life sales in China decreased [9] Market Data and Key Metrics Changes - The U.S. strategic assets showed commercial momentum, resulting in higher life and annuity sales [3] - The U.K. market faced outflows due to low-margin workplace schemes, but asset management and international businesses continued to grow [4][8] - The retirement plan business in the U.S. had negative net deposits, but total account balances increased by 10% due to favorable market conditions [7][8] Company Strategy and Development Direction - The company aims to transform Transamerica into America's leading middle-market life insurance and retirement company [5] - Plans to improve the advisor platform and return it to growth by 2028 were discussed, with ongoing investments to enhance customer experience [8][56] - The company is reviewing a potential relocation of its legal domicile and head office to the United States, with updates expected at the Capital Markets Day [4][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial targets for 2025 despite the weakening of the US dollar [4][16] - The company is monitoring mortality and morbidity trends closely, with recent quarters showing favorable outcomes [46][48] - Management highlighted the importance of maintaining predictable cash flows from business units to support future growth [36] Other Important Information - The company executed over half of its ongoing EUR 400 million share buyback program and expects to complete it by December 15th [4][15] - The cash capital target is to reach around EUR 1 billion by the end of 2026 [16] Q&A Session Summary Question: Long-term care book assumptions and cash conversion - Management confirmed that the actual-to-expected claims ratio for long-term care is 97%, and they are satisfied with their assumptions [21][22] - Cash conversion from the U.S. is targeted for mid-single-digit growth, with investments impacting total capital generation [24] Question: Strategic assets and capital employed in financial assets - Management noted a reduction in capital employed in financial assets due to favorable equity markets and the implementation of a base fee hedge [29][61] - Earnings on in-force for various segments were down due to margin pressure and mortality movements [32] Question: Stranded costs and payout ratio - Management indicated that stranded costs are a consideration in financial asset management, with further guidance expected at the Capital Markets Day [37] - The payout ratio is expected to improve over time as the quality of businesses enhances [36] Question: Variable annuities and retirement plans - Management is monitoring the flooring sensitivity in variable annuities and has not taken action yet, but will explore options if necessary [46] - The U.S. retirement plans business is showing strong written sales and a solid pipeline, despite volatility in net flows [44][45] Question: Cash movement and mortality exposure - Management outlined three broad buckets for achieving the cash capital target of $1 billion by 2026, including deleveraging and funding initiatives [74] - Mortality exposure is being managed through strategic purchases and reinsurance transactions, with current assumptions trending as expected [75][76]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated EUR 340 million of operating capital generation, a 1% increase year-on-year [3][10] - Free cash flow amounted to EUR 76 million, primarily reflecting the share of ASR's 2025 interim dividend [10] - Cash capital at holding remained strong at EUR 1.9 billion, despite returning over EUR 800 million to shareholders [4][15] Business Line Data and Key Metrics Changes - In the Americas, operating capital generation increased by 6%, or 12% on a constant currency basis, driven by strategic assets and stable financial assets [10][11] - Life sales at World Financial Group (WFG) increased by 15%, and annuity sales rose by 9%, supported by strong consumer demand [7] - In the U.K., net deposits in the workplace platform turned negative for the first time in two years due to the departure of two large low-margin schemes [8][9] Market Data and Key Metrics Changes - The U.S. retirement plans business reached $251 billion in assets under administration (AUA), with mid-sized plans increasing to $62 billion [44] - New life sales in Brazil continued to grow, particularly in credit and group life products, although offset by currency movements [9] Company Strategy and Development Direction - The company aims to transform Transamerica into America's leading middle-market life insurance and retirement company [5] - Plans to enhance the advisor platform and return it to growth by 2028, despite current challenges [8][56] - The company is reviewing a potential relocation of its legal domicile and head office to the United States, with updates expected at the Capital Markets Day [4][5] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving all financial targets for 2025, despite the weakening of the US dollar [4][16] - The company is focused on improving cash flow predictability and managing remittances from business units [36][37] - Mortality assumptions are being monitored closely, with recent outcomes aligning with expectations [47][48] Other Important Information - The company executed over half of its ongoing EUR 400 million share buyback program, expecting to complete it by December 15 [4][15] - The RBC ratio in the U.S. increased to 425%, with operating capital generation contributing positively [13][14] Q&A Session Summary Question: Long-term care book assumptions and cash conversion - Management confirmed that the actual to expected claims ratio for long-term care is 97%, and they are satisfied with their assumptions [21][22] - Cash conversion from the U.S. is targeted for mid-single-digit growth, with investments impacting total capital generation [24] Question: Strategic assets and capital employed in financial assets - The reduction in capital employed in financial assets is attributed to the implementation of a base fee hedge and favorable equity markets [29][30] - Earnings on in-force for distribution and savings & investments are down due to margin pressure and mortality movements [32] Question: Stranded costs and payout ratio - Management indicated that stranded costs are a consideration in financial asset management, with further details expected at the Capital Markets Day [37] - The payout ratio is expected to improve over time as the quality of businesses enhances [36] Question: Variable annuities and mortality exposure - The company is monitoring the flooring issue in variable annuities and has not taken action yet, but will explore options if necessary [46] - Mortality outcomes have been favorable, with management confident in their assumptions [48] Question: UK market developments and RBC ratio - The UK advisor platform is targeted for growth by 2028, with positive reception to improvements made [56] - The RBC ratio is currently at a satisfactory level, with no immediate need for capital injection [57]

Financial Data and Key Metrics Changes - Operating capital generation for Q3 2025 was EUR 340 million, a 1% increase year-on-year [10][11] - Free cash flow amounted to EUR 76 million, primarily reflecting the share of ASR's 2025 interim dividend [10][14] - Cash capital at holding remained strong at EUR 1.9 billion, despite returning over EUR 800 million to shareholders [4][14] Business Line Data and Key Metrics Changes - In the Americas, operating capital generation increased by 6%, or 12% on a constant currency basis, driven by strategic assets [11] - Life sales at World Financial Group (WFG) increased by 15%, and annuity sales rose by 9% due to solid consumer demand [6] - In the U.K., net deposits in the workplace platform were negative for the first time in two years due to the departure of two large low-margin schemes [8] Market Data and Key Metrics Changes - The U.S. retirement plans business reached $251 billion in assets under administration (AUA), with mid-sized plans increasing to $62 billion [43] - New life sales in Brazil continued to grow, particularly in credit and group life products, although offset by currency movements [9] - The U.K. solvency ratio for Scottish Equitable increased to 188%, primarily from operating capital generation [12] Company Strategy and Development Direction - The company aims to transform Transamerica into America's leading middle-market life insurance and retirement company [5] - Plans to return the advisor platform to growth by 2028, with a target to grow the overall platform by £5 billion by the same year [56] - A review regarding a potential relocation of the legal domicile and head office to the United States is ongoing [4][15] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving all financial targets for 2025 despite the weakening of the US dollar [4][15] - The company is making good progress in transforming its businesses and expects to provide updates on strategy at the Capital Markets Day on December 10th [4][15] - Management noted that the underlying business in U.S. retirement plans is strengthening, with strong written sales indicating solid future deposits [43] Other Important Information - The company executed over half of its ongoing EUR 400 million share buyback program by the end of September [4] - The total new business strain in Q3 2025 was $10 million below the guidance of around $200 million per quarter [11] - The company is targeting a cash capital at holding of around EUR 1 billion by the end of 2026 [15] Q&A Session Summary Question: Long-term care book assumptions and cash conversion - Management confirmed that the actual to expected claims ratio for long-term care is 97%, and they are satisfied with their assumptions [20] - Cash conversion from the U.S. is expected to remain around 70%, with a focus on stable remittances [22] Question: Strategic assets and capital employed in financial assets - Management noted that capital employed in financial assets has decreased due to favorable equity markets and the implementation of a base fee hedge [28] - Earnings on in-force for distribution and protection solutions have decreased due to margin pressure and mortality movements [30] Question: Stranded costs and payout ratio - Management indicated that stranded costs are a consideration in financial asset management, with further guidance expected at the Capital Markets Day [36] - The payout ratio is expected to improve over time as the quality of earnings increases [35] Question: Variable annuities and mortality trends - Management is monitoring the flooring sensitivity and has not taken action yet, but will explore options if it becomes a constraint [45] - Mortality assumptions have been trending as expected, providing comfort regarding the company's mortality exposure [46] Question: Developments in the U.K. and RBC ratio - The U.K. business is on track to meet its targets, with a focus on improving the advisor platform [56] - The U.S. RBC ratio is currently at a satisfactory level, with no immediate need for capital injection [57] Question: Capital employed reduction and management actions - Management has made reasonable progress in reducing capital employed through various management actions, but further actions may be needed to meet targets [68]

3Q 2025 Trading Update Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer November 13, 2025 2 2 Key messages 1. Before Holding funding and operating expenses ▪ EUR 340 million operating capital generation1 on track to meet the OCG target of around EUR 1.2 billion for 2025 ▪ Growing the distribution network and maintaining strong commercial momentum with increased life sales in the US ▪ Net outflows in the UK platform business due to departure of two large, low-margin workplace scheme ...

Core Insights - Aegon reported strong progress in business transformation during Q3 2025, with notable growth in its largest segment, Transamerica, particularly in life and annuity sales [2][3] - The company is on track to meet its full-year operating capital generation (OCG) target of EUR 1.2 billion for 2025, with a reported OCG of EUR 340 million before holding funding and operating expenses [3][7] - Aegon plans to provide updates on its strategy and financial targets during the upcoming Capital Markets Day on December 10, 2025, including a review of a potential relocation of its legal domicile and head office to the United States [3][7] Business Performance - Transamerica's distribution network continued to expand, contributing to strong commercial momentum, with individual life sales increasing by 39% compared to the previous year [7] - Despite some outflows in the UK due to the departure of two large, low-margin schemes, Aegon's Asset Management and International businesses showed continued growth [2][7] - The company maintained strong capital ratios across its main units, with cash capital at holding reported at EUR 1.9 billion, reflecting recent share sales and dividend payments [7] Market Position and Strategy - Aegon operates a diverse portfolio, including fully owned businesses in the US and UK, and engages in strategic partnerships in various international markets [8][9] - The company emphasizes its commitment to addressing critical environmental and societal issues as part of its corporate purpose [9] - Aegon's ongoing share buyback program is 54% complete, indicating a proactive approach to capital management [7]

Core Insights - Aegon has transformed into a consistent performer over the last year, with its stock price trending upward and supported by a 6% dividend yield [1] Company Performance - Aegon's stock price has shown an upward trend over the past year, indicating improved performance [1] - The company is now focusing on moving its European DGI, leveraging expertise in engineering and data analysis [1]

Group 1 - Aegon has transformed into a consistent performer over the last year, with its stock price trending upwards and supported by a 6% dividend yield [1] - The next strategic move for Aegon is to relocate its domicile to the US, which is expected to benefit European Dividend Growth Investors (DGI) [1]

Core Insights - Aegon has recently reported its H1 results and completed the sale of 12.5 million shares of a.s.r., a significant event not previously highlighted by analysts on Seeking Alpha [1]. Group 1: Company Performance - The H1 results of Aegon are under review, indicating a focus on the company's financial health and operational performance [1]. Group 2: Market Activity - The sale of 12.5 million a.s.r. shares in September represents a notable transaction that could impact Aegon's market position and investor sentiment [1].