Core Insights - Aegon is hosting its 2025 Capital Markets Day to present its group strategy and financial plans for the upcoming years [1][2] Group Strategy - The CEO, Lard Friese, will discuss the group's strategy and the potential relocation of the group to the United States [2] Financial Plans - The CFO, Duncan Russell, will provide details on the financial plans for the coming years [2] U.S. Business Strategy - Will Fuller, CEO of Aegon’s U.S. business, will update on the strategy of Transamerica [2] Asset Management Strategy - Shawn Johnson, CEO of Aegon Asset Management, will present the Asset Management strategy [2]

Core Insights - The anticipated positive catalyst from Aegon's Capital Markets Day did not materialize as expected [1] Company Analysis - Aegon (AEG) and its alternative listing (AEGOF) are under scrutiny following the recent Capital Markets Day, which failed to meet expectations for positive developments [1]

Core Viewpoint - Aegon is relocating its headquarters from the Netherlands to the U.S. and rebranding as Transamerica to enhance its position in the U.S. life insurance market [1] Group 1: Company Strategy - The relocation and rebranding are part of Aegon's ambition to become a leading player in the U.S. life insurance and retirement sectors [1]

Core Viewpoint - Aegon is transitioning its head office and legal seat to the United States, aiming to become a leading US life insurance and retirement group by January 1, 2028 [1][2][6] Group 1: Transition Plans - Aegon Ltd. will be renamed Transamerica Inc. after the re-domiciliation process, while business units will retain their current brands [2] - An Extraordinary General Meeting is planned for Q4 2026 to seek shareholder approval for the relocation [3] - The transition is expected to incur a one-time implementation cost of approximately €350 million between H2 2025 and H1 2028 [4] Group 2: Strategic Focus - The company aims to prioritize resources to build a leading franchise in the US life insurance market, which is the largest globally [6][7] - Transamerica currently represents around 70% of Aegon's operations, targeting underserved segments such as Main Street American families and medium-sized companies [6] Group 3: Financial Adjustments - Aegon has chosen to reinsure a block of Secondary Guarantee Universal Life (SGUL) contracts, covering 30% of the face value of its SGUL business, which reduces total capital employed by $0.3 billion to $2.7 billion [7][8] - This transaction is expected to have minimal impact on the company's IFRS valuation equity and operating profit while mitigating future risks associated with mortality and policyholder behavior [9]

Core Viewpoint - The Dutch insurer and asset manager is planning to relocate its business operations to the United States and will undergo a rebranding to Transamerica Inc. [1] Company Summary - The company is currently based in the Netherlands and is making a strategic move to the U.S. market [1] - The rebranding to Transamerica Inc. indicates a significant shift in the company's identity and market focus [1] Industry Implications - This relocation and rebranding may reflect broader trends in the insurance and asset management industry, particularly the movement of European firms to the U.S. for growth opportunities [1] - The decision could impact competitive dynamics within the U.S. insurance market, potentially increasing competition among existing players [1]

Core Insights - AEG and Marriott Bonvoy have renewed their global partnership, enhancing their collaboration that began in 2013, now spanning multiple markets and reaching millions of fans across three continents [1][2][4] Partnership Details - The renewed agreement focuses on music and aims to create a more connected fan journey through new touchpoints across AEG's ticketing arm, AXS [1][6] - Marriott Bonvoy will continue as the exclusive hotel and hotel-loyalty partner for flagship AEG venues, including Crypto.com Arena in Los Angeles and Mercedes Benz Arena in Shanghai, as well as The O2 in London and Uber Arena in Berlin [2][3] Festival Involvement - Marriott Bonvoy has been established as the exclusive hotel and hotel-loyalty partner for four major AEG Presents music festivals, including Coachella and Stagecoach, providing unique experiences for members [2][3] Digital Integration - The partnership will enhance Marriott's venue-affiliated digital assets in the U.S. and internationally, connecting event browsing with travel planning for members [3][5] Fan Experience Enhancement - The collaboration aims to remove friction in the fan journey, focusing on travel booking, event experiences, and post-event memories, thereby adding genuine value [6]

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]

Core Insights - Aegon Ltd. is recognized as one of the 12 Best European Dividend Stocks to buy currently [1] - Citigroup has raised Aegon's price target to EUR 7.69 from EUR 6.38 while maintaining a Buy rating [2] Business Performance - In Q3 2025, Aegon's largest unit, Transamerica, expanded its WFG distribution network and maintained commercial momentum with increased life and annuity sales [3] - The company reported strong operating capital generation and is on track to meet its full-year OCG target of EUR 1.2 billion for 2025 [4] Financial Metrics - Retirement Plans experienced an 11% increase in gross deposits, driven by higher takeover deposits in large and mid-sized markets [5] - Total net outflows improved to $1.6 billion, attributed to fewer large-market plan discontinuances [5]

Group 1 - The article does not provide any specific content related to a company or industry [1]

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]