Core Insights - The company reported a significant turnaround in net profit for the first half of 2025, achieving €606 million compared to a net loss of €65 million in the same period of 2024 [1] - Operating profit increased to €845 million, representing a 19% year-over-year growth, primarily driven by growth in the U.S. business [1] - The company raised its mid-year dividend to €0.19 per share, an increase of €0.03 from 2024 [1] - The stock buyback program was expanded from €200 million to €400 million, with plans to complete it in the second half of 2025 [1]

Core Viewpoint - The company has reported a significant turnaround in its financial performance, achieving profitability in the first half of 2025 after a loss in the same period of 2024 [1] Financial Performance - The company recorded a net profit of €606 million in the first half of 2025, compared to a net loss of €65 million in the first half of 2024, indicating a strong recovery [1] - Operating profit reached €845 million, representing a 19% year-over-year increase, primarily driven by growth in the U.S. business [1] Dividend and Share Buyback - The company has increased its mid-year dividend to €0.19 per share, up by €0.03 from 2024 [1] - The share buyback program has been expanded from €200 million to €400 million, with plans to complete it in the second half of 2025 [1]

Financial Performance - Aegon reported a net profit of EUR 606 million for 1H 2025, a significant increase from a net loss of EUR 65 million in 1H 2024[18]. - The operating result rose by 19% to EUR 845 million compared to EUR 709 million in 1H 2024, driven by business growth and improved experience variance in the US[18][29]. - Free cash flow increased by 18% to EUR 442 million, up from EUR 373 million in 1H 2024[18]. - The net result before tax was EUR 733 million, leading to a net result of EUR 606 million after tax deductions[50]. - Shareholders' equity increased by 1% to EUR 7.3 billion, with equity per share rising by 2% to EUR 4.64[54]. - The net result for 1H 2025 was EUR 606 million, a significant recovery from a net loss of EUR 65 million in 1H 2024[109]. - Basic earnings per common share improved to EUR 0.36 in 1H 2025 compared to a loss of EUR 0.05 in 1H 2024[107]. - The operating result after tax for 1H 2025 was €663 million, up from €576 million in 1H 2024[137]. - The total comprehensive income for 1H 2025 was EUR 538 million, compared to EUR 75 million in 1H 2024, indicating a substantial increase[109]. Dividends and Share Buybacks - Aegon announced an interim dividend of EUR 0.19 per common share, representing a year-on-year increase of 19%[21]. - Aegon announced an interim dividend of EUR 0.19 per common share for 2025, an increase of EUR 0.03 compared to the previous year[73]. - The company is increasing its ongoing share buyback program to EUR 400 million, up from EUR 200 million[18]. - Aegon completed a share buyback program returning EUR 150 million to shareholders, repurchasing 25,200,170 common shares at an average price of EUR 5.9641 per share[173]. - The total share buyback program from July 6, 2023, to June 28, 2024, amounted to EUR 1.535 billion, with 301,105,806 common shares repurchased at an average price of EUR 5.0966 per share[176]. Sales and Growth - New life sales in the US increased by 13% to USD 276 million, with continued expansion in the distribution network[19]. - The Americas segment's operating result increased by 23% to EUR 627 million, reflecting growth in the Protection Solutions segment[31]. - New Individual Life sales increased by 13%, reaching a record-high level, driven by all distribution channels[77]. - Gross deposits for Retirement Plans increased by 13% to USD 18,643 million in 1H 2025, driven by higher takeover deposits[81]. - Net deposits for Retirement Plans reached USD 2,149 million, significantly improving from a negative USD 839 million in 1H 2024, with mid-sized plans contributing USD 1,691 million, a 45% increase[82]. - Total account balances in Retirement Plans grew by 5% year-over-year, with mid-sized plans seeing a 14% increase due to favorable market movements and net inflows[83]. - New life sales in Individual Life increased by 13% to USD 276 million, supported by growth in the brokerage channel and Transamerica's own agency channel[85]. - Net deposits for Indexed Annuities surged by 97% to USD 993 million, reflecting improved wholesale distribution productivity[85]. - New life sales in International markets rose by 3% to EUR 144 million, with Brazil, China, and Spain & Portugal contributing to the growth[100]. Financial Position and Assets - Aegon's valuation equity decreased by 5% to EUR 13.3 billion, primarily due to adverse currency movements[26]. - Total assets decreased to EUR 310,635 million as of June 30, 2025, down from EUR 327,390 million at the end of 2024, a reduction of 5.1%[110]. - Total investments on the balance sheet as of June 30, 2025, amounted to €276,360 million, with off-balance sheet investments totaling €580,682 million[140]. - The company reported a total of EUR 5.004 billion in insurance investment return for 1H 2025, significantly higher than EUR 2.367 billion in 1H 2024[148]. - The total financial assets measured at fair value increased to €267.235 billion as of June 30, 2025, up from €283.328 billion at December 31, 2024, reflecting a decrease of approximately 5.7%[168]. - The total financial liabilities measured at fair value amounted to €80.624 billion, compared to €81.513 billion at the end of 2024, showing a slight decrease of 1.1%[168]. Insurance and Liabilities - Insurance revenue decreased to EUR 4,769 million in 1H 2025 from EUR 5,043 million in 1H 2024, a decline of 5.4%[107]. - The company reported a decrease in insurance contract liabilities to EUR 170,892 million in 1H 2025 from EUR 188,359 million in 2024, a decline of 9.8%[110]. - The insurance service result for 1H 2025 was EUR 216 million, compared to a loss of EUR 24 million in 1H 2024[144]. - The company experienced onerous contract losses of EUR 624 million in 1H 2025, down from EUR 817 million in 1H 2024[144]. - The total closing liabilities for insurance contracts (Non-PAA) decreased to $170,841 million in 1H 2025 from $188,318 million in FY 2024, indicating a reduction of 9.8%[192]. Market and Economic Factors - The estimated US RBC ratio was 420% as of June 30, 2025, a decrease of 23 percentage points compared to year-end 2024[67]. - The Group solvency ratio decreased to 183%, influenced by a EUR 400 million share buyback program and the announced interim dividend[69]. - The gross financial leverage decreased by EUR 0.3 billion to EUR 4.9 billion, attributed to the depreciation of the US Dollar against the Euro[58]. - Non-financial assumption changes in 1H 2025 resulted in an adverse impact of EUR 467 million, primarily due to policyholder behavior assumptions[205]. - Financial assumption updates led to a favorable impact of EUR 269 million, recognized in Other Comprehensive Income (OCI)[206].

Financial Data and Key Metrics Changes - The operating result for the first half of 2025 was €845 million, a 19% increase compared to the previous year, driven by profitable business growth and improved claims experience in the US, UK, and international segments [5][16][19] - Operating capital generation before holding and funding expenses decreased by 2% to €576 million [5][16] - Free cash flow increased significantly to €442 million from €373 million in the previous year [17][29] - The group solvency ratio decreased by five percentage points to 183% due to the new share buyback program and the reservation of the interim dividend [18][27] Business Line Data and Key Metrics Changes - In the Americas, Transamerica's strategic assets grew, with a 14% increase in the number of licensed agents and a 13% increase in new life sales [10][11] - Aegon UK saw growth in business, although the advisor platform was negatively impacted by market consolidation [13] - The international segment reported higher new life sales in joint ventures in Brazil, China, Spain, and Portugal, but faced lower sales in Singapore due to competitive changes [14] Market Data and Key Metrics Changes - The US market accounts for approximately 70% of Aegon's operations, making it central to the company's strategy and long-term growth [8] - The company reported strong growth in net deposits in the retirement plan business, driven by mid-sized plans [12] Company Strategy and Development Direction - Aegon is focused on growing and transforming its businesses, with a commitment to return excess capital to shareholders through share buybacks [6][7] - The company is reviewing the potential relocation of its head office to the US to align its corporate structure with its primary market [8][9] - The implementation of US GAAP reporting is planned, which is expected to take two to three years [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial targets for 2025, citing strong commercial momentum and growth in key markets [30] - The company is monitoring the impact of equity market fluctuations on its capital generation and earnings profile [36][38] Other Important Information - Aegon announced a €200 million increase to its share buyback program, totaling €400 million for 2025 [6][29] - The company aims to reduce cash capital at holding to around €1 billion by 2026 [7][29] Q&A Session Summary Question: What drove the decision to cover 25% of the variable annuity based fee? - Management indicated that this was part of ongoing risk management to stabilize capital generation and was executed recently [36] Question: Can you provide insights on the US GAAP implementation? - Management stated it is too early to provide guidance on the impact of US GAAP on operating profit [42] Question: What are the main challenges of potentially redomiciling? - Key challenges include implementing US GAAP and managing the transition process effectively [65] Question: How clean is the reported operating profit? - Management confirmed that the operating profit is considered clean, with adjustments leading to a strong adjusted number [50] Question: What is the size of the pool plan mentioned? - The pool plan is approximately €1.9 billion, contributing to net deposits growth [41][93] Question: How does the US redomiciliation impact M&A opportunities? - Management indicated that being closer to the US market would position the company better for potential acquisitions, but the M&A approach remains disciplined [71]

Financial Data and Key Metrics Changes - The operating result increased to €845 million, up 19% compared to the previous year, driven by profitable business growth and improved claims experience in the US, UK, and international segments [4][16] - Operating capital generation before holding and funding expenses decreased by 2% to €576 million [4][16] - Free cash flow increased significantly to €442 million from €373 million in the previous year [16][28] - The group solvency ratio decreased by five percentage points to 183% compared to year-end 2024 [17][26] Business Line Data and Key Metrics Changes - In the US, operating results improved to $685 million, benefiting from growth in strategic assets, particularly in the Protection Solutions business [18][19] - New life sales in the individual life business increased by 13%, driven by higher agent productivity and successful recruitment efforts [11][12] - Aegon UK experienced growth in operating results due to favorable markets and business growth [20] - The international segment saw increased operating results from higher CSM releases in TLB and Spain and Portugal, despite lower sales in Singapore [14][20] Market Data and Key Metrics Changes - The US market accounts for approximately 70% of Aegon's operations, highlighting its significance in the company's strategy [7] - The brokerage channel recorded strong growth in new life sales, attributed to the launch of a fully digital whole life final expense product [12] - Net deposits in the retirement plan business were solid, driven by mid-sized plans and onboarding of a large pool plan [12] Company Strategy and Development Direction - Aegon is focused on growing and transforming its businesses, with a strategic emphasis on the US market [3][4] - The company announced a review of relocating its head office to the US to align its corporate structure with its primary market [6][7] - The relocation aims to simplify operations and enhance cooperation between the holding and its main business unit [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial targets for 2025, with a positive outlook for the second half of the year [29] - The company is monitoring the impact of new business strain and claims experience on operating capital generation [32][39] - Management reiterated that the operating profit is not particularly sensitive to equity market fluctuations [39] Other Important Information - Aegon announced a €200 million increase to its share buyback program, totaling €400 million for 2025 [5][28] - The company plans to implement US GAAP reporting, which is expected to take two to three years [9][10] Q&A Session Summary Question: What drove the decision to cover 25% of the variable annuity based fee? - Management indicated that this decision was part of ongoing risk management to stabilize capital generation and was executed recently [35][36] Question: Can you provide insights on the US GAAP implementation? - Management stated it is too early to provide guidance on the impact of US GAAP on operating profit or OCG [43] Question: What are the main challenges of potentially redomiciling? - Key challenges include building head office processes in the US and implementing US GAAP, which will take time [65][66] Question: How clean is the reported operating profit? - The operating profit of €8.45 is considered clean, with adjustments leading to an adjusted number of around €9.37 [51][52] Question: What is the size of the pool plan? - The pool plan is approximately €1.9 billion [42][94] Question: How does the US redomiciliation impact M&A opportunities? - Management indicated that being closer to the US market would position the company more favorably for potential M&A opportunities [72]

Financial Performance - The company's operating result increased by 19% to EUR 845 million, driven by business growth and improved experience variance[4] - Operating capital generation (OCG) reached EUR 576 million, putting the company on track to meet its EUR 1.2 billion guidance for 2025[4] - Free cash flow amounted to EUR 442 million, contributing to a cash capital at Holding of EUR 2.0 billion[4] - The group solvency ratio stands at 183%[24] Capital Allocation - The ongoing share buyback program was increased from EUR 200 million to EUR 400 million[4] - An interim dividend of EUR 0.19 per common share was announced, an increase of EUR 0.03 over the 2024 interim dividend[4] Strategic Initiatives - A review is being initiated on a potential relocation of the company's legal domicile and head office to the United States, where Americas share in Aegon Group's financials is 60%[4, 5] Business Segment Performance - In the Americas, new individual life sales increased by 13% due to growth in IUL sales in WFG and a successful product launch in the brokerage channel[11] - Net deposits in mid-sized Retirement Plans in the Americas were supported by a larger takeover deposit from a pooled plan[11] - UK Workplace platform saw net deposits of EUR 2.1 billion, while the Adviser platform experienced net deposits of EUR (1.4) billion[14] - Third-party net deposits in Asset Management's Global Platforms decreased from EUR 5.1 billion to EUR 2.0 billion, driven by alternative fixed income products in 1H25[18] Americas Financial Assets Strategy - Financial Assets actual-to-expected claim ratio is 97%[56] - Financial Assets net face value is 100% or USD 45.1 billion[56]

Core Insights - Aegon reported strong commercial momentum in key markets during the first half of 2025, with notable increases in new life sales and net deposits across various regions [5][6][10] - The company is on track to meet its Operating Capital Generation (OCG) guidance for 2025, with a significant operating result increase compared to the previous year [6][10] - Aegon announced a review for relocating its legal domicile and head office to the United States, reflecting its strategic focus on the U.S. market [4][8][9] Financial Highlights - New life sales in the U.S. increased by 13% to USD 276 million [5] - The operating result for the first half of 2025 was EUR 845 million, up 19% year-on-year [6][10] - Net profit reached EUR 606 million, a significant recovery from a net loss of EUR 65 million in the first half of 2024 [10] Capital Highlights - Aegon reported EUR 576 million in Operating Capital Generation (OCG) for the first half of 2025, maintaining guidance of around EUR 1.2 billion for the year [6][10] - The company announced an interim dividend of EUR 0.19 per share, a 19% increase from the previous year [7][10] - Aegon is increasing its share buyback program to EUR 400 million, up from EUR 200 million [7][10] Strategic Developments - Aegon is reviewing the potential relocation of its head office to the U.S., where approximately 70% of its operations are concentrated [8][9] - The relocation aims to simplify the corporate structure by aligning legal domicile and regulatory frameworks with its primary market [9]

Group 1 - Aegon NV (AEG) is part of the Finance group, which includes 869 companies and is currently ranked 2 in the Zacks Sector Rank [2] - Aegon NV has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook with a 1% increase in the consensus estimate for full-year earnings over the past 90 days [3] - Year-to-date, Aegon NV has gained approximately 26.3%, significantly outperforming the average gain of 10.6% for Finance stocks [4] Group 2 - Aegon NV belongs to the Insurance - Multi line industry, which consists of 43 stocks and is currently ranked 98 in the Zacks Industry Rank [5] - The average gain for stocks in the Insurance - Multi line industry this year is 5.2%, indicating Aegon's superior performance [5] - Investors should monitor Aegon NV and Robinhood Markets, Inc. as both have shown strong performance in their respective sectors [6]

Core Insights - The approval of AIA Life and Aegon to establish insurance asset management companies in Shanghai reflects China's commitment to financial openness and the development of its insurance market [1][2][4] Group 1: Regulatory Developments - The China Banking and Insurance Regulatory Commission has approved AIA Life and Aegon to set up insurance asset management companies, indicating a push for more foreign investment in China's insurance sector [1] - The regulatory body aims to support Shanghai's development as an international financial center through these approvals [1] Group 2: Company Strategies - AIA Life emphasizes its long-term commitment to the Chinese market, viewing the establishment of its asset management company as a significant milestone in its growth strategy [2][3] - AIA Insurance Asset Management aims to enhance the efficiency of fund utilization and provide specialized investment management services, leveraging the global investment experience of its parent company [2][3] - Aegon plans to expand its presence in the Chinese asset management market, enhancing its ability to manage a broader range of asset classes and improve its competitive position [4][5] Group 3: Market Opportunities - The Chinese life insurance market presents substantial growth potential, with regulatory policies favoring foreign investment [1][4] - The establishment of these asset management companies is expected to meet the increasing demand for professional management of insurance funds as the market grows [1][2]

Core Insights - Aegon Ltd. is one of the largest international financial services groups with over $1 trillion in revenue-generating investments [1] - The company originally started in the Netherlands and continues to maintain its headquarters there [1] - The investment group European Small Cap Ideas focuses on high-quality small-cap investment opportunities in Europe, emphasizing capital gains and dividend income [1] Company Overview - Aegon Ltd. has a significant presence in the financial services sector, with a diverse portfolio of investments [1] - The company offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] Investment Strategy - The focus of the investment strategy is on generating continuous cash flow through capital gains and dividends [1] - An active chat room is available for discussions on the latest developments regarding portfolio holdings [1]