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]

Group 1 - The merger between Shin Kong Life Insurance and Taishin Life Insurance was completed on January 1, 2026, with Taishin Life becoming the surviving entity but operating under the Shin Kong Life name [1] - The board of the merged company has appointed Paul Wei as chairman, Hung Shih-chi as vice-chairman, and Huang Min-yi as president [1] Group 2 - The total contractual service margin for the combined entity is projected to exceed T$250 billion ($7.9 billion), with total assets surpassing T$4 trillion [2] - The merger aims to unify product offerings and leverage distribution channels from both companies, focusing on cross-selling opportunities within TS Holdings [2] Group 3 - The merger combines Shin Kong Life's traditional insurance focus with Taishin Life's expertise in investment-linked and interest-sensitive products, allowing for a broader range of insurance and retirement planning solutions [3] - The company is preparing to comply with international standards such as IFRS 17 and the Insurance Capital Standard [3] Group 4 - Shin Kong Life plans to enhance its distribution network and adopt digital technologies, including AI and data analytics, while continuing its commitment to environmental, social, and governance matters [4] Group 5 - TS Holdings chairman Thomas Wu emphasized the distinct strengths of both companies and their shared commitment to professionalism, innovation, and sustainability in the life insurance and wealth management sectors [5]

Core Insights - Canada's life and annuity insurers reported strong results in 2024, driven by record growth in new annualised premiums and increased revenue from assets under management and fee-based income [1][3] Industry Performance - The Canadian life and annuity market outlook remains stable, supported by consistent earnings, sound underwriting performance, and prudent capital management [3] - New annualised premiums reached a record CAD 2.4 billion in 2024, representing an 8% increase from the previous year [6] - Group life insurance generated over CAD 33 billion in revenue, while individual life insurance contributed slightly more than CAD 29 billion, both with a pre-tax return on revenue of approximately 7% [7] Key Players - Leading insurers such as The Canada Life Assurance Company, Manulife Financial Corporation, Sun Life Assurance Company of Canada, and iA Financial Group are central to the sector's growth [5] - These companies have focused on technology investments, data analytics, and customer-focused distribution strategies to drive positive momentum [5] Challenges and Opportunities - Ongoing challenges include economic uncertainty and potential interest rate cuts by the Bank of Canada, alongside a persistent coverage gap in the life insurance market [4] - Economic uncertainty has prompted individuals to purchase life insurance for retirement and wealth planning, particularly in the affluent market [7] Annuity Segment - The annuity segment also performed well, with group annuity products generating CAD 6.1 billion in insurance revenue and individual annuities accounting for CAD 4.7 billion, achieving returns on revenue of 13% and 15% respectively [8]