AEGAegon Ltd.
Industry Life annuity Updated 27 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
€7.31 → €8.03
Promises vs. what happened
14 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| OCG ~€1.1B in '24 | H1-24 | €1,245M, after a raise to 1.2 | Held |
| OCG ~€1.2B in '25 | H1-24 | €1,287M | Held |
| Free cash flow ~€800M in '25 | H1-24 | €829M | Held |
| Dividend €0.40 for '25 | H1-24 | €0.40 | Held |
| Leverage ~€5.0B by '25 | H1-24 | €4.85B; €4.97B by Jun '26 | Held |
| 2H25 buyback €400M | H1-25 | about €402M spent | Held |
| LTC rate rises $700M NPV | H1-24 | $708M; then the tile was dropped | Held |
| April '25 hit to RBC: single digits | Q1 '25 | 5 points | Held |
| Bond eligibility: -6 pts solvency | Q1 '25 | -7 points | Held |
| US move decided by Dec '25 | H1-25 | decided; seat moves Jan '28 | Held |
| Holdco cash to ~€1.0B by end '26 | Q3 '24 | €1.66B at Jun '26; open | Open |
| Financial Assets to $2.2B by '27 | H1-24 | $2.7B at Dec '25; open | Open |
| EGM Oct '26, US GAAP from FY27 | H1-26 | not due yet | Open |
| '26-27 ambitions: FCF +5% a year | H2-25 | base cut 0.8 to 0.68 for the UK sale | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24H2-24Q1
'25H1-25Q3
'25H2-25H1-26
OCGPage one since H1-24
PayoutsPage one since H2-25
Holdco cashOff page one H2-25
TransamericaPage one since Q3 '25
Run-offOff page one H1-26
MortalityPage one since H1-26
US movePage one since H1-26
UKPage one since H1-26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Operating capital generation against the annual guide
“EUR 588 million operating capital generation1 and EUR 750 m illion IFRS operating result, both lower compared with 1H 2023 reflecting unfavorable mortality experience in the US mostly related to Financial Assets”
Deck 1H 2024 Results · p. 2 ·
Operating capital generation against the annual guide
“FY 2024 operating capital generation of around EUR 1.2 billion”
Deck 3Q 2024 Trading Update · p. 2 ·
Operating capital generation against the annual guide
“Aegon’s updated guidance of around EUR 1.2 billion”
Deck 2H 2024 Results · p. 2 (OCR) ·
Operating capital generation against the annual guide
“EUR 267 million operating capital generation1, reflecting business progression offset by unfavorable mortality experience in the US”
Deck 1Q 2025 Trading Update · p. 2 ·
Operating capital generation against the annual guide
“EUR 576 million operating capital generation1 on track to meet our OCG guidance of around EUR 1.2 billion for 2025”
Deck 1H 2025 Financial Results · p. 2 ·
Operating capital generation against the annual guide
“EUR 340 million operating capital generation1 on track to meet the OCG target of around EUR 1.2 billion for 2025”
Deck 3Q 2025 Trading Update · p. 2 ·
Operating capital generation against the annual guide
“EUR 1.3 billion operating capital generation1 in FY 2025, exceeding Aegon’s target of EUR 1.2 billion”
Deck 2H 2025 Results · p. 2 ·
Operating capital generation against the annual guide
“EUR 416 million operating capital generation2 (+27% vs. 1H 2025) driven by strong business growth and improved claims experience”
Deck 1H 2026 Results · p. 2 ·
Share buybacks and dividends
“Announcing an interim dividend of EUR 0.16 per common s hare, up 14% over the 2023 interim dividend; EUR 200 million share buyback program announced at 1Q 2024 started in July 2”
Deck 1H 2024 Results · p. 2 ·
Share buybacks and dividends
“Announcing a planned new share buyback program of EUR 150 million2, to start at the beginning of January 2025, and expected to conclude in the first half of 2025”
Deck 3Q 2024 Trading Update · p. 2 ·
Share buybacks and dividends
“« Proposing a final dividend of EUR 0.19 per common share or EUR 0.35 for the full year 2024, in line with the trajectory towards EUR 0.40 per share over 2025”
Deck 2H 2024 Results · p. 2 (OCR) ·
Share buybacks and dividends
“Announcing a planned new share buyback program of EUR 200 million starting at the beginning of July 2025, and expected to conclude on or before December 31, 2025”
Deck 1Q 2025 Trading Update · p. 2 ·
Share buybacks and dividends
“Increasing the ongoing share buyback to EUR 400 million from the previously announced EUR 200 million”
Deck 1H 2025 Financial Results · p. 2 ·
Share buybacks and dividends
“Proposing a final dividend of EUR 0.21 per common share or EUR 0.40 for FY 2025, consistent with Aegon’s target”
Deck 2H 2025 Results · p. 2 ·
Share buybacks and dividends
“Increasing the ongoing share buyback program by EUR 150 million to a total of EUR 350 million in 2H 2026”
Deck 1H 2026 Results · p. 2 ·
Cash Capital at Holding and its operating range
“Cash Capital at Holding at EUR 2.1 billion reflects”
Deck 1H 2024 Results · p. 2 ·
Cash Capital at Holding and its operating range
“Cash Capital at Holding at EUR 1.5 billion, planning to reach the mid-point of the operating range by end of 2026”
Deck 3Q 2024 Trading Update · p. 2 ·
Cash Capital at Holding and its operating range
“Cash Capital at Holding above the top end of the operating range”
Deck 2H 2024 Results · p. 18 (OCR) ·
Cash Capital at Holding and its operating range
“Committed to reach the mid-point of the EUR 0.5 – 1.5 billion operating range for Cash Capital at Holding by the end of 2026”
Deck 1Q 2025 Trading Update · p. 10 ·
Cash Capital at Holding and its operating range
“Cash Capital at Holding at EUR 2.0 billion reflecting”
Deck 1H 2025 Financial Results · p. 2 ·
Cash Capital at Holding and its operating range
“Cash Capital at Holding at EUR 1.9 billion reflecting capital return to shareholders in the form of dividends and share buybacks, partly offset by proceeds from the sale of 12.5 million shares in a.s.r.”
Deck 3Q 2025 Trading Update · p. 2 ·
Cash Capital at Holding and its operating range
“Cash Capital at Holding moving into the operating range”
Deck 2H 2025 Results · p. 13 ·
Cash Capital at Holding and its operating range
“Targeting around EUR 1.0 billion Cash Capital at”
Deck 1H 2026 Results · p. 14 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“Transforming Transamerica into America’s leading middle market life insurance and retirement company”
Deck 1H 2024 Results · p. 3 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“US Strategic Assets experience commercial volatility with lower new life sales and net outflows in retirement”
Deck 3Q 2024 Trading Update · p. 2 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“« US Strategic Assets growing with more WFG agents, strong written sales and net deposits in mid-sized Retirement Plans, despite slightly lower new life sales”
Deck 2H 2024 Results · p. 2 (OCR) ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“US Strategic Assets growing with more WFG agents and increasing new life sales volumes, and good momentum in Retirement Plans written sales”
Deck 1Q 2025 Trading Update · p. 2 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“Growing Transamerica’s business focused on middle-market America”
Deck 1H 2025 Financial Results · p. 4 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“Growing the distribution network and maintaining strong commercial momentum with increased life sales in the US”
Deck 3Q 2025 Trading Update · p. 2 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“Strong commercial momentum in the US with a growing distribution network, 30% increase in new life sales in FY 2025, and strong written sales in Retirement Plans”
Deck 2H 2025 Results · p. 2 ·
Transamerica middle-market growth (WFG agents, life sales, retirement)
“Strong commercial performance demonstrated by 54% increase in US new individual life sales, more than 100,000 WFG agents, strong written sales in Retirement Plans, and net inflows in Asset Management”
Deck 1H 2026 Results · p. 2 ·
Running down US Financial Assets
“CSM development reflecting strategy to grow Strategic Assets and shrink Financial Assets 1.”
Deck 1H 2024 Results · p. 14 ·
Running down US Financial Assets
“Completed institutionally owned universal life policy re-purchase program; policy terminations with negative impact on”
Deck 3Q 2024 Trading Update · p. 2 ·
Running down US Financial Assets
“Executing the US Financial Assets strategy”
Deck 2H 2024 Results · p. 17 (OCR) ·
Running down US Financial Assets
“Executing the US Financial Assets strategy”
Deck 1Q 2025 Trading Update · p. 15 ·
Running down US Financial Assets
“Reduced capital employed in Financial Assets to USD 2.7 billion, ahead of the USD 2.9 billion target, as a result of the SGUL reinsurance transaction”
Deck 2H 2025 Results · p. 2 ·
Unfavorable US mortality experience
“EUR 588 million operating capital generation1 and EUR 750 m illion IFRS operating result, both lower compared with 1H 2023 reflecting unfavorable mortality experience in the US mostly related to Financial Assets”
Deck 1H 2024 Results · p. 2 ·
Unfavorable US mortality experience
“+10% Investments « Net investment result impacted by lower asset levels and from a non-recurring benefit in 2H 2023 425% Distribution « Favorable mortality experience while morbidity was in line with”
Deck 2H 2024 Results · p. 10 (OCR) ·
Unfavorable US mortality experience
“EUR 267 million operating capital generation1, reflecting business progression offset by unfavorable mortality experience in the US”
Deck 1Q 2025 Trading Update · p. 2 ·
Unfavorable US mortality experience
“EUR (80) million of unfavorable mortality claims experience in Universal Life, part of which was expected from seasonality, partly offset by higher”
Deck 1H 2025 Financial Results · p. 10 ·
Unfavorable US mortality experience
“US Strategic Assets reported USD 173 million of OCG in 3Q25, an increase of USD 32 million compared with 3Q24, from more favorable claims experience and a growing book, partly offset by higher new business strain ▪ US Financial Assets reported USD 84 million of OCG in 3Q25, broadly stable compared with 3Q24, benefiting from more favorable morbidity claims experience”
Deck 3Q 2025 Trading Update · p. 7 ·
Unfavorable US mortality experience
“EUR 416 million operating capital generation2 (+27% vs. 1H 2025) driven by strong business growth and improved claims experience”
Deck 1H 2026 Results · p. 2 ·
Relocation of legal domicile and head office to the US
“Initiating a review on a potential relocation of Aegon’s legal domicile and head office to the United States 2”
Deck 1H 2025 Financial Results · p. 2 ·
Relocation of legal domicile and head office to the US
“Investments and restructuring charges from transforming the business and relocating head office and legal seat to the US”
Deck 2H 2025 Results · p. 9 ·
Relocation of legal domicile and head office to the US
“Moving at pace with the redomiciliation with a number of milestones including the sale of Aegon UK to Standard Life and the agreement with”
Deck 1H 2026 Results · p. 2 ·
UK platforms, then the sale of Aegon UK
“Growth remains challenging for the UK Adviser platform, in Chi na, and in Spain & Portugal”
Deck 1H 2024 Results · p. 2 ·
UK platforms, then the sale of Aegon UK
“Lower new business volumes in Brazil and Spain & Portugal, and, as anticipated, net outflows in UK Adviser platform”
Deck 3Q 2024 Trading Update · p. 2 ·
UK platforms, then the sale of Aegon UK
“« Performing strongly in the UK Workplace while continuing to transform the UK Adviser platform to reduce net outflows”
Deck 2H 2024 Results · p. 2 (OCR) ·
UK platforms, then the sale of Aegon UK
“Strong inflows in the UK Workplace platform while the UK”
Deck 1Q 2025 Trading Update · p. 2 ·
UK platforms, then the sale of Aegon UK
“Net outflows in the UK platform business due to departure of two large, low-margin workplace schemes and ongoing transformation of the Adviser platform”
Deck 3Q 2025 Trading Update · p. 2 ·
UK platforms, then the sale of Aegon UK
“Moving at pace with the redomiciliation with a number of milestones including the sale of Aegon UK to Standard Life and the agreement with”
Deck 1H 2026 Results · p. 2 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- OCG
- The first line of every headline slide, all eight: 588M in 1H24, "on track" for ~1.2B twice, then beaten at 1.3B. From 1H26 it is after holding costs, so 416M (+27%) is set against 327M, not 576M.
- Payouts
- A new or bigger buyback, or the dividend step, on page one of seven decks: €150M, €200M raised to €400M, then +€150M to €350M in 2H26.
- Holdco cash
- On page one while it sat above the range (€2.1B, €1.5B, €2.0B, €1.9B). Inside the deck once it fell into it at FY25, and still inside at 1H26 with €1.7B, above the range again.
- Transamerica
- On page one from 3Q24. "Middle market" in 2024, "middle-market America" in 2025, "Main Street America" by 2H25. In 1H26 it is +54% US life sales and "more than 100,000 WFG agents", with no productivity figure.
- Run-off
- On page one twice: the universal-life buy-back completed (3Q24), and capital employed at $2.7B after the SGUL deal (2H25). Absent from 1H25, 3Q25 and 1H26.
- Mortality
- A headline drag in 1H24 and 1Q25. From 3Q25 claims experience is a tailwind, credited in the 1H26 headline.
- US move
- Absent before 1H25, when the review went on page one. In 2H25 only a cost line; in 1H26 page one again, with three slides on the timeline, the governance and the solvency regime.
- UK
- Adviser-platform outflows on page one in five decks; in 1H26 the business is sold.
- New
- 2H25: the 2026-27 ambitions as growth rates on 2025 run-rates. 1H26: OCG after holding costs, the rebased run-rates, and the path to Transamerica Inc.
- Quiet
- The quarterly trading update (no 1Q26 deck), the UK solvency ratio, WFG market share and multi-ticket agents, the long-term-care rate tile and the 2025 targets slide: five of ten measures, persistence 0.5.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- H1 2026 release · 6-K 20 Aug 2026
- H2 2025 release · 6-K 19 Feb 2026
- Q3 2025 release · 6-K 13 Nov 2025
- H1 2025 release · 6-K 21 Aug 2025
- Q1 2025 release · 6-K 16 May 2025
- H2 2024 release · 6-K 20 Feb 2025
- Q3 2024 release · 6-K 15 Nov 2024
- H1 2024 release · 6-K 22 Aug 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q2 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 9% | 19% | 14% | 9% | 12% | · | 23% | · |
| Growth & sales | · | 6% | 5% | 18% | 12% | · | 15% | 38% |
| Pricing & margins | 18% | 6% | 5% | 9% | 25% | · | 23% | 12% |
| Guidance & outlook | 45% | 31% | 14% | 45% | 38% | 25% | 31% | 38% |
| Capital & financing | 36% | 44% | 41% | 64% | 25% | 25% | 15% | 62% |
| Competition | · | 6% | · | 9% | · | 25% | 8% | · |
| Products & technology | 27% | 12% | 5% | 18% | · | · | 15% | 12% |
| Macro & regulation | · | 25% | 27% | 27% | 38% | · | 15% | · |
| Other | 27% | 38% | 41% | 18% | 12% | 50% | 23% | 25% |
| Questions | 11 | 16 | 22 | 11 | 8 | 4 | 13 | 8 |
| How much the CEO talked | 0% | 0% | 23% | 37% | 0% | 0% | 44% | 18% |
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
Every yardstick changes at once, while the disclosures are taken away
IFRS to US GAAP (first for FY27, reported Feb '28), Bermuda to Delaware, the Bermuda Monetary Authority to Iowa, quarterly to half-yearly, and no group solvency ratio at all after the move, which fell from 184% to 169% in 1H26. Five measures were withdrawn in eight months. The agent-productivity KPI was declined on the 1H26 call on the day the release credited sales to "improved WFG agent productivity".
Tier 2 · live
The CFO's exit and the rebased ambitions came the same day
On 2026-08-20 the 2025 run-rates were cut for the UK sale (free cash flow ~€0.8B to ~€0.68B), and a separate 6-K said Duncan Russell leaves in April 2027. No successor is named. Will Fuller becomes president and COO from Jan '27, and the HR chief changed in June.
Tier 2 · worsening
Chief executive pay doubled; a third of the next award pays for the move
Awarded and due €6.25M for 2025, +105%, with the short-term incentive at 137% of target. For 2026 salary +8% to €1.474M, long-term target 175% to 250% of salary, and the 2026-28 award a third on "a Transition Expense metric" for the cost of US GAAP and the move, a third on return on IFRS equity.
Tier 2 · improving
A foundation's emergency votes and a staggered board, half dismantled
Vereniging Aegon holds 18.01% plus all the B shares: ~18.4% of votes, ~31% on a Special Cause. Shareholder nominees need two thirds. The move ends both and the B shares, but the staggered four-year board lasts until 2030. The foundation has pledged its votes to the move and sells into every buyback pro rata.
Tier 3 · stable
No open-market insider trading, only tax withholding
Insiders began filing Forms 3 and 4 in March '26 though exempt. Every disposal since is shares withheld for tax, 390,253 shares and about €2.79M across six people. No purchase.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| 2026 AGM, every resolution | — | not filed | approved |
| 8 Oct '26 vote on the moveMoving the company's legal home. Changing where the company is incorporated changes the law and the courts that govern shareholders' rights. Here the number is the votes for it. | — | to come | ~18.4% pledged for |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Forms 4, Mar-Sep 2026, in EUR | Sold | Note |
|---|---|---|
| Fuller, Transamerica CEO | €1.59M | 221,990 shares withheld for tax on 25 Mar |
| Friese, CEO | €0.72M | 100,521 shares withheld for tax on 25 Mar |
| Russell, CFO | €0.43M | 59,926 shares withheld for tax on 25 Mar (Form 4/A) |