SEC Form 6-K filed by Aegon Ltd. New York Registry Shares

Securities and Exchange Commission

Washington, D.C. 20549

 

 

Form 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d/16

of the Securities Exchange Act of 1934

August 2025

 

 

Aegon Ltd.

 

 

 

Aegon Limited An exempted company with liability limited by shares		Statutory seat Canon’s Court 22 Victoria Street		Principle place of business World Trade Center Schiphol Boulevard 223		Bermuda Registrar of Companies number: 202302830 (September 30, 2023)
www.aegon.com		Hamilton HM 12 Bermuda		1118 BH Schiphol The Netherlands		Dutch Chamber of Commerce number: 27076669 Aegon Limited is a non-resident company under the Dutch Act Non Residential Companies

 

Aegon’s press release, dated August 21, 2025, is included as appendix and incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				Aegon Ltd.
				(Registrant)
Date: August 21, 2025				By		S. Knol
				S. Knol
				Director Financial Reporting & Operations

				August 21, 2025 1H25 results press release

 

Aegon reports first half year 2025 results

1H 2025 Financial highlights

 

•

Net profit of EUR 606 million compared with a net loss of EUR 65 million for the first half of 2024

 

•

Operating result of EUR 845 million, up 19% compared with the first half of 2024, reflecting business growth and improved experience variance in the United States

 

•

Valuation equity – the sum of shareholders’ equity and the contractual service margin (CSM) after estimated tax adjustment – per share of EUR 8.47; a reduction of 5% in the reporting period, as the contribution from net profit is offset by unfavorable currency movements and capital returns to shareholders

1H 2025 Capital highlights

 

•

Operating capital generation (OCG) before holding funding and operating expenses of EUR 576 million, a decrease of 2% compared with the first half of 2024 reflecting unfavorable non-recurring items and more new business

 

•

Free cash flow of EUR 442 million; up 18% compared with EUR 373 million for the first half of 2024

 

•

Capital ratios of Aegon’s main units remain above their respective operating levels; Cash Capital at Holding remains above the operating range at EUR 2.0 billion

 

•

Aegon announces increase in currently ongoing share buyback program by EUR 200 million, taking the total 2H 2025 share buyback to EUR 400 million

 

•

2025 interim dividend of EUR 0.19 per common share, an increase of EUR 0.03 compared with 2024 interim dividend

 

•

On track to meet all 2025 financial targets

Strategic developments

 

•

Review announced on relocating Aegon’s legal domicile and head office to the United States

Lard Friese, Aegon CEO, commented:

“We generated strong commercial momentum across our key markets in the first half of 2025. In the United States, new life sales increased by 13% to USD 276 million, while World Financial Group (WFG) continued to expand its distribution network. Our UK Workplace business continued to perform well, generating GBP 2.1 billion in net deposits, while our Asset Management business also achieved positive net flows. Our International business saw overall sales growth, driven by Brazil, China, and Spain & Portugal.

In the first two quarters, we booked EUR 576 million of Operating Capital Generation (OCG) and we remain on track to meet our OCG guidance of around EUR 1.2 billion for 2025. Our operating result was EUR 845 million, up 19% compared to last year. Our annual assumption updates in the United States led to some strengthening of assumptions to address adverse policyholder behavior experience witnessed over recent quarters.

Our capital ratios remain robust, and our cash capital position stands above our operating range. We are therefore announcing an interim dividend of 19 euro cents, which represents a year-on-year increase of 19%, and that we are increasing our currently ongoing share buyback to EUR 400 million from the previously announced EUR 200 million.

Today we are announcing an important step for our company, as we will begin a review on a potential relocation of Aegon’s head office to the United States. In recent years, Aegon’s business in the United States – which accounts for approximately 70% of Aegon’s operations – has become Aegon’s primary market and central to the company’s strategy and long-term growth.

 

A relocation of Aegon’s legal domicile and head office to the United States is expected to simplify Aegon’s corporate structure as it would align its legal domicile, tax residency, accounting standard and regulatory framework with the geography where it conducts the majority of its business.

We aim to share the outcome of this review at our Capital Markets Day on December 10, 2025.”

 

 

Please note that all comparisons are versus the first half of 2024 unless stated otherwise.

Contact details and dial-in information can be found at the end of this press release, on page 20.

				August 21, 2025 1H25 results press release

 

Review on relocating Aegon’s legal domicile and head office to the United States

Aegon today announces the start of a review on a potential relocation of the company’s legal domicile and head office to the United States.

This comprehensive review will examine the implications of a potential relocation, including the impact on all of Aegon’s stakeholders, and of making its listing on the NYSE its primary listing alongside its Euronext listing.

Should Aegon decide to proceed with the relocation, the transition is expected to take two to three years. A key element of the potential relocation is the implementation of US GAAP, preparations for which have begun.

Aegon expects to conclude the review in the coming months and aims to provide more details at its Capital Markets Day on December 10, 2025.

 

2

				August 21, 2025 1H25 results press release

 

Business update Americas

During the first half of 2025, Transamerica made progress in executing its strategy to grow its business by focusing on middle-market America, targeted through agency distribution and the workplace. New Individual Life sales increased by 13% to a new record-high level, which was driven by all distribution channels. World Financial Group (WFG), Transamerica’s affiliated distribution network of independent agents, continued to increase its number of licensed agents. Retirement Plans net deposits were positive for the half-year and written sales were strong for single employer plans and pooled plan sales.

Strategic Assets business update: Distribution

 

Aegon Americas			unaudited
Business update Distribution - World Financial Group (WFG)

 

USD in millions		Notes				1H 2025				1H 2024				%
Number of licensed agents							90,315				78,978				14
Number of multi-ticket agents							35,798				37,476				(4	)
WFG’s total new life sales			1,2				346				335				4
Transamerica’s market share in WFG (US Life)							66	%			64	%			2
WFG’s total sales of annuities gross deposits			1				1,618				1,826				(11	)

WFG’s number of licensed agents grew to 90,315, reflecting successful recruiting and improved retention, while there was a 4% reduction in multi-ticket agents, which is a rolling count of agents that have sold more than one policy in the last 12 months.

Despite a reduction of multi-ticket agents, productivity gains in both the US and Canada – mostly from higher average premiums per policy – led to an overall 4% increase in new life sales while Transamerica expanded its market share of US Life sales. At the same time, WFG’s third-party annuity product sales decreased by 11% compared with the prior year period, as customer demand in the US for these products decreased during the reporting period. This was partially offset by increasing annuity product sales in Canada.

Strategic Assets business update: Savings & Investments

 

Aegon Americas			unaudited
Business update Savings & Investments

 

USD in millions		Notes				1H 2025				1H 2024				%
Gross deposits Retirement Plans							18,643				16,524				13
Net deposits Retirement Plans							2,149				(839	)			n.m.
of which: net deposits mid-sized Retirement Plans							1,691				1,166				45
AuA Retirement Plans							239,812				228,975				5
of which: AuA mid-sized Retirement Plans							59,417				52,217				14
Individual Retirement Accounts AuA							13,592				11,339				20
General Account Stable Value AuM							14,190				11,384				25

 

3

				August 21, 2025 1H25 results press release

 

Retirement Plans gross deposits increased by 13%, with the growth driven by higher takeover deposits in both the large and mid-sized markets. Strong written sales are expected to support gross deposits in the coming quarters. Total net deposits came in at USD 2.1 billion, driven by mid-sized plans and were supported by a larger takeover deposit from a mid-sized pooled plan and stable contract discontinuances in the segment. Net deposits in the large market improved significantly, but remained slightly negative, due to stronger takeover deposits and lower contract discontinuances.

Business growth and favorable markets drove a 5% increase in the total account balances in Retirement Plans over the last year. Over the same period, account balances for the mid-sized plans segment of this business increased by 14% due to favorable market movements, as well as net inflows. Our strategic focus on increasing assets in the General Account Stable Value product, as well as in the Individual Retirement Accounts, led to higher assets in these higher margin, ancillary products.

Strategic Assets business update: Protection Solutions

 

Aegon Americas			unaudited
Business update Protection Solutions

 

USD in millions		Notes				1H 2025				1H 2024				%
Traditional Life							80				60				32
Indexed Universal Life							196				184				6
New life sales Individual Life			2				276				245				13
New life sales Workplace Life			2				49				40				22
New premium production Workplace Health							64				67				(5	)
Net deposits Indexed Annuities							993				505				97

In the first half of 2025, Individual Life new life sales increased by 13%, driven by growth in the brokerage channel, as well as in WFG and Transamerica’s own agency channel. The growth in new life sales for Indexed Universal Life was mainly driven by higher WFG agent productivity and an increase in the average size of the policies sold. Life sales in the brokerage and Transamerica’s own agency channel increased to account for one third of the total Individual Life sales, driven especially by the successful launch of a fully digital experience in a Whole Life Final Expense product last autumn.

New life sales in Workplace Life benefited from a strong quoting season, while new premium production in Workplace Health was lower compared with the first half of last year that had benefited from a large sale. Net deposits for Indexed Annuities products were driven by a further improvement in wholesale distribution productivity for Registered Index Linked Annuities (RILA) products. At the same time, consumer preference continued to shift towards RILA products, where Transamerica has established itself as a top 10 player in terms of sales in the US market (based on LIMRA data).

 

4

				August 21, 2025 1H25 results press release

 

Update on Financial Assets

 

Aegon Americas			unaudited
Business update Financial Assets

 

USD in millions		Notes				lH 2025				lH 2024				%
Capital employed in Financial Assets (at operating level)							3,272				3,462				(5	)
Net deposits Variable Annuities							(2,980	)			(3,069	)			3
Net deposits Fixed Annuities (excluding SPGAs)							(266	)			(377	)			29
Variable Annuities dynamic hedge effectiveness ratio (%)			3				97	%			99	%			(2	)
Net face amount Universal Life							45,132				48,639				(7	)
LTC actual to expected claim ratio (%) (IFRS based)							100	%			103	%			(3	)
NPV of LTC rate increases approved since end 2022							708				395				79

On June 30, 2025, Financial Assets had USD 3.3 billion of capital employed, a decrease of USD 0.1 billion compared with USD 3.4 billion capital employed at the end of 2024. In the first half of 2025, asset allocation optimizations, annual assumption updates, and business run-off resulted in lower capital employed for Financial Assets.

During the first half of 2025, the variable annuity hedge program continued its strong track record of managing the financial market risks embedded in the guarantees. Net outflows in Variable Annuities were slightly lower than in the prior year period, as gross deposits increased while decrement rates were in line with previous quarters. Fixed Annuities net outflows decreased from lower withdrawals.

The net face value of the legacy Universal Life portfolio decreased as a result of the run-off of the book and of Transamerica’s program to purchase institutionally owned policies.

The total value of premium rate increases approved by state regulators for Long-Term Care increased to USD 708 million, achieving the target set at the beginning of 2023. Transamerica will continue to pursue further actuarially justified premium rate increases. Claims experience in Long-Term Care continues to track in line with assumptions.

Financial Assets management action

As of the middle of August 2025, Transamerica has expanded its dynamic hedge program for Variable Annuities to further reduce its equity market exposure. Previously, the program hedged market risks from policy riders. The expansion now includes first order equity market exposure of 25% of the Variable Annuities base contracts held by Transamerica Life Insurance Company, Transamerica’s largest insurance carrier. This reduces the economic equity market sensitivity of the portfolio and further solidifies the run-off of the Variable Annuities portfolio. Consequently, the IFRS net result and CSM equity sensitivities are reduced. In addition, downwards equity market sensitivities of the RBC ratio are reduced, while upwards equity market sensitivities increased due to a relatively higher impact from non-economic flooring of reserves.

 

5

				August 21, 2025 1H25 results press release

 

Business update United Kingdom

 

United Kingdom			unaudited
Business update

 

GBP in millions		Notes				1H 2025				1H 2024				%
Adviser Platform							(1,447	)			(1,761	)			18
Workplace Platform							2,106				1,694				24
Total Platform							659				(67	)			n.m.
Institutional							1,329				1,238				7
Traditional products							(904	)			(797	)			(13	)
Net deposits							1,084				373				190
Adviser Platform							51,834				51,625				—
Workplace Platform							66,415				59,035				12
Total Platform							118,249				110,660				7
Institutional							77,543				74,515				4
Traditional products							30,374				31,253				(3	)
Assets under Administration							226,166				216,428				4

Net deposits in the Workplace platform continued to grow due to the onboarding of new schemes, including one large scheme, and higher regular contributions from existing schemes. This growth was partially offset by the departure of some other schemes. For the Adviser platform, net outflows reflected ongoing consolidation and vertical integration in non-target adviser segments. As outlined at our June 2024 Teach-In, we have several initiatives in place that aim to return the Adviser platform to growth by 2028, which include improving the platform experience and focusing on our 500 target adviser firms.

Total Platform Assets under Administration (AuA), which consist of the Workplace platform and the Adviser platform, increased by 7% compared with June 30, 2024. During the same period, overall AuA, which also includes Traditional products and the Institutional business, increased by 4%. The increase in AuA was mainly driven by market movements during the period.

 

6

				August 21, 2025 1H25 results press release

 

Business update International

 

International			unaudited
Business update

 

EUR in millions		Notes				1H 2025				1H 2024				%
Spain & Portugal							19				17				9
China							48				44				8
Brazil							68				64				6
TLB and others							10				14				(29	)
New life sales			2, 4				144				140				3
New premium production accident & health insurance			4				26				23				10
New premium production property & casualty insurance			4				38				36				5

Strategic developments

In April 2025, Transamerica Life Bermuda (TLB) obtained regulatory approval for a Dubai International Financial Centre (DIFC) representative office license. This underscores TLB’s commitment to support distribution partners in meeting the evolving life insurance needs of high-net-worth individuals and families across the Middle East and beyond.

Business update

International new life sales increased by 3%, driven by Brazil, China and Spain & Portugal. Brazil reported higher new life sales, in particular in credit and group life, with a partial offset from unfavorable currency movements. In China, increased sales were mainly driven by participating products. Increased new life sales in Spain were driven by higher sales of non-linked products in Santander Life. This was partially offset by lower Indexed Universal Life sales in Singapore from TLB, which resulted from changes in the competitive landscape.

New premium production for accident & health insurance benefited from a successful sales campaign on health products. New premium production for property & casualty insurance also increased, reflecting higher sales of non-linked products in Spain through Santander Non-Life.

 

7

				August 21, 2025 1H25 results press release

 

Business update Asset Management

 

Asset Management			unaudited
Business update

 

EUR in millions		Notes				1H 2025				1H 2024				%
General Account							2,426				(1,677	)			n.m.
Affiliate							(1,556	)			(1,415	)			(10	)
Third party							2,037				5,108				(60	)
Global Platforms							2,907				2,016				44
Strategic Partnerships							2,387				2,682				(11	)
Net deposits			4				5,294				4,698				13
Annualized revenues gained / (lost) on net deposits - Global Platforms							8.2				4.0				105
General Account							66,440				68,336				(3	)
Affiliate							36,319				41,344				(12	)
Third party							155,340				149,254				4
Global Platforms							258,099				258,935				—
Strategic Partnerships							62,596				59,284				6
Assets under Management			4				320,695				318,218				1

Third-party net deposits in Global Platforms in the first half of 2025 were mostly driven by inflows in alternative fixed income products.

Net deposits in Strategic Partnerships were mainly driven by Aegon’s Chinese asset management joint venture, Aegon Industrial Fund Management Company (AIFMC), which benefited from a collaboration with a consumer finance platform. La Banque Postale AM, Aegon’s French asset management joint venture, also contributed positively.

Net outflows from Affiliate resulted mainly from US retirement funds and the gradual run-off of the traditional insurance book in the UK.

Assets under Management increased by EUR 2 billion compared with June 30, 2024, driven mainly by the impact of favorable markets and third-party net deposits, and were partially offset by unfavorable exchange rate movements over the period.

 

8

				August 21, 2025 1H25 results press release

 

Capital highlights

Capital ratios

 

Aegon Ltd.			unaudited
Main capital ratios

 

in millions		Notes				2025 Jun. 30				2024 Dec. 31				%
United States (USD)
Available capital							7,798				8,042				(3	)
Required capital							1,857				1,817				2
US RBC ratio							420	%			443	%
Scottish Equitable plc (GBP)
Own funds							2,213				2,206				—
SCR							1,194				1,187				1
UK Solvency II ratio							185	%			186	%
Aegon Ltd. (EUR)
Group eligible own funds							12,928				14,030				(8	)
Consolidated Group SCR							7,059				7,466				(5	)
Group solvency ratio			5,6				183	%			188	%

US RBC ratio

The estimated RBC ratio in the US was 420% as of June 30 2025, well above the operating level of 400%. This is a decrease of 23%-points compared with year-end 2024. The OCG from operating entities applying the RBC framework had a positive contribution of 15%-points, largely offset by remittances paid to the Holding. Market movements had a 15%-points negative impact on the RBC ratio over the reporting period. Of this, 5%-points negative impact were due to hedging rebalancing and cross effects as a consequence of elevated market volatility in April. The remaining unfavorable impact was largely driven by non-economic losses on energy-related assets under the statutory accounting framework, and lower interest rates. Finally, a negative impact of 9%-points on the RBC is explained by restructuring costs, the impact of the annual actuarial assumption updates within the RBC calculation, and several smaller items.

Solvency UK ratio

The estimated Solvency UK ratio for Scottish Equitable plc decreased to 185% on June 30, 2025, and remained above the operating level of 150%. The negative impacts from remittances to the Holding and investments to improve the business were broadly offset by the impact from OCG.

Group solvency ratio

The estimated group solvency ratio decreased to 183% on June 30, 2025. This was mainly driven by the new EUR 400 million share buyback program (of which EUR 200 million is announced today) and the announced 2025 interim dividend. Capital generation after holding funding and operating expenses amounted to EUR 224 million. This included market movements with a negative impact of EUR 271 million, mostly driven by the US. Furthermore, one-time items were favorable at EUR 73 million, as the adverse impact of one-time items in the US was more than offset by the benefits from the a.s.r. stake.

 

9

				August 21, 2025 1H25 results press release

 

Operating capital generation

 

Aegon Ltd.			unaudited
Capital generation

 

EUR in millions		Notes				1H 2025				1H 2024				%
Earnings on in-force							809				746				8
Release of required							203				230				(12	)
New business strain							(436	)			(388	)			(12	)
Operating capital generation before holding funding and operating expenses			7				576				588				(2	)
Americas							340				354				(4	)
United Kingdom							95				81				18
International							69				83				(17	)
Asset Management							72				70				3
Operating capital generation before holding funding and operating expenses							576				588				(2	)
Holding funding and operating expenses							(153	)			(130	)			(18	)
Operating capital generation after holding funding and operating expenses							423				458				(8	)
One-time items							73				292				(75	)
Market impacts							(271	)			140				n.m.
Capital Generation							224				891				(75	)

In the first half of 2025, OCG before holding funding and operating expenses decreased compared with the first half of 2024.

Earnings on in-force increased compared with the prior year period, benefiting from favorable markets in Aegon UK, improved underwriting experience in TLB, and business growth in the US. This was partly offset by a decrease in release of required capital which included an asset liability management action in China. New business strain increased, reflecting a change in product mix in the UK and business growth in the Americas.

OCG before holding funding and operating expenses in the first half of 2025 contained some overall unfavorable non-recurring items. In the US, these amounted to around EUR 76 million, mainly driven by unfavorable claims variance in the Financial Assets in the first quarter. The other segments recorded overall favorable non-recurring items, of which International contributed around EUR 18 million, which was driven by TLB. In the UK and Asset Management, overall favorable non-recurring variances totaled around EUR 15 million.

Holding funding and operating expenses increased compared with the first half of 2024, as the prior year period benefited from an elevated cash position driven by the proceeds from the a.s.r. transaction.

 

10

				August 21, 2025 1H25 results press release

 

Operating capital generation Americas

 

Americas			unaudited
Capital generation

 

USD in millions		Notes				1H 2025				1H 2024				%
Distribution							68				70				(3	)
Savings & Investments							125				134				(7	)
Protection Solutions			8				429				440				(2	)
Financial Assets							(35	)			(73	)			52
Earnings on in-force (EoIF)							587				571				3
Release of required							187				196				(5	)
New business strain							(402	)			(385	)			(4	)
Operating capital generation							371				383				(3	)
One-time items							(85	)			131				n.m.
Market impacts							(298	)			160				n.m.
Capital generation							(12	)			673				n.m.
Strategic Assets							272				328				(17	)
Financial Assets							99				54				84
Operating capital generation							371				383				(3	)
EoIF Retirement Plans (included in EoIF Savings & Investments)							86				85				2
EoIF Individual Life (included in EoIF Protection Solutions)							337				334				1

In the Americas, OCG decreased by 3% driven by higher new business strain from growing the Strategic Assets. The first half of 2025 was impacted by, in aggregate, USD 74 million of unfavorable non-recurring items. As a result, the recurring OCG remains in the range of the guidance of USD 200 to 240 million per quarter.

Earnings on in-force increased driven by business growth, an improvement of claims experience, and USD 14 million of favorable non-recurring expense variances. Financial Assets earnings on in-force increased, mostly from higher earnings on in-force from Variable Annuities due to higher account balances from favorable markets. During the half year, mortality claims experience was USD 86 million unfavorable from a higher severity of claims in Universal Life, especially from old age policies. Morbidity claims experience in Financial Assets was largely in line with expectations. In Protection Solutions, earnings on in-force decreased due to a non-recurring benefit in the first half of last year. USD 15 million of unfavorable morbidity claims experience, mainly in the workplace business, was offset by favorable mortality claims experience of USD 16 million. In Savings & Investments, earnings on in-force decreased as growth in Retirement Plans was offset by lower contributions from the Stable Value Solutions line of business. Distribution reported a small decrease in earnings on in-force due to higher expenses reflecting the growing WFG franchise.

Release of required capital is driven by the run-off of Financial Assets and a growing Strategic Assets book. New business strain amounted to USD 402 million in the reporting period, in line with the guidance of around USD 200 million per quarter, and an increase driven by growth in Individual Life and Retirement Plans, partly offset by a net positive new business strain from growth in RILA.

The decrease in Strategic Assets OCG in the reporting period was on balance driven by higher new business strain as we grow the business, and a slight decrease of earnings on in-force. Financial Assets OCG increased, mainly driven by increased earnings on in-force, as more positive new business strain was offset by a lower release of required capital.

 

11

				August 21, 2025 1H25 results press release

 

Cash Capital at Holding and free cash flow

 

Aegon Ltd.			unaudited
Cash Capital at Holding

 

EUR millions		Notes				1H 2025				1H 2024				%
Beginning of period							1,725				2,387				(28	%)
Americas							259				269				(4	%)
United Kingdom							61				59				4	%
International							40				35				14	%
Asset Management							71				31				133	%
a.s.r. dividends							121				114				6	%
a.s.r share buy backs							37				—				n.m.
Cash flows from a.s.r.							159				114				39	%
Holding and other activities							—				—				—
Gross remittances							590				508				16	%
Funding and operating expenses							(148	)			(135	)			(10	%)
Free cash flow							442				373				18	%
Capital injections							(34	)			(38	)			11	%
Acquisitions and Divestitures							26				16				62	%
Capital flows from / (to) shareholders							(110	)			(686	)			84	%
Net change in gross financial leverage							(9	)			8				n.m.
Other							(28	)			30				n.m.
End of period							2,011				2,090				(4	%)

Aegon’s Cash Capital at Holding increased during the first half of 2025, largely driven by remittances from the business units, and was partly offset by capital returns to shareholders in the form of share buybacks. Free cash flow included the 2024 final dividend from a.s.r. and Aegon’s participation in a share buyback program by a.s.r. The proceeds from the divestiture of the Aegon Growth Capital Fund were more than offset by capital injections.

2025 interim dividend

Aegon aims to pay a sustainable dividend to allow equity investors to participate in the company’s performance, which can grow over time if Aegon’s performance so allows. At our 2023 Capital Markets Day, we set a target for dividend growth to around EUR 0.40 per common share over 2025. Aegon today announces an interim dividend for 2025 of EUR 0.19 per common share, which represents an increase of EUR 0.03 compared with the interim dividend for 2024.

Aegon’s shares will be quoted ex-dividend on September 3, 2025. The record date for the dividend will be September 4, 2025, and the dividend will be payable as of September 25, 2025.

Share buyback programs

On November 15, 2024, Aegon announced a EUR 150 million share buyback program, which was completed on June 30, 2025. On May 16, Aegon announced a EUR 200 million share buyback program which started on July 1, 2025. Aegon today announces that it will be increasing this ongoing EUR 200 million share buyback program by an additional EUR 200 million to a total amount of EUR 400 million, consistent with its objective to reduce Cash Capital at Holding to around EUR 1.0 billion by the end of 2026 unless Aegon can invest in value-creating opportunities.

Barring unforeseen circumstances, the share buyback is expected to be completed on or before December 15, 2025. The start of the increase to the share buyback program will be announced in the near term.

 

12

				August 21, 2025 1H25 results press release

 

Financial highlights

 

Aegon Ltd.			unaudited
Financial highlights

 

EUR in millions		Notes				1H 2025				1H 2024				%
Operating result			9				845				709				19
Net result			9				606				(65	)			n.m.

 

EUR in millions		Notes				2025 Jun. 30				2024 Dec. 31				%
Shareholders’ equity							7,300				7,215				1
Contractual Service Margin (CSM) (pro-forma after tax)			12				6,026				6,975				(14	)
Valuation equity			13				13,326				14,190				(6	)
Gross financial leverage							4,876				5,201				(6	)

Aegon’s net result increased to EUR 606 million in the first half of 2025, driven by a higher operating result, favorable non-operating items, and less other charges compared with the prior year period.

Aegon’s valuation equity reduced to EUR 13.3 billion per June 30, 2025, driven by a reduction of CSM, which in turn was mostly due to adverse currency movements. On a per share basis, it decreased by 5% to EUR 8.47.

Operating results

 

Aegon Ltd.			unaudited
Operating result

 

EUR in millions		Notes				1H 2025				1H 2024				%
Distribution							76				88				-14
Savings & Investments							115				132				-12
Protection Solutions							349				270				29
Financial Assets							87				19				n.m.
Americas							627				509				23
United Kingdom							104				94				11
Spain & Portugal							47				44				7
China (ATHTF)							12				14				(13	)
Brazil							26				26				(2	)
TLB							20				15				34
Other							(5	)			(8	)			37
International							99				90				10
Global Platforms							35				23				51
Strategic Partnerships							69				84				(17	)
Asset Management							104				107				(3	)
Holding and other activities							(89	)			(91	)			2
Operating result			9				845				709				19

Operating result

Aegon’s operating result increased 19% to EUR 845 million, mostly driven by the US, reflecting business growth in the Protection Solutions segment, partly offset by a lower operating result in the non-insurance business segments. Results also improved in the UK and International, in part from business growth.

 

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				August 21, 2025 1H25 results press release

 

Americas

The operating result from the Americas increased by 23% to EUR 627 million in the first half of 2025. In local currency, it increased by 25% to USD 685 million. The increase in the operating result was driven by business growth in Protection Solutions as well as from less unfavorable experience variances in both insurance business segments compared with the first half of 2024. This was partly offset by a decrease in the operating result of the non-insurance business segments.

The operating result of the Distribution business segment decreased by 13%, largely driven by lower revenues due to lower annuity sales in WFG and higher expenses reflecting investments in the WFG franchise.

In the Savings & Investments business segment, the operating result decreased by 11% to USD 126 million. This was mainly driven by USD 14 million lower revenues in the Stable Value Solutions line of business as the size of the business has been reduced in recent years through management actions and participant withdrawals.

The operating result of the Protection Solutions business segment increased by USD 89 million to USD 381 million. Portfolio growth resulted in a higher release of CSM. Taking into account an unfavorable impact of USD 16 million from onerous new business, the overall experience variance on claims, expenses, and other items was positive, compared with a negative experience in the prior year period.

The operating result of the Financial Assets segment increased to USD 95 million mostly due to less unfavorable experience variances compared with the prior year period with all key products improving their contribution to the operating result. In the first half of 2025, Universal Life onerous contracts experience was USD 87 million unfavorable, of which USD 34 million resulted from the reinsured Universal Life portfolio of TLB. Interest accretion for onerous Variable Annuities contracts had an impact of USD 29 million in this half-year period, which is expected to recur going forward. Unfavorable claims experience variance was largely offset by the release of reserves of these onerous contracts.

United Kingdom

The operating result from the UK for the first half of 2025 was EUR 104 million, or GBP 88 million in local currency, compared to GBP 80 million in the prior year period. The operating result benefited from business growth and favorable markets which led to increased revenues, which were partly offset by reduced interest income on own cash. Furthermore, losses incurred in the prior year period relating to the Protection book have not repeated in the first half of 2025 following the sale of the business on July 1, 2024.

International

The operating result for the International segment increased by 10% to EUR 99 million in the first half of 2025. This was mainly driven by TLB, which benefited from a higher CSM release and less onerous contracts, partially offset by a lower net investment result as a result of a lower asset balance. In Spain & Portugal, the operating result benefited from business growth and improved claims experience. The operating result in Brazil remained stable, as the positive impacts from business growth were offset by unfavorable exchange rate movements. The operating result in China decreased, driven by lower interest rates.

 

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				August 21, 2025 1H25 results press release

 

Asset Management

The operating result from Aegon Asset Management amounted to EUR 104 million in the first half of 2025, a decrease of 3%. Improved performance of Global Platforms was more than offset by a lower operating result in Strategic Partnerships. Global Platforms’ performance reflected strong business growth, favorable markets, and ongoing expense management. In Strategic Partnerships, the operating result decreased as the prior year period included a one-time expense benefit. There was a partial offset from a one-time revenue benefit of EUR 9 million in the reporting period from AIFMC. LBP AM’s operating result remained stable.

Holding

The operating result from the Holding was a loss of EUR 89 million. The result from the Holding improved compared to the prior year period mainly reflecting a benefit resulting from an internal reinsurance transaction between Transamerica and TLB, offsetting a negative impact in the US. This benefit more than offset the impact of lower returns on Cash Capital at Holding due to a lower balance and lower short-term yields.

Non-operating items and net result

 

Aegon Ltd.			unaudited
Non-operating items and net result

 

EUR in millions		Notes				1H 2025				1H 2024				%
Operating result			9				845				709				19
Fair value items							154				(272	)			n.m.
Realized gains / (losses) on investments							(54	)			(45	)			(21	)
Net impairments							(5	)			(72	)			93
Non-operating items							95				(389	)			n.m.
Other income / (charges)			10				(207	)			(403	)			49
Result before tax							733				(83	)			n.m.
Income tax							(127	)			18				n.m.
Net result							606				(65	)			n.m.
Interest on financial leverage classified as equity after tax							(19	)			(39	)			51
Net result after interest on financial leverage classified as equity after tax							586				(104	)			n.m.
Average common shareholders’ equity							7,329				7,103				3
Return on Equity			11				17.6	%			15.1	%

The gain from non-operating items amounted to EUR 95 million in the first half of 2025, mainly due to fair value gains.

Fair value items

Fair value items constituted a gain of EUR 154 million, mostly from positive hedge results. In the Americas, the hedging of guarantees in the Variable Annuities, Indexed Universal Life and RILA blocks led to overall positive results, partly offset by market driven fair value losses. Furthermore, the Holding contributed favorably, driven by interest rate hedges related to debt instruments.

 

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				August 21, 2025 1H25 results press release

 

In addition, there were fair value gains from mark-to-market revaluations related to TLB, including from the annual assumption updates. These were largely offset by losses in Other Comprehensive Income.

Realized losses on investments

Realized losses on investments amounted to EUR 54 million and were driven by the Americas. There, targeted bond sales resulted in losses, which were partly offset by gains from ECL reversals on disposed bonds.

Net impairments

Net impairments were limited and amounted to EUR 5 million for the reporting period.

Other charges

Other charges amounted to EUR 207 million, mainly driven by the annual assumption updates in the Americas and TLB, the impact of which amounted to EUR 183 million. The impact was mainly from strengthening lapse assumptions to address recent adverse experience in the Financial Assets book, driven by the TLB Universal Life block reinsured to Transamerica and Variable Annuities. In Protection Solutions, assumption updates mainly related to an update of Medicare Supplement morbidity assumptions to address an industry-wide trend.

Other charges also included the positive result from Aegon’s stake in a.s.r. of EUR 50 million. Furthermore, it included restructuring charges and investments to transform the business mainly in the UK and in the Americas.

Net result

The result before tax amounted to EUR 733 million, as the positive impacts from the operating result and non-operating items were only partly offset by Other charges. The income tax for the period amounted to EUR 127 million and includes recurring beneficial impacts, such as the dividend received deduction and tax credits in the US. The net result, therefore, was EUR 606 million.

 

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				August 21, 2025 1H25 results press release

 

Balance sheet items

 

Aegon Ltd.

unaudited

Balance sheet items

 

EUR in millions		Notes				2025 Jun. 30				2024 Dec. 31				%
Shareholders’ equity							7,300				7,215				1
Shareholders’ equity per share (in EUR)							4.64				4.53				2
Americas							5,991				7,032				(15	)
United Kingdom							1,601				1,695				(6	)
International							269				231				16
Eliminations							(114	)			1				n.m.
Contractual Service Margin			12				7,748				8,960				(14	)
Pro-forma tax							(1,722	)			(1,985	)			13
CSM after tax							6,026				6,975				(14	)
CSM after tax per share (in EUR)							3.83				4.38				(13	)
Valuation equity			13				13,326				14,190				(6	)
Valuation equity per share (in EUR)							8.47				8.91				(5	)
Gross financial leverage							4,876				5,201				(6	)
Gross financial leverage ratio (%)							26.5	%			26.5	%

Shareholders’ equity

As of June 30, 2025, shareholders’ equity was EUR 7.3 billion, a slight increase compared with December 31, 2024. The positive net result and the impact of revaluations were largely offset by capital distributions to shareholders and unfavorable currency movements.

On a per share basis, shareholders’ equity increased by 2% to EUR 4.64.

Valuation equity

Valuation equity decreased by 6% in the reporting period to EUR 13.3 billion. The increase in shareholders’ equity was more than offset by a decrease of CSM after tax. The main driver for the lower CSM was unfavorable currency movements. Assumption updates in the Americas and TLB reduced valuation equity by EUR 155 million in aggregate, split across different P&L and balance sheet items. This was to a large extent driven by strengthening policyholder behavior assumptions, to address recent adverse experience, while also reflecting a favorable impact of economic assumption updates.

On a per share basis, valuation equity decreased by 5% to EUR 8.47.

Gross financial leverage

Gross financial leverage decreased by EUR 0.3 billion in the first half of 2025, to EUR 4.9 billion. This decrease was driven by the depreciation of the US Dollar against the Euro.

 

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				August 21, 2025 1H25 results press release

 

Contractual Service Margin (CSM)

 

Aegon Ltd.   Contractual Service Margin (CSM)

unaudited

 

EUR in millions		Notes				1H 2025				1H 2024				%
CSM balance at beginning of period							8,990				8,251				9
New business							337				263				28
CSM release							(492	)			(491	)			0
Accretion of interest							125				120				5
Claims and policyholder experience variance							(240	)			(23	)			n.m.
Non-financial assumption changes							(336	)			(90	)			n.m.
Non-disaggregated risk adjustment							65				79				(18	)
Market impact on unhedged risk of VFA products							248				400				(38	)
Net exchange differences							(912	)			240				n.m.
Transfer to disposal groups							—				(8	)			n.m.
Other movements							—				8				(97	)
CSM balance at end of period							7,786				8,748				(11	)

During the reporting period the CSM decreased to EUR 7.8 billion, mostly due to unfavorable currency movements.

New business contributed EUR 337 million to the CSM, driven by business growth in the US. Together with interest accretion, the new business contribution almost offset the CSM release of EUR 492 million.

Claims and policyholder experience reduced the CSM, mainly driven by Financial Assets. Non-financial assumption changes reduced the CSM by EUR 336 million, driven by the annual assumption updates in the US and TLB. Markets had a favorable impact in both the US and the UK. Unfavorable currency movements – predominantly the depreciation of the US Dollar versus the Euro – reduced the CSM balance by EUR 912 million.

Contractual Service Margin (CSM) - Americas

 

Aegon Americas   Contractual Service Margin (CSM)

unaudited

 

USD in millions		Notes				1H 2025												1H 2024
						Strategic Assets				Financial Assets				Total				Total
CSM balance at beginning of period							3,443				3,838				7,282				7,125
New business							331				20				351				261
CSM release							(162	)			(246	)			(408	)			(413	)
Accretion of interest							59				70				129				122
Claims and policyholder experience variance							5				(197	)			(192	)			33
Non-financial assumption changes							(107	)			(224	)			(331	)			(134	)
Non-disaggregated risk adjustment							6				71				78				65
Market impact on unhedged risk of VFA products							31				112				143				183
Other movements							—				—				—				8
CSM balance at end of period							3,606				3,445				7,051				7,251

 

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