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

February 2026

 

 

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 February 19, 2026, 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: February 19, 2026				By		/s/ S. Knol
				S. Knol
				Director Financial Reporting & Operations

				February 19, 2026 2H25 results press release

 

Aegon reports second half year 2025 results

2H 2025 Financial highlights

 

•

Net result of EUR 375 million, a decrease compared with EUR 741 million in the second half of 2024, as growth in the operating result is offset by non-operating items and other charges. Full-year 2025 net result of EUR 980 million, up 45% compared with 2024

 

•

Operating result of EUR 858 million, up 11% compared with the second half of 2024 driven by an increase across all business units, reflecting commercial momentum and favorable financial markets. Full-year 2025 operating result of EUR 1.7 billion, up 15% compared with 2024

 

•

Valuation equity – the sum of shareholders’ equity and the contractual service margin (CSM) after estimated tax adjustment – increases by 7% in the reporting period to EUR 9.06 per share, driven by the net result, favorable market impacts, and the share buyback

2H 2025 Capital highlights

 

•

Operating capital generation (OCG) before holding funding and operating expenses increases by 8% to EUR 711 million compared with the second half of 2024. With full-year 2025 OCG of EUR 1.3 billion, Aegon exceeds its target of EUR 1.2 billion

 

•

Capital ratios of Aegon’s main units remain strong, above their respective operating levels

 

•

Cash Capital at Holding of EUR 1.3 billion, EUR 0.7 billion lower compared with the first half of 2025 mainly driven by capital returns to shareholders

 

•

Free cash flow of EUR 388 million, contributes to full-year free cash flow of EUR 829 million, consistent with the target of around EUR 800 million

 

•

2025 final dividend of EUR 0.21 per common share proposed, an increase of 11% compared with 2024 final dividend, enabling Aegon to meet its EUR 0.40 target for full-year 2025

Lard Friese, Aegon CEO, commented:

“Our results for 2025 demonstrate the strength of our strategy and our ability to consistently deliver upon our ambitions. We have met or exceeded all the financial targets that we set out at our Capital Markets Day (CMD) in 2023, and I would like to thank all my colleagues across our businesses for their dedication and hard work that made this possible.

We generated EUR 1.3 billion of operating capital (OCG), ahead of our EUR 1.2 billion target. We also reported EUR 829 million of free cash flow, consistent with our EUR ~800 million target for 2025. Our main business units remained well capitalized, and we delivered a full year IFRS operating result of EUR 1.7 billion, an increase of 15% compared with 2024.

In the US, commercial momentum remained strong. Transamerica expanded its distribution network, World Financial Group (WFG), to over 95,000 licensed agents, and, at the same time, achieved a record 30% increase in individual new life sales in 2025 compared with 2024. Assets under administration at Transamerica’s Retirement Plans business also increased. At the same time, the capital employed by Transamerica’s Financial Assets decreased to USD 2.7 billion, ahead of our USD 2.9 billion target for 2025. This gives us confidence that our plans have a robust foundation as we work to further accelerate growth in our US business. We also reported solid results in our other business units. Our asset management business delivered EUR 1.0 billion in net third-party inflows in 2025, while our International business continued to perform well, and, in the UK, our Workplace Platform generated GBP 2.4 billion in net inflows.

During 2025, we returned EUR 1.1 billion of capital to shareholders through dividends and share buybacks.

On the basis of our performance in 2025, we propose a final dividend of 21 eurocents per share. This will result in a total dividend paid for the full year 2025 of 40 eurocents, consistent with our target.

We are now fully focused on delivering upon the plans we outlined at our 2025 CMD, including the relocation of our head office and legal seat to the US. I am confident that we can build upon the strong momentum we created during 2025 and continue to accelerate the growth of our businesses throughout the coming year.”

 

 

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

Contact details and dial-in information can be found at the end of this press release, on page 21.

				February 19, 2026 2H25 results press release

 

2025 Capital Markets Day

On December 10, 2025, Aegon hosted a Capital Markets Day (CMD) to provide an update on its strategy, medium-term financial targets, and the conclusion of the comprehensive review on the relocation of its head office and legal seat to the United States.

At the CMD, Aegon announced its ambition to become a leading US life insurance and retirement group and its decision to move its head office and legal seat to the US. Following the completion of the relocation, which Aegon aims to conclude by January 1, 2028, the holding company, Aegon Ltd., will be renamed Transamerica Inc., while the business units will continue to operate under their current brands.

Aegon also announced the start of a strategic review of Aegon UK, with all options being evaluated, including a potential divestment, as well as a reinsurance transaction on part of Transamerica’s Secondary Guarantee Universal Life (SGUL) block to reduce mortality and policyholder behavior risk.

Aegon’s strategy is expected to result in an increase in the group’s operating result run-rate of around 5% per annum from the 2025 EUR 1.5—1.7 billion run-rate, an increase of OCG after holding funding and operating expenses of between 0% and 5% per annum from a run-rate of EUR 0.9 billion (corresponding to an OCG of around EUR 1.2 billion before holding funding and operating expenses), and an increase in free cash flow of around 5% per annum from around EUR 0.8 billion, between 2025 and 2027. We aim to increase the dividend per share, which benefits from the reduction in share count from the announced share buyback programs, by more than 5% per annum.

 

2

				February 19, 2026 2H25 results press release

 

Business update Americas

During the second half of 2025, Transamerica continued to make progress in growing its business by focusing on “Main Street” America, targeting the middle and mass affluent markets through agency distribution and the workplace. New Individual Life sales increased by 49% in the second half of 2025 compared with the second half of 2024, driven by growth in the instant decision market and higher sales in the agency channels. WFG, Transamerica’s affiliated distribution network of independent agents, continued to grow its number of licensed agents and increased both its new life and annuity sales. Retirement Plans experienced net outflows, while gross deposits increased by 16% in the second half of 2025, benefiting from strong written sales in previous periods.

Strategic Assets business update: Distribution

 

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

 

USD in millions		Notes				2H 2025				2H 2024				%
Number of licensed agents							95,740				86,142				11
Number of multi-ticket agents							36,871				36,239				2
WFG’s total new life sales			1,2				360				311				16
Transamerica’s market share in WFG (US Life)							67	%			62	%			8
WFG’s total sales of annuities gross deposits			1,3				2,311				1,949				19

The number of licensed agents at WFG increased to 95,740, reflecting continued successful recruitment of new agents, as well as improved agent retention. Recent initiatives to improve agent productivity led to a higher average number of new policies per producing agent, a higher average premium sold per producing agent, and an increase in the number of producing agents, including multi-ticket agents. Across the US and Canada, these efforts resulted in a 16% increase in new life sales and a 19% increase in the sales of annuities for the second half of 2025 compared with the same period last year. Transamerica’s market share of WFG US Life sales increased to 67% in the reporting period.

Strategic Assets business update: Savings & Investments

 

Aegon Americas			unaudited
Business update Savings & Investments

 

USD in millions		Notes				2H 2025				2H 2024				%
Gross deposits Retirement Plans							15,952				13,701				16
Net deposits Retirement Plans							(3,228	)			(15,927	)			80
of which: net deposits mid-sized Retirement Plans							(638	)			(609	)			(5	)
AuA Retirement Plans							253,769				223,835				13
of which: AuA mid-sized Retirement Plans							63,005				53,848				17
Individual Retirement Accounts AuA							15,130				12,723				19
General Account Stable Value AuM							14,819				13,036				14

 

3

				February 19, 2026 2H25 results press release

 

Overall Retirement Plans gross deposits increased by 16% during the second half of 2025 compared with the prior year period, driven by higher takeover deposits in both the large and mid-sized markets, supported by strong written sales in previous periods. Written sales remain solid, especially within pooled plans, and are expected to support gross deposits in the coming quarters. Total net outflows amounted to USD 3.2 billion, an improvement compared with the prior year period when two large, low-margin recordkeeping contracts were discontinued.

Favorable market movements drove a 13% increase in the total account balances in Retirement Plans compared with the end of 2024. Account balances for the mid-sized plans segment increased by 17% over the same period due to favorable markets, as well as overall net inflows during 2025. Our strategic focus on ancillary products such as the General Account Stable Value product and Individual Retirement Accounts led to a 14% and 19% increase, respectively, in asset balances during the reporting period compared with the end of 2024.

Strategic Assets business update: Protection Solutions

 

Aegon Americas			unaudited
Business update Protection Solutions

 

USD in millions		Notes				2H 2025				2H 2024				%
Traditional Life							121				62				93
Indexed Universal Life							221				166				33
New life sales Individual Life			2				341				229				49
New life sales Workplace Life			2				28				27				1
New premium production Workplace Health							44				48				(9	)
Net deposits Indexed Annuities							1,139				968				18

 

In Individual Life, new life sales increased by 49% in the second half of 2025 compared with the second half of 2024. Our success in entering the instant decision market for Final Expense, leveraging a fully digital underwriting platform, contributed more than half of the increase. In addition, Indexed Universal Life sales by WFG increased due to an increased number of producing agents selling policies with higher average premiums. Transamerica’s own agency channel also contributed to the increase in sales with higher average premiums per policy.

New life sales in Workplace Life remained at the same level as in the prior year reporting period, while new premium production in Workplace Health decreased by USD 4 million, mostly due to lower sales in Supplemental Health products.

Net deposits for Indexed Annuities products were driven by a further improvement in wholesale distribution productivity for Registered Index Linked Annuities (RILA) products, with net deposits increasing 18% in the second half of 2025 compared with the prior year period.

 

4

				February 19, 2026 2H25 results press release

 

Update on Financial Assets

 

Aegon Americas			unaudited
Business update Financial Assets

 

USD in millions		Notes				2H 2025				2H 2024				%
Capital employed in Financial Assets (at operating level)							2,670				3,383				(21	)
Net deposits Variable Annuities			4				(3,342	)			(3,074	)			(9	)
Net deposits Fixed Annuities (excluding SPGAs)			4				(422	)			(512	)			18
Variable Annuities dynamic hedge effectiveness ratio (%)			5				98	%			99	%			(1	)
Net face amount Universal Life							33,832				47,094				(28	)
LTC actual to expected claim ratio (%) (IFRS based)							98	%			101	%			(3	)
NPV of LTC rate increases approved since end 2022							871				571				53

At year-end 2025, Financial Assets had USD 2.7 billion of capital employed, ahead of the USD 2.9 billion target set at Aegon’s CMD in 2023. This represents a decrease of USD 0.6 billion compared with USD 3.3 billion of capital employed at the end of the first half of 2025. Around half of this decrease was driven by the reinsurance of a block of Secondary Guarantee Universal Life (SGUL) contracts, which was announced on December 10, 2025. The transaction covered 30% of the face value of Transamerica’s SGUL business, bringing the total value addressed to 80% of the total SGUL portfolio in combination with previously executed management actions. The remaining part of the decrease in capital employed resulted mainly from favorable markets, the run-off of the Financial Assets book, and an expansion of the dynamic hedge program for Variable Annuities.

The reinsurance transaction resulted in a significantly lower net face value of the legacy Universal Life portfolio. In addition, the run-off of the book and Transamerica’s program to purchase institutionally owned policies reduced the net face value further compared with the end of last year. Transamerica expects to terminate most purchased institutionally owned policies over the next two to three years, although there were no terminations in the second half of 2025.

During the reporting period, the variable annuity hedge program continued its strong track record of mitigating the financial market risks embedded in the guarantees. Net outflows in Variable Annuities were slightly higher than in the same prior year period but remained in line with expectations, reflecting limited new business and the run-off of the book. Fixed Annuities net outflows were seasonally elevated but 18% lower compared with the second half of 2024.

The total value of premium rate increases approved by state regulators for Long-Term Care increased to USD 871 million. Transamerica will continue to pursue further actuarially justified premium rate increases. Claims experience in Long-Term Care continues to track in line with assumptions.

 

5

				February 19, 2026 2H25 results press release

 

Business update United Kingdom

 

United Kingdom			unaudited
Business update

 

GBP in millions		Notes				2H 2025				2H 2024				%
Adviser Platform							(1,970	)			(1,768	)			(11	)
Workplace Platform							273				1,980				(86	)
Total Platform							(1,697	)			211				n.m.
Institutional							1,783				(1,360	)			n.m.
Traditional products							(1,334	)			(992	)			(34	)
Net deposits							(1,248	)			(2,141	)			42
Adviser Platform							54,630				51,603				6
Workplace Platform							73,708				63,210				17
Total Platform							128,337				114,812				12
Institutional							86,191				74,779				15
Traditional products							31,666				30,687				3
Assets under Administration							246,195				220,279				12

Strategic developments

At its 2025 CMD, Aegon announced the start of a strategic review of Aegon UK to assess the best way to accelerate and maximize its value for all stakeholders. The review is currently ongoing, and all options are being evaluated, including a potential divestment.

Business update

Net deposits in the Workplace platform were driven by regular contributions from existing schemes and the onboarding of new schemes and new members, partially offset by the departure of a few large, low-margin schemes. For the Adviser platform, net outflows reflected ongoing consolidation and vertical integration in the non-target adviser segments, as well as tax-related speculations prior to the publication of the UK Government’s Autumn Budget. 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 500 target adviser firms.

Total Platform Assets under Administration (AuA), which consists of the Workplace and the Adviser Platforms, increased by 12% compared with December 31, 2024. During the same period, overall AuA, which also includes Traditional products and the Institutional business, increased by 12%. The increase in AuA was driven by market movements during the period.

 

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				February 19, 2026 2H25 results press release

 

Business update International

 

International			unaudited
Business update

 

EUR in millions		Notes				2H 2025				2H 2024				%
Spain & Portugal							19				18				2
China							16				26				(38	)
Brazil							76				68				11
TLB and others							14				13				4
New life sales			2, 6				124				126				(1	)
New premium production accident & health insurance			6				28				35				(20	)
New premium production property & casualty insurance			6				33				33				2

Strategic developments

In January 2026, Aegon’s newly established wholly owned subsidiary in China, Aegon Insurance Asset Management Company Limited (Aegon IAMC), received its business license, enabling the company to begin operations. Aegon IAMC will initially manage the General Account of Aegon’s Chinese life insurance joint venture, Aegon THTF, while also working to attract third-party funds over time.

Business update

International new sales continue to contribute to the ongoing growth of the book.

New life sales decreased by 1%, as growth in Brazil, Transamerica Life Bermuda (TLB), and Spain & Portugal was more than offset by a decrease in China. Brazil reported higher new life sales, mainly driven by credit life, which was partially offset by unfavorable currency movements. At TLB, higher new life sales were driven by indexed universal life products while new life sales in Spain & Portugal remained largely stable compared with the prior year period. In China, product pricing was revised to reflect new pricing regulations and the current economic environment.

New premium production for accident & health insurance decreased due to lower health sales in Spain compared with the prior year period, which had experienced elevated sales. New premium production for property & casualty insurance remained stable.

 

7

				February 19, 2026 2H25 results press release

 

Business update Asset Management

 

Asset Management			unaudited
Business update

 

EUR in millions		Notes				2H 2025				2H 2024				%
General Account							(2,335	)			1,300				n.m.
Affiliate							(614	)			(3,804	)			84
Third-party							(1,047	)			4,089				n.m.
Global Platforms							(3,996	)			1,585				n.m.
Strategic Partnerships							(265	)			1,851				n.m.
Net deposits			6				(4,260	)			3,436				n.m.
Annualized revenues gained / (lost) on net deposits - Global Platforms							(1.9	)			8.7				n.m.
General Account							65,115				71,216				(9	)
Affiliate							37,556				39,231				(4	)
Third-party							155,292				156,996				(1	)
Global Platforms							257,963				267,443				(4	)
Strategic Partnerships							67,327				64,196				5
Assets under Management			6				325,290				331,639				(2	)

Strategic developments

At Aegon’s 2025 CMD, Aegon Asset Management (Aegon AM) set out its ambitions to grow its higher revenue-margin third-party business. In line with this strategy, during the second half of 2025, Aegon AM expanded its CLO warehouse capacity in the US and Europe with a capital investment from the Group.

As also announced at the 2025 CMD, Transamerica AM (TAM) was transferred to Aegon AM on January 1, 2026. The impact of the transfer on segmental results will be communicated as part of Aegon’s first half 2026 results. The transfer has no impact on Aegon Group’s consolidated results.

Business update

During the second half of 2025, the General Account experienced net outflows driven by the reinsurance transaction on Transamerica’s SGUL block that was announced at the 2025 CMD. These outflows were partly offset by net deposits during the period.

Net outflows from Affiliate resulted mainly from the gradual run-off of the traditional insurance book in the United Kingdom.

Third-party net outflows in Global Platforms were driven by a large redemption in the US, and outflows from a.s.r., partly offset by net deposits in fixed income and alternative fixed income products in Europe.

Net outflows in Aegon AM’s Strategic Partnerships were driven by Aegon’s French asset management joint venture, LBP AM, which saw withdrawals of low-margin business from a former shareholder, partly offset by net deposits in structured investment products. Net deposits in Aegon Industrial Fund Management Company (AIFMC) were driven by net deposits in money market funds which exceeded the net outflows in mutual funds.

Assets under Management (AuM) decreased by EUR 6 billion compared with December 31, 2024, mainly driven by the impact of unfavorable exchange rate movements amounting to EUR 18 billion. This was partly offset by the impact of favorable markets over the period.

 

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				February 19, 2026 2H25 results press release

 

Capital highlights

Capital ratios

 

Aegon Ltd.			unaudited
Main capital ratios

 

in millions		Notes				2025 Dec. 31				2025 Jun. 30				%
Americas (USD)
Available capital							7,276				7,798				(7	)
Required capital							1,715				1,857				(8	)
US RBC ratio							424	%			420	%
Scottish Equitable plc (GBP)
Own funds							2,128				2,213				(4	)
SCR							1,163				1,194				(3	)
Solvency UK ratio							183	%			185	%
Aegon Ltd. (EUR)
Group eligible own funds							11,901				12,928				(8	)
Consolidated Group SCR							6,464				7,059				(8	)
Group solvency ratio			7,8				184	%			183	%

US RBC ratio

The estimated RBC ratio amounted to 424% on December 31, 2025, above the operating level of 400%. The increase compared with June 30, 2025, was driven by OCG from the operating entities applying the RBC framework, which benefited the ratio by 27%-points. This increase was partially offset by remittances to the Holding in the period, which reduced the RBC ratio by 18%-points. Furthermore, one-time items and management actions negatively impacted the RBC ratio by 3%-points. This included restructuring expenses and establishing reserves for settlements of previously disclosed legal cases. As announced at the 2025 CMD, the negative impact on the RBC ratio of the SGUL reinsurance transaction was offset by a capital investment into Transamerica from the Group. Finally, market movements had a 2%-points negative impact, largely driven by higher equity markets.

Solvency UK ratio

The estimated Solvency UK ratio for Scottish Equitable plc decreased to 183% as of December 31, 2025, and remained above the operating level of 150%. The decrease was mainly driven by remittances to the Holding and investments to strengthen the business, which were partly offset by the impact of OCG.

 

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				February 19, 2026 2H25 results press release

 

Group solvency ratio

The estimated group solvency ratio increased to 184% on December 31, 2025, compared with June 30, 2025. This was mainly a reflection of the total capital generation of EUR 406 million, the proposed 2025 final dividend, and the new EUR 227 million share buyback program. The total capital generation included market movements with a negative impact of EUR 209 million, mostly driven by China and the US. Furthermore, one-time items were favorable at EUR 46 million and notably included the impact of the SGUL reinsurance transaction, which was announced at the 2025 CMD. This was more than offset by the proceeds from the sale of 12.5 million shares in a.s.r. and the improved contribution from the a.s.r. stake.

As announced at the first quarter 2025 trading update, the Perpetual Cumulative Subordinated Bonds (PCSB) which were treated as Restricted Tier 1 debt until December 31, 2025, lost their eligibility on January 1, 2026. These bonds contributed 7%-points to the group solvency ratio on December 31, 2025.

Operating capital generation

 

Aegon Ltd.			unaudited
Capital generation

 

EUR in millions		Notes				2H 2025				2H 2024				%
Earnings on in-force							835				793				5
Release of required							290				252				15
New business strain							(414	)			(388	)			(7	)
Operating capital generation before holding funding and operating expenses			9				711				658				8
Americas							470				396				19
United Kingdom							93				113				(18	)
International							74				86				(14	)
Asset Management							74				62				19
Operating capital generation before holding funding and operating expenses							711				658				8
Holding funding and operating expenses							(142	)			(147	)			4
Operating capital generation after holding funding and operating expenses							569				510				12
One-time items							46				(67	)			n.m.
Market impacts							(209	)			147				n.m.
Capital generation							406				590				(31	)

In the second half of 2025, OCG before holding funding and operating expenses increased by 8% compared with the prior year period. Both periods were impacted by overall favorable items that increased OCG.

In the second half of 2025, in the US, these amounted to around EUR 73 million, mainly driven by favorable claims experience and higher release of required capital, which were partly offset by higher new business strain. In the UK, favorable underwriting experience variances totaled around EUR 7 million compared with significantly higher favorable items in the prior year period.

During the second half of 2025, International OCG (which takes into account the methodology change in China introduced in the first quarter of 2025) benefited from around EUR 30 million of favorable items, including health renewals in Spain and a reinsurance arrangement in China. At Aegon AM, favorable markets, a higher operating margin and EUR 9 million favorable items enabled OCG growth in the period.

 

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				February 19, 2026 2H25 results press release

 

OCG in the second half-year 2025 enabled Aegon to report a total OCG before holding funding and operating expenses of EUR 1.3 billion for full-year 2025, ahead of its EUR 1.2 billion target. After holding funding and operating expenses, OCG amounted to EUR 992 million for 2025.

Over the 2026-27 period, Aegon aims to grow its OCG after holding funding and operating expenses by 0-5% per year, from the EUR 0.9 billion OCG run-rate in 2025 (taking into account both the positive impact of the SGUL derisking transaction and related investment in Transamerica that was announced at Aegon’s 2025 CMD and an assumed EUR/USD exchange rate of 1.20).

Holding funding and operating expenses decreased compared with the second half of 2024, mainly driven by favorable expense variance in the current period.

Operating capital generation Americas

 

Americas			unaudited
Capital generation

 

USD in millions		Notes				2H 2025				2H 2024				%
Distribution							59				71				(17	)
Savings & Investments							158				137				15
Protection Solutions			10				405				466				(13	)
Financial Assets							93				(60	)			n.m.
Earnings on in-force (EoIF)							715				614				16
Release of required							258				219				18
New business strain							(429	)			(404	)			(6	)
Operating capital generation							545				429				27
One-time items							(802	)			(361	)			(122	)
Market impacts							(106	)			148				n.m.
Capital generation							(363	)			217				n.m.
Strategic Assets							365				302				21
Financial Assets							179				128				41
Operating capital generation							545				429				27
EoIF Retirement Plans (included in EoIF Savings & Investments)							118				87				35
EoIF Individual Life (included in EoIF Protection Solutions)							300				348				(14	)

In the Americas, OCG increased by 27% to USD 545 million from higher contributions from both, Strategic and Financial Assets. This was mainly driven by USD 61 million of favorable claims experience during the half year compared with USD 60 million of unfavorable experience in the prior year period. In Financial Assets, mortality claims experience in Universal Life was USD 32 million favorable mainly driven by policies without secondary guarantees, and morbidity claims experience in Long-Term Care had a USD 24 million favorable impact in the second half of 2025. In Strategic Assets, a favorable mortality claims experience of USD 8 million was partly offset by USD 3 million of unfavorable morbidity experience.

 

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				February 19, 2026 2H25 results press release

 

OCG benefited from a favorable release of required capital of USD 52 million from investment portfolio actions lowering the investment risk, increasing diversification, and a reduction in short-term financing. In the second half of the year, new business strain was on average USD 29 million above the guidance of USD 200 million per quarter for 2025 driven by growth in the Protection Solutions business segment. Adjusting for this, as well as for the claims experience, and the favorable release of required capital actions, the OCG fell within the guidance of USD 200 to 240 million per quarter for 2025.

In Protection Solutions, excluding the benefits from favorable claims experience, earnings on in-force decreased due to a favorable item in the prior year period and normal reserving and cash flow variances across this growing portfolio. Distribution reported a decrease in earnings on in-force, which was due to a lower operating margin. Savings & Investments reported higher earnings on in-force driven by increased fee revenues from higher account balances and more investment income in Retirement Plans, partly offset by lower contributions from the Stable Value Solutions line of business. In Financial Assets, earnings on in-force increased mainly from the more favorable claims experience, while the release of floored reserves in Variable Annuities also contributed positively.

Over the 2026-27 period, Transamerica aims to grow its OCG by 0-3% per year, from a USD 0.9 to 1.0 billion OCG run-rate in 2025, taking into account the positive impact of the SGUL reinsurance transaction and related investment in Transamerica as announced at our 2025 CMD.

Cash Capital at Holding and free cash flow

 

Aegon Ltd.			unaudited
Cash Capital at Holding

 

EUR in millions		Notes				2H 2025				2H 2024				%
Beginning of period							2,011				2,090				(4	%)
Americas							256				263				(3	%)
United Kingdom							77				59				31	%
International							105				91				15	%
Asset Management							12				29				(60	%)
a.s.r. dividends							79				73				7	%
a.s.r. share buybacks							—				30				n.m.
Cash flows from a.s.r.							79				103				(24	%)
Holding and other activities							3				—				n.m.
Gross remittances							531				546				(3	%)
Funding and operating expenses							(143	)			(160	)			11	%
Free cash flow							388				385				1	%
Capital injections							(751	)			(18	)			n.m.
Acquisitions and Divestitures							700				(15	)			n.m.
Capital flows from / (to) shareholders							(996	)			(728	)			(37	%)
Net change in gross financial leverage							—				—				—
Other							(41	)			10				n.m.
End of period							1,311				1,725				(24	%)

 

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				February 19, 2026 2H25 results press release

 

Aegon’s Cash Capital at Holding decreased during the second half of 2025, largely due to capital returns to shareholders in the form of dividend payments and share buybacks, as well as capital investments in Transamerica, related to the SGUL reinsurance transaction of around USD 0.8 billion, in Aegon AM’s CLO business, and in our International investment management businesses. This was partly offset by the proceeds from the sale of 12.5 million shares in a.s.r. and remittances from the units. Free cash flow benefited from a special remittance from the UK of GBP 15 million, or EUR 17 million, which was announced at our 2025 CMD, as well as higher remittances from International of EUR 15 million reflecting an advancement of 2026 remittances from Brazil. Other items combined had a negative impact, which mainly resulted from costs related to the relocation of Aegon’s head office and legal seat to the US and capital market transaction costs.

2025 final 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 CMD, Aegon set a target for a dividend of around EUR 0.40 per common share over 2025. The Board of Directors will, in the absence of unforeseen circumstances, propose a final dividend for 2025 of EUR 0.21 per common share at the Annual General Meeting of Shareholders to be held on June 10, 2026. If approved, and in combination with the interim dividend of EUR 0.19 per common share for the first half of 2025, Aegon’s total dividend over 2025 will amount to EUR 0.40 per common share. This represents an increase of EUR 0.05 or 14% compared with the total dividend per common share over 2024. With a dividend of EUR 0.40 per common share, Aegon has achieved its target level for the period ending in 2025. At the 2025 CMD, we set a new ambition for dividend growth in excess of 5% per annum for 2026 and 2027.

If the proposed dividend is approved by the shareholders, Aegon’s shares will be quoted ex-dividend on June 12, 2026. The record date for the dividend will be June 15, 2026, and the dividend will be payable as of July 6, 2026.

Share buyback programs

On December 16, 2025, Aegon announced the successful completion of its EUR 400 million share buyback program, which initially began as a EUR 200 million share buyback program and was expanded in August 2025 by an additional EUR 200 million.

In line with its previously announced intention, Aegon canceled 97 million common shares (consisting of both common shares and common shares B) in December 2025. Consequently, Aegon has a total of 1,909 million shares issued on the date of this press release consisting of 1,573 million common shares and 336 million common shares B.

At our 2025 CMD, we announced a new EUR 400 million share buyback program to be split evenly between the first and the second half of 2026, consistent with Aegon’s objective to reduce its Cash Capital at Holding to around EUR 1.0 billion by the end of 2026. On January 12, 2026, Aegon announced the beginning of a EUR 227 million share buyback, which reflects both the first half of the EUR 400 million share buyback program and EUR 27 million to meet Aegon’s obligations related to share-based compensation plans for senior management. Barring unforeseen circumstances, this EUR 227 million share buyback is expected to be completed on or before June 30, 2026.

 

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				February 19, 2026 2H25 results press release

 

Financial highlights

 

Aegon Ltd.			unaudited
Financial highlights

 

EUR in millions		Notes				2H 2025				2H 2024				%
Operating result			11				858				776				11
Net result			11				375				741				(49	)

 

EUR in millions		Notes				2025 Dec. 31				2025 Jun. 30				%
Shareholders’ equity							7,432				7,300				2
Contractual Service Margin (CSM) (pro-forma after tax)			14				6,277				6,026				4
Valuation equity			15				13,709				13,326				3
Gross financial leverage							4,850				4,876				(1	)

Aegon’s net result decreased to EUR 375 million in the second half of 2025, driven by unfavorable non-operating items and other charges, which were partly offset by a higher operating result compared with the prior year period.

Aegon’s valuation equity increased to EUR 13.7 billion per December 31, 2025, driven by an increase in CSM, which benefited from new business and favorable market impacts, and an increase in shareholders’ equity. On a per share basis, valuation equity increased by 7% to EUR 9.06.

Operating results

 

Aegon Ltd.			unaudited
Operating result

 

EUR in millions		Notes				2H 2025				2H 2024				%
Distribution							69				89				(22	)
Savings & Investments							139				121				15
Protection Solutions							318				308				3
Financial Assets							56				35				60
Americas							582				553				5
United Kingdom							115				104				10
Spain & Portugal							54				47				16
China (ATHTF)							28				11				155
Brazil							34				26				33
TLB							19				14				32
Other							(10	)			(5	)			(108	)
International							125				93				34
Global Platforms							42				17				144
Strategic Partnerships							71				77				(8	)
Asset Management							113				94				19
Holding and other activities							(77	)			(68	)			(13	)
Operating result			11				858				776				11

Aegon’s operating result increased 11% to EUR 858 million, reflecting business growth across all units, favorable market impacts and operational variances benefiting the UK and Aegon AM, and improved experience variances in the Americas and International businesses. 

 

14

				February 19, 2026 2H25 results press release

 

Over the 2026-2027 period, Aegon aims to grow its operating result by around 5% per year, from the EUR 1.5 - 1.7 billion operating result run-rate in 2025 (taking into account an assumed EUR/USD exchange rate of 1.20).

Americas

The operating result for the Americas increased by 5% to EUR 582 million in the second half of 2025.

In local currency, it increased by 14% to USD 682 million, slightly below the 2025 run-rate for a half-year. Compared with the second half of 2024, the increase in the operating result was largely driven by business growth in Strategic Assets and an improvement of experience variances in Financial Assets.

The operating result of the Protection Solutions business segment increased by 12%, mainly from portfolio growth resulting in a higher release of CSM. The net overall experience variances on claims, expenses, and other items were USD 19 million unfavorable, excluding the unfavorable impact from onerous new business of USD 18 million. A favorable net claims experience, including the corresponding reinstatement of reserves for onerous contracts, was more than offset by unfavorable lapse experience in Traditional Life and other movements in onerous contracts.

In the Savings & Investments business segment, the operating result increased by 23%, benefiting from higher revenues in Retirement Plans. Growth in IRA and General Account Stable Value assets, as well as favorable markets, led to higher assets under administration, while margins on the Stable Value assets expanded. This was partly offset by USD 8 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 Distribution business segment decreased by 16%, largely driven by higher commissions as well as expenses reflecting investments in the WFG franchise. These were only partly offset by 18% higher revenues due to stronger life and annuity sales at WFG.

The operating result of the Financial Assets segment increased to USD 67 million, mostly due to an improvement of experience variances compared with the prior year period and an improved Other insurance result. This was partly offset by a lower CSM release from the run-off of the portfolio. Excluding interest accretion of USD 28 million for onerous Variable Annuities contracts and onerous new business, experience variances were unfavorable at USD 97 million. Around half of this was driven by higher-than-expected expenses mainly in Universal Life and Variable Annuities, while the remainder largely resulted from unfavorable reserve changes due to lower-than-expected premiums in the Universal Life book. Favorable claims experience variance was offset by the reinstatement of reserves for the corresponding onerous contracts.

As Transamerica continues to grow the business, it aims to grow the operating result by about 5% per year over the 2026-2027 period from a USD 1.4 - 1.6 billion operating result run-rate in 2025.

United Kingdom

The operating result from the UK for the second half of 2025 was EUR 115 million, or GBP 100 million, compared with GBP 87 million in the prior year period. The operating result benefited from business growth and favorable markets which led to both a higher CSM release and increased non-insurance revenues. These were partly offset by reduced interest income on own cash and higher hedging costs.

 

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				February 19, 2026 2H25 results press release

 

International

The operating result for the International segment increased by 34% to EUR 125 million in the second half of 2025. In Spain & Portugal, the operating result benefited from business growth and improved claims and retention experience, partly offset by higher expenses. The operating result in China increased, driven by a true-up related to the local implementation of IFRS 17, while in Brazil the operating result benefited from business growth and higher investment income. The increase in operating result from TLB was mainly driven by a higher CSM release, partially offset by a lower net investment result from a lower asset balance because of remittances following the reinsurance transaction between TLB and Transamerica.

Asset Management

The operating result from Aegon AM amounted to EUR 113 million in the second half of 2025, an increase of 19% driven by strong performance of Global Platforms, partly offset by a lower operating result in Strategic Partnerships. In Global Platforms, the increase in operating result was mainly driven by higher revenues from favorable markets and lower expenses from ongoing expense management. In Strategic Partnerships, the operating result decreased, driven by a lower result from AIFMC, which had benefited from favorable items in the prior year period, which was partly offset by an increase in operating result from LBP AM, which was driven by business growth and favorable markets.

Holding

The operating result for the Holding was a loss of EUR 77 million. The result from the Holding deteriorated compared with the prior year period driven by lower returns on Cash Capital at Holding due to lower short-term yields and a lower cash balance, which was partly offset by lower funding costs from favorable currency movements. In addition, the result in the prior year period reflected a higher benefit from an internal reinsurance transaction between TLB and Transamerica.

Non-operating items and net result

 

Aegon Ltd.			unaudited
Non-operating items and net result

 

EUR in millions		Notes				2H 2025				2H 2024				%
Operating result			11				858				776				11
Fair value items							(75	)			64				n.m.
Realized gains / (losses) on investments							(193	)			9				n.m.
Net impairments							(58	)			(163	)			64
Non-operating items							(326	)			(91	)			n.m.
Other income / (charges)			12				(110	)			159				n.m.
Result before tax							421				843				(50	)
Income tax							(47	)			(103	)			54
Net result			11				375				741				(49	)
Interest on financial leverage classified as equity after tax							(33	)			(38	)			12
Net result after interest on financial leverage classified as equity after tax							341				703				(51	)
Average common shareholders’ equity							7,275				6,862				6
Return on Equity			13				17.5	%			16.4	%

 

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				February 19, 2026 2H25 results press release

 

The loss from non-operating items amounted to EUR 326 million in the second half of 2025, mainly driven by realized losses in the Americas.

Fair value items

Fair value items constituted a loss of EUR 75 million, mainly driven by the UK and the Americas. In the UK, fair value losses reflected the negative revaluations of hedges used to protect the solvency position. The fair value loss in the Americas resulted from the underperformance of multi-family real estate assets and energy-related land holdings with economic exposure to lower oil and gas prices, which was offset by gains from the dynamic hedging of Variable Annuities.

Realized losses on investments

Realized losses on investments amounted to EUR 193 million and were driven by the Americas, where losses were realized on assets related to the SGUL reinsurance transaction, as well as from normal trading activity to manage the investment profile of the General Account. This was partially offset by gains from expected credit loss (ECL) reversals on disposed bonds.

Net impairments

Net impairments amounted to EUR 58 million and were mainly driven by the Americas. There, the ECL reserve increased due to a small number of downgrades and defaults of bond investments, as well as from the purchase of new assets.

Other charges

Other charges in the second half of 2025 amounted to EUR 110 million and were mostly recorded in the Americas and the UK, and were partially offset by the positive result from the stake in a.s.r. of EUR 129 million.

Investments and restructuring charges related to the transformation of our businesses and the relocation of our head office and legal seat to the US, including US GAAP implementation expenses, were mainly recorded in the Holding, Americas and the UK, as planned. Various other items, including establishing reserves for settlements of previously disclosed legal cases in the Americas and the impact of the expense assumptions update, were partially offset by the favorable impact from the sale of 12.5 million shares of a.s.r. in September 2025.

Net result

The result before tax amounted to EUR 421 million, as the positive impact from the operating result was partly offset by non-operating items and Other charges. The income tax for the period amounted to EUR 47 million and includes recurring beneficial impacts, such as dividend received deduction and tax credits in the US. The net result, therefore, was EUR 375 million.

 

17

				February 19, 2026 2H25 results press release

 

Balance sheet items

 

Aegon Ltd.

unaudited

Balance sheet items

 

EUR in millions		Notes				2025 Dec. 31				2025 Jun. 30				%
Shareholders’ equity							7,432				7,300				2
Shareholders’ equity per share (in EUR)							4.91				4.64				6
Americas							6,359				5,991				6
United Kingdom							1,555				1,601				(3	)
International							262				269				(2	)
Eliminations							(111	)			(114	)			2
Contractual Service Margin			14				8,066				7,748				4
Pro-forma tax							(1,789	)			(1,722	)			(4	)
CSM after tax							6,277				6,026				4
CSM after tax per share (in EUR)							4.15				3.83				8
Valuation equity			15				13,709				13,326				3
Valuation equity per share (in EUR)							9.06				8.47				7
Gross financial leverage							4,850				4,876				(1	)
Gross financial leverage ratio (%)							25.9	%			26.5	%

Shareholder’s equity

As of December 31, 2025, shareholders’ equity amounted to EUR 7.4 billion, a slight increase compared with June 30, 2025. The positive net result and the impact of revaluations were partly offset by capital distributions to shareholders.

On a per share basis, shareholders’ equity increased by 6% to EUR 4.91.

Valuation equity

Valuation equity increased by 3% in the reporting period to EUR 13.7 billion. The increase was driven by an increase of CSM after tax, which benefited from new business and favorable market impacts, and an increase in shareholders’ equity. As announced at our 2025 CMD, the SGUL reinsurance transaction had a limited impact on valuation equity.

On a per share basis, valuation equity increased by 7% to EUR 9.06.

Gross financial leverage

Gross financial leverage remained stable at EUR 4.9 billion in the second half of 2025.

 

18

				February 19, 2026 2H25 results press release

 

Contractual Service Margin (CSM)

 

Aegon Ltd.   Contractual Service Margin (CSM)

unaudited

 

EUR in millions		Notes				2H 2025				2H 2024				%
CSM balance at beginning of period							7,786				8,748				(11	)
New business							341				293				16
CSM release							(481	)			(498	)			4
Accretion of interest							113				119				(5	)
Claims and policyholder experience variance							53				(163	)			n.m.
Non-financial assumption changes							16				(32	)			n.m.
Non-disaggregated risk adjustment							(4	)			54				n.m.
Market impact on unhedged risk of VFA products							436				184				137
Net exchange differences							(31	)			287				n.m.
Transfer to disposal groups							—				—				n.m.
Other movements							(128	)			1				n.m.
CSM balance at end of period							8,102				8,990				(10	)

During the reporting period, the CSM balance increased to EUR 8.1 billion, mainly driven by new business growth in the US and favorable markets in both the US and the UK.

New business contributed EUR 341 million to the CSM and together with interest accretion of EUR 113 million largely offset the CSM release of EUR 481 million.

Claims and policyholder experience variance increased the CSM, mainly driven by US Strategic Assets, partly offset by adverse experience in US Financial Assets. Non-financial assumption changes increased CSM driven by favorable model and expense assumption updates in the US Strategic Assets, partly offset by unfavorable persistency and expense assumption updates in the UK. 

Contractual Service Margin (CSM) – Americas

 

Aegon Americas   Contractual Service Margin (CSM)

unaudited

 

USD in millions		Notes				2H 2025												2H 2024
						Strategic Assets				Financial Assets				Total				Total
CSM balance at beginning of period							3,606				3,445				7,051				7,251
New business							353				28				381				290
CSM release							(189	)			(228	)			(417	)			(409	)
Accretion of interest							60				66				126				121
Claims and policyholder experience variance							147				(65	)			81				(40	)
Non-financial assumption changes							255				(25	)			230				(29	)
Non-disaggregated risk adjustment							(7	)			11				4				41
Market impact on unhedged risk of VFA products							49				100				149				56
Other movements							—				(145	)			(145	)			1
CSM balance at end of period							4,274				3,187				7,461				7,282

 

19