Aegon Ltd. SEC Filings

Aegon Ltd (AEG) used its 2025 Capital Markets Day to outline a major strategic shift toward the United States. The group plans to move its head office and legal domicile to the US and rename itself Transamerica Inc. after completing re-domiciliation, which it aims to finish by January 1, 2028. The move is expected to incur one-time implementation costs of around EUR 350 million between the second half of 2025 and the first half of 2028.

Aegon executed a reinsurance deal on part of its Secondary Guarantee Universal Life block with a net face value of USD 10 billion, cutting capital employed by USD 0.3 billion and pairing it with a USD 800 million investment into Transamerica that enables about USD 75 million of additional annual operating capital generation and remittances. The company announced a new EUR 400 million share buyback for 2026 and targets dividend per share growth of more than 5% per year from around EUR 0.40 for 2025.

Between 2025 and 2027, Aegon aims to grow its operating result by about 5% annually from a EUR 1.5–1.7 billion run-rate, free cash flow by around 5% annually from about EUR 0.8 billion per year, and increase Aegon Asset Management’s operating result to more than EUR 200 million. It also plans a strategic review of Aegon UK, including a possible divestment, while continuing to invest in international growth markets.

Aegon Ltd. posted a solid third‑quarter 2025 trading update. Operating capital generation (OCG) after holding funding and expenses was EUR 274 million, up 4% year over year, with OCG before holding items at EUR 340 million (up 1%). The company reiterated it remains on track for its EUR 1.2 billion full‑year OCG target.

In the Americas, Transamerica delivered OCG of USD 257 million (up 12%). New Individual Life sales rose 39%, supported by a fully digital underwriting platform and stronger agent productivity. WFG licensed agents grew 12% to 92,519, with new life sales up 15%. Retirement Plans gross deposits increased 11% to USD 7,463 million, while net outflows improved to USD 1.6 billion and AuA climbed 10% to USD 250,670 million. Financial Assets capital employed was USD 3.0 billion, and approved Long‑Term Care rate increases reached USD 822 million NPV.

In the UK, net outflows reflected the exit of two low‑margin schemes, but Total Platform AuA rose 10% year over year. Capital strength remained robust: the US RBC ratio was 425% and the UK Solvency UK ratio was 188%. Aegon increased its share buyback to EUR 400 million (54% completed by September 30) and plans a Capital Markets Day on December 10.

Aegon Ltd (AEG): Schedule 13G/A filed by Norges Bank. Norges Bank reported beneficial ownership of 76,125,086 shares of Aegon Ltd common stock, representing 4.6% of the class as of the event date. The filing is on a passive Schedule 13G basis.

Norges Bank reports sole voting power over 75,971,001 shares and shared voting power of 0. It has sole dispositive power over 75,816,916 shares and shared dispositive power over 154,085 shares. The shares are invested on behalf of the Government of Norway. The certification states the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.

Aegon Ltd. announced Board leadership changes. David Herzog, appointed to the Board at the 2025 AGM, will succeed William Connelly as Chairman of the Board of Directors effective November 13, 2025. In line with prior guidance, Mr. Connelly will retire as Chairman and as a Board member on the same date.

Aegon will also propose Leni Boeren for appointment to the Board at the 2026 AGM. Boeren brings executive and non-executive experience across asset management, banking, exchanges, and fintech, including prior CEO roles at Kempen Capital Management and Robeco, and current non-executive roles at Mollie, NIBC Bank, Ohpen, and Air France-KLM.

Company statements emphasize continuity of strategy and leadership, with Herzog highlighting ongoing collaboration with CEO Lard Friese and acknowledging Connelly’s tenure.

Aegon Limited is presented as an exempted company limited by shares, with its statutory seat in Bermuda and its principal place of business in the Netherlands at World Trade Center Schiphol, Schiphol Boulevard 223. The filing lists a Bermuda Registrar number 202302830 and a Dutch Chamber of Commerce number 27076669. The document indicates Aegon Limited is a non-resident company under the Dutch Non Residential Companies Act. A dated registrant signature appears as J.O. van Klinken with a registrant date of September 2, 2025. The filing also states that ESG-related goals or public expectations may negatively affect Aegon’s reputation or that of its board or management.

Aegon Limited submitted a Form 6-K containing corporate identification and jurisdictional details and a brief note referencing potential ESG-related goals or public expectations that may negatively affect the company’s or its directors’ reputations. The filing identifies Aegon Limited as an exempted Bermuda company with a principal place of business in the Netherlands and includes registrar and chamber of commerce numbers, office locations, and a signature from J.O. van Klinken. The disclosure is administrative in nature with a single reputational risk statement related to ESG expectations.

Aegon Ltd. reported a strong first half of 2025 with a net profit of EUR 606 million, reversing a EUR 65 million loss a year earlier. Operating result rose to EUR 845 million (+19% year-on-year), reflecting business growth and improved US experience variance. Free cash flow increased to EUR 442 million (+18%). The company raised its ongoing share buyback by EUR 200 million to EUR 400 million for 2H 2025 and declared an interim dividend of EUR 0.19 per common share (up EUR 0.03). Valuation equity per share was EUR 8.47, down 5% in the period as net profit was offset by unfavorable currency movements and capital returns. Capital ratios for main units remain above operating levels and Cash Capital at Holding is EUR 2.0 billion. A review was announced on relocating the legal domicile and head office to the United States.

Aegon provided an unaudited first-half 2025 business update across its segments showing mixed operational performance and capital movements. Distribution reported 90,315 versus 78,978 (up 14% year-over-year) and notes growth tied to the World Financial Group franchise. Savings & Investments assets rose to 18,643 from 16,524 (up 13%), with the company citing favorable market movements, net inflows and strategic growth in its General Account Stable Value product and Individual Retirement Accounts. Protection Solutions and other segments showed both increases and declines in discrete line items, including a 97% increase in one reported Protection metric (993 v 505).

Management reported run-off in Financial Assets that reduced capital employed and altered sensitivities, an unfavorable mortality claims experience of USD 86 million, and recurring operating capital generation (OCG) remaining in the stated guidance range of USD 200–240 million per quarter. Cash Capital at Holding declined (example: 1,725 v 2,387, down 28%), and an ex-dividend date of September 3, 2025 (record September 4, payable September 25) was disclosed.

Dodge & Cox reports beneficial ownership of 154,880,578 shares of Aegon Ltd, equal to 9.4% of the class. The position is split between 66,143,488 Common Shares and 88,737,090 New York Registry Shares. Dodge & Cox discloses sole voting power over 148,783,919 shares and sole dispositive power over all 154,880,578 shares.

The filing identifies Dodge & Cox as an investment adviser holding these shares on behalf of clients, who have rights to dividends and sale proceeds. The disclosure signals a substantial institutional stake rather than an expressed effort to change control, and represents meaningful ownership that could affect liquidity and perceptions of Aegon’s shareholder base.