Aegon (NYSE: AEG) plans US relocation and deeper Transamerica focus
Rhea-AI Filing Summary
Aegon Ltd. reports a stronger 2025 and sets out a clearer, US‑centered strategy. Operating result rose 15% year-on-year to EUR 1.7 billion, supported by growth across units and better experience variances. Operating capital generation before holding and funding expenses reached EUR 1.3 billion, while free cash flow was EUR 829 million and Cash Capital at Holding stood at EUR 1.3 billion.
The group sharpened its focus on Transamerica, which now represents about 70% of operations, and aims to become a leading US life insurance and retirement group. It plans to relocate its head office and legal seat to the US, ultimately rename the holding company Transamerica Inc., and transition reporting from IFRS to US GAAP for full‑year 2027, targeting domestic issuer status in the US by January 1, 2028. Aegon reduced its strategic shareholding in a Dutch insurance company to roughly 24%, raising gross proceeds of EUR 700 million, and continues to emphasize financial empowerment, sustainability, and responsible investing across its international insurance and asset management businesses.
Positive
- Stronger earnings and cash generation: 2025 operating result increased 15% to EUR 1.7 billion, with operating capital generation of EUR 1.3 billion, free cash flow of EUR 829 million, and Cash Capital at Holding of EUR 1.3 billion, supporting continued capital returns and strategic flexibility.
- Strategic clarity with US focus: Clear ambition to become a leading US life insurance and retirement group centered on Transamerica, including relocating the head office and legal seat to the US and planning a transition to US GAAP reporting by full-year 2027.
Negative
- Execution risk in major restructuring: The relocation of the head office and legal seat to the US and the shift from IFRS to US GAAP by full-year 2027 introduce operational, regulatory, and reporting complexity that must be managed carefully over several years.
Insights
Aegon leans into a US-focused model while delivering solid 2025 cash generation.
Aegon is reshaping itself around Transamerica, which accounts for roughly 70% of operations, and intends to become a leading US life and retirement group. Relocating the head office and legal seat to the US and rebranding the holding as Transamerica Inc. align governance and branding with where most value is created.
Financially, 2025 shows healthy cash generation: operating capital generation before holding and funding expenses reached EUR 1.3 billion, operating result increased 15% to EUR 1.7 billion, free cash flow was EUR 829 million, and Cash Capital at Holding was EUR 1.3 billion. These figures underpin ongoing capital returns while funding transformation.
Strategically, selling part of the Dutch insurance stake for gross proceeds of EUR 700 million and cutting it to about 24% simplifies the portfolio and reinforces the US pivot. Execution risk remains around the complex move to US GAAP by full‑year 2027 and the planned domestic issuer status by January 1, 2028, but the company highlights strong employee engagement and established distribution—such as World Financial Group’s 95,000+ agents—as support for the next phase.
Table of Contents
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
5.500% Fixed-to-Floating Subordinated Notes due 2048 |
AG48 |
New York Stock Exchange | ||
5.100% Subordinated Notes due 2049 issued by Aegon Funding Company LLC |
AEFC |
New York Stock Exchange | ||
Table of Contents
aegon Annual Report on Form 20-F 2025
Table of Contents
Cross reference to Form 20-F requirements
| Item Form 20-F requirement Section in this Annual Report on Form 20-F | Page | |||||
| 1 | Identity of Directors, Senior Management and Advisers |
Not applicable |
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| 2 | Offer Statistics and Expected Timetable |
Not applicable |
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| 3 | Key Information |
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| A. [Reserved] |
Not applicable |
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| B. Capitalization and indebtedness |
Not applicable |
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| C. Reasons for the offer and use of proceeds |
Not applicable |
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| D. Risk factors |
Risk factors Aegon Ltd. |
276 | ||||
| 4 | Information on the Company |
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| A. History and development of the Company |
Contact |
6 | ||||
| Welcome |
7 | |||||
| Who we are |
10 | |||||
| Milestones |
12 | |||||
| Our strategy |
19 | |||||
| Report of the Board of Directors |
64 | |||||
| Regulation and supervision |
95 | |||||
| Notes to the CFS: 1 General information |
110 | |||||
| Notes to the CFS: 42 Companies and businesses acquired and divested |
232 | |||||
| B. Business overview |
Our purpose |
9 | ||||
| Who we are |
10 | |||||
| Our performance |
37 | |||||
| Regulation and supervision |
95 | |||||
| Notes to the CFS: 1 General information |
110 | |||||
| Notes to the CFS: 5 Segment information |
154 | |||||
| Risk factors Aegon Ltd. |
276 | |||||
| Business overviews |
260 | |||||
| Compliance with regulations |
296 | |||||
| C. Organizational structure |
Who we are |
10 | ||||
| Notes to the CFS: 43 Group companies |
233 | |||||
| Overview of Americas - Organizational structure |
260 | |||||
| Overview of United Kingdom - Organizational structure |
267 | |||||
| Overview of International - Organizational structure |
270 | |||||
| Overview of Aegon Asset Management - Organizational structure |
274 | |||||
| D. Property, plants and equipment |
Property, plants and equipment |
296 | ||||
| 4A | Unresolved Staff Comments |
Not applicable |
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| 5 | Operating and Financial Review and Prospects |
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| A. Operating results |
Our performance |
37 | ||||
| Notes to the CFS: 4.3.3 Currency exchange rate risk |
151 | |||||
| Notes to the CFS: 5 Segment information |
154 | |||||
| B. Liquidity and capital resources |
Capital and liquidity management |
89 | ||||
| Notes to the CFS: 4.4 Liquidity risk |
152 | |||||
| Notes to the CFS: 18 Cash and cash equivalents |
176 | |||||
| Notes to the CFS: 20 Derivatives |
178 | |||||
| Notes to the CFS: 27 Subordinated borrowings |
194 | |||||
| Notes to the CFS: 28 Trust pass-through securities |
194 | |||||
| Notes to the CFS: 31 Borrowings |
208 | |||||
| Notes to the CFS: 35 Other liabilities |
216 | |||||
| Notes to the CFS: 37 Capital management and solvency |
216 | |||||
| Notes to the CFS: 39 Commitments and contingencies |
227 | |||||
| Group dividend policy |
297 | |||||
| C. Research and development, patent and licenses etc. |
Not applicable |
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| D. Trend information |
Our strategy |
19 | ||||
| Our performance |
37 | |||||
| E. Critical Accounting Estimates |
Notes to the CFS: 3 Critical accounting estimates and judgment in applying accounting policies |
131 | ||||
| Notes to the CFS: 4.2.6 Expected credit losses |
140 | |||||
| Notes to the CFS: 4.3 Market risk |
148 | |||||
| Notes to the CFS: 29.3 Critical judgments and estimates |
201 | |||||
| 6 | Directors, Senior Management and Employees |
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| A. Directors and senior management |
Composition of the Executive Committee and Board of Directors |
56 | ||||
| Report of the Board of Directors: Composition of the Board |
65 | |||||
| B. Compensation |
Remuneration Report |
70 | ||||
| Notes to the CFS: 13 Other operating expenses |
171 | |||||
| Notes to the CFS: 33 Defined benefit plans |
209 | |||||
| Notes to the CFS: 44 Related party transactions |
234 | |||||
| C. Board practices |
Corporate Governance |
50 | ||||
| Report of the Board of Directors |
64 | |||||
| Remuneration Report: Terms of Engagement |
76 | |||||
| D. Employees |
Employees and labor relations |
297 | ||||
| E. Share ownership |
Remuneration Report |
70 | ||||
| Notes to the CFS: 13 Other operating expenses |
171 | |||||
Table of Contents
| Notes to the CFS: 44 Related party transactions |
234 | |||||
| F. Disclosure of a registrant’s action to recover erroneously awarded compensation |
Not applicable |
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| 7 | Major Shareholders and Related Party Transactions |
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| A. Major shareholders |
Corporate Governance: Significant shareholdings |
52 | ||||
| Major shareholders |
256 | |||||
| B. Related party transactions |
Notes to the CFS: 44 Related party transactions |
234 | ||||
| C. Interest of experts and counsel |
Not applicable |
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| 8 | Financial Information |
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| A. Consolidated Statements and Other Financial Information |
Consolidated financial statements of Aegon Ltd. |
104 | ||||
| Notes to the consolidated financial statements |
110 | |||||
| Financial statements of Aegon Ltd. |
237 | |||||
| Notes to the financial statements of Aegon Ltd. |
239 | |||||
| Schedules |
246 | |||||
| Auditor’s report on the Annual Report on Form 20-F |
250 | |||||
| Group dividend policy |
297 | |||||
| B. Significant Changes |
Notes to the CFS: 45 Events after the reporting period |
236 | ||||
| 9 | The Offer and Listing |
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| A. Offer and listing details |
Notes to the CFS: 1 General information |
110 | ||||
| B. Plan of distribution |
Not applicable |
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| C. Markets |
Notes to the CFS: 1 General information |
110 | ||||
| D. Selling shareholders |
Not applicable |
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| E. Dilution |
Not applicable |
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| F. Expenses of the issue |
Not applicable |
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| 10 | Additional Information |
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| A. Share capital |
Not applicable |
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| B. Memorandum and articles of association |
Memorandum and Bye-Laws |
298 | ||||
| C. Material contracts |
Material contracts |
301 | ||||
| D. Exchange controls |
Exchange controls |
301 | ||||
| E. Taxation |
United States tax consequences to holders of shares |
301 | ||||
| F. Dividends and paying agents |
Not applicable |
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| G. Statement by experts |
Not applicable |
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| H. Documents on display |
Welcome |
7 | ||||
| I. Subsidiary Information |
Not applicable |
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| J. Annual report to security holders |
Not applicable |
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| 11 | Quantitative and Qualitative Disclosures About Market Risk |
Risk management |
82 | |||
| Notes to the CFS: 4 Financial risks |
133 | |||||
| Notes to the CFS: 29.4 Underwriting risk |
206 | |||||
| 12 | Description of Securities Other than Equity Securities |
Not applicable |
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| 13 | Defaults, Dividend Arrearages and Delinquencies |
Not applicable |
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| 14 | Material Modifications to the Rights of Security Holders and Use of Proceeds |
Not applicable |
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| 15 | Controls and Procedures |
Controls and procedures |
98 | |||
| 16A | Audit committee financial expert |
Report of the Board of Directors: The Audit committee |
67 | |||
| 16B | Code of Ethics |
Code of Conduct |
97 | |||
| 16C | Principal Accountant Fees and Services |
Principal accountant fees and services |
304 | |||
| 16D | Exemptions from the Listing Standards for Audit Committees |
Not applicable |
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| 16E | Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Purchases of equity securities by Aegon Ltd. |
305 | |||
| 16F | Change in Registrant’s Certifying Accountant |
Not applicable |
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| 16G | Corporate Governance |
Corporate Governance |
50 | |||
| Differences between Bermuda and US company laws |
300 | |||||
| Aegon website “New York Stock Exchange Listing Standards” |
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| 16H | Mine Safety Disclosure |
Not applicable |
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| 16I | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
Not applicable |
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| 16J | Insider Trading Policies |
Insider dealing policy |
307 | |||
| 16K | Cybersecurity |
Cybersecurity |
305 | |||
| 17 | Financial Statements |
Not applicable |
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| 18 | Financial Statements |
Consolidated financial statements of Aegon Ltd. |
104 | |||
| Notes to the consolidated financial statements |
110 | |||||
| Financial statements of Aegon Ltd. |
237 | |||||
| Notes to the financial statements of Aegon Ltd. |
239 | |||||
| Schedules |
246 | |||||
| Auditor’s report on the Annual Report on Form 20-F |
250 | |||||
| 19 | Exhibits |
Exhibits |
310 |
| * | Notes to the CFS - Notes to the consolidated financial statements |
Table of Contents
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About Aegon Governance and risk management Financial information | |
Contact
Head office
Aegon Ltd.
World Trade Center Schiphol
Schiphol Boulevard 223
1118 BH Schiphol
The Netherlands
www.aegon.com
Investor relations
E-mail: ir@aegon.com
Media relations
E-mail: gcc@aegon.com
Agent for service in the United States of America
Andrew S. Williams
E-mail: Andrew.S.Williams@transamerica.com
Colophon
Consultancy and design: DartDesign, Amsterdam (NL)
Editing and production: Aegon Corporate Communications (NL)
Typesetting: DartDesign, Amsterdam (NL)
6 | Annual Report on Form 20-F 2025
Table of Contents
| About Aegon | ||
Welcome
Welcome to Aegon Ltd.’s Annual Report on Form 20-F (Annual Report) 2025, which provides an overview of how we managed our business during the past year. The report outlines our strategy, and sustainability approach. We describe the material topics that were identified through our double materiality assessment (DMA) process, and explains how we address them through our purpose and strategy to steer our business and create long-term value for our stakeholders. The DMA uses standards that differ from, and are generally broader than, the definition of materiality for Aegon’s SEC reporting obligations. The report also contains Aegon Ltd.’s 2025 consolidated financial statements and 2025 standalone financial statements, which are prepared in accordance with the requirements of the International Financial Reporting Standards (IFRS), as issued by the IASB.
The report also conforms to Bermuda laws and regulations. On December 31, 2025, Aegon qualified as a non-resident company under the Dutch Act on Non-Resident Companies. Consequently, this report has been drawn up in line with the applicable requirements set out in Title 9 of Book 2 of the Dutch Civil Code. In line with these requirements, the Board Report consists of the chapters “About Aegon” and “Governance and risk management.”
Throughout this document, Aegon Ltd. is also referred to as either “Aegon,” “the Holding,” or “the company.” For the purposes of this report, “group companies” shall mean, with respect to Aegon Ltd., those entities consolidated in accordance with IFRS.
References to “NYSE” and “SEC” relate to the New York Stock Exchange and the U.S. Securities and Exchange Commission, respectively. This report uses “EUR” and “euro” when referring to the lawful currency of European Monetary Union member states; “USD” and “US dollar” when referring to the lawful currency of the United States; and “GBP,” “UK pound,” and “pound sterling” when referring to the lawful currency of the United Kingdom.
Aegon Ltd.’s SEC filings can be accessed on the SEC’s website at www.sec.gov. These filings and other documents and information about Aegon are also available on our website (www.aegon.com). We regularly share material financial information through our website, SEC filings, press releases, conference calls, webcasts, and social media. Information on these channels may be considered material; therefore, we encourage stakeholders to review them. The information on our website and social media channels is not incorporated by reference in this report.
If you have any comments or suggestions regarding this report, please contact our headquarters in Schiphol, the Netherlands. Contact details can be found at www.aegon.com.
Annual Report on Form 20-F 2025 | 7
Table of Contents
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Contents
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07 |
About Aegon | |||
| 15 | CEO interview | |||
| 19 | Our strategy | |||
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47 |
Governance and risk management | |||
| 48 | Boards and governance | |||
| 82 | Risk management | |||
| 95 | Regulation and compliance | |||
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101 |
Financial information | |||
| 104 | Consolidated financial statements of Aegon Ltd. | |||
| 260 | Business overviews | |||
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308 |
Disclaimer | |||
8 | Annual Report on Form 20-F 2025
Table of Contents
| About Aegon | ||
Our purpose
As many people live for longer, the idea of a fixed, three-stage life – education, work, and retirement – no longer applies. Today, people increasingly mix periods of study, work, and career breaks, with new beginnings blending into countless combinations. Longer lives are not just about adding years, but also gaining the freedom to explore more opportunities.
These changes bring both challenges and possibilities. Whereas earlier generations often expected to slow down in retirement, many people today look forward to their later years being some of the most rewarding. Realizing that potential, however, requires more than just optimism: financial empowerment is key.
For Aegon, financial empowerment is central. Without the ability to plan, insure, and invest with confidence, opportunities can remain out of reach. By offering solutions that support financial security and flexibility, we help people make choices that fit their circumstances, whether that means pursuing a new career path, supporting their family, or enjoying retirement on their own terms. Social empowerment strengthens this foundation, giving people the networks, connections, and the sense of belonging that will help them thrive as they live longer lives.
And while health and vitality are part of the picture, our greatest contribution as an insurance and financial services company is to strengthen the financial foundations that enable people to take control of their future and realize these possibilities.
Across our markets, people are seeking partners they can trust to help them navigate this new reality. At Aegon, we are committed to being that partner. Through our businesses, we support the shift from the traditional three-stage life to a multi-stage one, enabling people from all walks of life to shape their journeys with confidence.
That is why we are guided and united by a single, clear purpose: Helping people live their best lives.
Annual Report on Form 20-F 2025 | 9
Table of Contents
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About Aegon Governance and risk management Financial information | |
Who we are
Aegon is an international financial services group, with origins dating back to the first half of the 19th century, that helps millions of people plan, protect, and invest for their future. Through our businesses and partnerships, we offer life insurance, retirement, and asset management solutions that give people the confidence to live their best lives.
Headquartered in Schiphol, the Netherlands, and domiciled in Hamilton, Bermuda, Aegon operates businesses that reflect our purpose and our commitment to creating long- term value for our customers, shareholders, employees, and society.
Business overview
Aegon’s portfolio includes fully owned businesses in the Americas and the United Kingdom, a global asset manager, and a life insurer that serves affluent and high-net-worth individuals predominantly in Asia. Aegon also has insurance joint ventures in Spain & Portugal, China, and Brazil, and asset management partnerships in France and China, as well as a strategic shareholding in the Dutch insurance company a.s.r.
Aegon allocates capital toward profitable opportunities across these markets and leverages the talent, knowledge, processes, and technologies of its different businesses. Aegon derives its revenue and earnings from insurance premiums, investment returns, fees, and commissions. Aegon is growing its direct and affiliated distribution capabilities to engage directly with customers.
Customers 1
24.9 million
Weighted average carbon intensity 2 (tCO2e/EURm revenue)
219
Operating result 3,5
EUR 1,702 million
Cash Capital at Holding 1
EUR 1.3 billion
Annual employee engagement score 4
76%
Free cash flow 3
EUR 829 million
Revenue-generating investments 1
EUR 892 billion
| 1 | At year end. |
| 2 | Weighted average carbon intensity (WACI) of corporate fixed income and listed equity general account assets. |
| 3 | Full year result. |
| 4 | Refer to the Creating Sustainable Value chapter in the Employees section and onward for further information. |
| 5 | Non-IFRS financial measure. For reconciliation to the most directly comparable IFRS measure, see note 5 Segment information. |
10 | Annual Report on Form 20-F 2025
Table of Contents
| About Aegon | ||
Our businesses
In the Americas, Aegon operates primarily under two brands. The first, Transamerica, is a leading provider of life insurance, retirement, and investment solutions in the United States. The business serves millions of customers with a strong track record of making financial services available to the many, not just the few. Transamerica’s four business segments – Distribution, Savings & Investments, Protection Solutions, and Financial Assets – reflect this strategy.
The second brand is World Financial Group (WFG), an affiliated network of over 95,000 licensed agents who provide access to life insurance and investment products across the United States and Canada.
In the United Kingdom, Aegon aims to become a leading digital savings and retirement platform provider in the workplace and advisor markets. The company offers a broad range of solutions to individuals, advisors, and employers. Aegon UK serves its customers through a combination of workplace and retail financial advisors.
In Spain & Portugal, Aegon has a strategic partnership with Banco Santander to distribute life, health, and non-life insurance products through the bank’s branches, with Aegon owning a 51% stake in the joint venture. Aegon’s own distribution channel offers life insurance, health insurance, and pension products.
In China, Aegon owns a 50% stake in Aegon THTF Life Insurance Company, which offers life insurance solutions through a network of branches.
In Brazil, Aegon has a 59.2% economic interest and 50% of voting common shares in Mongeral Aegon Group (MAG Seguros), the country’s third-largest independent life insurer. MAG Seguros offers individual protection solutions. Together with Banco Cooperativo do Brasil (Bancoob), MAG Seguros also operates a joint venture company dedicated to providing life insurance and pension products within the Sicoob, Brazil’s largest cooperative financial system.
Transamerica Life (Bermuda) provides life insurance solutions to affluent and high-net-worth individuals, mainly in Asia, through offices in Hong Kong and Singapore. This business is supported by a recently opened representative office in Dubai.
Aegon Asset Management (Aegon AM) is a global investment manager providing solutions across fixed income, equities, multi-asset, and alternative investments. The business focuses on long-term investment performance for its clients, leveraging deep expertise in retirement- related and sustainable investment solutions.
Aegon AM operates through local subsidiaries and partnerships. It has long-standing joint businesses, including Aegon Industrial Fund Management Company in China (where Aegon owns a 49% stake) and La Banque Postale Asset Management (LBP AM) in France (where Aegon AM owns a 25% stake).
In the Netherlands, Aegon owns a strategic shareholding in a.s.r. following the 2023 transaction to combine Aegon Nederland with a.s.r. On September 3, 2025, Aegon reduced its shareholding in a.s.r. from approximately 30% to approximately 24%.
Further information about our businesses can be found in the business overview section of this report.
Annual Report on Form 20-F 2025 | 11
Table of Contents
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About Aegon Governance and risk management Financial information | |
Milestones
Q1
| • | Strategic partnership began with the H’ART Museum, a renowned art institution based in Amsterdam. The partnership will run for an initial period of two years. |
| • | A EUR 150 million share buyback began, having been announced on November 15, 2024. |
| • | Transamerica unveiled a refreshed brand identity, marking the third phase of Aegon’s brand transformation, which began in June 2023. |
| • | Aegon launched an investment program to support the community of Bermuda, in line with its purpose of Helping people live their best lives. The new program has three components: education, financial and social empowerment, and a grant to the Bermuda Foundation. |
| • | Aegon announced proposed changes to its Board of Directors (BoD), including the nomination of David Herzog, Lori Fouché, and Jay Ralph for election to Aegon’s Annual General Meeting of Shareholders (AGM). |
Q2
| • | Aegon moved into its new headquarters to WTC Schiphol. |
| • | Aegon reset the annual interest rate on its NLG 250 million perpetual cumulative subordinated bond, which was originally issued in 1995, at 3.568%. |
| • | Aegon’s AGM approved all resolutions on the agenda. |
| • | WFG Canada announced a significant expansion of its partnership with Manulife, one of Canada’s leading life insurers. |
| • | Aegon completed a EUR 150 million share buyback program that began on January 13, 2025. |
12 | Annual Report on Form 20-F 2025
Table of Contents
| About Aegon | ||
Q3
| • | Aegon began a EUR 200 million share buyback program that was announced on May 16, 2025. Aegon later announced that it would increase the share buyback program by EUR 200 million to EUR 400 million. |
| • | Aegon announced a review of the potential relocation of Aegon’s legal domicile and head office to the United States. |
| • | Aegon announced the sale of 12.5 million a.s.r. shares through an accelerated bookbuild process to qualified institutional investors, reducing its shareholding in a.s.r. from approximately 30% to approximately 24%. |
| • | MSCI upgraded Aegon’s ESG Rating from “AA” to “AAA”, the highest possible score. |
Q4
| • | Aegon announced that David Herzog would succeed William Connelly as Chairman of the BoD as of November 13, 2025. In line with previous announcements, Mr Connelly retired as Chairman and member of the BoD on the same date. Aegon also announced it will propose to appoint Leni Boeren as a new member of its BoD to its 2026 AGM. |
| • | Aegon and its US business, Transamerica, highlighted the efforts of nonprofit Hope & Heroes at the NYSE’s 102nd Annual Tree Lighting Event. |
| • | Aegon held its Capital Markets Day (CMD) in London, where it provided updates on Transamerica and Aegon AM’s strategy, provided financial ambitions for the next two years, and announced its decision to relocate its head office and legal seat to the US and be renamed Transamerica Inc. at the completion of the transition. Aegon also announced a strategic review of the UK, the further execution of Aegon’s strategy to reduce capital employed in Financial Assets through a reinsurance transaction on part of its SGUL block, and a new EUR 400 million share buyback program for 2026. |
| • | Aegon announced the completion of its EUR 400 million share buyback program, which initially began as a EUR 200 million initiative on July 1, 2025 and was later expanded. |
Annual Report on Form 20-F 2025 | 13
Table of Contents
in 2025 we remained focused on executing our strategy and continued to make long term decesion about our future
Table of Contents
| About Aegon | ||
CEO interview
Entering a new chapter of growth
2025 was a landmark year for Aegon, especially with the decision to relocate the head office and legal seat to the US. Can you walk us through what drove that decision?
We started our transformation process in 2020, which was aimed at turning Aegon into a high-performing group of well-positioned businesses, anchored by a solid balance sheet, exceptional customer service, and engaged, well trained employees – operating in a select number of markets. We had to make profound and sometimes difficult decisions along the way, but they were necessary and that work has paid off. Today, we are a strong, focused, well-performing company. The success of the transformation so far allows us to take the next step.
At our Capital Markets Day (CMD) in London in December, we shared a sharper strategy for the next phase of our transformation. At the heart of this strategy is our ambition to become a leading US life insurance and retirement group, with international subsidiaries in insurance and asset management. This ambition reflects where our business already is today. Transamerica represents approximately 70% of our operations and offers the strongest growth potential. It is in this context that we made the decision to make our biggest market our home market. Following a thorough review process that was announced in August, we communicated the decision to relocate our head office and legal seat to the US at that same CMD.
The decision to relocate was not taken lightly. We spoke with a wide range of stakeholders during the review process and looked at it very carefully from every angle. Aligning our head office and legal seat with where we generate most of our value – and where we see the biggest opportunities ahead – simply makes sense. We believe it will make Aegon more efficient, more transparent, and easier for all our stakeholders to understand.
Over time, we will seek inclusion in more US-focused indices, which can further broaden our investor base. We will move to US GAAP as our reporting standard, which will align our disclosures more closely with US peers and improve comparability. We plan to begin reporting under US GAAP with our full-year 2027 results. This is a complex transition, and it needs focus. Therefore, to support the operational efforts it requires, we will stop publishing trading updates in 2026 and 2027, and focus on half-year reporting.
Of course, we also spoke extensively with our internal stakeholders, particularly colleagues working for Aegon’s head office who are directly affected by this decision. What makes me particularly proud is how our teams are approaching this process: thoughtfully, professionally, and with real empathy, while keeping a clear eye on the future.
But why now? Why not when Aegon moved its legal seat from the Netherlands to Bermuda in 2023?
That question comes up often, and it is a fair one.
Like I said, our transformation journey actually began in 2020, and we took another important step when we announced our Transamerica strategy at our 2023 CMD. At that time, we were not ready to make the US the clear center of gravity for the company. Too many factors required more certainty or internal resources: our management team in the US was relatively new; we needed to see more results from the execution of the US strategy we had just announced; we were wrapping up the implementation of IFRS17 and US GAAP was not yet available to us; and there was the closing of the a.s.r. transaction, to name but a few. Today, the situation is different.
We are now seeing the results of the successful execution of the US strategy, and we have completed many of these organizational milestones I mentioned. As a result, we are ready to take the next step. Our ambition is clear: we want to become a leading US life insurance and retirement group, serving everyday American families and small-to medium-sized businesses.
We are confident we have the team, the distribution network, and the momentum to make it happen.
And you’re not just relocating. You’re also renaming. Why?
I recognize that this is an emotional topic for many people, and I understand why they feel strongly about such a well-known brand leaving the Netherlands. Aegon is an iconic Dutch brand with a proud history, and that heritage deserves the utmost respect.
Having said that, it is important to acknowledge that Transamerica is a strong and iconic brand in its own right. It has been serving customers in the United States for over a century and is deeply rooted in American society. Millions of families know and trust that name. As we position ourselves as a leading US life insurance and retirement
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company, it is logical that the holding company reflects the brand that represents the majority of our business today. It is important to note that our operating businesses will continue to use their existing brands in their respective markets.
We can honor our history and embrace the future at the same time.
At Aegon’s 2025 CMD, you presented the next phase of the strategy. What was your key message?
For me, there were three key messages: First, we achieved or outperformed our targets. Second, we chose a clear path forward. And third, we raised our ambition to become a leading force in the US life insurance and retirement industry. A leader that serves “Main Street” American families and medium-sized companies. We continue to differentiate clearly between Strategic Assets, product lines we want to grow, and Financial Assets, legacy blocks where we aim to reduce capital employed and risk sensitivities over time. Against this backdrop, we have undertaken a reinsurance transaction to further strengthen Transamerica’s risk profile, reducing volatility and enhancing the business’s operating capital generation and remittances.
So, the new phase of your strategy is purely focused on the US?
As mentioned before, our ambition is to become a leading US life insurance and retirement group, with international subsidiaries in insurance and asset management. Given the kind of products and services we offer our customers, we are very pleased with our global asset manager, Aegon Asset Management (Aegon AM). They are an important enabler of our strategy and at our CMD we shared that we are sharpening the focus of Aegon AM by growing third-party revenues, improving efficiency and continuing to collaborate closely with our insurance businesses.
Our businesses in Spain & Portugal, Brazil, China, and Transamerica Life Bermuda – which services high-net worth clients out of Hong Kong and Singapore – are mostly joint ventures with strong local partners that operate in some of the most promising markets in the world. These companies continue to grow successfully and we remain committed to investing in their profitable growth.
For Aegon UK, we are reviewing our options to maximize value for stakeholders. This includes a potential divestment.
How does M&A fit into the new phase of your strategy?
We are focused on profitably growing our business organically. However, if opportunities arise that fit our strategy and create long-term value, we will evaluate them against strict financial and non-financial criteria. If they make sense, our financial flexibility enables us to act. If they don’t, we won’t.
And how do you look back on Aegon’s 2025 performance?
I am proud of the solid results we delivered. Despite a challenging environment - higher inflation, elevated interest rates, and global uncertainty - we remained focused on executing our strategy and continued to make deliberate, long-term decisions about our future. We met or exceeded our financial targets, maintained a strong balance sheet, and continued to return capital to shareholders.
Operating capital generation before holding and funding expenses increased to EUR 1.3 billion, ahead of target, demonstrating the resilience and cash-generating capacity of our businesses. Our operating result rose by 15% compared with 2024 to EUR 1.7 billion, supported by business growth across our units, favorable market impacts, and improved experience variances in both the Americas and our International businesses. Free cash flow amounted to EUR 829 million, consistent with our ambitions and underpinning our ability to return capital to shareholders.
In 2025, we sold part of our a.s.r. stake for gross proceeds of EUR 700 million, reducing our shareholding to around 24%. For the remaining stake, we remain a patient shareholder and will hold it until the share price reflects intrinsic value, or value-creating opportunities arise.
Additionally, we saw important changes to our Board. We bid farewell to long-standing Board member Dona Young, with deep gratitude for all her contributions over the years, and welcomed Lori Fouché and Jay Ralph as new members. Most importantly, David Herzog stepped into the role of Bill Connelly as Chair. I’m very grateful for Bill’s support and our close collaboration over the years and would like to officially and warmly welcome David.
How did you bring Aegon’s purpose to life in 2025?
Our purpose guides our decisions. Helping people live their best lives comes down to financial empowerment: giving customers the confidence to make informed financial decisions that impact their future.
In the US, for example, Transamerica continued to expand access to protection and retirement solutions for middle income families. Transamerica’s distribution network, World Financial Group (WFG), grew to over 95,000 licensed agents, helping more people in Canada and the US gain access to affordable protection, guidance, and tools to build financial resilience. In the UK, we launched Mylo, helping customers consolidate pensions and navigate key life moments. In Brazil, our joint venture MAG Seguros launched an initiative to provide life insurance to the country’s 18 million favela residents - people for whom insurance has often not been an option. Another program supports families after a payout, pairing them with a financial advisor to help make informed decisions.
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At the other end of the spectrum, Transamerica Life Bermuda launched Opus One Indexed Universal Life, supporting high-net-worth customers in planning their financial legacy.
Whether we are supporting communities in Brazilian favelas, high-net-worth families in Hong Kong, or middle-income families in the US, step by step we are helping people to make better financial choices. That is the essence of our purpose.
Sustainability has become a widely debated term in business this past year. How did your sustainability approach evolve over the year?
Sustainability remains important to us, and how we approach long-term value creation. As a provider of protection, retirement, and investment solutions, we aim to act as responsible stewards: managing risks carefully, allocating capital thoughtfully, and considering the broader environment in which our customers live and businesses operate.
Overall, our sustainability approach has become more data-driven and integrated with our business strategy. For example, in 2025, we completed a new double materiality assessment, required to comply with new EU reporting requirements. This assessment helps identify the topics that matter most to our stakeholders and our long-term performance. For us, those material topics are customers, business conduct, human capital, and climate change. In addition, financial empowerment was one of the material topics that emerged during the exercise, directly linking our societal impact to our purpose and products.
We continue to be recognized for the work that we do. For example, in 2025 MSCI had upgraded Aegon’s ESG rating from AA to AAA. While ratings are not an objective in themselves, they are an acknowledgement of the progress in strengthening governance, managing sustainability related risks, and improving transparency, including alignment with new EU reporting standards.
AI is also a hot topic on many agendas. How is Aegon using AI?
AI is helping us work more efficiently, scale as we grow, and improve customer experiences. For example, in the US, we’re automating parts of underwriting and strengthening fraud detection and service. In Spain and Brazil, teams are using AI to better understand customers, support sales, and streamline claims.
While AI can bring challenges around responsible use, governance, and data protection, we are already seeing tangible benefits. AI can strengthen how we operate, but it doesn’t replace the human side of our business. Trust, advice, and real relationships remain at the core and that will remain in the capable hands of our people.
Aegon has been through a lot of change. What has stood out to you about how employees have responded?
Our people are truly the heartbeat of Aegon, and what stands out to me is their resilience and adaptability.
We have seen a lot of change both inside and outside our company. Yet, our colleagues have continued to innovate, serve our customers, and help our company deliver results every day. And I am impressed by their passion with which they deliver on our customer service. Additionally, colleagues working for the head office have been involved in the exploration and the preparations for the relocation to the US. And they have done so with great professionalism and care. I want to thank each and every one of our employees for their continued commitment and contributions.
I am proud to see that, despite the many organizational changes, engagement remains strong. Our latest Global Employee Survey saw high participation and showed that colleagues are proud to be a part of Aegon.
It is important to me, from both a personal and business perspective, to continue building an environment where colleagues can bring their full selves to work. That diversity of thought and experience is essential to the culture we want to build, and the service and innovation we want to offer our customers.
Looking ahead, what will success look like a year from now, and what gives you confidence?
A year from now, I would like to see us making tangible progress on the strategy we set out at our CMD. That means continuing to simplify the business, grow profitably in all our markets and to make the company more efficient, while improving the experience for both customers and colleagues.
I expect us to take important steps on our relocation journey. This includes engaging with our shareholders to obtain their approval via an extraordinary general meeting expected in the fourth quarter of 2026 and taking the next steps toward US GAAP reporting with our full-year 2027 results. Those milestones matter, but they are part of a broader journey rather than an endpoint.
What gives me confidence is our combination of purpose, performance, and people. We have a clear direction, strong businesses, and colleagues united around a shared ambition: building leading businesses that offer investment, protection, and retirement solutions. I see that every day in the way teams collaborate, challenge each other, and stay focused – even when things are complex.
2025 was a turning point, and I am confident we are ready for the next frontier.
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18 | Annual Report on Form 20-F 2025
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Our strategy
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At Aegon, we build leading businesses that can thrive in a changing environment and that respond to the evolving needs and expectations of our stakeholders.
We aim to give people the confidence and flexibility to live their best lives and contribute to a better world. As we work to realize our vision to create leading businesses in investment, protection, and retirement solutions, we also consider the opportunities and challenges our stakeholders face in today’s evolving financial services landscape.
As communicated at our Capital Markets Day (CMD) in December 2025, we have concluded that the future of our company is in the United States (US). In the world’s largest and most dynamic insurance market, we are positioning ourselves to capture significant growth opportunities in life, protection, and retirement solutions. Our ambition is to become a leading US life insurance and retirement group, reflecting the scale and growth potential of Transamerica, which represents approximately 70% of our operations. As an enabler of this ambition, we are relocating our head office and legal seat to the US. Following completion of the relocation, we plan to rename the holding company Transamerica Inc., while our business units will continue to operate under their current brands. We aim to become a domestic issuer in the US by January 1, 2028, and to report our 2027 full-year results under the US GAAP accounting standard.
Guided by our purpose
Our purpose of helping people live their best lives guides how we engage with our customers as well as our wider stakeholder community. We aim to maximize value for all stakeholders by enabling them to seize the opportunities presented by a changing demographic landscape and to join us in helping to shape a healthy, equitable world. This approach provides the foundation for Aegon’s vision and strategy, as well as all subsequent business planning and decision-making.
Aegon’s investment, protection, and retirement solutions are designed to help our customers navigate a longer, multi- stage life and make the right choices for their future. For our workforce, we aim to foster a purpose-led, inclusive culture that leads to rewarding and fulfilling career opportunities. We seek to cultivate strong, respectful relationships with our suppliers and business partners that enable them to support our customers. For our investors, we focus on generating predictable, competitive returns.
In addition to addressing the needs and expectations of our immediate stakeholders, we seek to have a positive impact on the world around us through our sustainability approach. This includes our long-standing commitment to responsible investing, our net-zero ambitions, and our focus on fostering a fair and inclusive company.
Building on our strengths
At the holding level, Aegon is responsible for developing its strategy, allocating capital, defining its risk appetite, setting targets, supporting talent development, and driving performance and strategy implementation. We also take a centralized approach to determining functional mandates, setting global policies and frameworks, and providing shareholder services. In parallel, our businesses develop local strategies and operating plans within the company’s strategic framework and ensure their implementation.
One of Aegon’s most important resources is the deep knowledge and expertise of its global workforce. Across our businesses and partnerships, we aim to attract, retain, and develop talent, and we leverage synergies where relevant; for example, through the strong links between our businesses and our global asset manager. Similarly, Aegon’s asset management teams strive to deliver strong investment returns for their third-party customers and Aegon’s own insurance balance sheets, while contributing significantly to the company’s US strategy.
Clear strategic focus, delivered through our businesses and partnerships
Since 2020, Aegon has taken structured steps to become a more focused company with improved operational performance, a stronger balance sheet, and an enhanced risk profile. The strategy presented at our 2025 CMD builds on the successful execution of our transformation journey and positions us as a US-based life insurance and retirement group.
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United States: building a bigger, broader, more profitable industry leader with Transamerica
Transamerica is an iconic brand at the heart of “Main Street” America with unique customer access points. This makes it strongly positioned to serve middle-market and mass-affluent families and medium-sized companies - a large, underserved segment of the US marketplace - through advantaged distribution and a broad product portfolio.
Transamerica’s ambition is to become America’s leading “Main Street” life insurance and retirement company by continuing to grow its portfolio of Strategic Assets. Separately, the company manages legacy blocks of business - its Financial Assets - where we aim to reduce capital employed and risk sensitivities over time.
Distribution (including WFG)
The Distribution business segment focuses on the distribution of life insurance and annuity products to “Main Street” America and consists mainly of World Financial Group (WFG), an affiliated network of over 95,000 licensed agents in the US and Canada. Transamerica aims to develop this distribution engine, grow the network of WFG agents to around 110,000 agents by 2027, and expand relationships with third-party providers. The business plans to modernize its technology to meet evolving customer needs, while maintaining a relentless focus on productivity. Transamerica is targeting WFG total life sales growth of 14% per year to around USD 900 million, and total annuity sales growth of 7% per year to around USD 5 billion in 2027, resulting in double-digit revenue and earnings growth rates over the period.
Protection Solutions
The Protection Solutions business segment includes the life insurance, health insurance (employee benefits), registered indexed annuities, and variable annuities lines of the Transamerica business, which it aims to grow strategically. These products are distributed through WFG and other distribution channels. Transamerica aims to leverage its modernized life operating model in the Protection Solutions business segment by expanding the product offering, increasing profitability, and enhancing distribution across WFG and third-party channels. At Aegon’s 2025 CMD, Transamerica shared that it targets to increase new life sales by 15% per year to around USD 720 million in 2027 at attractive returns, and to continue to grow annuity sales.
Transamerica is also exploring options to expand into the attractive Fixed Indexed Annuities segment. This includes plans to invest in the necessary capabilities, while being highly selective in how it enters this marketplace.
Savings & Investments (Retirement)
Transamerica’s Savings & Investments business segment offers retirement plans, mutual funds, collective investment trusts, and stable value solutions. In retirement plans, Transamerica is capitalizing on its leadership position in pooled retirement plans, while broadening ancillary solutions and improving economics. The ambition includes targeting approximately USD 275 billion in retirement plan assets under administration by the end of 2027 and increasing Return on Assets to around 11 basis points (bps) by that year.
Financial Assets
Financial Assets are typically more capital-intensive and can induce earnings volatility. These include Aegon’s Universal Life, Annuities, and standalone Long-Term Care insurance portfolios. Transamerica aims to lower capital employed for Financial Assets to USD 2.2 billion by year-end 2027 by reducing risk sensitivities through management actions and transactions. Management actions include unilateral actions that Transamerica can execute itself or bilateral actions that require approval from clients or regulators. In addition, transactions with third parties on parts of the Financial Assets portfolio reduce the risk exposure further. As an example, Aegon announced a reinsurance transaction on part of the Secondary Guarantee Universal Life (SGUL) portfolio at the 2025 CMD. This transaction covers 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 transaction resulted in a minimal impact on Aegon’s valuation equity and operating profit, while removing potential variances and risks associated with mortality and policyholder behavior in the future.
Overall, Transamerica’s plan aims to enable operating result growth and remittances growth of around 5% per year over the next two years from a 2025 run-rate of USD 1.4–1.6 billion and USD 675 million, respectively.
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Aegon Asset Management: grow third-party revenues and improve efficiency
Our global asset manager, Aegon Asset Management (Aegon AM), is an important contributor to our strategy. We are expanding its third-party business by focusing on higher revenue-margin strategies, with the ambition for third-party revenue growth to outpace assets under management growth. We are implementing initiatives to improve scalability and efficiency with the aim to increasing the Global Platforms operating margin to at least 20% by 2027. The strategic partnerships in China and France are expected to continue to grow, contributing strongly to earnings and remittances from Aegon AM. The strong collaboration between Transamerica and Aegon AM is contributing significantly to Transamerica’s growth plans.
These plans aim to increase remittances from Aegon AM by more than 5% a year until 2027, while increasing Aegon AM’s operating result compared to the 2025 run-rate.
Growth market strategy
Aegon will continue to invest in profitable growth in its International business, which includes growth markets in Spain & Portugal, Brazil, China, and Transamerica Life Bermuda (TLB). These businesses, mostly joint ventures with strong local partners, operate in some of the most promising markets in the world. In Spain, we plan to grow the business by leveraging Banco Santander’s extensive network, focusing on delivering excellent customer service and attractive products. In Brazil, we want to continue our successful growth trajectory as a top-three independent life insurer. In China, we have strengthened and expanded our distribution with our preferred partners in this vast market while optimizing and preserving our capital position. At TLB, we are uniquely positioned to serve the high-net-worth community in Asia and the Middle East.
These businesses are expected to continue to upstream remittances and contribute to the company’s operating results, building growth on product innovation, customer service, and expanding distribution.
United Kingdom strategy makes progress
Aegon’s strategy to transform Aegon UK into a leading digital savings and retirement platform continues to make good progress, and the business remains a reliable and growing source of revenue for the company. In the context of strengthening the focus on the US, Aegon announced at its 2025 CMD that it will begin a strategic review of Aegon UK to assess the best way to accelerate and maximize value for all stakeholders. During this review, all options will be evaluated, including a potential divestment.
Capital management
Maintaining a strong balance sheet is a prerequisite for Aegon to achieve its overall vision. It allows us to build leading, advantaged businesses and create value for our customers and wider stakeholder base in line with our purpose. We maintain a clear capital management policy that informs our capital deployment decisions and is supported by reliable remittances from our business units.
Operating companies are well capitalized. We aim to return excess capital to stockholders over time unless Aegon can invest it in value-creating opportunities. These may include investments in the existing operating companies as well as mergers and acquisitions, with priority in the US. Aegon remains financially disciplined and rational in its decision-making when assessing acquisition opportunities.
As part of this policy, Aegon is investing in future earnings power by growing its profitable product portfolio and accepting the capital needs associated with this growth. As such, capital employed in Strategic Assets is expected to increase and result in attractive returns. Aegon aims to reduce capital employed in Financial Assets, targeting USD 2.2 billion by the end of 2027.
The combination of strongly capitalized operating units and readily available cash capital at the holding is central to Aegon’s capital management, enabling the company to fund growth, implement change, and withstand stress events and market cycles.
Over the past few years, Aegon has operated Cash Capital at Holding at the top of the operating range of EUR 0.5 to 1.5 billion due to the extensive restructuring within its business units. By the end of 2026, Aegon plans to bring Cash Capital at Holding down to around EUR 1 billion, which is the mid- point of the operating range.
Aegon will remain a patient shareholder of a.s.r. and will benefit from its progress. The cash flow from a.s.r. supports our own dividend and interest costs. We continue to hold the stake until the a.s.r. share price reflects its intrinsic value and/or value-creating opportunities present themselves.
Our debt structure and funding decisions are primarily driven by economic considerations, with due regards to market circumstances, regulatory requirements, and rating agency factors. Aegon’s financial position and balance sheet strength are currently subject to group supervision by the Bermuda Monetary Authority (BMA). In light of our announced intention to relocate our head office and legal seat to the US, we continue to manage the transition in a controlled manner, including the expected once-off implementation costs. Any financial flexibility will be prioritized for the US, in line with our strategic focus.
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Growing capital distributions
Aegon aims to grow its dividend in line with its free cash flow, supported by disciplined capital management. Any capital deployment decisions consider our financial leverage, our capital position, and the investments required to execute our strategy. Surplus cash flow that is not required for value-creating opportunities is returned to shareholders over time through a combination of dividends and share buybacks.
Over the 2025 financial year, Aegon increased the dividend to shareholders by 14% to 40 eurocents per common share from 35 eurocents per common share over 2024. In addition, in the first half of the year, it executed a EUR 150 million share buyback program, including approximately EUR 40 million to meet Aegon’s obligations under the share-based compensation plans for senior management. In the second half of the year, Aegon completed another share buyback program of EUR 400 million. Shares that were not purchased to meet Aegon’s obligations under the share-based compensation plans for senior management were canceled in December 2025, reducing the total share count.
For 2026 and 2027, Aegon has set financial ambitions that include free cash flow growth of around 5% per year and dividend per share growth of more than 5% per year (subject to Board and other relevant approvals). To support shareholder returns, Aegon has announced a new EUR 400 million share buyback program to be split evenly between the first and second halves of 2026.
Aegon is confident in its current level of gross financial leverage, around EUR 5 billion based, on the current business perimeter. There were no significant changes in the debt position during 2025.
Transition to the United States
Aegon’s decision to relocate its head office and legal domicile follows the review announced in August 2025 and supports our commitment to prioritizing resources toward building a leading US life insurance and retirement group. Aegon aims to begin reporting under US GAAP for the first time with its 2027 full-year results. To facilitate this transition, Aegon will stop publishing trading updates in 2026 and 2027, limiting disclosures to half-year reporting, and expects its common stock to remain listed on Euronext and the New York Stock Exchange (NYSE) following the relocation. The transition is expected to have an estimated one-time implementation cost of around EUR 350 million, which includes costs for the implementation of US GAAP, winding down the existing head office set-up, and setting up the new head office structure, and will be incurred between 2H 2025 and 1H 2028.
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Our sustainbality approach
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Our approach to sustainability is guided by our purpose of Helping people live their best lives.
As both an investor and provider of financial products and services, at Aegon we recognize our responsibility to address issues that affect a broad range of stakeholders and influence the future of society, the environment, and our business performance. We aim to integrate sustainability meaningfully into how we operate, invest, and make decisions, balancing long-term value creation with the needs and expectations of our stakeholders.
In 2025, we continued to make progress in reducing emissions, integrating sustainability across our operations, and promoting inclusion. We also introduced new climate ambitions for 2030 that build on this foundation. At the same time, we identified opportunities to strengthen sustainability awareness across our organization.
Embedding sustainability in our business
Aegon’s sustainability approach is an integral part of its strategy and strives to take into account the expectations, interests, and perspectives of stakeholders. It is guided by international frameworks such as the UN Global Compact (UNGC), the UNEP FI Principles for Sustainable Insurance, the Principles for Responsible Investment (PRI), and the Net-Zero Asset Owner Alliance (NZAOA). These commitments support alignment with regulatory standards, such as the EU Corporate Sustainability Reporting Directive (CSRD), and guide our efforts to contribute to a more resilient economy and society.
Strengthening focus through the double materiality assessment
A key milestone in 2025 was the enhanced double materiality assessment (DMA). The assessment adopted a more data-driven, quantitative approach to determine which sustainability issues most affect Aegon, and where Aegon has the greatest impact on society and the environment.
The 2025 DMA identified four material topics: climate change, human capital, customers, and business conduct. These topics are listed in the table on the next page and reflect a sharper focus than in previous years, ensuring that our efforts remain targeted and aligned with our purpose. They also inform our future reporting and guide our actions across the value chain, from suppliers and operations to customers and investment management.
Transitioning investments and operations to net zero
As part of Aegon’s responsible investment framework, we aspire to transition our general account investment portfolio, which is valued at approximately EUR 70 billion, to net-zero greenhouse gas emissions by 2050, supporting the global transition to a low-carbon economy. By 2030, Aegon aims to:
| • | Reduce the weighted average carbon intensity of our corporate fixed income and listed equity general account assets by 50% against a 2019 baseline; |
| • | Reduce the scope 1 and 2 carbon intensity of our directly held real-estate investments by 42% against a 2019 baseline; |
| • | Invest an additional USD 1 billion, on top of the USD 2.5 billion already committed, in activities that help mitigate or adapt to climate change; and |
| • | Continue engagement with at least the top 20 corporate carbon emitters in Aegon’s general account portfolio. |
In line with these ambitions, we also aim to reduce the carbon footprint of our operational scope 1 and 2 activities by 75% by 2030 compared to a 2019 baseline. Progress against these targets is regularly reviewed and reported to Aegon’s Board.
Continuous engagement and governance
Throughout 2025, we strengthened our sustainability governance and stakeholder engagement. We implemented an updated Global Sustainability Board Charter to further support cross-functional oversight and coordination on sustainability priorities across our businesses. We also engaged with peers and investors to stay aligned with evolving sustainability expectations and regulatory developments.
Within our investment portfolio, we continued to engage with investees on a range of sustainability topics. As part of our responsible investment approach, we engaged with high-emitting companies in our general account portfolio, as well as companies in breach of UNGC principles. Our signatory status with the NZAOA continued to provide us with guidance on setting science-based targets and tracking progress in line with the Paris Agreement.
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| Aegon’s material topics | ||||
| Material topic | Including the following sustainability matters: |
Link to stakeholder value creation | ||
| Climate change | Climate change adaption |
Society Suppliers | ||
| Climate change mitigation | ||||
| Human capital | General working conditions |
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| Social dialogue |
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| Training and skills development |
Employees | |||
| Equal treatment and opportunities | ||||
| Measures against violence and harassment in the workplace |
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| Customers | Data privacy |
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| Responsible marketing practices |
Customers | |||
| Financial empowerment |
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| Business conduct | Protection of whistleblowers |
Society | ||
| Prevention and detection of corruption and bribery | ||||
Looking ahead
In the coming years, Aegon will continue to work toward its 2030 sustainability targets, further embed financial empowerment as a material sustainability matter, and seek to enhance data quality and transparency across its operations and reporting. By doing so, we aim to ensure that our efforts remain credible, measurable, and aligned with our purpose of Helping people live their best lives.
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Creating sustainable value
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How we create sustainable value for our stakeholders
About Aegon Governance and risk management Financial information Our inputs 1 Financial ‘ Shareholders’equity at December 31: EUR 7.4 billion Gross financial leverage: EUR 4.9 billion Group Solvency Own Funds: EUR 12 billion Group Solvency Capital required: EUR 6.5 billion Manufactured ~ Our product mix and digital platforms Insurance service result EUR 511 million Gross deposits: EUR 261.4 billion Fees and commissions received: EUR 2,390 million New business strain: EUR 850 million Revenue-generating investments at December 31: EUR 892 billion Intellectual Internal processes, systems, and controls Knowledge and expertise Human Number of employees at December 31: 15,304 Amount spent on training and development: EUR 6.3 million Talent management Solutions development and pricing Development of our financial solutions begins with our customers. We assess their needs and develop products and services to suit. We then estimate and price the risk involved for us as a provider. £ot Social and relationship Number of customers: 24.9 million Customer experience programs Responsible sourcing and investing philosophy Brand equity, purpose, and values Relationship with intermediaries, business partners, suppliers, and other key stakeholders (e.g. regulators and NGOs) Natural Our commitment to achieving net-zero in 2050 Total energy used by company: 23,415 MWh Distribution Our products and services are then branded and marketed, before being distributed via intermediaries that include brokers, banks, and financial advisors. We also sell to our customers directly. Investments In exchange for products and services, customers pay fees or premiums. On certain pension, savings, and investment products, customers make deposits. We earn returns for our customers by investing this money. Claims and benefits We pay out claims, benefits, and retirement plan withdrawals. We use the remaining funds to cover our expenses, support new Investments, and deliver profits to our shareholders.
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Outcome for our stakeholders Financial Dividends to shareholders: EUR 596 million Share buybacks: EUR 512 million Interest payments to bondholders: EUR 242 million Group Solvency II ratio at December 31:184% Free cash flow over full year: EUR 829 million Operating result over full year: EUR 1,702 million Manufactured “ Total retirement outflows: EUR 31.5 billion Payments to business partners: EUR 40 billion Intellectual Our product mix and digital platforms Value creating initiatives Human Total employee expenses: EUR 1.9 billion Employee engagement score: 76% Customers Aegon seeks to provide its customers with a broad mix of investment, protection, and retirement solutions. We also aim to provide customers with a high-quality service and an enjoyable and efficient customer experience. Through our focus on product innovation, we strive to meet the changing needs of our global customer base. Our approach to product development includes taking steps to include financially and socially diverse customer groups that are comprised of vulnerable customers, minorities, and others traditionally underrepresented in financial services. We also aim to provide honest and transparent product information and to protect data security and privacy during customer interactions. Employees Aegon’s workforce includes full- and part-time employees, as well as agents and other contractors. In all cases, we strive to maintain high levels of employee engagement and wellbeing, and foster a supportive and welcoming work culture. As our workforce’s needs evolve, we pay close attention to attracting, developing, and retaining talent, to ensure our people reach their full potential and live their best working lives. As part of this approach, we seek to foster an inclusive work environment where people from all backgrounds are treated fairly and equally, and are able to bring their authentic selves to work. Suppliers Aegon strives to maintain positive, well-managed relationships with its suppliers and other value chain partners, including distributors, joint venture partners, reinsurers, and sourcing partners. This includes, on the one hand, our focus on ensuring fair pay and working conditions for professionals at the various stages of our value chain. It also includes cultivating positive long-term business relationships that reflect our purpose and behaviors, including our efforts as a company to address sustainability. Aegon’s Vendor Code of Conduct is an important tool that enables Aegon to drive alignment with our partners on these issues. Social and relationship Business partnerships and reputation Corporate income tax and other paid taxes, such as policy holder taxes, value-added taxes and insurance premium taxes: EUR 198 miltion Natural Weighted average carbon intensity relating to our general account investment portfolio: 219 metric tons CO2e/EURm revenue for corporate fixed income + listed equity Operational carbon footprint: 7,257 metric tons CO2e Investors Supported by a resilient and sustainable business model, Aegon seeks to provide a consistent and attractive return on investment to its global investors, who include both shareholders and bondholders. Our approach includes paying regular dividends and conducting other forms of appropriate capital distributions to our equity investors, who may also derive value from the performance of our shares, while our bondholders derive value from regular interest payments. Society Aegon’s products and services help to reduce dependency on public pension systems and increase the financial stability of society. At the same time, our relationship with our communities and society at large is an important conduit for addressing key societal and environmental issues, including climate change and social inclusion. We also aim to make a positive contribution to the markets and communities in which we operate by maintaining good business conduct through our businesses, as well as through our tax payments, charitable donations, and volunteer work.
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Creating sustainable value
for our stakeholders
Aegon seeks to create value for a broad range of stakeholders, which include customers, employees, business partners, investors, and society.
Guided by our purpose, we view our business as one that contributes positively to society through the products we offer and the employment and economic activity we generate. We share the value we create through our diverse businesses and global workforce. At the same time, we recognize that certain decisions and activities can have unintended negative impacts on our stakeholders or the environment. Proactively identifying and managing these potential impacts is therefore an integral part of our decision-making, as is pursuing opportunities to deliver positive outcomes.
Customers
Helping people live their best lives begins with giving customers the confidence and tools to take control of their finances. Aegon’s businesses are focused on improving financial wellbeing and expanding access to products and services that enable people to make informed financial decisions. This includes saving for retirement, protecting loved ones, and investing for the future.
Empowering customers
Financial empowerment was identified as a material topic in our 2025 double materiality assessment (DMA). A key element of our purpose is to provide people with the knowledge, advice, and solutions they need to build resilience and make confident choices throughout a longer, multi-stage life. We aim to achieve this by improving access to protection and savings solutions, strengthening financial literacy, and helping people confidently plan for every stage of life.
Each of Aegon’s businesses contributes to this ambition in ways that reflect the needs of their local customers and markets.
| • | Transamerica and World Financial Group (WFG) continue to support “Main Street” America, a large and diverse segment that remains underserved by financial services. In 2025, Transamerica increased access to its My Life Access customer portal, providing around 1.5 million additional life insurance policyowners with a single location to view and manage their policies online, with almost one in five customers now using the site. Retirement plan participants benefited from an upgraded mobile app, including Spanish-language functionality and mobile enrollment capabilities, contributing to higher usage (from approximately 1.2 million to 1.7 million monthly logins) and an average 2025 app-store rating of 4.8 out of 5. Transamerica also launched FFIUL II Express, an indexed universal life insurance product that provides instant underwriting decisions and coverage in minutes, with early feedback from agents and customers indicating very high satisfaction and ease of use. To better support distribution partners, Transamerica expanded its Life Access agent portal and introduced the Transamerica Learning Center, providing WFG agents with improved business visibility and on-demand training. WFG, a critical distribution partner for reaching diverse and often underserved communities, continued to embed its “WFG Way” principles and strengthened training on ethical, inclusive sales practices. Together, these initiatives help more people in the communities where WFG agents live and work access affordable protection, guidance, and tools to build financial resilience. |
| • | In 2025, Aegon UK advanced its transformation into a leading savings and retirement platform, helping millions of customers plan for later life. Through the Aegon Digital Experience (ADX) and the Mylo app (see following page), customers can now navigate their pensions more intuitively and consolidate plans with ease. The business also continues to promote financial education and awareness through initiatives such as Pension Geeks, which has reached thousands of people through workplace and online sessions and Money:Mindshift, Aegon UK’s updated take on financial wellbeing. Customer satisfaction remains a priority. |
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| • | During the year, our international businesses in Brazil, China, and Spain & Portugal continued to grow their customer bases by increasing sales of protection and savings products, and by expanding digital capabilities that make advice and service more accessible. In emerging markets, this progress contributes directly to financial inclusion by providing more people with access to the necessary tools and knowledge needed to secure their futures. One example comes from Brazil, where Aegon’s joint venture, MAG Seguros (MAG), launched an initiative to provide life insurance to the country’s 18 million favela residents, marking the first insurance business designed specifically for these often-neglected communities. For many people in these poorer neighborhoods, being protected by life insurance has not been an option. MAG Seguros is working to change this through local partnerships, such as with social empowerment non-governmental organization (NGO) Central Única das Favelas (CUFA). |
Listening and improving
Delivering positive customer experiences is essential to achieving our purpose. Aegon’s businesses in the United States and the United Kingdom track customer satisfaction through Net Promoter Scores (NPS) and regular customer feedback loops. These insights are used to improve products, simplify digital journeys, and promote clear and transparent communications that are designed to be responsive to customer needs.
Responsible conduct and data protection
Trust is fundamental to Aegon’s relationships with customers and other stakeholders. We strive to continuously improve our policies, controls, and oversight to offer fair, balanced, and responsible products, services, and marketing practices. As digitization accelerates, we continue to focus on our efforts to protect people’s data and use technology responsibly. Our global privacy and information security frameworks are regularly reviewed and audited to comply with regulations and safeguard the confidentiality, integrity, and availability of information.
Driving customer engagement through Mylo
Aegon UK launched Mylo in 2025 as a new customer proposition. Initially available to the 900,000 customers using Workplace ARC, it will ultimately become the way that every customer engages with Aegon UK products. Mylo aims to help customers make decisions about big life moments and uses a modern tone of voice to make itself more accessible. Mylo makes it easy for customers to take action, providing them with education, guidance, and advice in a timely fashion when needed. The platform is built on modern cloud-based technology, allowing it to deliver a highly personalized service and proactive nudges in the future. The initial results show that it is delivering a transformation in the level of engagement and the actions being taken. In 2026, Aegon UK’s focus will be on making Mylo available to more customers, widening the range of life moments that can be supported and developing the availability of education, guidance, and advice.
Data security
Protecting customer information remains a top priority for Aegon. Our Global Information Security policy and governance framework aim to prevent cyber threats and minimize the impact of any potential disruption for customers and other stakeholders. The framework establishes standardized procedures to detect and address data breaches and strengthen resilience against emerging risks such as phishing, ransomware, and AI-enabled attacks.
The policy applies to all of Aegon’s fully owned businesses and extends to contractors and joint ventures through equivalent standards. Aegon monitors the effectiveness of its controls through dedicated information security metrics that measure performance and maturity across the organization. Mandatory training on information security helps employees stay alert to evolving risks, while also reinforcing responsible behavior.
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WFG in Canada expands strategic relationship with Manulife
WFG in Canada has expanded its strategic relationship with Manulife to improve access to life insurance for middle-income Canadians, a group often underserved by the financial services sector. Nearly one-third of Canadians are uninsured or underinsured, presenting a key opportunity for WFG agents to help support those communities. Following a successful pilot, more agents can now offer Manulife products, including the Vitality program and segregated fund options. The initiative includes enhanced training, compliance oversight, and onboarding. This marks a milestone in the WFG–Manulife relationship, which began in 2017 and previously focused on travel, health, and dental insurance. The expansion aims to strengthen financial foundations and better serve diverse communities.
Data privacy
Aegon’s approach to privacy is grounded in accountability and transparency. Dedicated policies and procedures are updated regularly and supported by Privacy Control Frameworks that measure privacy maturity. Regular audits and self-assessments are conducted to support compliance with data protection laws, internal policies, standards, and governance requirements.
Each Aegon business unit maintains local privacy oversight aligned with the group standards to promote consistent protection of personal information worldwide. The Group Chief Privacy Officer is responsible for our data privacy compliance strategy and privacy oversight. The Data Protection Officer (DPO) together with the operational privacy teams, is responsible for local implementation and monitoring.
Employees
Our people are essential to achieving our purpose and strategy. As highlighted in our 2025 DMA, our workforce is one of the areas where Aegon can make the greatest impact, both by driving performance and by contributing to a more sustainable organization. We take a holistic view of our workforce, empowering colleagues everywhere to grow, develop, and succeed, which in turn strengthens the foundation of our company.
Wellbeing and engagement
We aim to foster a work environment that supports collaboration, connection, and balance.
In 2025, we completed major workplace transitions, including moving our global headquarters to WTC Schiphol Airport near Amsterdam. The new location includes spaces designed for flexibility and teamwork.
A key measure of engagement is our Global Employee Survey (GES), which is conducted twice a year. The survey provides valuable insights into how our colleagues experience working at Aegon. It helps us track engagement and inform local initiatives that strengthen wellbeing and professional development.
By investing in our people, Aegon reinforces its long-term strength and its purpose of Helping people live their best lives. We remain committed to building a workforce in which all our colleagues – wherever they are based – can grow and contribute to our shared success.
Investing in our people
In 2025, we continued to invest in the growth and wellbeing of employees across all our businesses. We aim to provide an environment where people feel valued, supported, and empowered to thrive, regardless of their background, identity, or career stage. During the year, we expanded our Global Talent Marketplace and We Learn platforms to offer more opportunities for skill development, career mobility, and project-based learning. Our Best Life Leadership Program also evolved, with a stronger focus on inclusive leadership, future-ready capabilities, and collaboration across our businesses.
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Empowering our people
In line with our purpose Helping people live their best life, Aegon promotes equal opportunities and recognizes the diverse experiences of our colleagues, whether they are from underrepresented groups or majority populations. We aim to ensure that everyone has the same opportunity to learn, contribute, and advance, guided by fairness, respect, and accountability. In 2025, this included:
Global Talent Marketplace
Aegon’s Global Talent Marketplace (TMP) is an AI-powered platform that supports internal mobility across our businesses and geographies by helping employees build networks, find mentors, and access internal roles and short-term “gigs.” Available to all employees, it reinforces our Perform & Development approach by enabling people to take greater ownership of their careers based on skills and competencies, while also helping the business respond more quickly to change by redistributing talent where needed.
In 2025, we further embedded TMP in the organization and used its insights to guide ongoing skills and people development, tracking effectiveness through usage, gigs, employee feedback, and engagement indicators.
We Learn
In 2025, our global learning resource platform, We Learn, was further embedded in the business to drive tailored learning programs based on skills development and specific development needs. The platform is an interactive learning environment where employees can upgrade their skill sets. It offers a wide range of learning resources that are available in different delivery modes, including e-learning courses, live virtual training, and audiobooks, allowing participants to choose their preferred learning method.
Inspirational leadership
In 2025, we accelerated the development of our top leaders through a suite of targeted, high-impact programs designed to build future-ready capabilities and drive organizational growth. Our flagship initiative, the strategic leadership journey “Accelerating Growth,” was co-designed with the Wharton Business School.
It brought together close to 50 leaders for an immersive experience, blending AI-driven leadership, a growth mindset, and cross-cohort collaboration. Complementing this, the ADVANCE program offered a highly focused and individualized development opportunity for leaders identified as pivotal to Aegon’s future. Through holistic assessments and tailored development plans, ADVANCE accelerated our readiness for critical roles, ensuring our leadership pipeline is robust and agile. These programs, and several additional initiatives, reflect our commitment to building a resilient, innovative, and future-focused leadership team equipped to navigate complexity and drive Aegon’s continued success.
Strengthening employees’ voices
During the year, our Employee Resource Groups (ERGs) continued to support our employees through several global and local initiatives. Our ERGs are employee-driven and company-sponsored; they are open to all employees and focus on what matters the most to colleagues and enable people with specific backgrounds or interests to ensure that Aegon remains an employer of choice. Throughout the year, the ERGs organized various gatherings and activities in support of their specific topic or need. These included learning days related to areas such as supporting men’s health for Movember, promoting women’s needs in business, and supporting our LGBTQIA+ and disability ERGs.
In addition, Aegon continued to run a dedicated Speak Up program (in place since 2020) to protect reporters of concerns and encourage, guide, and support colleagues in reporting suspected or observed misconduct. We also provided further mandatory Speak Up training for all employees. These sessions are tailored to specific roles. For example, the training for leaders and managers includes sections on being receptive to people coming forward.
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Suppliers
The goods and services that we purchase, and the relationships that we maintain with suppliers, contribute to how we create value for our stakeholders. We expect all suppliers to uphold high standards of integrity, fair labor practices, and environmental responsibility, as outlined in our supplier contracts and our global Vendor Code of Conduct. Through regular dialogue, assessments, and monitoring, we work with suppliers to strengthen performance, manage risks, and identify opportunities to promote a more sustainable and resilient value chain.
Advancing responsible and resilient supply chains
In 2025, we continued to enhance our responsible procurement approach by improving the quality and consistency of supplier data and integrating sustainability factors more deeply into vendor risk reviews. Aegon UK has taken a leading role in this area, recognizing that 91% of its carbon footprint relates to scope 3 greenhouse gas emissions, which include emissions linked to its supply chain. The business identified 50 high-impact suppliers – representing 88% of its total spend – to prioritize engagement and support progress on key sustainability topics. These efforts reflect our belief that supplier collaboration is essential to achieving our net-zero ambitions and building resilience against geopolitical and regulatory shifts.
Comprehensive oversight of suppliers spans numerous areas, with climate action, human rights, security, and data protection being just a few of the examples. By integrating these considerations, Aegon endeavors to align its supplier management practices with both regulatory developments and stakeholder expectations.
Working together across markets
Across Aegon’s businesses, supplier engagement is guided by the same principles of fairness, transparency, and accountability. In the United States, Transamerica continues to develop relationships with suppliers and find ways to reduce the environmental footprint of its operations, such as using more sustainable materials and implementing waste-reduction measures at major events.
By promoting responsible practices and equal opportunities in our supplier relationships, Aegon aims to ensure that procurement decisions contribute to long-term, sustainable value creation. Our supplier relationships are built on mutual trust and shared responsibility, helping us deliver on our purpose of Helping people live their best lives, together with our partners.
Investors
At its CMD in December 2025, Aegon announced its ambition to become a leading US life insurance and retirement group, sharpening its focus and supporting continued growth.
As part of this strategic shift, Aegon is relocating its head office and legal seat to the United States. Upon completion of the re-domiciliation process, the holding company will operate under the name Transamerica Inc., while all business units will continue operating under their existing brands. This transition is expected to be completed by January 1, 2028. It includes the transition to US GAAP as accounting standard, aligning Aegon’s disclosures with US peers. The company will also seek inclusion in more US-focused indices.
For the transition period between 2025 and 2027, Aegon has set clear financial ambitions, taking into account an assumed EUR/USD exchange rate of 1.20:
| • | Operating result is expected to grow by around 5% per annum from a EUR 1.5 - 1.7 billion run-rate. |
| • | Operating capital generation after holding funding and operating expenses is expected to grow between 0% and 5% per annum, from a run-rate of around EUR 0.9 billion for 2025. |
| • | Free cash flow is expected to grow by around 5% per annum from a run-rate of around EUR 0.8 billion per year. |
| • | Dividends are expected to remain well covered by free cash flow and, on a per share basis, will benefit from the reduction in share count from the announced share buyback programs, enabling an anticipated growth of dividend per share in excess of 5% per annum. |
Strong 2025 Financial Results
In 2025, Aegon met or exceeded all the financial targets that we set at the CMD in 2023, demonstrating the strength of its strategy. The company generated attractive and sustainable returns for its shareholders, supported by disciplined capital management and a strong balance sheet.
Operating capital generation before holding funding and operating expenses reached EUR 1.3 billion, exceeding the EUR 1.2 billion target. Free cash flow amounted to EUR 829 million, consistent with the ~EUR 800 million target. The company recorded a full year IFRS operating result of EUR 1.7 billion, representing a 15% increase compared with 2024, while all major business units remained well capitalized.
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Growing Shareholder Returns
Aegon remains committed to returning capital to shareholders in line with free cash flow growth. Surplus capital not required for value creating opportunities is expected to be distributed over time through a combination of dividends and share buybacks.
In December 2025, Aegon completed a EUR 400 million share buyback program–expanded from EUR 200 million earlier in the year due to its strong capital position and confidence in future value creation.
At the 2025 CMD, Aegon announced a new EUR 400 million share buyback program for 2026, to be executed in two equal phases. A EUR 227 million share buyback began in January 2026, reflecting both the first tranche 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. It is expected to be completed by June 30, 2026, barring unforeseen circumstances.
These actions reflect Aegon’s disciplined capital allocation and its ambition to reduce Cash Capital at the Holding to approximately EUR 1.0 billion by year end 2026, while maintaining the financial flexibility necessary to support long term value creation.
Aegon proposes a 2025 final dividend of EUR 0.21 per common share, which is an 11% increase compared with the 2024 final dividend, allowing the company to meet its EUR 0.40 dividend target for 2025.
Share Performance
Aegon’s share price increased by 16% in 2025 and so underperformed the broader European insurance industry (the STOXX Europe 600 Insurance Index ended the year up by 25%). Aegon’s New York Registry Shares increased by 31% in 2025 and outperformed the broader US insurance industry, as the S&P Insurance Index increased by 2% over the year. Our total shareholder return for the year amounted to a gain of 23%. This measure takes into account both dividend payments and share-price performance.
Safeguarding Long Term Value
As Aegon prepares for its intended relocation and further transformation, Aegon’s operating companies will remain well capitalized and Cash Capital at Holding will be maintained around the mid-point of the EUR 0.5 to 1.5 billion operating range. Excess capital will be returned to shareholders over time, unless it can be invested in value-creating opportunities. Consistent with the strategy announced at the CMD, the financial flexibility enabled by the capital management framework will be prioritized to the US.
Society
Aegon and its businesses strive to be a force for good and to have a positive impact on society. This includes supporting the climate transition and contributing to a net- zero world. As an international financial services group with a dedicated responsible investment strategy, Aegon is well positioned to help society transition to a climate-resilient economy.
At the same time, we continue to seek opportunities to drive positive change at local and regional levels, enhancing inclusion in our communities. We partner with organizations to empower people financially and socially. We also strive to maintain good business practices, with a focus on anti- corruption, anti-bribery, and paying fair taxes in the markets where we operate.
Our responsible investment approach
Responsible investment is one of the most significant ways Aegon can contribute to sustainability. By taking an active approach to investing, we seek to reduce financial and sustainability-related risks to our portfolio while supporting opportunities that benefit customers and society at large.
As an asset owner
Recognizing the link between climate change and biodiversity loss, we have designated biodiversity as a new focus area in our Responsible Investment Policy. In 2025, we carried out an initial assessment to identify potential biodiversity-related dependencies, impacts, risks, and opportunities across our portfolio. To support this evaluation, we used specialist tools that help financial institutions, such as Aegon, understand how economic activities depend on and impact nature across sectors and geographies. The insights from this analysis will guide our approach to managing nature-related risks.
In 2025, we distributed due diligence questionnaires to internal and external managers to assess their alignment with our Responsible Investment Policy and broader sustainability objectives.
As an asset manager
Through our global asset manager, Aegon AM, we help clients to support the climate transition by offering a growing suite of net-zero-aligned investment solutions. In 2025, Aegon AM launched the Investment Grade Climate Transition Fund, which invests in global corporate bonds. The fund aims to deliver attractive returns while reducing the carbon footprint by 30% by 2030 and achieving net-zero portfolio emissions by 2040.
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We also expanded our impact investing activities, focusing on areas such as climate action, social inclusion, and resource efficiency. These investments are designed to deliver tangible environmental and social benefits while generating solid financial returns.
Complementing this, Aegon AM expanded ESG integration across its scalable alternative fixed income platform. This includes asset-backed securities, insured credit, renewable infrastructure debt, fund finance, and private corporate debt. ESG factors are systematically embedded throughout the investment process using methodologies aligned with Aegon AM’s Responsible Investment Framework.
These strategies provide attractive yield opportunities while enabling clients to finance impactful projects, manage ESG risks, and contribute to the UN Sustainable Development Goals.
Our climate commitments
Aegon remains committed to its long-term climate goals, which align with the Paris Agreement and are reinforced by being a signatory to the Net-Zero Asset Owner Alliance. To support this commitment, we have set targets to achieve net-zero emissions across our general account portfolio by 2050. In parallel, we continue to reduce our operational footprint, reflecting our ambition to minimize the environmental impact of our own operations.
Anti-corruption and anti-bribery, including whistleblower protection
Business conduct is a fundamental focus area for Aegon. The subject, which is heavily influenced by legal requirements, includes aspects ranging from business ethics to anti-corruption and anti-bribery, as well as whistle-blower protection.
Responsible tax
Aegon makes a valuable economic and social contribution to the communities in which it operates through the company’s own tax payments, as well as the collection and payment of third-party taxes. We seek to pay “fair taxes,” namely by paying the right amounts of taxes in the right places. Published online, our Global Tax Policy outlines our approach to responsible tax, which seeks to align the long-term interests of our customers, employees, business partners, investors, and wider society. Aegon adheres to the VNO-NCW Tax Governance Code (as published on https://www.vno-ncw.nl/taxgovernancecode). For further details, refer to Aegon’s Global Tax Report, which is published on Aegon’s website.
Investing in Bermuda’s communities
In Bermuda, where Aegon established its legal seat, we launched a community investment program in 2025 to support education and empowerment in partnership with local organizations. The program builds on Aegon’s long-standing connection with Bermuda and its commitment to creating local opportunities.
Through the Live Your Best Life Scholarships, five Bermudian students each received USD 30,000 to pursue studies in healthcare, technology, and the trades - fields that play a vital role in the country’s economy. Grants (of USD 60,000) were also awarded to three local NGOs that promote financial literacy, entrepreneurship, and social inclusion.
Investing in our communities
Aegon aims to be a force for good by strengthening the communities in which we operate. Guided by our purpose of Helping people live their best lives, we focus our community investments on two connected areas: financial empowerment and social empowerment.
Aegon’s community investment has been steadily growing over the past years. In 2025, we invested EUR 11.0 million in community development, with EUR 9.0 million cash donations and 25,383 volunteer hours recorded by our colleagues. This is a 12% increase compared with 2024. The initiatives we support help people gain the skills, confidence, and connections needed to build a better future. Many of the programs combine social and financial dimensions and improve access to education, encouraging entrepreneurship, and supporting financial literacy as essential building blocks for long-term wellbeing.
Our employees play an active role in our community efforts. During Force for Good month in May 2025, for example, more than 3,000 colleagues across our businesses and partnerships volunteered in local communities, supporting over 100 charities and good causes. From mentoring students and organizing financial education sessions to restoring local parks and supporting vulnerable groups, each activity reflected our purpose in action.
These initiatives demonstrate how Aegon connects purpose with practice, empowering people both financially and socially, while helping to build more inclusive resilient communities in the long term, in line with our Global Community Investment Framework.
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Our performance
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Aegon’s results over 2025 demonstrate the strength of its strategy and ability to consistently deliver upon its ambitions. Aegon has either met or outperformed all the financial targets set for 2025 and commercial momentum also remained strong in 2025.
In the Americas, Transamerica expanded the number of licensed agents in World Financial Group, and, at the same time, achieved a record 30% increase in individual new life sales 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 the USD 2.9 billion target for 2025.
Aegon also reported solid results in its other business units in 2025. Aegon asset management business delivered EUR 1.0 billion net third-party inflows in 2025, while the International business continued to perform well, and, in the UK, the Workplace Platform generated GBP 2.4 billion in net inflows.
Aegon’s operating result increased to EUR 1,702 million, reflecting business growth across all units, favorable market impacts, and improved experience variances in the insurance businesses. The net result increased to EUR 980 million in 2025, driven by a higher operating result, and less unfavorable non-operating items partly offset by higher other charges compared with the prior year period.
On a per share basis, valuation equity – the sum of shareholders’ equity and the contractual service margin (CSM) after estimated tax adjustment – increased by 2% in the reporting period to EUR 9.06 per share, driven by an increase of the shareholders’ equity per share.
The capital ratios of Aegon’s operating units remain robust, and cash capital position is within the operating range of EUR 0.5 to 1.5 billion. Free cash flow amounted to EUR 829 million, consistent with the target for the year. During 2025, Aegon returned EUR 1.1 billion capital to shareholders through dividends and share buybacks. On the basis of the performance in 2025, Aegon proposes a final dividend of 21 eurocents per share. This would result in a total dividend paid for the full year 2025 of 40 eurocents, consistent with the target for 2025.
| Financial ambitions for 2026 and 2027 1 | ||
| Grow operating result 2 by |
Around 5% per annum | |
| Grow operating capital generation 2 by | 0% – 5% per annum | |
| Grow free cash flow by |
Around 5% per annum | |
| Increase dividend per share by |
More than 5% per annum | |
Note: All underlying run-rates for the financial ambitions are based on a currency exchange rate of EUR / USD = 1.20 and EUR / GBP = 0.86.
| 1 | Barring unforeseen circumstances, and dividend subject to board and other relevant approvals. |
| 2 | After Holding funding and operating expenses. |
Business update Americas
During 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 30% compared with 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. The Retirement Plans business experienced net outflows, mainly driven by large market plans, while written sales remained strong over the period.
Strategic Assets business update: Distribution
| Amounts in USD millions | 2025 | 2024 | % | |||||||||
| World Financial Group (WFG) KPIs |
||||||||||||
| Number of licensed agents |
95,740 | 86,142 | 11 | |||||||||
| Number of multi-ticket agents |
36,871 | 36,239 | 2 | |||||||||
| Total new life sales1 |
707 | 645 | 10 | |||||||||
| Transamerica’s market share |
66% | 63% | 5 | |||||||||
| Total sales of annuities gross deposits2 |
4,248 | 3,993 | 6 | |||||||||
| 1 | New life sales is defined as new recurring premiums plus 1/10 of single premiums. |
| 2 | WFG annuities gross deposits have been restated following the resolution of a data availability limitation. |
The number of licensed agents at WFG increased to 95,740, reflecting continued successful recruitment of new agents, as well as improved agent retention. 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 10% increase in new life sales and a 6% increase in the sales of annuities compared with the previous year. Transamerica’s market share of WFG US Life sales increased to 66% in 2025.
Strategic Assets business update: Savings & Investments
| Amounts in USD millions | 2025 | 2024 | % | |||||||||
| Savings & Investments KPIs |
||||||||||||
| Gross deposits Retirement Plans |
34,595 | 30,225 | 14 | |||||||||
| Net deposits Retirement Plans |
(1,079 | ) | (16,766 | ) | 94 | |||||||
| of which: net deposits mid-sized Retirement Plans |
1,053 | 557 | 89 | |||||||||
| 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 AuA |
14,819 | 13,036 | 14 | |||||||||
38 | Annual Report on Form 20-F 2025
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| Our performance | ||
Overall Retirement Plans gross deposits increased by 14%, driven by higher takeover deposits in both the large and mid- sized markets, supported by strong written sales in previous periods. Written sales remained solid during 2025, and are expected to support gross deposits in the coming period. Total net outflows amounted to USD 1.1 billion and were driven by large market plans. This was an improvement compared with the prior year period when two large, low- margin recordkeeping contracts were discontinued. In mid- sized plans, net deposits increased by 89% compared with 2024, mostly from higher gross deposits.
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 compared with the end of 2024.
Strategic Assets business update: Protection Solutions
| Amounts in USD millions | 2025 | 2024 | % | |||||||||
| Protection Solutions KPIs |
||||||||||||
| Traditional Life |
200 | 123 | 63 | |||||||||
| Indexed Universal Life |
417 | 351 | 19 | |||||||||
| New life sales - Individual Life |
617 | 473 | 30 | |||||||||
| New life sales - Workplace Life |
76 | 67 | 13 | |||||||||
| New premium production Workplace Health |
107 | 115 | (7 | ) | ||||||||
| Net deposits Indexed Annuities |
2,132 | 1,473 | 45 | |||||||||
In Individual Life, new life sales increased by 30% compared with 2024. Our success in entering the instant decision market for Final Expense, leveraging a fully digital underwriting platform, contributed more than two thirds of the increase. In addition, Indexed Universal Life sales by WFG increased due to higher agent productivity. Transamerica’s own agency channel also contributed to the increase in sales.
New life sales in Workplace Life increased by 13% compared with the previous year, while new premium production in Workplace Health decreased by 7% over the same period.
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 45% in 2025 compared with the prior year.
Financial Assets business update
| Amounts in USD millions | 2025 | 2024 | % | |||||||||
| Financial Assets KPIs |
||||||||||||
| Capital employed in Financial Assets (at operating level) | 2,670 | 3,383 | (21 | ) | ||||||||
| Net deposits Variable Annuities | (6,323 | ) | (6,143 | ) | (3 | ) | ||||||
| Net deposits Fixed Annuities (excluding SPGAs) | (687 | ) | (889 | ) | 23 | |||||||
| Variable Annuities dynamic hedge effectiveness ratio (%)1 | 97% | 99% | (1 | ) | ||||||||
| Net face amount Universal Life | 33,832 | 47,094 | (28 | ) | ||||||||
| LTC actual to expected claim ratio (%) (IFRS based) | 99% | 102% | (3 | ) | ||||||||
| NPV of LTC rate increases approved since end 2022 | 871 | 571 | 53 | |||||||||
| 1 | Dynamic hedge effectiveness ratio (%) represents the hedge effectiveness on targeted risk, in particular impact from linear equity and interest rate movements. |
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 0.7 billion compared with USD 3.4 billion of capital employed at the end of 2024. Around USD 0.3 billion 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 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 2024. Transamerica expects to terminate most purchased institutionally owned policies over the next two to three years.
During 2025, 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 during 2025 were marginally higher than in the prior year but remained in line with expectations, reflecting limited new business and the run-off of the book. Over the same period, Fixed Annuities net outflows decreased by 23%.
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.
Annual Report on Form 20-F 2025 | 39
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Business update United Kingdom
| Amounts in GBP millions | 2025 | 2024 | % | |||||||||
| Adviser Platform |
(3,417 | ) | (3,530 | ) | 3 | |||||||
| Workplace Platform |
2,379 | 3,674 | (35 | ) | ||||||||
| Total Platform |
(1,038 | ) | 144 | n.m. | ||||||||
| Institutional |
3,112 | (122 | ) | n.m. | ||||||||
| Traditional products |
(2,238 | ) | (1,790 | ) | (25 | ) | ||||||
| Net deposits / (outflows) |
(164 | ) | (1,767 | ) | 91 | |||||||
| 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 | |||||||||
| * | n.m. – not measured. |
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 non-target adviser segments, as well as tax-related speculations prior to the publication of the UK Governments’ 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 consist of the Workplace Platform and the Adviser Platform, 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 mainly driven by market movements during the period.
At its 2025 CMD, Aegon announced the start of a strategic review of Aegon UK to assess the best way to accelerate and maximize value for all stakeholders. The review is currently ongoing, and all options are being evaluated, including a potential divestment.
Business update International
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| Spain & Portugal | 37 | 35 | 5 | |||||||||
| China | 64 | 71 | (9 | ) | ||||||||
| Brazil | 144 | 132 | 8 | |||||||||
| TLB and others | 24 | 27 | (13 | ) | ||||||||
| New life sales |
269 | 266 | 1 | |||||||||
| New premium production accident & health insurance | 54 | 58 | (8 | ) | ||||||||
| New premium production property & casualty insurance | 71 | 69 | 3 | |||||||||
| * | Amounts include results from Aegon’s joint ventures and associates consolidated on a proportionate basis. |
International new sales continue to contribute to the ongoing growth of the book.
New life sales increased by 1%, as growth in Brazil and Spain & Portugal was partially offset by a decrease in China and TLB. Brazil reported higher new life sales, mainly driven by credit and group life, which was partially offset by unfavorable currency movements. Increased new life sales in Spain were driven by higher sales of non-linked products in Santander Life. In China, the decrease in new life sales was driven by a revision in product pricing, reflecting new pricing regulations and the current economic environment. At TLB, Indexed Universal Life sales were negatively impacted by changes in the competitive landscape in Singapore.
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 increased in Spain, reflecting higher sales of non-linked products in Santander Non-Life.
Business update Asset Management
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| General Account |
91 | (376 | ) | n.m. | ||||||||
| Affiliate |
(2,169 | ) | (5,219 | ) | 58 | |||||||
| Third Party |
990 | 9,197 | (89 | ) | ||||||||
| Global Platforms |
(1,089 | ) | 3,602 | n.m. | ||||||||
| Strategic Partnerships |
2,123 | 4,532 | (53 | ) | ||||||||
| Net deposits/(outflows)1 |
1,034 | 8,134 | (87 | ) | ||||||||
| Annualized revenues gained/(lost) on net deposits - Global Platforms | 6.3 | 12.7 | (50 | ) | ||||||||
| 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 |
325,290 | 331,639 | (2 | ) | ||||||||
| 1 | Include results from Aegon’s joint ventures and associates consolidated on a proportionate basis. |
| * | n.m. – not measured. |
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.
During 2025, the General Account experienced net deposits which were partially offset by outflows from the reinsurance transaction on Transamerica’s SGUL block that was announced at the 2025 CMD.
Net outflows from Affiliate resulted mainly from US retirement funds and the gradual run-off of the traditional insurance book in the UK.
40 | Annual Report on Form 20-F 2025
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| Our performance | ||
Third-party net deposits in Global Platforms were mainly driven by inflows in fixed income and alternative fixed income products in Europe, partly offset by a large redemption in the US, and outflows from a.s.r.
Net deposits in Aegon AM’s Strategic Partnerships were driven by Aegon’s Chinese asset management joint venture, Aegon Industrial Fund Management Company (AIFMC), which experienced net deposits in money market funds, partly offset by net outflows in mutual funds. Aegon’s French asset management joint venture, LBP AM, experienced net outflows driven by withdrawals of low-margin business from a former shareholder, partly offset by net deposits in structured investment products.
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.
Financial highlights
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| Net result |
980 | 676 | 45 | |||||||||
| Operating result |
1,702 | 1,485 | 15 | |||||||||
| Shareholders’ equity |
7,432 | 7,215 | 3 | |||||||||
| Contractual Service Margin (CSM)1 (pro-forma after tax) |
6,277 | 6,975 | (10 | ) | ||||||||
| Valuation equity |
13,709 | 14,190 | (3 | ) | ||||||||
| Gross financial leverage |
4,850 | 5,201 | (7 | ) | ||||||||
| 1 | On IFRS basis, i.e. excluding joint ventures and associates. |
Net Result
Aegon’s net result increased to EUR 980 million in 2025, driven by a higher operating result, and less unfavorable non-operating items (i.e. fair value items, realized gains/ losses and net impairments), partly offset by higher other charges compared with prior year. The income tax for the year amounted to EUR 174 million and includes recurring beneficial impacts, such as the dividend received deduction and tax credits in the US. Consequently, the result before tax amounted to EUR 1,154 million.
Operating result
Aegon uses the non-IFRS performance measure operating result, that reflects Aegon’s profit before tax from underlying business operations and mainly excludes components that relate to accounting mismatches that are dependent on market volatility, or relate to events that are considered outside of the normal course of business. Aegon believes that this performance measure provides meaningful information about the operating results of Aegon’s business, including insight into the financial measures that Aegon’s
senior management uses in managing the business. The reconciliation from result before tax from continuing operations, being the most directly comparable IFRS measure, to operating result is presented in note 5 Segment information.
For discussion on the operating result for the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer ‘Results of operations’ section in the Annual Report 2024.
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| Distribution |
145 | 177 | (18 | ) | ||||||||
| Savings & Investments |
254 | 252 | 1 | |||||||||
| Protection Solutions |
666 | 578 | 15 | |||||||||
| Financial Assets |
143 | 54 | 166 | |||||||||
| Americas |
1,209 | 1,062 | 14 | |||||||||
| United Kingdom |
219 | 198 | 11 | |||||||||
| Spain & Portugal |
101 | 91 | 12 | |||||||||
| China (ATHTF) |
39 | 24 | 62 | |||||||||
| Brazil |
60 | 52 | 15 | |||||||||
| TLB |
38 | 29 | 33 | |||||||||
| Other |
(15 | ) | (13 | ) | (17 | ) | ||||||
| International |
224 | 183 | 22 | |||||||||
| Global Platforms |
76 | 40 | 91 | |||||||||
| Strategic Partnerships |
140 | 161 | (13 | ) | ||||||||
| Asset Management |
217 | 201 | 8 | |||||||||
| Holding and other activities |
(166 | ) | (159 | ) | (4 | ) | ||||||
| Operating result |
1,702 | 1,485 | 15 | |||||||||
Aegon’s operating result increased by 15% to EUR 1,702 million, reflecting business growth across all units, favorable market impacts, and improved experience variances in the insurance businesses.
Americas
The operating result from the Americas increased by 14% to EUR 1,209 million in 2025 compared with 2024. In local currency, it increased by 19% to USD 1,367 million, in line with the run-rate for the year communicated at the 2025 CMD. 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 2024. This was partly offset by a decrease in the operating result of the non- insurance business segments driven by a lower operating margin in the Distribution business segment.
The operating result of the Protection Solutions business segment increased by 20% to USD 753 million in 2025, mainly from improved experience variances and portfolio growth resulting in a higher release of CSM. The net overall experience variances on claims, expenses, and other items were USD 3 million unfavorable, excluding the unfavorable impact from onerous new business of USD 35 million. A
Annual Report on Form 20-F 2025 | 41
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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 5% to USD 288 million, benefiting from higher revenues in Retirement Plans. Growth in Individual Retirement Accounts 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 23 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 14%, largely driven by higher expenses reflecting investments in WFG. These were only partly offset by 9% higher revenues due to stronger life and annuity sales at WFG.
The operating result of the Financial Assets segment increased to USD 162 million in 2025, mostly due to an improvement of experience variances compared with the prior year, a higher net investment result, 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 57 million for onerous Variable Annuities contracts and USD 2 million onerous new business, experience variances were unfavorable at USD 191 million. This was driven by policyholder behavior as unfavorable claims experience variance was largely offset by a release of reserves for the corresponding onerous contracts.
United Kingdom
The operating result from the UK for 2025 amounted to EUR 219 million, or GBP 188 million in local currency, compared with GBP 167 million in 2024. The operating result benefited from business growth and favorable markets which led to both a higher CSM release and increased revenues. These were partly offset by reduced interest income on own cash. Furthermore, losses incurred in 2024 relating to the Protection book have not repeated in 2025 following the sale of the business on July 1, 2024.
International
The operating result for the International segment increased by 22% to EUR 224 million in 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 the local implementation of IFRS 17 partly offset by lower interest rates. The increase in operating result in Brazil, reflected business growth and higher investment
income partly offset by unfavorable exchange rate movements. At TLB, the operating result was mainly driven by a higher CSM release and less onerous contracts, partially offset by a lower net investment result as a result of a lower asset balance.
Asset Management
The operating result from Aegon Asset Management amounted to EUR 217 million in 2025, an increase of 8%, 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 reflecting business growth, favorable markets and lower expenses from ongoing expense management. In Strategic Partnerships, the operating result decreased, driven by AIFMC, which had benefited from favorable items in 2024. This was partially offset by an increase in operating result from LBP AM, which was driven by business growth and favorable markets.
Holding
The operating result from the Holding was a loss of EUR 166 million. The result from the Holding deteriorated compared with 2024 driven by lower returns on Cash Capital at Holding due to a lower cash balance and lower short-term yields. This was partially offset by a higher benefit from an internal reinsurance transaction between TLB and Transamerica.
Non-operating items
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| Operating result |
1,702 | 1,485 | 15 | |||||||||
| Fair value items |
80 | (208 | ) | n.m. | ||||||||
| Realized gains / (losses) on investments |
(248 | ) | (36 | ) | n.m. | |||||||
| Net impairments |
(64 | ) | (236 | ) | 73 | |||||||
| Non-operating items |
(231 | ) | (480 | ) | 52 | |||||||
| Other income / (charges)1 |
(317 | ) | (245 | ) | (30 | ) | ||||||
| Result before tax |
1,154 | 760 | 52 | |||||||||
| Income tax |
(174 | ) | (85 | ) | (106 | ) | ||||||
| Net result |
980 | 676 | 45 | |||||||||
| Interest on financial leverage classified as equity after tax | (53 | ) | (77 | ) | 31 | |||||||
| Net result after interest on financial leverage classified as equity | 928 | 599 | 55 | |||||||||
| Average common shareholders’ equity | 7,303 | 7,068 | 3 | |||||||||
| Return on Equity2 |
17.5% | 15.6% | ||||||||||
| 1 | Includes income tax chargeable to policyholders in the United Kingdom. |
| 2 | Operating result after tax and interest on financial leverage classified as equity / average common shareholders’ equity. |
| * | n.m. – not measured. |
The loss from non-operating items amounted to EUR 231 million in 2025, mainly driven by realized losses in the Americas.
42 | Annual Report on Form 20-F 2025
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| Our performance | ||
Fair value items
Fair value items constituted a gain of EUR 80 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. The Holding contributed favorably, driven by interest rate hedges related to debt instruments. In the UK, fair value losses reflected the negative revaluations of hedges used to protect the solvency position.
Realized losses on investments
Realized losses on investments amounted to EUR 248 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 64 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 amounted to EUR 317 million in 2025. A main driver was annual assumption updates in the Americas and TLB, where expense assumptions were updated and lapse assumptions were strengthened 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.
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, were partially offset by the favorable impact from the sale of 12.5 million shares of a.s.r. in September 2025. Other charges also included the positive result from Aegon’s stake in a.s.r. of EUR 179 million for the year.
Balance sheet items
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| Shareholders’ equity |
7,432 | 7,215 | 3 | |||||||||
| Shareholders’ equity per share (in EUR) |
4.91 | 4.53 | 8 | |||||||||
| Americas |
6,359 | 7,032 | (10 | ) | ||||||||
| United Kingdom |
1,555 | 1,695 | (8 | ) | ||||||||
| International |
262 | 231 | 13 | |||||||||
| Eliminations |
(111 | ) | 1 | n.m. | ||||||||
| Contractual Service Margin1 |
8,066 | 8,960 | (10 | ) | ||||||||
| Pro-forma tax |
(1,789 | ) | (1,985 | ) | 10 | |||||||
| CSM after tax |
6,277 | 6,975 | (10 | ) | ||||||||
| CSM after tax per share (in EUR) |
4.15 | 4.38 | (5 | ) | ||||||||
| Valuation equity |
13,709 | 14,190 | (3 | ) | ||||||||
| Valuation equity per share (in EUR) |
9.06 | 8.91 | 2 | |||||||||
| Gross financial leverage |
4,850 | 5,201 | (7 | ) | ||||||||
| Gross financial leverage ratio (%) |
25.9% | 26.5% | ||||||||||
| 1 | On IFRS basis, i.e. excluding joint ventures and associates. |
| * | n.m. – not measured. |
Shareholders’ equity
As of December 31, 2025, shareholders’ equity was EUR 7.4 billion, which is EUR 0.2 billion higher than on December 31, 2024. The positive net result and the impact of revaluations were partially offset by capital distributions to shareholders and unfavorable currency movements.
On a per share basis, shareholders’ equity increased by 8% to EUR 4.91.
Valuation equity
Valuation equity is a non-IFRS financial measure that represents the sum of shareholders’ equity and CSM after- tax (embedded value of unearned profits in insurance contracts). This measure is intended to provide a more comprehensive view of the Group’s economic value. The reconciliation from shareholders’ equity, being the most directly comparable IFRS measure to valuation equity, is presented in the above table.
Valuation equity decreased by 3% in the reporting period to EUR 13.7 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.
On a per share basis, valuation equity increased by 2% to EUR 9.06.
Gross financial leverage
Gross financial leverage decreased by EUR 0.4 billion over 2025, to EUR 4.9 billion. This decrease was driven by the depreciation of the US Dollar against the Euro.
Annual Report on Form 20-F 2025 | 43
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Contractual Service Margin (CSM)
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| CSM balance at beginning of period |
8,990 | 8,251 | 9 | |||||||||
| New business |
678 | 556 | 22 | |||||||||
| CSM release |
(973 | ) | (990 | ) | 2 | |||||||
| Accretion of interest |
239 | 238 | - | |||||||||
| Claims and policyholder experience variance |
(187 | ) | (187 | ) | - | |||||||
| Non-financial assumption changes |
(320 | ) | (123 | ) | (160 | ) | ||||||
| Non-disaggregated risk adjustment |
61 | 133 | (54 | ) | ||||||||
| Market impact on unhedged risk of |
||||||||||||
| VFA products |
684 | 584 | 17 | |||||||||
| Net exchange differences |
(943 | ) | 527 | n.m. | ||||||||
| Transfer to disposal groups |
- | (8 | ) | n.m. | ||||||||
| Other movements |
(128 | ) | 9 | n.m. | ||||||||
| CSM balance at end of period |
8,102 | 8,990 | (10 | ) | ||||||||
| * | n.m. – not measured. |
The CSM balance amounted to EUR 8.1 billion per December 31, 2025, a decrease of EUR 0.9 billion compared with December 31, 2024, mostly due to unfavorable currency movements.
New business contributed EUR 678 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 973 million.
Claims and policyholder experience reduced the CSM, mainly driven by Financial Assets. Non-financial assumption changes reduced the CSM by EUR 320 million, driven by the annual assumption updates in the US, UK 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 943 million.
Americas
In the Americas, the CSM balance grew to EUR 6.4 billion, or USD 7.5 billion, at year-end 2025. This was driven by a growth of 24% of the CSM balance in Strategic Assets (Protection Solutions) compared with the end of 2024 and was only partly offset by the run-off of Financial Assets, where the CSM decreased by 17% over the year. The CSM balance of Protection Solutions now accounts for 57% of the total Americas CSM, which compares with 47% at the end of 2024, and is a testament of Transamerica’s strategy to grow its Strategic Assets and reduce its exposure to Financial Assets.
The increase of the CSM balance of Protection Solutions was mainly driven by new business which, in addition to the accretion of interest, largely reflects growth of the Individual Life portfolio. Favorable non-financial assumption changes mainly related to updates in Individual Life, partly reflecting favorable expense assumption updates, and partly offset by an unfavorable impact in the workplace business, in part
related to the Medicare Supplement product. Further favorable contributions to CSM came from updated portfolio yields in the Indexed Universal Life portfolio and from increased fees on Variable Universal Life products mainly reflecting positive equity markets.
The Financial Assets CSM balance decreased in the period mainly from the gradual run-off of the portfolios, only partly offset by the accretion of interest and new business. In addition, unfavorable claims and policyholder experience variances were mainly from policyholder behavior and market driven impacts on Variable Annuities but were partly offset by favorable impacts from positive equity markets. Non-financial assumption updates resulted in unfavorable charges to the CSM, mainly from updates to the assumptions for policyholder behavior in Variable Annuities and Fixed Annuities. The CSM balance decreased further as a result of the SGUL reinsurance transaction with a USD 145 million impact.
Capital highlights
Capital ratios
| Amounts in millions | 2025 | 2024 | % | |||||||||
| Americas (USD) |
||||||||||||
| Available capital |
7,276 | 8,042 | (10) | |||||||||
| Required capital |
1,715 | 1,817 | (6) | |||||||||
| US RBC ratio |
424% | 443% | ||||||||||
| Scottish Equitable plc (UK) (GBP) |
||||||||||||
| Own funds |
2,128 | 2,206 | (4) | |||||||||
| SCR |
1,163 | 1,187 | (2) | |||||||||
| UK SE Solvency II ratio |
183% | 186% | ||||||||||
| Aegon Ltd. (EUR) |
||||||||||||
| Eligible own funds |
11,901 | 14,030 | (15) | |||||||||
| Consolidated Group SCR |
6,464 | 7,466 | (13) | |||||||||
| Group Solvency ratio |
184% | 188% | ||||||||||
US RBC ratio
The estimated RBC ratio decreased by 19%-points during 2025 to 424% on December 31, 2025 compared with year- end 2024, and remained above the operating level of 400%. The OCG from operating entities applying the RBC framework had a positive contribution of 42%-points, which was largely offset the 34%-points negative impact of remittances. Market movements had a 16%-points negative impact during the year, driven by higher equity markets. Finally, one-time items and management actions negatively impacted the RBC ratio by around 11%-points. This included restructuring expenses, the impact of the annual actuarial assumption updates within the RBC calculation, establishing reserves for settlements of previously disclosed legal cases, and various other items. 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.
44 | Annual Report on Form 20-F 2025
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| Our performance | ||
UK Solvency 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.
Group Solvency ratio
The estimated group solvency ratio decreased from 188% on December 31, 2024, to 184% on December 31, 2025. This was mainly a reflection of the capital returns to shareholders including share buyback programs. Capital generation after holding funding and operating expenses amounted to EUR 630 million. This included market movements with a negative impact of EUR 481 million, mostly driven by the US and China. One-time items were favorable at EUR 119 million, as the adverse impact of one-time items in the US, including the impact of the SGUL reinsurance transaction, which was announced at the 2025 CMD, 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.
Cash Capital at Holding and free cash flow
| Amounts in EUR millions | 2025 | 2024 | % | |||||||||
| Beginning of period |
1,725 | 2,387 | (28 | ) | ||||||||
| Americas |
514 | 532 | (3 | ) | ||||||||
| United Kingdom |
139 | 118 | 17 | |||||||||
| International |
145 | 126 | 15 | |||||||||
| Asset Management |
83 | 60 | 38 | |||||||||
| a.s.r. dividends |
200 | 187 | 7 | |||||||||
| a.s.r. share buybacks |
38 | 30 | 25 | |||||||||
| Cash flows from a.s.r. |
237 | 217 | 9 | |||||||||
| Holding and other activities |
3 | - | n.m. | |||||||||
| Gross remittances |
1,121 | 1,054 | 6 | |||||||||
| Funding and operating expenses |
(291 | ) | (295 | ) | 1 | |||||||
| Free cash flow |
829 | 759 | 9 | |||||||||
| Capital injections |
(786 | ) | (56 | ) | n.m. | |||||||
| Acquisitions and divestitures |
726 | 1 | n.m. | |||||||||
| Capital flows from / (to) shareholders |
(1,106 | ) | (1,413 | ) | 22 | |||||||
| Net change in gross financial leverage |
(9 | ) | 8 | n.m. | ||||||||
| Other |
(68 | ) | 40 | n.m. | ||||||||
| End of period |
1,311 | 1,725 | (24 | ) | ||||||||
| * | n.m. – not measured. |
Aegon’s Cash Capital at Holding decreased during 2025 from EUR 1,725 million to EUR 1,311 million. This decrease was largely driven by EUR 1,106 million of capital returns to shareholders, consisting of dividend payments and share buybacks. Free cash flow amounted to EUR 829 million and included capital distributions from a.s.r. including Aegon’s participation in a share buyback program by a.s.r. Capital injections amounted to EUR 786 million, mainly reflecting a capital investment in Transamerica, related to the SGUL reinsurance transaction as announced at the 2025 CMD. This was partly offset by the proceeds from the sale of 12.5 million shares in a.s.r. and the divestiture of the Aegon Growth Capital Fund. Other items combined had a negative impact of EUR 77 million, mainly driven by costs related to the relocation of Aegon’s head office and legal seat to the US and capital market transaction costs.
Exchange rates
| Weighted average rate | Closing rate | |||||||||||||||
| Per 1 EUR |
2025 | 2024 | 2025 | 2024 | ||||||||||||
| USD |
1.1308 | 1.0821 | 1.1733 | 1.0355 | ||||||||||||
| GBP |
0.8569 | 0.8467 | 0.8727 | 0.8268 | ||||||||||||
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46 | Annual Report on Form 20-F 2025
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Governance and
risk management
| 48 |
Boards and governance | |
| 48 |
Letter from the Chairman of the Board | |
| 50 |
Corporate governance | |
| 55 |
Sustainability governance | |
| 56 |
Composition of the Executive Committee and Board of Directors | |
| 64 |
Report of the Board of Directors | |
| 70 |
Remuneration Report | |
| 82 |
Risk and capital management | |
| 82 |
Risk management | |
| 89 |
Capital and liquidity management | |
| 95 |
Regulation and compliance | |
| 95 |
Regulation and supervision | |
| 97 |
Code of Conduct | |
| 98 |
Controls and procedures | |
Annual Report on Form 20-F 2025 | 47
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“As we look to 2026, the Board is confident that Aegon is on a strong footing.“ David Herzog Chairman of the Board Directors 48 | Annual Report on Form 20-F 2025
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| Letter from the Chairman of the Board | ||
Letter from the Chairman
of the Board
As I write my first letter to you as Chairman of Aegon’s Board of Directors, I feel both humbled and energized.
It is an honor to succeed Bill Connelly, whose leadership as a chairman and dedication have guided Aegon through a period of profound change, from strategic divestments to structural transformation. On behalf of the Board, I would like to sincerely thank Bill for his service and his commitment to our company. Also, at the 2025 general meeting, Ms. Young stepped down as Director. The Board would like to thank Ms. Young for her valuable insights and pragmatic approach that have been valuable assets during her 12-year tenure. Aside from feeling grateful as we bid farewell to Bill and Dona, I am pleased that, in addition to myself, the Board welcomed Lori Fouché and Jay Ralph as new members. Additionally, we will propose to appoint Leni Boeren as a new member of the Board at the 2026 AGM. Their broad international experience and diverse expertise will further strengthen our ability to provide effective and strategic oversight and guidance and will enrich our collective discussions as we support Aegon in its next chapter.
A year of performance and transition
The Board carefully monitors both the financial and operational performance of the company. The past year was marked by significant progress under the leadership of CEO Lard Friese and CFO Duncan Russell. We were encouraged by the momentum achieved in Aegon’s markets, by the resilience of its capital position, and by the company’s ability to return value to shareholders while continuing to invest in growth. The Board is pleased with the company’s accomplishment of meeting its financial targets. Likewise, the disciplined execution of management gives the Board confidence that Aegon is well placed to meet its newly announced financial ambitions. We also recognize the Executive Committee’s commitment to embedding a strong risk culture and ensuring that the company operates with transparency and integrity. In a rapidly changing insurance landscape, the Board sees this as a critical foundation for long-term success.
Strategic updates at CMD
On December 10, 2025, Aegon hosted its Capital Markets Day (CMD) in London. With the full support of the Board, the event provided management with the opportunity to update investors and stakeholders on Aegon’s strategic priorities for the years ahead, as well as its new financial ambitions. At the same time, it was an opportunity to demonstrate the
momentum we have built and our ambition to create sustainable value for customers, shareholders, and society. Aegon also announced the beginning of a strategic review of Aegon UK to assess the best way to accelerate and maximize value for all stakeholders.
Relocation to the United States
At the CMD, the relocation of Aegon’s legal domicile, tax residence, and corporate headquarters to the United States was announced. This decision was the result of an extensive review, announced in August 2025. This move, subject to shareholder approval later this year, aligns the structure with the reality of our business. The United States is our largest market, central to the company’s strategy, and the source of most of the earnings and capital generation. By bringing Aegon’s headquarters closer to the majority of its operations, we will strengthen the alignment between strategy, governance, and execution. It is a forward-looking decision that will provide clarity, efficiency, and long-term benefits for all stakeholders. The Board has carefully considered and overseen this decision-making process, and we will continue to do so as we progress through the various phases of the relocation journey. We are convinced that aligning Aegon’s governance and structure more closely with its operations will strengthen the company for the long term.
Looking forward
As we look to 2026, the Board is confident that Aegon is well positioned to harness opportunities enabled by advancements in technologies while leveraging our balance sheet strength and operational discipline. On behalf of the Board, I would like to extend my gratitude to Aegon’s employees across the world. Their dedication and professionalism are vital to the company’s success. I also wish to thank our shareholders, customers, and partners for their trust and support. With a talented Executive Committee, a clear purpose, and a clear strategy, Aegon is well positioned for the years ahead. The Board will continue to provide oversight and guidance as the company pursues its ambitions and fulfills its responsibilities to all stakeholders.
Schiphol, the Netherlands, March 25, 2026
David Herzog
Chairman of the Board of Directors, Aegon Ltd.
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Corporate governance
and Corporate Governance Statement
Aegon is a Bermuda exempted company with liability limited by shares, having its registered office in Hamilton, Bermuda. The company has its principal place of business and headquarters in Schiphol, the Netherlands. Aegon is registered with the Bermuda Registrar of Companies under number 202302830 and the Dutch trade register under number 27076669. Aegon is subject to Bermuda law, and its governance is predominantly determined by Bermuda law, its bye-laws, its memorandum of continuance, and its board regulations. On December 31, 2025, the company qualified as a non-resident company under the Dutch Non-Resident Company Act, due to which certain Dutch legal requirements, mainly relating to the preparation of the annual accounts in accordance with Title 9 of Book 2 of the Dutch Civil Code, apply.
As Aegon is a company established in Bermuda, the Dutch Corporate Governance Code does not apply to Aegon.
Shareholders
Listing and shareholder base
Aegon’s common shares are listed on Euronext Amsterdam and the New York Stock Exchange. Aegon has institutional and retail shareholders around the world. Aegon’s largest shareholder is Vereniging Aegon, a Dutch association with a special purpose to represent in a balanced manner the direct and indirect interests of the company (Aegon) and its stakeholders.
General Meeting of Shareholders
A General Meeting of Shareholders (the “General Meeting”) is held annually and, if deemed necessary, the Board of Directors (the “Board”) of the company may convene a special General Meeting. The main function of the General Meeting is to decide on:
| • | (Re)appointments to the Board; |
| • | Appointment of the auditor; |
| • | Amendments of the bye-laws; |
| • | Adoption of the Remuneration Policy; |
| • | Approval of resolutions of the Board entailing a significant change in the identity or character of the company or its business; |
| • | Approval of final dividend payment; and |
| • | Authorizing the Board to (i) limit or exclude pre-emptive rights, (ii) repurchase shares, and (iii) issue Aegon shares exceeding 10% of Aegon’s issued share capital unless the Board determines that the issuance of shares is necessary or conducive for purposes of safeguarding, conserving, or strengthening the capital position of Aegon (in which case no authorization is required). |
At the Annual General Meeting, the Board shall present the annual accounts to shareholders for discussion. The Board shall also annually present shareholders with a remuneration report that shall be put to an advisory vote, which shall not be binding on the Board or the company.
Convocation
A General Meeting must be convened at least 30 days (excluding the day on which the notice is given or served, or deemed to be given or served) prior to the day of the General Meeting and shall be called by way of a press release and publication on the website. The notice shall specify the place, day, and time of the meeting, the record date, means of electronic communication, and the agenda.
The Board will convene General Meetings. Shareholders representing at least 10% of the paid-up share capital may request a General Meeting. Shareholders representing at least 1% of the issued capital or 100 or more shareholders jointly may request one or more items to be added to the agenda of a General Meeting. The company must receive such a request at least six weeks before the General Meeting. Matters that are not reserved for, or do not require a resolution of the General Meeting pursuant to the bye-laws or Bermuda law, may only be included as a non-voting discussion item that shall be non-binding to the company and the Board unless otherwise and at its sole discretion determined by the Board.
Record date
The record date determines shareholders’ entitlements to participate in and vote in a General Meeting. The record date may be determined by the Board and may not be more than 60 days before or later than 20 business days before the date fixed for the General Meeting.
Attendance
Every shareholder is entitled to attend the General Meeting and vote either in person or by proxy granted in writing. This includes proxies submitted electronically. All shareholders wishing to participate must provide proof of identity and shareholding and notify the company in advance of their intention to attend the meeting. Aegon also solicits proxies from New York registry shareholders in line with common practice in the United States.
50 | Annual Report on Form 20-F 2025
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| Corporate governance | ||
Voting at the General Meeting
At the General Meeting, each common share carries one vote. In the absence of a Special Cause, Vereniging Aegon casts one vote for every 40 common shares B it holds.
Board of Directors
At year-end 2025, Aegon has a one-tier Board consisting of ten Non-Executive Directors and one Executive Director, being the Chief Executive Officer. Details on the composition of the Board can be found in the Composition of the Board and Executive Committee section of this document. Subject to the provisions of the Bermuda Companies Act and the company’s bye-laws, the Board manages and conducts Aegon’s business and is responsible for the company’s general affairs, including setting its strategy. The Board may exercise all the powers of the company except those required by the Bermuda Companies Act or the company’s bye-laws to be exercised by the General Meeting. The members of the Board owe a fiduciary duty to Aegon to act in good faith in their dealings with or on behalf of Aegon and exercise their powers and fulfill the duties of their office honestly. In the exercise of its duties, the Board shall take into account the long-term consequences of decisions, sustainability, and the interests of all corporate stakeholders. For the purpose of a Director’s duty to act in good faith and in the best interests of the company, the Director is not obligated to prioritize the interests of any specific stakeholder or group of stakeholders over others.
Composition of the Board
The General Meeting appoints the members of the Board. If the Board proposes the appointment of a member of the Board, the General Meeting resolution requires a simple majority of the votes cast; otherwise, the resolution requires a two-thirds majority of the votes cast, which must represent more than half of the then-issued and outstanding shares.
Members of the Board will be appointed for a term of no more than four years and may be reappointed. After 12 years, a Non-Executive Director will no longer be considered independent. A profile outlining the required qualifications for Board members has been established and is published on aegon.com as schedule to the Board regulations. If the Board proposes removing or suspending a member, the General Meeting resolution requires a simple majority of the votes cast. In contrast, the resolution requires a two-thirds majority of the votes cast, which must represent at least half of the then-issued and outstanding shares.
The Board determines the remuneration and other terms of service of the Executive Director and the Non-Executive Directors, in accordance with the Board’s Remuneration Policy. The Remuneration Policy is adopted by the General Meeting, ultimately at the fourth annual General Meeting held after the General Meeting, during which the Remuneration Policy was most recently adopted. The Remuneration Policy was most recently adopted at the 2024 annual General Meeting.
The Board may, subject to its control, delegate all powers, authorities, and discretions relating to the day-to-day- operations and general business and affairs of Aegon to Aegon’s Chief Executive Officer (the “CEO”). The Board oversees the execution of its responsibilities and delegated powers, authorities, and discretions by the CEO and any other person or committee to which the Board has delegated any of its duties and responsibilities and is ultimately responsible for the fulfillment of the Board’s duties by them.
Committees
The Board has four committees comprised solely of Non-Executive Directors. These committees are as follows:
| • | Audit Committee; |
| • | Risk Committee; |
| • | Compensation and Human Resource Committee; and |
| • | Nomination and Governance Committee. |
Please see Composition of the Board and Executive Committee for the composition of the Board’s committees and the Board Report for more information on their functioning.
CEO
The CEO is a member of the Board and is responsible for the day-to-day management and general business and affairs of the company and the Group. In particular, the CEO is entrusted with all the Board’s powers, authorities, and discretions in relation to the operational running of the company, particularly powers, authorities, discretions including but not limited to such matters as: the operational running of the company and the business, developing the company’s strategy and sustainability approach for consideration, determination, and approval by the Board and the implementation of such strategy, and managing performance of the business. Lard Friese is the CEO of Aegon and was first appointed in 2020.
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Executive Committee
The members of the Executive Committee work alongside the CEO and help oversee operational activities and the implementation of Aegon’s strategy. Members are drawn from Aegon’s functional, business, and country units and have regional and global responsibilities. As such, among others, the CFO and CRO are members of the Executive Committee.
This ensures that Aegon is managed as an integrated international business. The Executive Committee provides vital support and expertise in pursuit of the company’s strategic objectives. Please see Composition of the Board and Executive Committee for the Executive Committee composition.
Capital, significant shareholdings, and exercise of control
As a publicly listed company, Aegon is required to provide the following detailed information regarding any structures or measures that may hinder or prevent a third party from acquiring the company or exercising effective control over it.
Capital of the company
Aegon has an authorized capital of EUR 720 million, divided into 4 billion common shares and 2 billion common shares B, each with a nominal value of EUR 0.12. As of December 31, 2025, a total of 1,573,119,870 common shares and 335,830,640 common shares B have been issued, whereby the common shares comprise 82%, and the common shares B comprise 18% of the issued capital.
Depository receipts for Aegon shares are not issued with the company’s cooperation.
Under the Dutch act on the conversion of bearer shares, all 16,040 bearer shares outstanding as of December 2020 were converted into registered shares held by the company as of January 1, 2021. Until January 1, 2026, a holder of a valid certificate of a bearer share had the right to request the company to provide such holder with a registered share as a replacement of the bearer share. Certificates of bearer shares for which such a request was not made on or before January 1, 2026 will no longer be replaced with registered shares and the corresponding registered shares held by the company now definitively belong to the company.
Each common share carries one vote. There are no restrictions on the exercise of voting rights by holders of common shares other than those held in treasury, which do not carry the right to vote.
All issued and outstanding common shares B are held by Vereniging Aegon. The nominal value of a common share B is equal to the nominal value of a common share. This means that common shares B also carry one vote per share.
However, the voting rights attached to common shares B are subject to restrictions as laid down in the Voting Rights Agreement, under which Vereniging Aegon may cast only one vote for every 40 common shares B it holds in the absence of a Special Cause.
The financial rights (such as the rights to dividends, return of assets on liquidation, reduction of capital, or otherwise) attached to a common share B are 1/40th of the financial rights attached to a common share. The rights attached to the shares of both classes are otherwise identical.
For the issuance of shares, reduction of issued capital, the sale and transfer of common shares B, or otherwise, the value or the price of a common share B is determined as 1/40th of the value of a common share.
For such purposes, no account is taken of the difference between common shares and common shares B in terms of the proportion between financial rights and voting rights.
Significant shareholdings
On December 31, 2025, Vereniging Aegon, Aegon’s largest shareholder, held a total of 270,149,311 common shares and 327,885,200 common shares B.
Under the terms of the 1983 Merger Agreement, as amended in May 2013, Vereniging Aegon has the option to acquire additional common shares B. Vereniging Aegon may exercise its call option to keep or restore its total stake to 32.6% of the voting rights, irrespective of the circumstances that caused the total shareholding to be or become lower than 32.6%.
During 2025, the following agreements were entered into between Aegon and Vereniging Aegon.
On January 13, 2025, Aegon entered into a share repurchase agreement with Vereniging Aegon, pursuant to which Vereniging Aegon participated pro rata in the EUR 150 million buyback program (after adjusting for approximately EUR 40 million of share buybacks in this program to meet Aegon’s obligations under its share-based compensation plans for senior management) based on its combined common shares and common shares B, for aggregate consideration of EUR 20 million. The participation of Vereniging Aegon in this share buyback program was equally distributed over the total number of trading days during the program whereby the number of shares repurchased has been determined based on the daily volume-weighted average price per common share on Euronext Amsterdam, resulting in Aegon repurchasing 3,336,760 common shares from Vereniging Aegon in the 2025 share buyback program that ended on June 30, 2025.
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| Corporate governance | ||
On July 1, 2025, Aegon entered into a share repurchase agreement with Vereniging Aegon, pursuant to which Vereniging Aegon agreed to participate in Aegon’s 2025 EUR 200 million share buyback program for an aggregate consideration of EUR 37 million. On August 25, 2025, Aegon and Vereniging Aegon entered into an addendum to the share repurchase agreement entered into on July 1, 2025 to have Vereniging Aegon participate for an additional EUR 34 million in the additional EUR 200 million that has been added to Aegon’s existing EUR 200 million share buyback program that commenced on July 1, 2025. The aggregate participation in the amount of EUR 71 million of Vereniging Aegon in this share buyback program was equally distributed over the total number of trading days during the program, whereby the number of shares repurchased has been determined based on the daily volume-weighted average price per common share on Euronext Amsterdam, resulting in Aegon repurchasing 10,796,374 common shares from Vereniging Aegon in the EUR 400 million share buyback program that ended on December 15, 2025.
On December 16, 2025, Aegon repurchased 17,557,160 common shares B from Vereniging Aegon for the amount of EUR 2,790,043.41 based on 1/40th of the Value Weighted Average Price of the common shares of the five trading days preceding this transaction. The repurchase of common shares B was executed to bring the aggregate holding of voting shares by Vereniging Aegon in Aegon in line with its special cause voting rights of 32.6% following the completion of the share buyback programs, initiated by Aegon in 2025.
For an overview of other significant shareholdings, please see the Other major shareholders section.
Special control rights
The common shares and the common shares B offer equal full voting rights, as they have equal nominal value (EUR 0.12). The Voting Rights Agreement entered into between Vereniging Aegon and Aegon provides that under normal circumstances – that is, except in the event of a Special Cause – Vereniging Aegon is not allowed to exercise more votes than is proportionate to the financial rights represented by its shares. This means that in the absence of a Special Cause, Vereniging Aegon may cast one vote for every common share it holds and one vote for every 40 common shares B it holds. In the event of a Special Cause, Vereniging Aegon may cast one vote for every common share and one vote for every common share B.
A Special Cause may include but is not limited to:
| • | The acquisition by a third party of an interest in Aegon amounting to 15% or more; or |
| • | A tender offer for Aegon shares; or |
| • | A proposed business combination by any person or group of persons, whether acting individually or as a group, other than in a transaction approved by the company’s Board; or |
| • | Any other circumstance in which, in the opinion of Vereniging Aegon, Vereniging Aegon not exercising its full voting power would seriously harm the interests of the company and the business connected with it. |
If Vereniging Aegon, acting at its sole discretion, determines that a Special Cause has arisen, it must notify the General Meeting of Shareholders. In this event, Vereniging Aegon retains full voting rights on its common shares B for a period limited to six months. Vereniging Aegon would, for that limited period, command 32.6% of the votes at a General Meeting of Shareholders.
Under the Voting Rights Agreement, Vereniging Aegon has the right, at its discretion, to exercise its full voting rights on the common shares B. Vereniging Aegon may exercise this right unilaterally and independently of Aegon and therefore also irrespective of any decisions of the Board of Aegon.
Issue and repurchase of shares
In accordance with Bermuda law, the Board will be authorized to issue Aegon shares up to Aegon’s authorized capital. However, the bye-laws determine that any issue of Aegon shares exceeding 10% of Aegon’s issued share capital requires a resolution of the General Meeting, unless (i) the Board determines that the issuance of shares is necessary or conducive for purposes of safeguarding, conserving, or strengthening the capital position of Aegon or (ii) such shares are issued to a person exercising a previously granted right to subscribe for shares. As a result, other than in the case described in the previous sentence, any transaction requiring the issuance of more than 10% of Aegon’s issued share capital will require shareholder approval.
According to the current bye-laws adopted by the General Meeting on June 12, 2024, each holder of common shares will have pre-emptive rights upon the issuance of common shares in proportion to the number of common shares held by such shareholder. The General Meeting can authorize the Board to limit or exclude such pre-emptive rights, provided that if less than half of the then outstanding shares that are entitled to vote on the matter are represented during such general meeting, such resolution can only be adopted with at least two-thirds of the votes cast.
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The General Meeting will be requested annually to provide authorization to the Board to exclude (i) pre-emptive rights for up to 10% of the issued share capital and (ii) pre-emptive rights for share issuances for purposes of safeguarding, conserving, or strengthening Aegon’s capital position. The same applies mutatis mutandis for holders of common shares B upon the issuance of common shares B, whereby the Board can exclude or limit these pre-emptive rights in accordance with a prior authorization granted by the meeting of holders of common shares B.
Issuances for equity compensation plans or against a non- cash contribution are excluded from pre-emptive rights.
Aegon is entitled to acquire its own fully paid-up shares, providing it acts within the parameters set by Bermuda law and the Dutch Non-Resident Companies Act. According to the current bye-laws adopted by the General Meeting on June 12, 2024, authorization from the General Meeting will be required for (i) resolutions to declare a final dividend and (ii) resolutions regarding the acquisition of own shares by Aegon. Aegon envisages to request this authorization annually.
Transfer of shares
There are no restrictions on the transfer of common shares. Common shares B can only be transferred with the prior approval of Aegon’s Board.
Except for the Voting Rights Agreement entered into with Vereniging Aegon as described herein, Aegon has no knowledge of any agreement between shareholders that might restrict the transfer of shares or the voting rights pertaining to them.
Significant agreements and potential change of control
Aegon is not a party to any significant agreements that would take effect, alter, or terminate as a result of a change of control following a public offer for the outstanding shares of the company, other than those customary in financial markets (for example, financial arrangements, loans, and joint venture agreements).
Share plan
Senior executives at Aegon companies and certain other employees are entitled to variable compensation, a portion of which is granted in the form of shares. For further details, please see the Remuneration Report section and note 44 of the notes to Aegon’s consolidated financial statements. Under the terms of existing share plans, the vesting of granted rights is predefined.
Amending the bye-laws and memorandum of continuance
The Board resolves on amendments to the company’s bye-laws and memorandum of continuance. In order for such an amendment to take effect, it must be approved by the General Meeting. Under Bermuda law, shareholders who, alone or jointly, represent at least 20% of Aegon’s paid-up share capital or any class thereof have the right to, within 21 days after a resolution to amend the memorandum of continuance has been adopted by the General Meeting, apply to the Supreme Court of Bermuda for an annulment of such amendment of the memorandum of continuance, other than an amendment which alters or reduces Aegon’s share capital as provided in Bermuda law. No application may be made by shareholders voting in favor of the amendment.
Human Capital, Risk Management and Internal Control systems
Information on Human Capital can be found in Schedule 6 to the Aegon Board Regulations and in the Employee section of how we create value for our stakeholders.
Information on risk management and internal control systems relating to the financial reporting process can be found in the Risk management section.
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| Sustainability governance | ||
Sustainability governance
Key roles
Aegon’s Board of Directors has ultimate oversight over sustainability. Through its Nomination and Governance Committee, the Board of Directors is advised and kept appraised of business and regulatory developments regarding sustainability.
Advice on Aegon’s sustainability approach is provided by the Global Sustainability Board (GSB), an internal committee, which is supported by the Corporate Sustainability team. The GSB is a senior management committee, established to enhance overall governance and oversight of Aegon’s company-wide approach to sustainability. The GSB meets quarterly and advises the Executive Committee on Aegon’s strategic sustainability approach. It is chaired by the CEO of the Americas and consists of senior-level representatives from across the company, including eight members of the Executive Committee.
The GSB’s core function is to steer and strengthen the sustainability approach across Aegon’s business units, and it is supported by the local sustainability boards. Key actions include formulating and tracking sustainability-focused commitments, key performance indicators (KPIs), and targets.
Aegon’s approach to sustainability is informed by its double materiality assessment (DMA). The DMA is endorsed by the GSB and approved by the CEO with support of the Executive Committee. The Executive Committee is the owner of the material topics as defined under ESRS, including the associated impacts, risks, and opportunities, and has oversight of how these are managed through relevant policies, targets, and actions.
Incentives
The Directors’ Remuneration Policy demonstrates the importance of sustainability by requiring inclusion of quantitative sustainability metrics in the Short-Term Incentive Plan, which directly impacts the outcome of the award. The CEO’s variable compensation also places significant emphasis on sustainable long-term performance under the Long-Term Incentive Plan. Moreover, a significant sustainability-related risk or compliance incident may result in a malus adjustment or claw-back of the CEO’s variable compensation. For more information on the Executive Directors’ Remuneration Policy and the CEO’s variable compensation, please refer to the Remuneration Report.
Risk management
The Group Risk & Capital Committee (GRCC) oversees the Risk function’s climate scenarios that analyze the potential impacts of climate change on our financial accounts. The Non-Financial Risk Committee (NFRC) oversees the Risk function’s annual climate risk assessment that identifies possible physical and transition risks that could impact Aegon.
The Compliance function co-ordinates Aegon’s biennial Human Rights Risk Assessment and also carries out an Annual Compliance Risk Assessment (ACRA) to assess compliance risks. This is also overseen by the NFRC.
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Composition of the Executive
Committee and Board of Directors
Members of the Executive Committee
Lard Friese (1962, Dutch)
CEO and Chairman of the Executive Committee, and executive member of the Board of Directors
of Aegon Ltd.
Please refer to the Composition of the Board of Directors in the next section for more information on Lard Friese’s background.
Duncan Russell (1978, British)
Chief Financial Officer
and member of the Executive Committee
Duncan Russell has worked all of his professional career in the financial services sector. Mr. Russell was appointed Chief Transformation Officer and member of the Executive Committee of Aegon in August 2020. In September 2024, Mr. Russell was appointed Group Chief Financial Officer of Aegon Ltd.
Prior to joining Aegon, Mr. Russell was CFO and Board member at Admiral Financial Services, the financial services subsidiary of Admiral Group, a UK based insurance company,
where he was responsible for finance, analytics, funding, credit risk and pricing.
Before joining Admiral Group, Mr. Russell was Head of Group Strategy and Corporate Finance at NN Group N.V., the Netherlands, where he was responsible for capital management, treasury, M&A, and the Group strategy.
Before joining NN Group N.V., Mr. Russell held various positions at financial services groups in London, including JP Morgan.
Michele Bareggi (1973, Italian)
Chief Strategy, Transformation & Growth Officer
and member of the Executive Committee
Michele Bareggi has over 25 years of experience in the financial services industry. This includes his tenure at Athora, a leading European savings and retirement services group. Mr. Bareggi was at Athora since its formation in 2018, leading the group through a significant period of growth, including its expansion into Belgium, Ireland, Italy, and the Netherlands. He has served as CEO, Deputy CEO & President of the Athora group; Member of the Supervisory Board of Athora Netherlands and Chair of the Board of Athora Belgium.
Prior to Athora, Mr. Bareggi held senior positions, covering both private and public markets, at Morgan Stanley, Nomura, Lehman Brothers and Credit Suisse. During his time at these global investment banks, he played key roles in designing, marketing, and implementing assets and insurance products, ALM and risk management solutions as well as new business initiatives to support the needs of European insurance companies.
Mr. Bareggi joined Aegon as Chief Strategy, Transformation and Growth Officer on November 1, 2024 and is a member of Aegon’s Executive Committee.
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Will Fuller (1971, American)
CEO of Aegon Americas
and member of the Executive Committee
Throughout his 30-year career in financial services, Will Fuller has been dedicated to helping consumers live better today and worry less about tomorrow through advocacy, communication, and education. Whether he’s serving in senior leadership roles or engaging in industry-wide advocacy efforts, Mr. Fuller is passionate about meaningful work that makes a difference in people’s lives.
Mr. Fuller was appointed President and Chief Executive Officer of Transamerica Corporation in March 2021. Transamerica is one of the nation’s largest insurers, with millions of customers throughout the United States and Canada, and approximately USD 400 billion in assets under management and administration across its core businesses of life insurance, annuities, retirement plans, asset management, and employee benefits.
Together with the Transamerica senior leadership team, 6,100 employees, and World Financial Group’s network of over 95,000 licensed agents, Mr. Fuller is driving Transamerica’s strategic and financial transformation into America’s leading middle market life insurance and retirement company.
Mr. Fuller is a member of the Transamerica Corporation Board of Directors and the Executive Committee of Aegon Ltd., Transamerica’s parent company. Prior to joining Transamerica, Mr. Fuller served in senior leadership roles for Lincoln Financial Group and Merrill Lynch.
Mr. Fuller serves on the CEO Committee for the Alliance for Lifetime Income by LIMRA. He is a board member of the American Council of Life Insurers and LL Global Inc., whose LIMRA and LOMA organizations have a combined membership of more than 700 insurance and financial services firms across 63 countries.
Mr. Fuller is a former board member of Forum for Investor Advice, Money Management Institute, and Insured Retirement Institute – which honored him with its 2019 Industry Champion of Financial Security Award.
Mr. Fuller was appointed as a member of Aegon’s Executive Committee in March 2021.
Mike Holliday-Williams (1970, British)
CEO of Aegon UK
and member of the Executive Committee
Mike Holliday-Williams started his career with WHSmith in 1991 as a graduate trainee, working as a Retail Manager in many UK stores and in Business Development. In 1997, he joined Centrica where he had several general management and marketing roles in British Gas, before becoming the Residential & Marketing Director of Centrica Telecoms/One.Tel in 2004.
In 2006, Mr. Holliday-Williams joined RSA, becoming the UK Managing Director of Personal Lines in 2008, responsible for MORE THAN, Partnerships, and the Broker businesses.
In 2011, he moved to Copenhagen to become the CEO of RSA Group’s Scandinavian businesses, Codan A/S and Trygg-Hansa, and he also became a member of the RSA Group Executive Board. In 2014, he moved to Direct Line Group (DLG) to become MD of the Personal Lines business, joining the Board of DLG in February 2017.
Mr. Holliday-Williams joined Aegon UK in October 2019, to take over as CEO. He became a member of Aegon’s Executive Committee in March 2020.
Astrid Jäkel (1977, German)
Chief Risk Officer
and member of the Executive Committee
Astrid Jäkel has more than 20 years of experience in the European and global insurance sectors. She joined Aegon from the international management consultancy firm Oliver Wyman where she was a partner in the European Insurance and Asset Management Practice, co-leader of the European Insurance Financial Effectiveness team as well as a member of the Board of Oliver Wyman’s Swiss subsidiary. Her consulting work focused on high-impact risk, capital, asset liability and investment management topics.
Ms. Jäkel worked with leading European and global insurers on a broad range of projects to help transform and optimize their risk and balance sheet management capabilities for market, credit, insurance, and non-financial risks.
Ms. Jäkel was appointed CRO of Aegon and member of Aegon’s Executive Committee in March 2022. Her responsibilities include managing Aegon’s Group Risk and Actuarial functions, along with maintaining the Group’s Risk Management framework and overseeing the risk management capabilities.
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Shawn C.D. Johnson (1963, American)
CEO of Aegon Asset Management
and member of the Executive Committee
Shawn C.D. Johnson’s career in the financial services industry spans over 25 years, most recently as CEO of AMP Capital, where he led the global asset manager through a strategic transformation.
Prior to AMP Capital, Mr. Johnson founded Guidon Global LLC, an investment management and consulting firm. He had a 15-year tenure at State Street Global Advisors (SSGA), where he served as SSGA’s Investment Committee Chairman overseeing USD 2.1 trillion in client assets and
played a key role in guiding the firm’s global investment strategies. Mr. Johnson’s broad investment experience covers all asset classes including cash, fixed income, global equities, real estate, currencies, commodities, hedge funds and private equity.
Mr. Johnson is a former chair of both the US Financial Services Sector Coordinating Council (FSSCC) and the Association of Institutional Investors’.
Mr. Johnson was appointed CEO of Aegon Asset Management and a member of Aegon’s Executive Committee in September 2024.
Marco Keim (1962, Dutch)
CEO of Aegon International
and member of the Executive Committee
Marco Keim began his career with accountancy firm Coopers & Lybrand/Van Dien, before moving to the aircraft manufacturer Fokker Aircraft and NS Reizigers, part of the Dutch railway company, NS Group.
In 1999, he joined Swiss Life in the Netherlands as a member of the Board and was appointed CEO three years later. Mr. Keim was appointed CEO of Aegon the Netherlands and member of Aegon’s Executive Committee in June 2008.
From 2017 to 2020, Mr. Keim headed Aegon’s operations on mainland Europe. Since January 2020, Mr. Keim is responsible for Aegon’s insurance joint ventures in Brazil and China, its businesses in Spain & Portugal, its high-net-worth insurance business, as well as several ventures in Asia. These businesses together comprise the reporting segment ‘Aegon International’.
Mr. Keim is a former member of the Supervisory Board of Eneco Holding N.V.
Onno van Klinken (1969, Dutch)
General Counsel
and member of the Executive Committee
Onno van Klinken has more than 30 years’ experience providing legal advice to a range of companies and leading Executive Board offices. Mr. Van Klinken started his career at Allen & Overy, and previously worked for Aegon between 2002 and 2006.
He then served as Corporate Secretary for Royal Numico, before it was acquired by Groupe Danone. His next position was as General Counsel for the Dutch global mail and express group TNT, where he served from 2008 until
the legal demerger of the group in 2011. This was followed by General Counsel positions at D.E. Master Blenders 1753 and Corio N.V.
Mr. Van Klinken rejoined Aegon in 2014 as General Counsel responsible for Group Legal, Compliance, the Board Office, and Government and Policy Affairs. Mr. Van Klinken has been a member of Aegon’s Executive Committee since August 2016. Mr. Van Klinken was appointed member of the Board of Stichting Continuïteit SBM Offshore in December 2016.
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Deborah Waters (1967, American)
Chief Technology Officer
and member of the Executive Committee
Deborah Waters began her career at aerospace group Lockheed Martin in 1989 before moving to software consultancy group Seer Technologies.
In 1995, she joined Citigroup Inc., where she held various technology leadership positions in the intervening years. Most recently she served for over five years as Citi’s Global Head of Private Bank Operations and Technology. Additionally, Ms. Waters was the Head of Inclusion and Diversity for Citi’s Institutional Client Group Operations and Technology.
Previous roles at Citigroup include leading Client Centric and Equities Technology, supporting the Equities, Research, Commercial Bank, Citi Velocity, and Markets Sales businesses. She also served as the Chief Operating Officer
for the Markets Technology organization during her tenure there. Before moving to Markets Technology, Ms. Waters managed Markets and Operational Risk Technology for the organization where she started as a developer of risk solutions.
Ms. Waters joined Aegon in February 2022 as Chief Technology Officer and is a member of Aegon’s Executive Committee. In addition, Ms. Waters was named Transamerica’s CTO in May 2025 to lead an integrated technology organization that combines Transamerica’s technology services and Aegon’s global technology services. In her capacity as CTO of Transamerica, she is also a member of Transamerica’s Executive Committee.
Ms. Waters is member of the Board of Directors of RanMarine Technology BV (not-listed).
Holly Waters (1970, American)
Chief Human Resources Officer
and member of the Executive Committee
Holly Waters has over 25 years of experience in corporate human resources. Most of this time has been in leadership positions at Transamerica, Aegon’s largest business and a leading provider of life insurance, retirement, and investment solutions in the US. Her responsibilities have included strengthening employee engagement and corporate performance through leadership in strategic planning, talent management, and organizational transformation.
Ms. Waters was appointed Chief People and Places officer at Transamerica in March 2020. In this role, she is responsible for leading talent acquisition and development, compensation and benefits, human resources operations and systems, diversity and inclusion, and strategic HR business partnering. Ms. Waters is also a member of Transamerica’s Executive Committee and is responsible for company’s real estate portfolio and facilities throughout the US and Canada.
In November 2025, Ms. Waters was appointed, on an interim basis, as Chief Human Resources Officer at Aegon and a member of Aegon’s Executive Committee.
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Board of Directors
William L. Connelly (1958, French)
Chairman of the Board of Directors
until November 12, 2025
Chairman of the Nomination and Governance Committee
until November 12, 2025
Mr. Connelly was appointed to the Board of Directors in 2017 and designated Chairman of the Board of Directors in May, 2018. Following an eight-year tenure, Mr. Connelly retired from the Board of Directors as per November, 2025.
David Herzog (1959, American)
Chairman of the Board of Directors
Mr. David Herzog brings over forty years of life insurance and financial services experience to the Board. Currently serving as Chairman of the Board at DXC Technology, Mr. Herzog’s extensive career includes roles such as Chief Financial Officer and Executive Vice President at American International Group (AIG) from 2008 to 2016. Prior to this, Mr. Herzog was the Chief Financial Officer and Chief Operating Officer at American General Life, following its
acquisition by AIG. He also held various executive positions at GenAmerica Corporation and Family Guardian Life, a Citicorp company, adding to his profound insight into the financial services industry. Until May 2025, Mr. Herzog was a member of the Board of Directors at MetLife Inc. and was Chair of the Audit Committee from 2017 to 2024.
Mr. Herzog was appointed to Aegon’s Board in June 2025, and designated Chairman of the Board of Directors in November 2025. His current term ends in 2029.
Lard Friese (1962, Dutch)
CEO and Chairman of the Executive Committee,
and (executive) member of the Board of Directors
Lard Friese has worked most of his professional career in the insurance industry, including 10 years at Aegon between 1993 and 2003. He was employed by ING as from 2008, where he held various positions. In July 2014, upon the settlement of the Initial Public Offering of NN Group N.V., he became the CEO of NN Group. During his tenure at NN Group, he led a wide range of businesses in Europe and Asia and created a stable platform for growth and shareholder value.
He has extensive experience in the areas of insurance, investment management, customer centricity, mergers and acquisitions, and business transformation.
Mr. Friese was appointed CEO Designate on March 1, 2020, and has been appointed Executive Director of the Board. In 2024, Mr. Friese was re-elected as Member of the Board of Directors until the end of the AGM to be held in 2028. Mr. Friese is CEO and Chairman of the Executive Committee of Aegon Ltd.
Mr. Friese is also a member of the Supervisory Board of ASR Nederland N.V. and a member of the Supervisory Board of Pon Holdings B.V. (non-listed). Mr. Friese is also Vice Chairman of the Board of Directors of The Geneva Association, the leading global think tank for the insurance industry.
Albert Benchimol
(1957, American, Canadian, Moroccan)
Chairman of the Nomination and Governance Committee Member of the Risk Committee
Mr. Albert Benchimol brings more than 40 years of experience as a senior leader in the insurance and reinsurance industry. Between 2012 and May 2023, he was president and Chief Executive Officer of AXIS Capital Holdings, a Bermuda-based global specialty underwriter and provider of insurance and reinsurance solutions. Subsequently, Mr. Benchimol became advisor to the CEO and the Executive Committee at AXIS Capital
Holdings, a role he retained until the end of 2023. Before joining AXIS Capital Holdings, Mr. Benchimol held various senior positions at PartnerRe and Reliance Group Holdings, after beginning his career in banking at the Bank of Montreal. Mr. Benchimol has also served in a leadership role in a number of additional industry organizations, including Chair of the Association of Bermuda Insurers and Reinsurers, and as an External Member of the Council of Lloyd’s.
Mr. Benchimol was appointed to Aegon’s Board in June 2024, and his current term ends in 2028. He is Chairman of the Nomination and Governance Committee and member of the Risk Committee.
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Mark A. Ellman (1957, American)
Chairman of the Compensation and Human Resource Committee
Member of the Risk Committee
Mark A. Ellman is a former Vice Chairman Global Origination of Bank of America/Merrill Lynch. Before joining Bank of America/Merrill Lynch, he held various roles in the US insurance industry. These mostly entailed working in corporate finance at large US financial institutions, where he was engaged in M&A advice and transactions, together with equity and debt raisings for insurance companies.
He was a founding partner of Barrett Ellman Stoddard Capital Partners.
Mr. Ellman was appointed to Aegon’s Board in 2017, and his current term ends in 2029. He is a Chairman of the Compensation and Human Resource Committee and member of the Risk Committee. Mr. Ellman was a Non- Executive Director of Aegon USA from 2012 to 2017.
Karen Fawcett (1962, British)
Member of the Risk Committee
Member of the Compensation and Human Resource Committee
Karen Fawcett was formerly CEO Retail, Brand and Marketing for Standard Chartered Bank, which focused primarily on Asia, Africa, and the Middle East. Her broad career across complex global businesses covers wholesale and retail banking, global strategy, technology transformation, and brand and marketing.
Prior to her career in banking, Ms. Fawcett was Partner at global management and information technology consultancy firm Booz, Allen & Hamilton, where she advised insurers, banks, and asset managers on a wide range of strategic, technological, and operational transformations.
Ms. Fawcett was appointed to Aegon’s Board in May 2022 and her current term ends in 2026. She is a member of the Compensation and Human Resource Committee and a member of the Risk Committee.
Ms. Fawcett holds several non-executive director positions, with a portfolio across financial services, digital transformation, and climate change mitigation. These positions are with the following non-listed entities: the LGT Group Foundation; Temus; Global EverGreening Alliance; and BetterTradeOff. Ms. Fawcett is a former member of the Board of Directors of INSEAD.
Lori Fouché (1969, American)
Member of the Risk Committee
Member of the Nomination and Governance Committee
Ms. Lori Fouché brings over two decades of experience in the financial services industry. Most recently, Ms. Fouché served as Senior Executive Vice President and Advisor to the CEO of TIAA, a US-based provider of retirement and investment solutions, and as CEO of TIAA Financial Solutions. Prior to joining TIAA in 2018, she held several senior positions at Prudential Financial, including Group Head of Individual Solutions, President of Individual Annuities, and CEO of Group Insurance businesses.
Ms. Fouché currently serves on the Board of The Kraft Heinz Company, a global food and beverage company. She also serves as a director of Gusto Inc., a private payroll, benefits, and human resource management software provider since October 2021, and Hippo Holdings, a property insurance provider. She is member of the Princeton University Board of Trustees (not listed).
Ms. Fouché was appointed to Aegon’s Board in June 2025, and her current term ends in 2029. She is a member of the Risk Committee and Member of the Nomination and Governance Committee.
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Jack McGarry (1958, American)
Chairman of the Audit Committee
Member of the Compensation and Human Resource Committee
Jack McGarry is a former actuary who spent the majority of his career at Unum Group, an NYSE-listed provider of workplace financial protection benefits. He has held various leadership roles in risk management, in finance, as CEO of Unum’s business in the United Kingdom, and CEO of Unum’s Closed Block.
His last position at Unum was as Chief Financial Officer (CFO). As CFO, he successfully led the transformation of the finance organization by outsourcing transactional
processes, driving automation across the organization, implementing accounting and financial planning & analysis platforms and modelling, and navigating the company through the implementation of tax reform.
This experience underscores his in-depth knowledge of the insurance industry and his integral perspective on managing an insurance company. Mr. McGarry was appointed to Aegon’s Board in June 2021, and his current term ends in 2029. Mr. McGarry is Chairman of the Audit Committee and member of the Compensation and Human Resource Committee.
Jay Ralph (1959, American, Swiss)
Member of the Audit Committee
Member of the Nomination and Governance Committee
Mr. Jay Ralph has had a distinguished career in insurance and asset management including almost 20 years of leadership roles at Allianz SE, a global insurance and asset management company. Mr. Ralph was most recently a member of the Board of Management of Allianz SE and Chairman of both Allianz Asset Management and Allianz Life Insurance Company North America. He has also served on various boards of Allianz SE’s global subsidiaries across
Europe and the Americas. Prior to this, he held several senior roles in the financial industry.
Mr. Ralph currently sits on the Board of Swiss Re Group and is an advisor to the Siemens Pension Board (not listed).
Mr. Ralph was appointed to Aegon’s Board in June 2025, and his current term ends in 2029. He is a member of the Audit Committee and Member of the Nomination and Governance Committee.
Caroline Ramsay (1962, British)
Chairman of the Risk Committee
Member of the Audit Committee
Caroline Ramsay gained a Master’s degree in Natural Sciences in 1984 at Cambridge. She started her professional career at KPMG in Ipswich and London, where she qualified as a Chartered Accountant in 1987. During her long career, Ms. Ramsay gained substantial experience in Finance and Audit at large insurance companies. In addition to her strong financial background, Ms. Ramsay acquired extensive managerial expertise in executive roles at Norwich Union plc (now Aviva plc) and RSA.
Ms. Ramsay holds various Non-Executive Board positions. In 2013, she joined the board of Scottish Equitable – and in 2017 also the boards of Aegon UK plc and Cofunds Ltd. – where she served as the Audit Committee Chair until May 14, 2020. Ms. Ramsay was appointed to Aegon’s Board in
May 2020 and her current term ends in 2028. She served as Chairman of the Audit Committee and as a member of the Risk Committee until August 2023 and is currently Chairman of the Risk Committee and a member of the Audit Committee.
Ms. Ramsay is senior independent Director of the Board of Brit Syndicates Ltd. (non-listed), and a member of the Board of Directors of Tesco Underwriting Ltd. (non-listed), Tesco Personal Finance Ltd (non listed), and Tesco Personal Finance Group Ltd (non listed). Ms. Ramsay is a former member of the FCA Regulatory Decisions Committee, and a former member of the Payment Systems Regulator’s Enforcement Decisions Committee. Ms. Ramsay served as member of the Board of Directors of Ardonagh Specialty Holdings Ltd. (non-listed) and as a member of the Board of Directors of Aberdeen UK Smaller Companies Growth Trust plc.
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Thomas Wellauer (1955, Swiss)
Member of the Audit Committee
Member of the Compensation and Human Resource Committee
Thomas Wellauer started his professional career at McKinsey & Company, where he served as Senior Partner and Practice Leader. He held various executive management positions at multi-industries, including financial services, pharmaceuticals, and chemicals. Among others, he served on the Executive Committees of Winterthur, Credit Suisse, Novartis, and Swiss Re. His most recent position from 2010 to 2019 was Group Chief Operating Officer of Swiss Re. During his career, Mr. Wellauer also served as independent Director on the boards of several global companies such as Munich Re and Syngenta.
Mr. Wellauer was appointed to Aegon’s Board in May 2020, and his current term ends in 2028. He is a member of the Audit Committee and a member of the Compensation and Human Resource Committee.
Mr. Wellauer is Member of the Board of Directors of SIX Group (not listed), and Chairman of the Board of Trustees of the University Hospital Zurich Foundation. Mr. Wellauer is the former Chairman of the International Chamber of Commerce in Switzerland.
Corien M. Wortmann (1959, Dutch)
Vice Chairman of the Board of Directors
Member of the Audit Committee
Member of the Nomination and Governance Committee
Corien Wortmann was Chairman of the Board of Stichting Pensioenfonds ABP, the Dutch public sector collective pension fund until December 2022, and is a former Member of the European Parliament and Vice President on Financial, Economic and Environmental affairs for the EPP Group (European People’s Party). She was appointed to Aegon’s Board in May 2014. In 2024, Ms. Wortmann was re-elected as Non-Executive Director of the Board of Directors of Aegon Ltd. for a term of two years until the end of the AGM to be held in 2026.
She is Vice Chairman of the Board of Directors, and a member of the Audit Committee and the Nomination and Governance Committee.
Ms. Wortmann is a member of the Board of Directors of DSM-Firmenich AG., Chairperson of the Supervisory Board of Netspar (non-listed), Member of the Supervisory Board of Deloitte Nederland (non-listed), and Member of the Supervisory Board of Planet B.io. (non-listed). She is a former member of the Supervisory Board of Het Kadaster, a former member of the Supervisory Board of Save the Children Nederland, and a former member of the Advisory Committee of the Financial Markets Authority.
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Report of the Board of Directors
The Report of the Board of Directors highlights the main topics discussed by the Board of Directors (the Board), the composition of the Board, the roles and responsibilities of its committees including the topics addressed, and provides information on the Board process, the appointment of the independent auditor, and the adoption of the annual accounts 2025.
Main topics discussed
In 2025, the Board discussed, often together with management, many topics that are of importance for Aegon’s strategy execution, its strategic developments and the business units’ performance. The Board actively engaged in strategic deliberations throughout the year, focusing on key aspects that shape the Group’s direction and long-term success. A central component of the Board’s activities involved the ongoing management of the business portfolio. This included the evaluation and execution of acquisitions to strengthen the Group’s capabilities, as well as divestments to streamline operations and optimize resources. In addition to portfolio adjustments, the Board oversaw transactions related to the balance sheet, ensuring that the Group’s financial position remained robust and aligned with strategic objectives. During these discussions, the Board takes into consideration the views of management and other stakeholders while weighing opportunities, capabilities, risks, feasibility and timing of decisions. Underneath, some of the main topics are highlighted.
Relocation to the United States
In August 2025, Aegon announced a review of the potential relocation of Aegon’s legal domicile, tax residence, and corporate headquarters to the United States. In close collaboration with Aegon’s management and after taking into account internal and external counsel and views from stakeholders, the Board considers the relocation in the best interest of Aegon. Aligning the structure with the largest business unit and market will strengthen the strategy and simplify governance and execution. Going forward, the Board will continue to oversee the intended transition, which requires shareholder approval, and the execution of this multi-year relocation process.
US GAAP accounting
As part of the relocation process, the Board discussed in depth its accounting frameworks. Moving from IFRS reporting to US GAAP reporting will allow valuation of Aegon on the same basis as US peers. The Board supported the change in accounting framework, aiming to start US GAAP reporting as of full-year 2027. The Board further discussed and agreed that, in order to facilitate the transition, Aegon will stop publishing trading updates in 2026 and 2027.
a.s.r. shareholding
The Board discussed, without the Group CEO present, the a.s.r. shareholding. The aim is to hold the shares until value-creating opportunities present themselves. Following the Board’s decision, Aegon sold 12.5 million shares in a.s.r. in September 2025 reducing Aegon’s shareholding in a.s.r. from around 30% to approximately 24% of a.s.r.’s share capital.
Capital Markets Day 2025
During the Capital Markets Day 2025 (CMD), Aegon announced the reinsurance of Secondary Guarantee Universal Life (SGUL) contracts (USD 10 billion net face value) by Transamerica. The transaction reduced capital employed and increases remittances from Transamerica. The Board discussed the transaction and considered the related USD 0.8 billion capital investment into Transamerica favorable compared to alternative capital deployment options. The Board continues to be focused on capital allocation in line with its capital policy. The Board aims to return excess capital to stockholders’ overtime unless it can be invested in value-creating opportunities.
The Board pre-discussed other CMD topics as well, which focused mainly on building a bigger, broader, more profitable US Life Insurance and Retirement industry leader. Also discussed was the growth potential and efficiency of the Aegon Asset Management and the launch of a strategic review of the Aegon UK business. The Board discussed and supported the financial ambitions for 2026 and 2027.
Governance and sustainability
Furthermore, the Board addressed the rotation of the Chairman of the Board of Directors and board succession planning in general. Through its Nomination and Governance Committee, the Board was kept appraised of sustainability developments, which included Aegon’s sustainability approach, the long-standing focus on responsible investing, Aegon’s net-zero ambitions, and the focus on fostering a fair and inclusive company.
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Other 2025 topics
In addition, the Board addressed, among others, the following topics in 2025:
| • | The use of the remuneration policy and framework and executive remuneration; |
| • | Communication and stakeholder management; |
| • | The self-evaluation of the 2024 Board performance; |
| • | The Annual Report 2024; |
| • | The regular business updates; |
| • | The approval of the 2024 financial results, the 2025 interim financial results, and the (interim) dividends and share buybacks; |
| • | The funding plan and funding authorization; |
| • | Capital generation and solvency capital positions; |
| • | Enterprise risk management, information security, and cybersecurity; |
| • | The budget and medium term plan; |
| • | Human resources, including succession planning, talent development, organizational health developments, cultural change and diversity; |
| • | Brand architecture; |
| • | Educational sessions on e.g. hedging and liquidity, sustainability, US governance, group solvency, information security, and business deep dives; |
| • | Regulatory changes at both regional and global levels; |
| • | Tax policy and developments; and |
| • | Technology developments and innovations, AI in particular. |
2026 focus areas
In 2026, the Board will continue to focus on the business units delivering on their ambitions in line with the budget/ medium-term plan. The Board will closely monitor the growth developments, and the value creation of the businesses while focusing on the strategy developments, including amongst other things the strategic review of Aegon UK, and execution capabilities. Other areas of attention relate to the transition to the US, US GAAP accounting, technology developments, talent development, integrated reporting, controls, and employee wellbeing. Also, the Board will continue to follow other organizational and external developments.
Composition of the Board
The composition of the Board is discussed regularly in Board meetings, prepared by the Nomination and Governance Committee. The chair rotation process was of particular attention in 2025. Following the recommendation of the Nomination and Governance Committee and upon nomination by the Board, the following changes to the Board have taken place:
| • | At the 2025 Annual General Meeting held on June 12, 2025, the shareholders voted in favor of the re-election of Mr. Connelly for a term of 1 year. Mr. Connelly retired from the Board of Directors on November 13, 2025. |
| • | Also re-elected were Mr. Ellman and Mr. McGarry, both for a term of four years until the end of the AGM to be held in 2029. |
| • | Ms. Fouché, Mr. Herzog, and Mr. Ralph were elected for a term of four years until the end of the AGM to be held in 2029. |
| • | Mr. Herzog was appointed by the Board as the new Chairman effective November 13, 2025. |
| • | At the 2025 AGM, Ms. Young stepped down as Director following a 12-year tenure. |
The Board is highly appreciative of Mr. Connelly’s and Ms. Young’s years of dedication and contributions.
All non-executive directors are independent directors.
An induction program is in place for new Board members. The program is regularly updated to reflect changes in the environment in which Aegon operates, including regulatory changes. The program is tailored to the needs of individual Board members.
An overview of the composition of the Board of Directors in 2025 can be found in the section Composition of the Board and Executive Committee of this Annual Report. The retirement schedule is available as part of the Board Regulations on aegon.com.
Annual Report on Form 20-F 2025 | 65
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|
|
About Aegon Governance and risk management Financial information | |
The table below depicts, among other things, the tenure, the attendance of the board members, and the number of meetings held.
The Board of Directors retains the ability to call special meetings of the Board and any of its committees as needed.
| unit | 2025 | 2024 | % | |||||||||||||
| Board members1 |
||||||||||||||||
| Board of Directors |
||||||||||||||||
| Total members |
nr | 11 | 10 | 10% | ||||||||||||
| Average tenure |
years | 4 | 6 | (32% | ) | |||||||||||
| Average age |
years | 65 | 66 | (1% | ) | |||||||||||
| Executive Board members |
||||||||||||||||
| Executive board members - Total members |
nr | 1 | 1 | 0% | ||||||||||||
| Executive board members - Average tenure |
years | 6 | 5 | 20% | ||||||||||||
| Executive board members - Average age |
years | 63 | 62 | 2% | ||||||||||||
| Non-executive Board members |
||||||||||||||||
| Non-executive board members - Total members |
nr | 10 | 9 | 11% | ||||||||||||
| Non-executive board members - Proportion of independent members of Board of Directors |
% | 91% | 90% | 1pp | ||||||||||||
| Non-executive board members - Average tenure |
years | 4 | 6 | (28% | ) | |||||||||||
| Non-executive board members - Average age |
years | 65 | 66 | (1% | ) | |||||||||||
| Executive Committee |
||||||||||||||||
| Executive Committee - Total members |
nr | 11 | 11 | 0% | ||||||||||||
| Executive Committee - Average tenure |
years | 5 | 5 | 13% | ||||||||||||
| Executive Committee - Average age |
years | 56 | 55 | 2% | ||||||||||||
| Board of Directors |
||||||||||||||||
| Women in Board of Directors |
nr | 4 | 4 | 0% | ||||||||||||
| Proportion of women in Board of Directors |
% | 36% | 40% | (4pp | ) | |||||||||||
| Men in Board of Directors |
nr | 7 | 6 | 17% | ||||||||||||
| Proportion of men in Board of Directors |
% | 64% | 60% | 4pp | ||||||||||||
| Executive Committee |
||||||||||||||||
| Women in Executive Committee |
nr | 3 | 3 | 0% | ||||||||||||
| Proportion of women in Executive Committee |
% | 27% | 27% | 0pp | ||||||||||||
| Men in Executive Committee |
nr | 8 | 8 | 0% | ||||||||||||
| Proportion of men in Executive Committee |
% | 73% | 73% | 0pp | ||||||||||||
| Board oversight |
||||||||||||||||
| Board of Directors |
||||||||||||||||
| Board of Directors - Number of regular meetings |
nr | 8 | 8 | 0% | ||||||||||||
| Board of Directors - Proportion of regular meetings fully attended |
% | 88% | 88% | 0pp | ||||||||||||
| Audit Committee |
||||||||||||||||
| Audit Committee - Number of meetings |
nr | 6 | 7 | (14% | ) | |||||||||||
| Audit Committee - Proportion of meetings fully attended |
% | 100% | 100% | 0pp | ||||||||||||
| Risk Committee |
||||||||||||||||
| Risk Committee - Number of meetings |
nr | 5 | 6 | (17% | ) | |||||||||||
| Risk Committee - Proportion of meetings fully attended |
% | 80% | 83% | (3pp | ) | |||||||||||
| Compensation and Human Resource Committee |
||||||||||||||||
| Compensation and Human Resource Committee - Number of meetings |
nr | 6 | 6 | 0% | ||||||||||||
| Compensation and Human Resource Committee - Proportion of meetings fully attended |
% | 83% | 100% | (17pp | ) | |||||||||||
| Nomination and Governance Committee |
||||||||||||||||
| Nomination and Governance Committee - Number of meetings |
nr | 6 | 6 | 0% | ||||||||||||
| Nomination and Governance Committee - Proportion of meetings fully attended |
% | 100% | 100% | 0pp | ||||||||||||
| Number of additional meetings/calls2 |
nr | 12 | 7 | 71% | ||||||||||||
| Proportion of additional meetings/calls fully attended |
% | 92% | 86% | 6pp | ||||||||||||
n.a. – not applicable; n.m. – not measured; pp – percentage points
| 1 | The Board of Directors consists an Executive Board member (the CEO) and Non Executive Board members. The Board of Directors is supported by the Executive Committee. |
| 2 | Throughout the year several sub-committee and ad-hoc meetings were scheduled. |
66 | Annual Report on Form 20-F 2025
Table of Contents
| Report of the Board of Directors | ||
The Committees
The Board has four committees, comprising solely of Non-Executive Directors: the Audit Committee, the Risk
Committee, the Nomination and Governance Committee, and the Compensation and Human Resource Committee.
| Board committee membership1 | Audit Committee | Risk Committee | Nomination and Governance Committee |
Compensation and Human Resources Committee |
||||||||||||
| David Herzog (Chairman of the Board) |
||||||||||||||||
| Lard Friese (CEO) |
||||||||||||||||
| Albert Benchimol |
Member | Chairman | ||||||||||||||
| Mark Ellman |
Member | Chairman | ||||||||||||||
| Karen Fawcett |
Member | Member | ||||||||||||||
| Lori Fouché |
Member | Member | ||||||||||||||
| Jack McGarry |
Chairman | Member | ||||||||||||||
| Jay Ralph |
Member | Member | ||||||||||||||
| Caroline Ramsay |
Member | Chairman | ||||||||||||||
| Thomas Wellauer |
Member | Member | ||||||||||||||
| Corien Wortmann (vice-chair of the Board) |
Member | Member | ||||||||||||||
| 1 | Board committee membership as per December 31, 2025. |
The Audit Committee
The Audit Committee has confirmed that all its members qualified as independent according to Rule 10A-3 of the SEC. The Chairman of the Audit Committee qualifies as a financial expert according to the Sarbanes-Oxley Act in the United States and the NYSE requirements.
Role and responsibilities
Aegon has both an Audit Committee and a Risk Committee. With regard to the oversight of the operation of the risk management framework and risk control systems, including supervising the enforcement of relevant legislation and regulations, the Audit Committee operates in close coordination with the Risk Committee. Certain Board members participate in both committees, and a combined meeting of the Audit Committee and Risk Committee is scheduled at least on an annual basis.
The main role and responsibilities of the Audit Committee are to assist and advise the Board in fulfilling its oversight responsibilities regarding:
| • | The integrity and quality of the consolidated financial statements for the Group; |
| • | The effectiveness of the design, operation, and appropriateness of the enterprise risk management framework and internal control systems of the Group, including supervising the enforcement of the relevant legislation and regulations, supervising the operation of the Code of Conduct, and monitoring the internal control over financial reporting; |
| • | The integrity, quality, and disclosure of financial and non-financial information by the Group, including but not limited to the choice of accounting policies, application, and assessment of the effects of new rules, information about the handling of estimated items in the annual accounts, forecasts, and work of the External and Internal Auditors; |
| • | Compliance with recommendations and observations and following up on comments of Internal and External Auditors, including the review of compliance and complaints (whistleblowing) procedures and reports; |
| • | The role and functioning of the internal audit function; |
| • | The policy of the company on tax planning; |
| • | Actuarial matters; |
| • | The funding, financing, capital structure, and capital reporting of the Group, the Group Capital Plan, and treasury policies and procedures, including significant financial exposures; |
| • | Applications of information and communication technology, including risks relating to cybersecurity and information security; |
| • | The integrity of the consolidated half-yearly and full-year financial statements and financial reporting processes; |
| • | Internal control systems and the effectiveness of the internal audit process; |
| • | Relationship with the External Auditor, including in particular its appointment, reappointment, or dismissal, qualifications, independence, remuneration, and any services for the Group; and |
| • | The performance of the external auditors and the effectiveness of the external audit process, including monitoring the independence and objectivity of the external auditor. |
Other 2025 topics
In 2025, the Audit Committee addressed, among others, the following topics:
| • | Financial information and reporting, dividend proposals, share buyback proposals, and financial publications; |
| • | US GAAP preparations; |
| • | Reports from the independent auditor, including the Annual Audit Plan and fee letter; |
| • | The external auditor assessment; |
| • | Quarterly update reports from Compliance, including the annual plan, and Group Legal; |
| • | Quarterly update reports from Internal Audit, the Audit Plan, and the Audit Charter; |
| • | The quarterly IFRS/Solvency control program updates; |
| • | Cash flow testing results; |
| • | Compliance with regulations; |
| • | Assumption and model changes, and the actuarial function report; and |
| • | Updates from Group Tax. |
Annual Report on Form 20-F 2025 | 67
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About Aegon Governance and risk management Financial information | |
The Risk Committee
Role and responsibilities
The Risk Committee focuses on the effectiveness of the design and operation and the appropriateness of the enterprise risk management framework and internal control systems of Aegon Ltd. This includes:
| • | Risk strategy; |
| • | Risk tolerance; |
| • | Risk governance structure; |
| • | Risk competencies; |
| • | Risk assessment; |
| • | Risk responses and internal control effectiveness; |
| • | Risk monitoring; and |
| • | Risk reporting. |
Furthermore, the Risk Committee is responsible for reviewing, and advising the Board with respect to, the Risk exposures as they relate to capital, earnings, liquidity, operations, product development and pricing, and compliance with risk policies. The Audit Committee primarily relies on the Risk Committee for the topics mentioned above.
The Risk Committee works closely with the Audit Committee. One combined meeting was held in 2025. This meeting focused on the 2026 Group Risk plan, and the 2025 Model Validation outcome and the 2026 Model Risk & Validation plan.
Other 2025 topics
In 2025, the Risk Committee addressed, among others, the following topics:
| • | The quarterly risk dashboard, reflecting the risk profile of Aegon based on financial risk, underwriting risk, and operational risk; |
| • | Business updates with focus on local risk profile relative to risk appetite and limits and the risks related to strategic and operational improvement projects; |
| • | Assumption and model changes, and the actuarial function report; |
| • | Changes to regulatory requirements; |
| • | Product development and pricing; |
| • | Liquidity risk management; |
| • | The Supervisory Risk Assessment; |
| • | The Group Risk Plan and Group Risk Appetite; |
| • | Information security strategy, metrics and reporting, and the IT Risk profile; |
| • | Operational Resilience; |
| • | Macroeconomic risks, exposures, and mitigating actions; |
| • | Climate Risk Assessments; |
| • | Business environment emerging risk scan; and |
| • | Risk strategy and limits. |
The Nomination and Governance Committee
Role and responsibilities
The Nomination and Governance Committee focuses on the size, composition, and profile of the Board
and addresses the functioning, succession, and proposed nomination of Directors, and ensures that the corporate governance structure is in line with the applicable rules and regulations and advises on the responsible business strategy. This includes:
| • | Drawing up selection criteria and (re-)appointment procedures for nominations of Directors; |
| • | Preparing selection criteria and appointment procedures and proposal for the nomination of the Chief Executive Officer; |
| • | Updating the Board Profile and periodically assessing the size and composition of the Board, and making a proposal for a composition profile of the Board; |
| • | Assessing the functioning of individual Directors and drawing up a plan for the succession of Directors; |
| • | Advising on and proposing to the Board candidates to be designated as Chairperson and Vice-Chairperson of the Board; |
| • | Supervising the policy of the Board on the selection criteria and appointment procedures for senior management and discussing the succession plans for certain key roles; |
| • | Advising on a proposal for appointment of the Group CFO; |
| • | Annually validating the succession plans for the CEO, CFO, CRO, CEO of Transamerica, and certain other functions; |
| • | Periodically discussing any relevant developments within the senior management and advising on any potential appointments of senior management; |
| • | Overseeing the corporate governance structure of the company and compliance with any applicable corporate governance legislation and regulations; |
| • | Periodically assessing and advising on the responsible business strategy, including sustainability/ESG strategy, as part of the corporate strategy; |
| • | Discussing updates to Aegon’s environmental targets and sustainability approach; and |
| • | Overseeing the process of the annual self-evaluation of the Board and each of its committees. |
Other 2025 topics
In 2025, the Nomination and Governance Committee addressed the following additional topics:
| • | Discussed the Board composition, required profiles and potential new candidates for the Board of Directors; |
| • | Set up - and implemented the Chair rotation process; |
| • | Interviewed multiple Board member candidates and senior management candidates; |
| • | Discussed the succession planning of certain key senior management roles; |
| • | Discussed senior management developments; |
| • | Received and discussed multiple updates on sustainability and reviewed the related 2025 Double Materiality Assessment, the sustainability roadmap and targets; and |
| • | Received updates on corporate governance matters and reviewed the implications on governance in relation to the transition to the US. |
68 | Annual Report on Form 20-F 2025
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| Report of the Board of Directors | ||
The Compensation and Human Resource Committee
Role and responsibilities
The Compensation and Human Resource Committee (CHRC), is designated to safeguard the existence of sound remuneration policies and practices within the company by overseeing the development and execution of these policies and practices in accordance with the applicable rules and regulations. CHRC assesses, in particular, the remuneration governance processes, procedures and methodologies adopted to ensure that the remuneration policies and practices adequately address all types of risks as well as liquidity and capital levels. The Committee also ensures that the overall remuneration policy is consistent with the longer-term strategy of the company and the longer-term interest of its shareholders, investors, and other stakeholders, as well as the public at large.
This includes, among other:
| • | Reviewing Aegon’s Global Remuneration Framework, making recommendations on the remuneration policies, and advising the Board on the approval and adoption of the Global Remuneration Framework; |
| • | Overseeing the remuneration of Executive Directors; |
| • | Reviewing annually a proposal for the remuneration of the Heads of Control Functions; |
| • | Preparing recommendations regarding variable compensation both at the beginning and at the end of the performance year; |
| • | Preparing the information provided to shareholders on remuneration policies and practices, including the Remuneration Report; and |
| • | Discussing the outcome of the employee engagement surveys and of the succession planning for key senior management/talents (e.g., process followed, statics on the health of the pipeline). |
In June 2024, the AGM adopted the new Directors’ Remuneration Policy. In 2025, the CHRC discussed the alignment of the Executive Committee compensation package to the new remuneration policy. Further discussed in 2025 was the intended transition to the US and the impact on remuneration, retention plans and severance.
The CHRC also oversaw the application of Aegon’s Group Global Remuneration Framework and the various policies and procedures related to it. This included:
| • | Determining the outcome of the 2024 Group Performance Indicators and of the 2024 Individual Performance Indicators and allocating variable compensation related to 2024 where required; |
| • | Setting the 2025 Individual Performance Indicators for the CEO; |
| • | Setting the 2025 Group Performance Indicators and targets for remuneration purposes; |
| • | Preparing for the 2026 performance indicators; |
| • | Reviewing the ex-ante risk assessments and ex-post risk assessments, any exemption requests (for example, sign-on arrangements) under the remuneration policies; |
| • | Reviewing the 2025 Remuneration Report. |
In line with its charter, the CHRC discussed at length (i) the Global Employee Survey results in 2025 and (ii) the succession plans overview for the key 90 senior management members (process and health of pipeline).
Process and meetings
The Board and the Committee meetings are scheduled regularly, and the agendas are mainly based on a rolling calendar. The meeting schedule is set two years in advance, allowing for sufficient flexibility to address regular and non- routine matters. Board papers are submitted well before the meetings and are distributed and filed by the board office under the management of the Company Secretary. On the request of the Board, Board (committee) meetings are attended by senior management or others. Minutes of the meetings are made and kept by the Company Secretary.
Independent Auditor
During the 2023 AGM, Ernst & Young Accountants LLP was appointed Aegon’s independent auditor for the Annual Accounts 2024 through 2028. Subject to Bermuda law, the auditor is appointed annually by the AGM. EY Accountants B.V. succeeded Ernst & Young Accountants LLP as independent auditor of Aegon Ltd. as from June 29, 2024, following a change in the latter’s legal structure. During the 2025 AGM, EY was appointed Aegon’s independent auditor for the Annual Accounts 2026
Annual Accounts
This Annual Report includes the Annual Accounts for 2025, which were prepared by management and discussed by both the Audit Committee and the Board. The Annual Accounts are adopted by the Board.
Acknowledgment
The Board of Directors acknowledges that the organization is in transition and entering a new chapter focusing on the next phase of value creation. As part of the transition, the Board contemplates decisions while taking into account the views of multiple stakeholders. In the decision-making process, the Board strives to serve the long-term value creation of the company. Although organizational changes will continue, it is also acknowledged that Aegon’s employees worldwide continue to focus on the business and our customers. The Board highly appreciates the efforts made by management and the employees and underpins their professionalism and customer focus.
Schiphol, the Netherlands, March 25, 2026
David Herzog, Chairman of the Board of Directors of Aegon Ltd.
Annual Report on Form 20-F 2025 | 69
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About Aegon Governance and risk management Financial information | |
Remuneration Report
The 2025 Remuneration Report from our Compensation
and Human Resource Committee on behalf of the Board
Introduction
This report has been prepared by the Compensation and Human Resource Committee of the Board of Directors, which was led by the Committee’s Chairman, Mr. Mark A. Ellman, and was approved by the Board of Directors (Board).
In the first chapter, the Compensation and Human Resource Committee presents an overview of the business and remuneration highlights in 2025 and a look ahead to 2026. This is followed by chapter two, which contains a general introduction to remuneration at Aegon. The third chapter is the 2025 Non-Executive Director Remuneration Report, which contains a summary of the Non-Executive Director Remuneration Policy and their remuneration in recent years. In the fourth chapter, the 2025 Executive Director Remuneration Report provides a summary of the Executive Director Remuneration Policy, the Executive Director remuneration over the recent years, and the 2025 Executive Director performance indicators.
1. Business and remuneration highlights
This chapter presents an overview of the business and remuneration highlights in 2025 and a look ahead to 2026.
2025 Business performance against
our performance metrics
In 2025, Aegon either met or outperformed all the financial targets set for the year and commercial momentum also remained strong.
Operating capital generation amounted to EUR 1,287 million, ahead of the EUR 1.2 billion target for 2025. Compared to 2024, operating capital generation increased by 3%, driven by business growth, partly offset by unfavorable currency movements. Both periods were impacted by overall favorable items. In 2025, the return on regulatory capital amounted to 22.6%. The return on regulatory capital measures the profitability of Aegon’s yearly average regulatory capital, with the return (EUR 1,586 million in 2025) represented by the sum of the earnings on in-force from the reporting segments, the a.s.r. capital distributions received, and the (negative contribution from) the Holding funding and operating expenses. The average regulatory capital (EUR 7,032 million in 2025) is based on the group solvency requirement.
| Business performance highlights | 2025 | 2024 | ||||||
| Return on Regulatory Capital |
22.56% | 19.80% | ||||||
| Operating capital generation from the units |
1,287 | 1,245 | ||||||
In 2025, Aegon’s Board of Directors consisted of the following Non-Executive members: Mr. David Herzog (Chairman), Ms. Corien M. Wortmann (Vice Chairman), Mr. Mark A. Ellman, Mr. Thomas Wellauer, Ms. Caroline Ramsay, Mr. Jack McGarry, Ms. Karen Fawcett, Mr. Albert Benchimol, Ms. Lori Fouché, and Mr. Jay Ralph. Mr. William Connelly (former Chairman) departed the Board in November 2025 and Ms. Dona Young departed in June 2025. Ms. Lori Fouché, Mr. Jay Ralph, and Mr. David Herzog all joined in June 2025. Chief Executive Officer, Mr. Lard Friese, is an Executive Member of the Board.
2025 Remuneration highlights
For serving as an Executive Director and Chief Executive Officer in 2025, Mr. Friese received a base salary of EUR 1,365,000, which has not changed since 2024. For that same period, Mr. Friese was allocated EUR 3.5 million in total compensation, which consisted of a base salary, pension contributions, the 2025 Short-Term Incentive, and other benefits (2024: EUR 3.4 million).
The 2025-2027 Long-Term Incentive will be allocated in 2028 after the performance period for this incentive is completed.
The 2025 CEO-to-Median pay ratio was 40:1 (2024: 36:1). This ratio was based on the base salary on May 1, 2025, and the variable compensation awards that were approved and allocated in 2025 (in cash and shares where applicable) for Mr. Friese and Aegon’s employees. The cumulative amount for Mr. Friese was EUR 3.1 million (2024: EUR 2.9 million), while for the median full-time employee, this was EUR 76.7 thousand (2024: EUR 81 thousand).
70 | Annual Report on Form 20-F 2025
Table of Contents
| Remuneration Report | ||
Looking ahead to 2026
For 2026, there will be no changes to the retainer levels for the Non-Executive Directors. As of January 2026, Mr. Friese’s compensation has been brought to the market median, consistent with the Directors’ Remuneration Policy, by increasing his base salary to EUR 1,474,000 (2025:EUR 1,365,000) and increasing the Long-Term Incentive target to 250% of base salary (2025: 175%).
At the 2026 Annual General Meeting, the Board will ask Aegon’s shareholders to cast an advisory vote on the 2025 Remuneration Report.
2. Remuneration at Aegon in general
This chapter contains a general introduction to Aegon’s Global Remuneration Framework (GRF), Human Resources Strategy, Remuneration Principles, the concepts of total compensation and variable compensation, Risk Management in relation to remuneration, and remuneration of Material Risk Takers.
Global Remuneration Framework
Aegon’s GRF was designed in accordance with relevant rules and regulations. These included the remuneration rules of the Bermuda Monetary Authority. All remuneration policies within Aegon are derived from the GRF, such as the Directors’ Remuneration Policy and the local Remuneration Policies of our business units. There were no material changes to the GRF in 2025.
Human Resources Strategy
In order to support the Aegon Strategy and local business objectives, the Aegon Group Human Resources Strategy contains the following remuneration-related goals:
| • | Attract, retain, motivate, and reward a highly qualified and diverse workforce. |
| • | Align the interests of executives, managers, and all other employees with Aegon’s business strategy, risk tolerance, values, and long-term interests. |
| • | Provide a well-balanced and performance-related compensation package to all employees, taking into account shareholder and other stakeholder interests, relevant regulations, and corporate responsibilities, and Aegon’s purpose, values, and behaviors. |
Remuneration Principles
Based on the Human Resources Strategy, Aegon has formulated the following Remuneration Principles, which are the foundation for all remuneration policies and practices within the Group:
| • | First, Aegon’s remuneration is employee-oriented by fostering a sense of value and appreciation in each individual employee, promoting the short- and long-term interests and wellbeing of Aegon’s employees through fair compensation and support for employees’ career development and mobility. |
| • | Second, it is performance-related, establishing a clear link between pay and performance by aligning objectives and target-setting with performance evaluation and remuneration, reflecting individual and collective performance in line with Aegon’s long-term interests. |
| • | Third, it is fairness-driven by promoting fairness and consistency in Aegon’s remuneration policies and practices, avoiding discrimination, having gender-neutral policies and practices, and providing total compensation packages in line with an appropriately established peer group at a country and/or functional level. |
| • | And last, Aegon’s remuneration is risk-prudent (see also Risk Management in relation to Remuneration below). |
Risk management in relation to remuneration
Remuneration, and specifically variable compensation, may have an impact on the risk-taking behaviors of employees and, as such, may undermine effective risk management. The GRF, therefore, includes additional remuneration rules for the Executive Director, Material Risk Takers, and Staff in Control Functions, as their roles and responsibilities require tailored risk-mitigating measures and governance processes. These rules include mandatory risk assessments related to setting individual goals, as well as malus and clawback risk assessments.
Both the Risk Management and Compliance functions are involved in the design and execution of Aegon’s GRF and remuneration policies, such as reviewing proposed updates to the GRF and remuneration policies, reviewing the selection of Material Risk Takers, and executing various risk-mitigating measures during the compensation cycle.
Annual Report on Form 20-F 2025 | 71
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About Aegon Governance and risk management Financial information | |
3. 2025 Non-Executive Director Remuneration Report
This report contains a summary of the Non-Executive Director Remuneration Policy that applied in 2025 and the Non-Executive Directors’ remuneration over the recent years, including remuneration paid under the former Non- Executive Director Remuneration Policy. Disclosures of individuals in the Non-Executive Director tables and text below will include those previously reported as Supervisory Board members before 2023.
Remuneration Policy for Non-Executive Directors in 2025
The purpose of Non-Executive Director remuneration is to provide guaranteed, non-performance based, compensation for the different roles and responsibilities within the Board and its committees. The policy remains in place until the shareholders have adopted a new or revised policy in accordance with the applicable rules and regulatory requirements of the Insurance Code of Conduct of the Bermuda Monetary Authority.
The Board of Directors will submit a proposal to the shareholders to adopt a remuneration policy at an Annual General Meeting at least every four years. The Remuneration Policy was last approved in June 2024.
The remuneration of the Non-Executive Directors consists of annual Board and Committee membership retainers. For these retainers, the aim is to be competitive with the market median for the labor market peer group. The Board annually reviews the labor market peer group to ensure it remains relevant and up to date, for example in case of de-listings, mergers, or other extraordinary circumstances. Any change to the peer group will be disclosed in the Remuneration Report.
In 2025, the labor market group applied to the Directors’ Remuneration consisted of the following companies, and remained unchanged from 2024:
| European insurance companies | Dutch general industry companies | US insurance companies | ||||
| Assicurazioni Generali | Prudential | Ahold Delhaize | Lincoln National | |||
| Aviva | Swiss Life Holding | Randstad | Principal Financial Group | |||
| AXA | Gruppo Unipol | Philips | Prudential Financial | |||
| Legal & General Group | Zurich Insurance Group | Wolters Kluwer | Voya Financial | |||
| The Non-Executive Directors were entitled to the following retainers in 2025: |
|
| ||||
| Annual Board membership fees | Chair | EUR 375,000 in cash and EUR 125,000 in non-performance-based restricted Aegon shares1 | ||
|
| ||||
| Vice Chair | EUR 95,000 in cash and EUR 30,000 in non-performance-based restricted Aegon shares | |||
|
| ||||
| Member | EUR 85,000 in cash and EUR 30,000 in non-performance-based restricted Aegon shares | |||
|
| ||||
| Annual Committee membership retainers | Audit Committee and Risk Committee: Committee Chair Member |
EUR 35,000 in cash EUR 20,000 in cash | ||
|
| ||||
| Compensation and Human Resources Committee: | ||||
| Committee Chair |
EUR 30,000 in cash | |||
| Member |
EUR 20,000 in cash | |||
|
| ||||
| Nomination and Governance Committee: | ||||
| Committee Chair |
EUR 20,000 in cash | |||
| Member |
EUR 15,000 in cash | |||
|
| ||||
| 1 The Board Chair is not eligible for annual committee membership retainers. | ||||
The annual Board retainers in cash were paid quarterly, while the retainers in shares will vest annually after the calendar year ends (including accrued dividends). Where required, Aegon pays the employer social security contributions in the home country of the Non-Executive Director. The employee social security contributions in the home country, if any, are paid by the Non-Executive Director.
The policy contains a temporary derogation clause, under which derogation is only allowed in exceptional circumstances to serve the long-term interest and sustainability of Aegon or to assure its viability for a limited period when it stays in line with the general spirit of the policy and when the details are disclosed in the next Remuneration Report. This clause was not used in 2025.
Information on Non-Executive Directors and the composition of the four committees can be found in the Report of the Board of Directors in this Annual Report 2025.
72 | Annual Report on Form 20-F 2025
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| Remuneration Report | ||
Non-Executive Director remuneration in recent years
The table below shows the retainers, attendance fees, and benefits that have been allocated to and paid for each Non-Executive Director and former Supervisory Board member in the calendar years 2023, 2024, and 2025, in accordance with the Non-Executive Director Remuneration Policy that applied at the time.
The table also includes the total IFRS expenses that were recognized for the compensation of the Non-Executive Directors in 2023, 2024, and 2025. There have been no deviations from this policy in recent years.
| In EUR thousands | Year | Retainer cash 1 |
Retainer shares |
Attendance fees |
Benefits 2 | Total compensation |
||||||||||||||||||
| David Herzog (from June 12, 2025, chair from November 13, 2025) | 2025 | 81 | 28 | 0 | 0 | 109 | ||||||||||||||||||
| William L. Connelly (until November 13, 2025) |
2025 | 325 | 108 | 0 | 0 | 433 | ||||||||||||||||||
| 2024 | 375 | 125 | 0 | 0 | 500 | |||||||||||||||||||
| 2023 | 100 | 0 | 98 | 38 | 235 | |||||||||||||||||||
| Mark A. Ellman |
2025 | 130 | 30 | 0 | 0 | 160 | ||||||||||||||||||
| 2024 | 123 | 30 | 0 | 0 | 153 | |||||||||||||||||||
| 2023 | 56 | 0 | 63 | 17 | 135 | |||||||||||||||||||
| Ben J. Noteboom (until May 25, 2023) |
2023 | 25 | 0 | 19 | 4 | 48 | ||||||||||||||||||
| Corien M. Wortmann |
2025 | 130 | 30 | 0 | 0 | 160 | ||||||||||||||||||
| 2024 | 130 | 30 | 0 | 0 | 160 | |||||||||||||||||||
| 2023 | 66 | 0 | 66 | 13 | 145 | |||||||||||||||||||
| Lori Fouché (from June 12, 2025) |
2025 | 60 | 15 | 0 | 0 | 75 | ||||||||||||||||||
| Dona D. Young (until June 12, 2025) 3 |
2025 | 75 | 15 | 0 | 0 | 90 | ||||||||||||||||||
| 2024 | 150 | 30 | 60 | 0 | 240 | |||||||||||||||||||
| 2023 | 64 | 0 | 76 | 25 | 164 | |||||||||||||||||||
| Jay Ralph (from June 12, 2025) |
2025 | 60 | 15 | 0 | 0 | 75 | ||||||||||||||||||
| Caroline Ramsay |
2025 | 140 | 30 | 0 | 22 | 192 | ||||||||||||||||||
| 2024 | 140 | 30 | 0 | 19 | 189 | |||||||||||||||||||
| 2023 | 64 | 0 | 54 | 40 | 157 | |||||||||||||||||||
| Thomas Wellauer |
2025 | 125 | 30 | 0 | 17 | 172 | ||||||||||||||||||
| 2024 | 125 | 30 | 0 | 7 | 162 | |||||||||||||||||||
| 2023 | 56 | 0 | 63 | 24 | 142 | |||||||||||||||||||
| Jack McGarry |
2025 | 140 | 30 | 0 | 0 | 170 | ||||||||||||||||||
| 2024 | 140 | 30 | 0 | 0 | 170 | |||||||||||||||||||
| 2023 | 58 | 0 | 66 | 25 | 150 | |||||||||||||||||||
| Karen Fawcett |
2025 | 125 | 30 | 0 | 0 | 155 | ||||||||||||||||||
| 2024 | 125 | 30 | 0 | 0 | 155 | |||||||||||||||||||
| 2023 | 56 | 0 | 63 | 29 | 148 | |||||||||||||||||||
| Albert Benchimol (from June 12, 2024) |
2025 | 123 | 30 | 0 | 0 | 153 | ||||||||||||||||||
| 2024 | 60 | 15 | 0 | 0 | 75 | |||||||||||||||||||
| Total compensation |
2025 | 1,514 | 391 | 0 | 39 | 1,943 | ||||||||||||||||||
| 2024 | 1,368 | 350 | 60 | 26 | 1,804 | |||||||||||||||||||
| 2023 | 544 | 0 | 567 | 215 | 1,326 | |||||||||||||||||||
| Recognized IFRS expenses |
2025 | 1,514 | 397 | 0 | 39 | 1,949 | ||||||||||||||||||
| 2024 | 1,368 | 389 | 60 | 26 | 1,843 | |||||||||||||||||||
| 2023 | 544 | 0 | 567 | 215 | 1,326 | |||||||||||||||||||
| 1 | Contains base fees (2023) and the cash retainers (2024 and 2025). Ms. Fouché joined the Board and its Risk and Nomination and Governance Committee as per the AGM of June 12, 2025, and received a pro rated fee. Mr. Ralph joined the Board and its Audit and Risk and Nomination and Governance Committee as per the AGM of June 12, 2025, and received a pro rated fee. Ms. Young left the Board as per the AGM of June 12, 2025. Mr Herzog succeeded William Connelly as Chairman of the Board as of November 13, 2025. |
| 2 | Benefits cover the travel fees for all Board members (2023) and the mandatory employer social security contributions in the home countries of Ms. Ramsay (UK) and Mr. Wellauer (Switzerland). |
| 3 | In 2024, Ms. Young received additional attendance fees for additional meetings in 2023 in relation to the development of the new Directors’ Remuneration Policy. |
Annual Report on Form 20-F 2025 | 73
Table of Contents
|
|
About Aegon Governance and risk management Financial information | |
The table below presents the total compensation (retainers, attendance fees, and benefits) that was awarded and due in the last five calendar years on an annualized basis and the year-on-year annual change in total compensation. This compensation was paid in accordance with the Non-
Executive Director Remuneration Policy that applied at the time, and there were no deviations. In addition, the table shows the Aegon net result, a proxy for financial and non-financial business performance, and the median employee compensation for the same period.
| In EUR thousands | Annualized 1 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||
|
|
||||||||||||||||||||||
| David Herzog (from June 12, 2025, chair from November 13, 2025) | Compensation | 500 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
| William L. Connelly (until November 13, 2025) |
Compensation | 162 | 217 | 235 | 500 | 500 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 34% | 8% | 113% | 0% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Mark A. Ellman |
Compensation | 102 | 132 | 135 | 153 | 160 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 30% | 2% | 13% | 5% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Ben J. Noteboom (until May 25, 2023) |
Compensation | 107 | 138 | 121 | ||||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 29% | (12%) | |||||||||||||||||||
|
|
||||||||||||||||||||||
| Corien M. Wortmann |
Compensation | 112 | 151 | 145 | 160 | 160 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 35% | (4%) | 10% | 0% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Lori Fouché (from June 12, 2025) |
Compensation | 150 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
| Dona D. Young (until June 12, 2025) |
Compensation | 119 | 152 | 164 | 240 | 180 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 28% | 8% | 46% | (38%) | |||||||||||||||||
|
|
||||||||||||||||||||||
| Jay Ralph (from June 12, 2025) |
150 | |||||||||||||||||||||
|
|
||||||||||||||||||||||
| Caroline Ramsay |
Compensation | 121 | 183 | 157 | 189 | 192 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 51% | (14%) | 20% | 1% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Thomas Wellauer |
Compensation | 111 | 136 | 142 | 162 | 172 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 22% | 5% | 14% | 6% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Jack McGarry (from June 3, 2021) |
Compensation | 105 | 154 | 150 | 170 | 170 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Change | - | 46% | (3%) | 14% | 0% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Karen Fawcett (from May 31, 2022) |
Compensation | 131 | 148 | 155 | 155 | |||||||||||||||||
|
|
||||||||||||||||||||||
| Change | 13% | 5% | 0% | |||||||||||||||||||
|
|
||||||||||||||||||||||
| Albert Benchimol (from June 12, 2024) |
Compensation | 150 | 153 | |||||||||||||||||||
|
|
||||||||||||||||||||||
| Change | 2% | |||||||||||||||||||||
|
|
||||||||||||||||||||||
| Aegon net result based on EUR-IFRS 2 |
In EUR million | 1,701 | (2,504 | ) | (199 | ) | 676 | 980 | ||||||||||||||
|
|
||||||||||||||||||||||
| Aegon business performance 3 |
Target = 100% | 123% | 113% | 130% | 126% | 137% | ||||||||||||||||
|
|
||||||||||||||||||||||
| Inflation in the Netherlands |
Consumer Price | |||||||||||||||||||||
| Index | 2.7% | 10.0% | 3.8% | 3.3% | 3.3% | |||||||||||||||||
|
|
||||||||||||||||||||||
| Average employee compensation 4 |
In EUR thousand | 105 | 134 | 137 | 142 | 146 | ||||||||||||||||
|
|
||||||||||||||||||||||
| Annual change | 28% | 2% | 4% | 3% | ||||||||||||||||||
|
|
||||||||||||||||||||||
| 1 | Remuneration amounts are annualized for Board members who joined or left during a calendar year. |
| 2 | Until 2022, Aegon’s net income was reported under IFRS 4; since 2023, it has been under IFRS 17. |
| 3 | As of 2024, this reflects the weighted average Aegon financial and non-financial business performance as measured for the Short-Term Incentive, expressed as a percentage on a performance scale with 50% as threshold, 100% as target and 200% as maximum (prior to 2024: 150% as maximum, as used for the allocation of variable compensation in the applicable year). |
| 4 | The average employee compensation is based on the audited total EU-IFRS remuneration expenses for all employees divided by the number of employees in scope for these expenses. |
Beginning in 2025, the Non-Executive Directors have a minimum shareholding requirement of 100% of the cash portion of the annual Board retainer, to be built up within four years by retaining vested shares on an after-tax basis
(no requirement to buy shares). The 2025 Board retainer in shares will vest in 2026. At the end of 2025, the Non-Executive Directors held the following shares:
| Non-Executive Director | Shares held | Percentage of holding requirement | ||||||
| David Herzog |
0 | 0% | ||||||
| Corien M. Wortmann |
5,819 | 41% | ||||||
| Albert Benchimol |
5,819 | 45% | ||||||
| Mark A. Ellman |
5,819 | 45% | ||||||
| Karen Fawcett |
3,802 | 30% | ||||||
| Lori Fouché |
0 | 0% | ||||||
| Jack McGarry |
5,819 | 45% | ||||||
| Jay Ralph |
0 | 0% | ||||||
| Caroline Ramsay |
3,375 | 26% | ||||||
| Thomas Wellauer |
3,993 | 31% | ||||||
74 | Annual Report on Form 20-F 2025
Table of Contents
| Remuneration Report | ||
4. 2025 Executive Director Remuneration Report
This report contains a summary of the Executive Director Remuneration Policy that applied in 2025, the Executive Directors’ remuneration over the recent years, including remuneration paid under the former Executive Director Remuneration Policy, and the 2025 Executive Director performance metrics. Disclosures for individuals in the Executive Director tables and the text below will include those previously reported as Executive Board members in prior years.
Mr. Friese, Chief Executive Officer, served as the sole Executive Director in 2025.
Executive Director Remuneration Policy in 2025
The purpose of Executive Director remuneration is to attract and retain an Executive Director who can deliver on Aegon’s ambitions for value creation and our strategy for growth, and establish a strong correlation between the Executive Director’s remuneration and Aegon’s financial performance, as well as the long-term interests of both Aegon and its shareholders. The policy remains in place until the shareholders adopt a new or revised policy that complies with applicable rules and regulatory requirements.
The Board of Directors will submit a proposal to the shareholders to adopt a remuneration policy at an Annual General Meeting at least every four years.
The policy contains a temporary derogation clause, under which derogation is only allowed in exceptional circumstances to serve the long-term interest and sustainability of Aegon or to assure its viability for a limited period when it stays in line with the general spirit of the policy and when the details are disclosed in the next Remuneration Report. This clause was not used in 2025.
Total compensation
Total compensation for the Executive Director consists of a base salary, pension contributions, a Short-Term Incentive, a Long-Term Incentive, and other benefits. For these components, the aim is to be competitive with respect to the market median of the labor market peer group. The Board annually reviews the labor market peer group to ensure it remains relevant and up to date, for example in the event of de-listings, mergers, or other extraordinary circumstances. Any change to the peer group will be disclosed in the Remuneration Report.
In 2025, the labor market group applying to the Directors’ Remuneration Policy remains unchanged from 2024 and is the same as for the Non-Executive Directors. In 2025, base salary, pension contributions, and variable compensation opportunities remained consistent with 2024 compensation levels.
Base salary
The purpose of base salary is to provide guaranteed remuneration proportional to the Executive Director’s experience, skills, and/or performance. The base salary is paid each month in cash. For 2025, the annual gross base salary for Mr. Friese was EUR 1,365,000 (2024: EUR 1,365,000).
Pension
A pension is guaranteed remuneration that aims to provide financial security after retirement. The Executive Director is enrolled in the applicable local employee pension plan(s) and/or receives cash in lieu of pension. The annual total pension contributions equal 15% of base salary (2024: 15%). For Mr. Friese, these were paid in 2025 through participation in Aegon’s defined contribution pension plan for employees based in the Netherlands (for their eligible earnings up to EUR 137,800) and as an additional gross allowance for the remaining part up to 15% of base salary.
Short-Term Incentive
The Short-Term Incentive provides a distinct variable, performance-based remuneration component in cash that aligns the remuneration of the Executive Director with short-term financial and Environmental, Social and Governance (ESG) objectives of Aegon. Performance is assessed over a one-year period, based on metrics, weights, and targets on a 50-100-200% performance scale, as decided by the Board without the Executive Director’s participation. After completion of the performance period, the Short-Term Incentive is paid in cash. For 2025, the target Short-Term Incentive for Mr. Friese was 100% of base salary, with a threshold at 50% and a maximum at 200% of base salary.
Annual Report on Form 20-F 2025 | 75
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About Aegon Governance and risk management Financial information | |
Long-Term Incentive
The Long-Term Incentive component of Aegon performance shares aligns the Executive Director’s remuneration with Aegon’s long-term financial and strategic business objectives and those of its shareholders. Performance is assessed over a three-year period, based on metrics, weights, and targets on a 50-100-200% performance scale, as decided by the Board. After completion of the performance period, the Long-Term Incentive is paid in shares. Dividend entitlements for these shares will be accrued until the end of the performance period and will vest as additional shares. After vesting, the Long-Term Incentive and dividend shares are subject to a two-year holding period. For 2025, the target Long-Term Incentive for Mr. Friese was 175% of base salary, with a threshold at 87.5% and a maximum at 350% of base salary.
Other benefits
Other benefits include non-monetary benefits (for example, a company car), social security contributions by the employer, and tax expenses borne by Aegon. Aegon does not grant the Executive Director personal loans, guarantees, or other such arrangements unless in the normal course of business and on terms applicable to all employees, and only with the approval of the Board.
Clawback provision
In November 2023, the Board adopted a compensation recovery policy as required by Rule 10D-1 under the Securities Exchange Act of 1934, as amended, and the related New York Stock Exchange listing standards. The policy requires the recovery of erroneously awarded incentive-based compensation from current and former executive officers. Recovery applies to compensation awarded in the three fiscal years preceding the date the company is required to prepare an accounting restatement. This includes restatements to correct errors that would result in a material misstatement if corrected in, or left uncorrected from, the current period.
The amount to be recovered is the excess of incentive- based compensation received over the amount that would otherwise have been received under the restated financial measure.
Aegon’s Board can also claw back variable compensation already paid to the Executive Director in case of a financial restatement or individual gross misconduct. Examples of misconduct include, but are not limited to, a significant breach of laws and/or regulations, use of violence, either verbally or physically, involvement with fraud, corruption, or bribery, significant issues due to evident dereliction of duty, and/or discrimination of any kind (for example, age or gender).
Terms of Engagement
The Executive Director is appointed for four years and may then be reappointed for successive mandates, also for a period of four years. The Executive Director has a board agreement with Aegon Ltd., rather than an employment contract. The Executive Director may terminate his board agreement with a notice period of three months. The Board may terminate the board agreement by giving six months’ notice.
The Board may entitle the Executive Director to a termination payment up to or equal to the total annual fixed compensation level. This payment is not allowed in case of early termination at the initiative of the Executive Director (unless due to imputable acts or omissions of Aegon), imputable acts, or omissions by the Executive Director or failure of Aegon as a company during the appointment term of the Executive Director. Mr. Friese has a termination clause included in his board agreement.
Executive Director remuneration in recent years
This section provides more details related to the remuneration that has been allocated and paid to the Executive Director and former Executive Board members. It covers the allocated remuneration (2023-2025), the calculation of the 2025 variable compensation, the pay-out schedule of variable compensation (2023-2029), the recognized IFRS expenses for remuneration (2023-2025), the remuneration that was awarded and due in 2024 and 2025, and the annualized total compensation overview (2021-2025).
76 | Annual Report on Form 20-F 2025
Table of Contents
| Remuneration Report | ||
Allocated remuneration (2023-2025)
The first table shows the remuneration allocated to the Executive Director and former Executive Board members for the performance years 2023, 2024, and 2025 in accordance
with the Executive Director Remuneration Policy that applied at the time of the award. There were no deviations from the policy in these years.
| Allocated compensation (in EUR thousands) |
Base salary | Variable compensation |
STI | Pension | Other benefits | Total compensation |
||||||||||||||||||
| Lard Friese |
||||||||||||||||||||||||
| 2025 |
1,365 | - | 1,869 | 205 | 103 | 3,542 | ||||||||||||||||||
| 2024 1 |
1,365 | - | 1,720 | 205 | 95 | 3,385 | ||||||||||||||||||
| 2023 |
1,637 | 1,529 | - | 656 | 87 | 3,909 | ||||||||||||||||||
| Matt Rider |
||||||||||||||||||||||||
| 2023 2 |
1,037 | 969 | - | 427 | 107 | 2,540 | ||||||||||||||||||
| All Executive Board |
||||||||||||||||||||||||
| 2023 3 |
2,006 | 1,874 | - | 812 | 144 | 4,836 | ||||||||||||||||||
| 1 | Following the new Executive Director Remuneration Policy applicable to Mr. Friese’s from January 1, 2024, the variable compensation for Mr. Friese consists of STI and LTI from January 2024. The first LTI allocation is in 2026 with vesting in 2027. |
| 2 | For transparency in the transition year, Mr. Rider’s total compensation reflects the full year in 2023, while he was a member of the Executive Board until September 30, 2023. |
| 3 | The disclosed amounts for 2023 were received in the period that Mr. Friese and Mr. Rider were members of the Executive Board, until September 30, 2023. |
2025 Short-Term Incentive
For 2025, the target Short-Term Incentive for Mr. Friese was 100% of base salary, with a threshold at 50% and a maximum at 200% of base salary. Based on the outcomes of the Short-Term Incentive metrics, Mr. Friese’s 2025 Short-Term Incentive was EUR 1,869 thousand, which equaled 137% of target and 137% of base salary.
All metrics were scored on a 50-100-200 performance scale, as determined by the Board, without the Executive Director’s participation.
| 2025 STI | Threshold | Target | Maximum | Result | Pay-out | |||||||||||||||
| Lard Friese |
||||||||||||||||||||
| In % of base salary |
50% | 100% | 200% | 137% | ||||||||||||||||
| In total (EUR thousands) |
683 | 1,365 | 2,730 | 1,869 | ||||||||||||||||
| Weight | Target | Result | Score | |||||||||||||
| Operating Capital Generation |
45% | 1,187 | 1,287 | 142% | ||||||||||||
| Commercial metric |
40% | 100% | 132% | 132% | ||||||||||||
| ESG metric |
15% | 100% | See below | 133% | ||||||||||||
| Employee Engagement |
10% | 76% | 76% | 100% | ||||||||||||
| Weighted Average Carbon Intensity |
5% | (51% | ) | (54% | ) | 200% | ||||||||||
| Total performance result |
137% | |||||||||||||||
| 2025 STI metrics | Definition | |
| Operating Capital Generation | The Operating Capital Generation represents the capital generated by the Business Units from their In-Force and New Business over a 1-year performance period. | |
| Commercial metric | This blended metric measures the weighted average commercial performance in the key focus areas of our Business Units. The rounded weights for the Business Units are proportional to the size of their business within the Group, with 70% for Transamerica and 10% each for Aegon UK, Aegon International, and Aegon Asset Management. | |
| ESG metric | The blended ESG metric includes the weighted average results of the carbon intensity and employee engagement sub-metrics. The employee engagement target has been revised during the year to reflect several organizational developments. | |
Annual Report on Form 20-F 2025 | 77
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About Aegon Governance and risk management Financial information | |
Pay-out schedule variable compensation (2023-2028)
The following tables show for the current Executive Director and former Executive Board members how much variable compensation has been paid in shares and cash, respectively, in 2023, 2024, and 2025, and how much conditional variable compensation is scheduled to be paid
out in the coming years. The vesting price of the shares were: EUR 4.274 on May 25, 2023, EUR 6.314 on May 17, 2024, and EUR 6.282 on March 26, 2025. Shares for the plan years from 2020 onwards are subject to an additional two- year holding period after payout.
| Shares by plan year | VWAP 1 | 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||||||
| Lard Friese |
||||||||||||||||||||||
| 2020 |
EUR 4.083 | - | 103,580 | - | - | - | ||||||||||||||||
| 2021 |
EUR 3.293 | - | - | 275,182 | - | - | ||||||||||||||||
| 2022 |
EUR 4.491 | - | - | - | 203,072 | - | ||||||||||||||||
| 2023 |
EUR 4.833 | - | - | - | - | 210,943 | ||||||||||||||||
| Total number of shares |
- | 103,580 | 275,182 | 203,072 | 210,943 | |||||||||||||||||
| Matt Rider |
||||||||||||||||||||||
| 2019 |
EUR 4.162 | 17,847 | - | - | - | |||||||||||||||||
| 2020 |
EUR 4.083 | - | 104,547 | - | - | |||||||||||||||||
| 2021 |
EUR 3.293 | - | - | 178,961 | - | |||||||||||||||||
| 2022 |
EUR 4.491 | - | - | - | 124,273 | |||||||||||||||||
| 2023 |
EUR 4.833 | - | - | - | - | 133,661 | ||||||||||||||||
| Total number of shares |
17,847 | 104,547 | 178,961 | 124,273 | 133,661 | |||||||||||||||||
| Alex Wynaendts |
||||||||||||||||||||||
| 2019 |
EUR 4.162 | 25,174 | - | - | - | - | ||||||||||||||||
| 2020 |
EUR 4.083 | - | 49,346 | - | - | - | ||||||||||||||||
| Total number of shares |
25,174 | 49,346 | - | - | ||||||||||||||||||
| 1 | This is the volume weighted average price (VWAP) of Aegon on the Euronext Amsterdam stock exchange for the period December 15 to January 15. For instance, for the 2023 plan year, this is the VWAP for the period December 15, 2022 to January 15, 2023. |
| Cash by plan year (in EUR) | 2023 | 2024 | 2025 | 2026 | ||||||||||||
| Lard Friese |
||||||||||||||||
| 2022 |
455,880 | - | - | - | ||||||||||||
| 2023 |
- | 509,669 | - | - | ||||||||||||
| STI 2024 |
- | - | 1,719,900 | - | ||||||||||||
| STI 2025 |
- | - | - | 1,868,822 | ||||||||||||
| Total cash |
455,880 | 509,669 | 1,719,900 | 1,868,822 | ||||||||||||
| Matt Rider |
||||||||||||||||
| 2019 |
74,278 | - | - | - | ||||||||||||
| 2020 |
- | - | - | - | ||||||||||||
| 2021 |
- | - | - | - | ||||||||||||
| 2022 |
278,984 | - | - | - | ||||||||||||
| 2023 |
322,946 | - | - | |||||||||||||
| Total cash |
353,262 | 322,946 | ||||||||||||||
| Alex Wynaendts |
||||||||||||||||
| 2019 |
104,772 | - | - | - | ||||||||||||
| Total cash |
104,772 | |||||||||||||||
78 | Annual Report on Form 20-F 2025
Table of Contents
| Remuneration Report | ||
Recognized IFRS expenses of remuneration (2023-2025)
The following table contains the recognized IFRS expenses of the remuneration of the Executive Director and former Executive Board members in the calendar years 2023, 2024, and 2025.
These numbers differ from the previously mentioned allocated remuneration amounts because the deferred components of variable compensation and Mr. Friese’s sign-on arrangement are expensed over multiple calendar years, and the shares are measured at fair value rather than at the grant price.
| IFRS expenses for compensation (in EUR thousands) |
Base salary | Variable compensation |
STI | LTI | Pension | Other Benefits |
Total | |||||||||||||||||||||
| Lard Friese |
||||||||||||||||||||||||||||
| 2025 |
1,365 | 1,869 | 1,832 | 205 | 103 | 5,374 | ||||||||||||||||||||||
| 2024 1 |
1,365 | 525 | 1,720 | 1,067 | 205 | 95 | 4,978 | |||||||||||||||||||||
| 2023 2 |
1,641 | 1,106 | 656 | 87 | 3,489 | |||||||||||||||||||||||
| Matt Rider |
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| 2023 3 |
1,037 | 607 | 427 | 107 | 2,179 | |||||||||||||||||||||||
| All Executive Board |
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| 2023 4 |
2,009 | 1,285 | 812 | 145 | 4,251 | |||||||||||||||||||||||
| 1 | In accordance with the Executive Director Remuneration Policy, the variable compensation for Mr. Friese consists of STI and LTI from January 1, 2024. |
| 2 | 2023 includes the fixed compensation expenses for the sign-on arrangement of EUR 3,468 that Mr. Friese received when joining Aegon in March 2020. These expenses were EUR 27 thousand in 2022 and EUR 91 thousand in 2021. |
| 3 | For transparency in the transition year, this discloses Mr. Rider’s full year of compensation expenses. |
| 4 | The disclosed amounts for 2023 are received in the period that Mr. Friese and Mr. Rider had been members of the Executive Board. |
Awarded and due remuneration (2024-2025)
In line with the European guidelines on the standardized presentation of the remuneration report, the remuneration that was awarded and due to the Executive Director in the calendar years 2024 and 2025 can be found in the table below.
These amounts were awarded and due in accordance with the relevant policy that applied at the time, and there were no deviations.
| Fixed | Variable | |||||||||||||||||||||||||||||
| In EUR thousands | Salary | Benefits | Upfront 1 | Deferred 2 | Pension | Total | Ratio Fixed/ Variable 3 |
|||||||||||||||||||||||
| Lard Friese |
2025 | 1,365 | 103 | 1,720 | 2,853 | 205 | 6,246 | 23% / 77% | ||||||||||||||||||||||
| 2024 | 1,365 | 95 | 510 | 867 | 205 | 3,042 | 55% / 45% | |||||||||||||||||||||||
| 1 | The upfront cash and share payments of variable compensation that was allocated for the previous performance year. The shares are valued at their price at vesting. For example, the upfront cash and shares of the 2024 variable compensation award that were paid in 2025. |
| 2 | The deferred cash and share payments of the variable compensation that was allocated for performance years before the previous performance year. The shares are valued at their price at vesting. For example, the deferred cash and shares of the 2021 variable compensation awards that were paid in 2025. |
| 3 | Fixed (the numerator) is the sum of Salary, Benefits and Pension divided by the Total. Variable (the denominator) is the sum of Upfront, Deferred and One-off divided by the Total. |
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Annualized total compensation overview (2021-2025)
The table below shows the total compensation that was awarded and due in the last five calendar years on an annualized basis and the year-on-year annual change in total compensation. Please note that, therefore, several amounts are on an annual basis and do not reflect actual amounts for the period during which the individual served as Executive Director or Executive Board member.
These amounts were awarded and due in accordance with the Executive Director Remuneration Policy that applied at the time, and there were no deviations. Additionally, the table shows Aegon’s net result, a proxy for financial and non- financial business performance, the vesting price of Aegon shares, and the average employee compensation for the same period.
| In EUR thousands | Annualized | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||
| Lard Friese |
Awarded and due | 2,748 | 2,910 | 2,951 | 3,042 | 6,246 | ||||||||||||||||
| Change | 1% | 6% | 1% | 3% | 105% | |||||||||||||||||
| Matt Rider |
Awarded and due | 2,052 | 2,053 | 2,001 | - | - | ||||||||||||||||
| Change | 12% | 0% | (3% | ) | - | - | ||||||||||||||||
| Aegon net result (EU-IFRS) |
In EUR million | 1,701 | (2,504 | ) | (199 | ) | 676 | 980 | ||||||||||||||
| Aegon business performance 1 |
Target = 100% | 123% | 113% | 130% | 126% | 137% | ||||||||||||||||
| Vesting price Aegon shares |
In EUR | 3.934 | 4.973 | 4.274 | 6.314 | 6.282 | ||||||||||||||||
| Inflation in the Netherlands |
Consumer Price Index | 2.7% | 10.0% | 3.8% | 3.3% | 3.3% | ||||||||||||||||
| Average employee compensation 2 |
In EUR thousand | 105 | 134 | 137 | 142 | 146 | ||||||||||||||||
| Annual change | 28% | 2% | 4% | 3% | ||||||||||||||||||
| 1 | As of 2024, this reflects the weighted average Aegon financial and non-financial business performance as measured for the Short-Term Incentive, expressed as a percentage on a performance scale with 50% as threshold, 100% as target and 200% as maximum (prior to 2024: 150% as maximum, as used for the allocation of variable compensation in the applicable year). |
| 2 | The average employee compensation is based on the audited total EU-IFRS remuneration expenses for all employees divided by the number of employees in scope for these expenses. |
Minimum shareholding requirement
Beginning in 2025, Mr. Friese has a minimum shareholding requirement of 400% of base salary, to be built up through 2028 by retaining vested shares on an after-tax basis (no requirement to buy shares). At the end of 2025, Mr. Friese held 299,323 shares (146% of base salary).
2026 Short-Term Incentive
For Mr. Friese’s 2026 Short-Term Incentive, the Board selected the following metrics: Operating Result (45% weight), the blended Commercial metric (40%), and the blended ESG metric (15%).
| 2026 STI metrics | Definition | |
| Operating Result | The Operating Result reflects Aegon’s result from underlying business operations and excludes components that relate to accounting mismatches that are dependent on market volatility or relate to events that considered outside the normal course of business. Operating Result includes the consolidation on a proportionate basis of the revenues and expenses of Aegon’s joint ventures and associates, except for the approximate 24% stake in in a.s.r. | |
| Commercial metric | This blended metric measures the weighted average commercial performance in the key focus areas of our Business Units. The rounded weights for the Business Units are proportional to the size of their business within the Group, with 70% for Transamerica and 10% each for Aegon UK, Aegon International, and Aegon Asset Management. | |
| ESG metric | The blended ESG metric includes the weighted average carbon intensity and employee engagement submetrics. | |
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Open cycle Long-Term Incentives
As part of the 2025 and 2026 compensation packages, Mr. Friese is eligible for the 2024-2026, 2025-2027, and 2026-2028 Long-Term Incentives, respectively. Each of these incentives will be determined by the outcomes of key metrics following a three-year performance period. For the 2024-2026 and 2025-2027 LTI cycles, these measures included: Return on Regulatory Capital (50%) and Relative Total Shareholder Return (50%).
The 2026-2028 LTI is based on Relative Total Shareholder Return (33.33%), Return on Equity (33.33%), and a Transition Expense metric (33.33%) which measures costs to implement US GAAP and the transition of Aegon’s head office and legal domicile to the United States.
Return on Equity measures the profitability of Aegon’s yearly average shareholders’ equity, with the Return represented by the the sum of three years’ worth of the Operating Result and Cost of leverage net of tax divided by the sum of three years’ worth of yearly average shareholders equity.
Executive Director LTI entitlements
| LTI plan | # of shares conditionally granted (at target) |
Value of shares conditionally granted (as of grant date) |
Vesting Year |
# of vested shares |
# shares withheld to cover tax |
Holding period | # of shares under Holding restriction |
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| 2024-2026 |
453,962 | 2,388,750 | 2027 | 0 | 0 | 2 years | 0 | |||||||||||||||||||||
| 2025-2027 |
413,923 | 2,388,750 | 2028 | 0 | 0 | 2 years | 0 | |||||||||||||||||||||
| 2026-2028 |
557,488 | 3,685,000 | 2029 | 0 | 0 | 2 years | 0 | |||||||||||||||||||||
The Return on Regulatory Capital measures the profitability of Aegon’s yearly average Regulatory Capital (SCR), with the Return represented by the sum of the earnings on in-force from the Business Units, the return from the Holding and other activities (mainly funding costs and expenses), and the a.s.r. dividend in the period.
For the relative Total Shareholder Return metric, the threshold is set at the median performance compared to the Relative Total Shareholder Return peer group. The target is set at the 66th percentile, and the maximum is set at the 83rd percentile. This peer group was established by selecting companies with a Life & Health sub-industry
classification from the Global Industry Classification Standard in the Dow Jones US insurance index and the STOXX 600 insurance index, provided they have a market capitalization of more than EUR 2.5 billion. Peers are removed where this classification is no longer representative, for example, after a (de)merger announcement. Other companies with a comparable profile to Aegon from the United States, Canada, and Europe that were not captured under the first step have been added to round out the peer group.
For the 2024-2026, 2025-2027, and 2026-2028 Long-Term Incentive Plans, the following peer group applies.
| Selection groups | Peer companies | |||||
| Dow Jones US insurance index | Principal Financial | Global Life | Genworth Financial | |||
| Lincoln National | CNO Financial | Aflac | ||||
| Prudential Financial | Brighthouse Financial | MetLife | ||||
| Primerica | Unum | Voya Financial | ||||
| STOXX 600 insurance index | Prudential | Storebrand | Phoenix | |||
| Swiss Life | NN | Poste Italiane | ||||
| Legal & General | ||||||
| Other companies | Corebridge | Equitable Holding | Sunlife | |||
| Jackson National | Ameriprise | M&G | ||||
| Manulife | Aviva | |||||
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Risk management
As an insurance group, Aegon manages risk for the benefit of its customers and other stakeholders. The company is exposed to a range of financial, underwriting, and operational risks. Aegon’s risk management and internal control systems are designed to ensure that these risks are managed effectively and efficiently in a way that is aligned with the company’s strategy.
For Aegon, risk management involves:
| • | Understanding risks that the company faces; |
| • | Maintaining a group-wide framework through which the risk-return trade-off associated with these risks can be assessed; |
| • | Maintaining risk tolerances and supporting policies to limit exposure to a particular risk or combination of risks; and |
| • | Monitoring risk exposures and overseeing the company’s overall risk and solvency positions. |
This section describes Aegon’s risk management framework.
Enterprise Risk Management (ERM) framework
Aegon’s ERM framework is designed and applied to identify risks that may affect Aegon and manage individual and aggregate risks within Aegon’s set risk tolerances. The ERM framework covers the ERM components identified by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The ERM framework applies to all of Aegon’s businesses for which it has operational control.
Risk strategy, risk appetite statement, and risk tolerances
The formulation of the risk strategy starts with the principle that taking a risk should be based on serving a customer’s needs. The competence to manage the risk is assessed and Aegon’s risk preferences are formulated, considering Aegon’s risk capacity. The process results in a targeted risk profile, reflecting the risks Aegon wants to assume and the risks Aegon would like to avoid or mitigate.
Aegon’s risk appetite statement and risk tolerances are established to assist management in carrying out Aegon’s strategy within the boundaries of the resources available to Aegon. Aegon’s risk appetite statement is to: “Fulfill our promises towards our customers and other stakeholders by delivering sustainable long-term growth through strong resilience in solvency and liquidity, implementing robust risk management practices that align with our ethical standards and regulatory requirements.”
Following from the risk appetite statement, risk tolerances are defined based on the following:
| • | Aegon should maintain adequate financial resources across the Group, both on Regulatory Capital and IFRS bases under adverse stress scenarios; |
| • | The Group should maintain sufficient resources measured on a market-informed basis to be able to pay policyholders and other contractual obligations under adverse stress scenarios; |
| • | Aegon acts as a responsible business with effective controls, which acknowledges an acceptable level of operational risk and stresses a low tolerance for (lack of) actions that could lead to material adverse risk events that result in breaking promises to or not meeting reasonable expectations of customers, legal and regulatory breaches, reputational damage, financial detriment or financial misstatement. |
The tolerances are further developed into measures, thresholds, and indicators that must be met to remain within the tolerances.
Risk universe
Aegon’s risk universe is structured to reflect the type of risks to which the company is exposed. The identified risk categories are financial risk, underwriting risk, and operational risk. Specific risk types are identified within these risk categories. These internal or external risks may affect the company’s operations, earnings, share price, value of its investments, or the sale of products and services. In the context of Aegon’s risk strategy, a risk appetite is set for the three identified risk categories (see table below).
| Risk category | Description | Appetite | ||
| Underwriting | The risk of incurring losses when actual experience deviates from Aegon’s best estimate assumptions on mortality, longevity, morbidity, policyholder behavior, and property and casualty claims and expenses used to price products and establish technical provisions. | Medium to high - Underwriting risk is Aegon’s core business and meets customer needs. | ||
| Financial | The risk of incurring financial losses due to movements in financial markets and the market value of balance sheet items. The elements of financial risk include credit risk, inflation risk, investment risk, interest rate risk, and currency risk. | Low to medium - Accepted where it meets customer needs and the risk-return profile is acceptable. | ||
| Operational | The risk of losses resulting from inadequate or failed internal processes and controls, people and systems, or from external events, such as processing errors, legal and compliance issues, natural or man-made disasters, and cybercrime. | Low - Accepted as a necessary condition of conducting business, but mitigated as much as possible in an economically efficient manner. | ||
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Risk identification and risk assessment
Aegon has identified a risk universe that captures all known material risks to which the company is exposed. To assess all risks, Aegon maintains a documented, consistent methodology for measuring risks. The risk metrics are embedded in Aegon’s key reports and are used for decision-making.
Risk response
Aegon distinguishes the following risk responses, which are particularly relevant where risks are out of tolerance:
| • | Risk acceptance: The risk is accepted by management; |
| • | Risk control: The risk is reduced by reducing the exposure, by improving processes and existing controls, or by introducing new controls; |
| • | Risk transfer: The risk is reduced by insuring the company against the risk or by transferring it to third parties through other appropriate transactions and arrangements; |
| • | Risk avoidance: Activities that are the source of the risk are terminated. |
Risk monitoring and reporting
Risks are monitored regularly and reported internally on at least a quarterly basis. The impact of key financial, underwriting, and operational risk drivers on earnings and capital is shown in the quarterly risk dashboards for the various risk types, both separately and on an aggregate basis.
Risk exposures are compared with the measures and indicators as defined by Aegon’s risk appetite framework. Reporting also includes compliance and incident reporting. Finally, the main risks derived from Aegon’s strategy and day-to-day business are discussed, as well as forward- looking points for attention. If necessary, mitigating actions are taken and documented.
Risk control
A system of effective controls is required to mitigate the risks identified. In Aegon’s ERM framework, risk control includes risk governance, risk policies, an internal control framework, model validation, risk framework embedding, risk culture, and compliance.
Change risk management
The ERM framework, including the operational risk universe, applies to all change initiatives and special projects across Aegon. The risk function provides oversight to ensure that change initiatives adhere to the principles of the risk framework and to verify that the control framework during and after the change continues to operate in line with company requirements. For example, as Aegon moves its head office and legal seat to the United States, Risk will contribute to project oversight and provide input through regular risk reporting and risk opinions, similar to its role when Aegon moved its legal seat to Bermuda.
Most significant risks
The most significant risks Aegon faces in terms of exposures and required capital are:
| • | Financial markets risks (particularly related to credit, equity, and interest rates); |
| • | Underwriting risks (particularly related to mortality and morbidity risks and policyholder behavior); and |
| • | Operational risks (particularly related to continuity of operations and reputation). |
The ERM framework, including methodologies, policies, and a system of effective controls, provides the instruments to effectively manage these risks.
Description of risk types
Financial market risks
Credit risk
Credit risk is the risk of loss resulting from the default by, or failure to meet the contractual obligations of issuers and counterparties. Aegon also considers credit risk to include spread risk, that is, a decline in the value of a bond, loan, or mortgage due to widening credit spreads. With a well- diversified investment portfolio, Aegon can accept credit spread risk to earn a liquidity premium on assets that match liabilities. The focus is on high-quality securities with low expected defaults because Aegon has a low appetite for default risk.
Equity market risk and other investment risks
Aegon runs the risk that the market value of its investments changes. Investment risk affects Aegon’s direct investments in the general account, its indirect investments in which policyholders bear the risk, and its agreements with counterparties, such as reinsurance and derivatives
Aegon has a low preference for investments in equity securities via the general account. Equity investments generate an equity risk premium over the long run, but in combination with a high capital charge, result in a relatively low return on capital. Aegon accepts equity exposure through fee-based business in the separate accounts and mutual funds and through general account products with equity-linked benefits. Aegon has experience and expertise in managing complex investment guarantees and leverages this capability by providing customers with access to a range of investment strategies and guaranteed benefits. Although Aegon accepts equity exposure via guarantee products, it prefers to hedge this risk as much as possible.
Other investment risks include real estate exposure in the general account, and indirectly via property funds invested for the account of policyholders.
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Interest rate risk
Aegon is exposed to interest rates as both its assets and liabilities are sensitive to movements in long-term and short-term interest rates and changes in the volatility of interest rates. Aegon may accept interest rate risk to meet customer needs. Aegon’s preference is to mitigate risk to the extent possible.
Currency exchange rate risk
As an international company, Aegon conducts business in different currencies and is therefore exposed to movements in currency exchange rates. Foreign currency exposure exists primarily when policies are denominated in currencies other than the issuer’s functional currency. Currency risk in the investment portfolios backing insurance and investment liabilities is managed using asset-liability matching principles. Assets allocated to equity are held in local currencies to the extent that shareholders’ equity is required to satisfy regulatory and self-imposed capital requirements. Currency exchange rate fluctuations therefore affect the level of shareholders’ equity as a result of converting local currencies into euros (EUR), the company’s reporting currency. The company holds its capital base in various currencies in amounts that correspond to the book value of individual business units.
Inflation risk
Aegon is exposed to inflation risk through inflation-linked benefits on certain products sold by Aegon’s insurance entities, such as pensions and long-term care products. In addition, Aegon is exposed to cost inflation through its expense base. Aegon prefers to mitigate the risk to the extent possible.
Liquidity risk
Aegon needs to maintain sufficient liquidity to meet short- term cash demands, not only under normal conditions, but also in the event of a crisis. To that end, Aegon has established a strong liquidity management framework. The company considers extreme liquidity stress scenarios, including the possibility of prolonged “frozen” capital markets, an immediate and permanent rise in interest rates, and elevated policyholder withdrawals.
Please refer to note 4 Financial Risk in Aegon’s financial statements for more information on financial market risks.
Underwriting risk
Underwriting risk relates to the products sold by Aegon’s insurance entities and is the risk of incurring losses when actual experience deviates from Aegon’s best estimate assumptions on mortality, morbidity, policyholder behavior, property & casualty claims, and expenses.
Aegon prefers to grow underwriting risk selectively, but this must go hand in hand with a strong underwriting process. Aegon’s earnings depend, to a significant degree, on the extent to which claims experience is consistent with assumptions used to price products and establish technical provisions. Changes in, among other things, morbidity, mortality, longevity trends, and policyholder behavior may have a considerable impact on the company’s results. Assumptions used to price products and establish technical provisions are reviewed regularly. Please refer to note 3 Critical accounting estimates and judgment in applying accounting policies in Aegon’s consolidated financial statements for further information.
Operational risk
Aegon is exposed to operational risk, defined as the risk of unexpected consequences, such as financial losses, reporting errors, customer detriment, regulatory non-compliance, and reputational harm, resulting from inadequate or failed internal processes and controls, people and systems, or from external events. Operational risks may arise from various sources, including processing errors, model inaccuracies, misconduct, legal and regulatory breaches, and natural or man-made disasters, including those linked to climate change. Additionally, large-scale programs (e.g. redomiciliation activities) or organizational transformations can elevate operational risk exposure, particularly in areas such as strategy execution and project delivery. Aegon’s systems and processes are designed to support complex products, transactions, and large programs, while also aiming to mitigate risks such as system failures, business disruptions, financial crime, and breaches of information security. Aegon regularly monitors and assesses these risks and retains the flexibility to update and revise its systems and processes as necessary. Aegon’s operational risk universe is structured into eight level 1 risk categories: business risk; legal, regulatory, conduct, and compliance risks; tax risk; financial crime risk; processing risk; information technology and business disruption risk; people risk; and facility risk. These level 1 risk categories are split into more granular level 2 risk categories, such as information security risk, conduct risk, fraud risk, modeling risk, and physical damage risk.
This taxonomy supports consistent categorization, monitoring, and reporting of risk events across Aegon’s business units. It also enables targeted mitigation strategies and facilitates compliance with internal and external regulatory requirements.
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Sustainability risk
Sustainability risk, including climate risk, is not considered a separate risk type but is a risk driver that impacts multiple risks. Sustainability involves financial, underwriting, business, legal, regulatory, conduct, and compliance risk angles. For example, climate change can impact future investment returns. The legal, regulatory, conduct, and compliance risk angle concerns the ability to comply with applicable legal and regulatory requirements. Sustainability is included in Aegon’s risk taxonomy, integrated into its ERM framework, and embedded in the relevant risk policies. Sustainability risk covers 1) business practices, including investments; 2) environmental (including climate change), social, and governance aspects; and 3) corporate sustainability goals and commitments.
One of the key sustainability risk drivers identified by Aegon is climate risk. In this context, Group Risk conducts an annual qualitative, company-level climate risk assessment (CRA) across Aegon’s three risk categories: financial market risk, underwriting risk, and operational risk. The qualitative assessment identifies the relevant climate risks for Aegon and assesses their severity and manageability. The company-wide assessment builds on local assessments by experts in the business units, covering the likelihood, impact, and speed of occurrence of the identified risks and current, planned, and possible management actions to mitigate these risks. The outcomes of the assessment and recommendations are discussed with senior management, taken through applicable governance, and reported on in the Group Solvency Self-Assessment (GSSA). As part of the annual CRA process, recommendations are made to evolve and further mature each cycle’s local and company-wide assessments.
Aegon also conducts an extensive and systematic quantitative climate risk scenario analysis annually. The scope of this assessment covers our insurance business units, including both general account and separate account assets, but excludes reinsurance. To conduct the 2025 annual assessment, Aegon continued its collaboration with Ortec Finance, using their proprietary Climate MAPS solution, a scenario-based tool.
The importance of handling sustainability risk effectively and expeditiously is expected to increase further, given the relevance of sustainability for all stakeholders including society, investors, customers, and regulators.
Fraud risk
Fraud risk is interpreted broadly at Aegon, encompassing both operational fraud and financial reporting fraud.
Operational types of fraud are categorized into internal and external fraud, that is, fraud committed by employees and fraud committed by others, with external fraud further specified as intermediary fraud or fraud committed by third parties. To combat operational fraud, Aegon has implemented policies and reports internally on its adherence to them. To enable oversight by the Executive Committee and Board of Directors, compliance departments report quarterly on fraud events. In its Annual Compliance Risk Assessment, Aegon analyzes its exposure to fraud and residual risks, taking into account all measures it has implemented to combat fraud. Where gaps are identified that pose out-of-tolerance risks, additional measures are implemented.
Furthermore, Aegon has an established process to assess and confirm that effective controls are in place concerning fraud in financial reporting. This assessment is performed annually and is based on a set of mandatory scenarios. All Aegon subsidiaries are required to perform the assessment.
Emerging risk scan
On an annual basis, Aegon performs an emerging risk or horizon scan that identifies newly developing or changing risks or signals perceived to have a potentially significant impact on Aegon’s financial strength, competitive position, reputation, or risk profile. It is a cross-functional exercise that examines the impact, proximity (time horizon of occurrence), and velocity (speed of occurrence) of emerging risks to determine potential risk areas that could influence value protection and creation. The scan is used to assess the ongoing appropriateness of the risk universe and Aegon’s preparedness to respond to emerging risks, and to provide input and awareness on emerging topics for strategy development. The scan takes into account the relationship and interconnectivity between threats and opportunities and the impact on business objectives.
Topic identification, assessment, and selection are based on desk research, interviews with internal and external experts, and management selection. Topic areas can include, among other things, geopolitics, macro- and financial economics, technology, regulations and supervision, customer preferences, product markets, and sustainability.
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In 2025, areas of focus included, among others, geopolitical instability and the evolution of AI. Aegon’s preparedness for selected key developments was also assessed, together with possible ways to further strengthen our preparedness and approach. With respect to macroeconomic and geopolitical developments, for example, we undertook scenario analysis and identified possible management actions to remain agile in the face of shifting political alliances, economic volatility, and regulatory divergence. With respect to AI developments, we are maturing our capabilities in managing AI-related risks, and continue to develop our policies and controls to support emerging AI, advancing our AI capabilities, and developing scalable use cases, while taking into account governance processes designed to mitigate risks. These efforts are complemented by employee training and oversight mechanisms that reinforce responsible AI use.
Risk governance framework
Aegon’s risk management is based on a clear, well-defined risk governance. The goals of risk governance are to:
| • | Define roles and responsibilities, and risk reporting procedures for decision-makers; |
| • | Institute a proper system of checks and balances; |
| • | Provide a consistent framework for managing risk in line with the targeted risk profile; |
| • | and Facilitate risk diversification. |
Governance structure
Aegon’s risk management framework is represented across all levels of the organization, designed to encourage a coherent and integrated approach to risk management throughout the company. Similarly, Aegon offers a comprehensive range of group-wide risk policies that specify operating guidelines and limits. These policies include legal, regulatory, and internally set requirements and are designed to keep risk exposures to a manageable level. Any breach of policy limits or warning levels triggers remedial action or heightened monitoring. Further risk policies may be developed at a local level to cover situations specific to particular business units.
Aegon’s risk management governance structure has four layers:
| • | The Board of Directors (Board) and its Risk Committee; |
| • | The CEO and the Executive Committee; |
| • | The Group Risk & Capital Committee (GRCC) and its sub-committees; and |
| • | The local Risk & Capital Committees. |
The Risk Committee reports to the Board on topics related to the ERM framework and the internal control system. This includes:
| • | Risk strategy, risk tolerance, and risk governance; |
| • | Product development and pricing; |
| • | Risk assessment; |
| • | Risk responses and internal control effectiveness; |
| • | Risk monitoring; and |
| • | Risk reporting. |
The Risk Committee works closely with the Board of Directors’ Audit Committee.
For a description of the main roles and responsibilities of the Risk Committee, refer to the Risk Committee section of the Report of the Board of Directors in this Annual Report.
The CEO and the Group’s Chief Risk Officer (CRO) are responsible for informing the Board of any risk that directly threatens the company’s solvency, liquidity, or operations.
The CEO has overall responsibility for managing risk. The CEO adopts the risk strategy, risk governance, risk tolerance, and material changes in risk methodology and risk policies. The Group’s CRO has a standing invitation to attend the CEO meeting and has a direct reporting line to the Board to discuss ERM and related matters. The CRO is also a member of the Executive Committee.
The Executive Committee oversees a broad range of strategic and operational issues. While the Board of Directors has delegated decision making authority in relation to the operational running of the company to the CEO, the Executive Committee provides vital support and expertise in safeguarding Aegon’s strategic goals. The Executive Committee discusses and sponsors ERM, in particular the risk strategy, risk governance, risk tolerance, and the introduction of new risk policies.
The CEO and Executive Committee are supported by the GRCC. The GRCC is Aegon’s most senior risk committee. It is responsible for managing Aegon’s balance sheet at the global level and is in charge of risk oversight, risk monitoring, and risk management-related decisions on behalf of the CEO and in line with its charter. The GRCC ensures risk-taking is within Aegon’s risk tolerances, that the capital position is adequate to support financial strength and regulatory requirements, and that capital is properly allocated. The GRCC informs the CEO about any identified breaches of overall tolerance levels and threats to the company’s solvency, liquidity, or operations.
The GRCC has three sub-committees: the ERM framework, Accounting and Actuarial Committee (ERMAAC), the Non-Financial Risk Committee (NFRC), and the Model Validation Committee (MVC).
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The purpose of the ERMAAC is to assist the GRCC, CEO, and Executive Committee with the setting and maintenance of the financial risk framework across all group-level balance sheet bases, including policies, standards, guidelines, methodologies, and assumptions.
The purpose of the NFRC is to assist the GRCC, CEO and Executive Committee with non-financial risk framework setting and maintenance, including policies, standards, guidelines, and methodologies, and to act as a formal discussion and information-exchange platform on matters concerning non-financial risk management.
The MVC is responsible for approving all model validation reports across Aegon. This independent committee reports to the GRCC and the CEO to provide information on model integrity and recommendations on how to strengthen these models further.
Aegon’s business units have a Risk, or Risk and Capital Committee, and an Audit Committee. While naming and organizational set-up can differ, the responsibilities and prerogatives of the committees are aligned with those of the company-level committees and further elaborated in their respective charters, which are tailored to local circumstances.
In addition to the four layers described above, Aegon has an established group-wide Risk function. It is the mission of the Risk function to ensure the continuity of the company by safeguarding the value of existing business, protecting Aegon’s balance sheet and reputation, and supporting the creation of sustainable value for all stakeholders.
In general, the objective of the Risk function is to support the CEO, Executive Committee, Board, and business unit boards in ensuring that the company reviews, assesses, understands, and manages its risk profile. Through oversight, the Risk function ensures the company-wide risk profile is managed in line with Aegon’s risk tolerances, and stakeholder expectations are managed under both normal business conditions and adverse conditions caused by unforeseen negative events.
The following roles are important to realize the objective of the Risk function:
| • | Advising on risk-related matters, including risk tolerance, risk governance, risk methodology, and risk policies; |
| • | Supporting and facilitating the development, incorporation, maintenance, and embedding of the ERM framework and sound practices; and |
| • | Monitoring and challenging the implementation and effectiveness of ERM practices. |
In the context of these roles, the Risk function has the following responsibilities:
ERM Framework
| • | The overarching ERM Framework supports Aegon’s corporate strategy and enables management to effectively deal with uncertainty and the associated risk-return trade-offs. |
Global Risk Appetite (GRA)
| • | The GRA is linked to and supports Aegon’s strategy and purpose and translates these into risk tolerances and risk limits. |
Risk identification and assessment
| • | All material risks are captured and classified in Aegon’s risk universe. An emerging risk process is in place to ensure that the risk universe remains up-to-date and complete. Where and to the degree appropriate, the emerging risk process is aligned with the DMA. Risk assessment includes risk measurement across valuation and reporting metrics and feeds into Aegon’s risk strategy, including risk preferences and risk profile considerations. |
Risk governance
| • | A risk governance framework is in place across all levels of the company, including formal committees, committee charters, memberships across relevant functions, and escalation procedures. |
Policies and standards
| • | Risk policies and standards set out requirements, roles and responsibilities, and processes to manage risks across the risk universe. |
Risk framework embedding
| • | The ERM Framework is embedded in Aegon’s key business areas. The GSSA unifies risk and capital management and business planning processes across Aegon and aligns them with its strategy. The risk strategy is aligned with the business strategy; the strategy execution is closely monitored; and risks are identified on time to ensure strong delivery in a safe and timely manner. |
Risk oversight
| • | Major business (and risk) decisions are risk-based, properly risk-informed, and, where relevant, challenged by the Risk function to protect the balance sheet and proper customer conduct. |
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Risk monitoring and reporting
| • | Risks across the risk universe are monitored and reported. |
Risk culture
| • | Risk culture is embedded across the company. |
| • | Focused training is delivered throughout the organization on Risk Management principles. |
| • | Risk culture encompasses the awareness of employees, management, and leadership of relevant risks and how risks are managed. |
Aegon’s group-wide and business-unit risk management staff structure is fully integrated. Business unit CROs report either directly to the Group CRO or to one of the CROs that reports directly to the Group CRO.
ERM framework maintenance
Aegon continuously works on keeping its ERM framework up to date, effective, and fit for purpose. The annual risk plan outlines priorities for the year and rationalizes activities that align with Aegon’s strategy and vision. Policies, charters, and other governance documents are regularly reviewed and updated where necessary. Also, activities such as the Emerging Risk Scan provide an internal and external perspective on the risk universe and signal where updates are required. In addition, internal processes such as policy attestation verify compliance with policies. Non-compliance requires remediation of action plans, which are actively monitored to ensure execution.
Internal control system
Aegon has developed a comprehensive internal control system designed to support compliance with applicable laws, regulations (for example, the Sarbanes-Oxley Act and the Corporate Sustainability Reporting Directive), and administrative processes. Furthermore, the internal control system supports measurement of the effectiveness and efficiency of Aegon’s operations with regard to its objectives, in addition to the availability, reliability, and integrity of both financial and non-financial information. The overall internal control system provides reasonable assurance of appropriate control activities across key processes and of the documentation and reporting of administrative and accounting information. A key element of the internal control system is to facilitate action planning and embed continuous improvement in the organization’s internal control environment. The internal control system is embedded through policies and frameworks such as the ERM Framework, which includes Aegon’s Model Validation Framework, Operational Risk Management Framework, and Information Technology Risk Management Framework. Aegon’s internal control system is considered more encompassing in scope than the Integrated Framework issued by COSO, which serves as the foundational criteria for internal control systems.
In 2025, internal control and risk management topics were actively discussed by key governance bodies, including the Executive Committee, Risk Committee, and Audit Committee. An analysis of internal and external audit reports and risk reviews revealed no material weaknesses. As a result, no significant changes or major enhancements were deemed necessary for the risk management and internal control systems.
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Capital and liquidity management
Guiding principles
The management of capital and liquidity is of vital importance to Aegon, its customers, investors in Aegon securities and its other stakeholders. In line with its risk tolerance, the goal of Aegon’s capital and liquidity management is to promote strong and stable capital adequacy levels for its businesses, in addition to maintaining adequate liquidity to ensure the company is able to meet its obligations.
Aegon follows several guiding principles in terms of capital and liquidity management:
| • | Promoting strong capital adequacy in Aegon’s businesses and operating units; |
| • | Managing and allocating capital efficiently in support of the strategy and in line with its risk tolerance; |
| • | Maintaining an efficient capital structure, with an emphasis on optimizing Aegon’s cost of capital; |
| • | Maintaining adequate liquidity in both the operating units and the Holding to ensure that the company is able to meet its obligations by enforcing stringent liquidity risk policies; and |
| • | Maintaining continued access to international capital markets on competitive terms. |
Aegon believes that the combination of these guiding principles strengthens the company’s ability to withstand adverse market conditions, enhances its financial flexibility, and serves both the short-term and the long-term interests of the company, its customers, and other stakeholders.
The management and monitoring of capital and liquidity is firmly embedded in Aegon’s Enterprise Risk Management (ERM) framework.
Management of capital
Aegon’s capital management framework is based on adequate capitalization of its operating units, Cash Capital at Holding, and leverage.
Capital adequacy of Aegon’s operating units
Aegon manages capital in its operating units at levels sufficient to absorb moderate shocks without impacting the remittances to the Group. These moderate shocks could be caused by various factors, including general economic conditions, financial market risks, underwriting risks, changes in government regulations, and legal and arbitration proceedings. To mitigate the impact of such factors on the ability of operating units to pay remittances to the Group, Aegon established an operating level of capital in each unit. In its main units, these are: 400% Risk-Based Capital (RBC) Company Action Level (CAL) in the US and 150% Solvency Capital Requirement (SCR) in the UK; based on Solvency UK. Aegon manages capital in the units to their respective operating levels throughout the cycle.
After investments have been made in new business to generate organic growth, capital generated by Aegon’s operating units is available for distribution to the holding company. In addition to an operating level, Aegon established a minimum dividend payment level of capital in each unit: 350% RBC CAL in the US and 135% SCR in the UK, based on Solvency UK. As long as the capital position of the unit is above this minimum dividend payment level, the unit is expected to pay remittances to the Group.
When the operating unit’s capital position approaches the minimum dividend payment level, capital management tools will ensure that units will remain well capitalized. Frequent monitoring of actual and forecasted capitalization levels of its operating units is an important element in Aegon’s capital framework to maintain adequate capitalization levels.
The regulatory capital requirement, minimum dividend payment level, operating level, and actual capitalization for Aegon’s main operating units on December 31, 2025 are included in the following table:
| Capital requirements | Regulatory capital requirement |
Minimum dividend payment level |
Operating level | Actual capitalization |
||||||||||||
| US RBC ratio |
100% | 350% | 400% | 424% | ||||||||||||
| Scottish Equitable Plc Solvency UK ratio |
100% | 135% | 150% | 183% | ||||||||||||
For more details on the capital ratios and their movements,
see note 37 Capital management and solvency in Aegon’s
consolidated financial statements.
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Improving risk-return profile
Aegon has an active global reinsurance program designed to optimize the risk-return profile of insurance risks. In addition, Aegon monitors the risk-return profile of new business written, withdrawing products that do not create value for its stakeholders.
Aegon continues to take measures to improve its risk- return profile. In particular, several actions were taken in the United States to strengthen the capital position and reduce the volatility of the local capital positions.
Management actions US
As announced during the June 2023 Capital Markets Day, Transamerica aims to improve the quantum and quality of its capital generation, while reducing its exposure to Financial Assets. During 2025, Transamerica has made good progress in implementing its plans.
During 2025 the following management actions related to the Financial Asset portfolio were executed:
| • | Actuarially justified rate increases in Long-Term Care with a total value of approvals achieved since the beginning of 2023 amounts to USD 871 million, which is 124% of the USD 700 million target set at the 2023 CMD. |
| • | Transamerica 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. |
| • | Aegon decided to reinsure a block of Secondary Guarantee Universal Life (SGUL) contracts. The transaction covers 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. It decreases the total capital employed by USD 0.3 billion to USD 2.7 billion, well ahead of the targeted reduction in 2025. |
Cash Capital at Holding and liquidity management
Liquidity management is a fundamental building block of Aegon’s overall financial planning and capital allocation processes. Liquidity is managed both centrally and at the operating unit level and is coordinated centrally at Aegon Ltd.
The ability of the holding company to meet its cash obligations depends on the amount of liquid assets on its balance sheet and on the ability of the operating units to pay remittances to the holding company.
To ensure the holding company’s ability to fulfill its cash obligations, to maintain sufficient flexibility to provide capital and liquidity support to Aegon’s operating units, and to provide stability in external dividends, the company manages Cash Capital at Holding, including Aegon’s centrally managed (unregulated) holding companies, to an operating range of EUR 0.5 billion to EUR 1.5 billion.
The main sources of liquidity in Cash Capital at Holding are remittances from operating units and proceeds from divestitures. In addition, contingent internal and external liquidity programs are maintained to provide additional safeguards against extreme unexpected liquidity stresses.
Aegon uses the cash flows from its operating units to pay for holding expenses, including funding costs. The remaining free cash flow is available to execute the company’s strategy, to strengthen the balance sheet through deleveraging or making capital injections into units as required, to make acquisitions, to fund dividends on its shares, and to return capital to shareholders, if possible, all subject to maintaining the targeted Cash Capital at Holding level. Aegon aims to pay out a sustainable dividend to enable equity investors to share in its performance.
When determining whether to declare or propose a dividend, Aegon’s Board of Directors balances prudence with the objective of offering an attractive return to shareholders. This balance is particularly important during adverse economic and/or financial market conditions. Furthermore, Aegon’s operating units are subject to local insurance regulations that could restrict remittances to the holding company or require capital and liquidity support. There is no requirement or assurance that Aegon will declare and pay any dividends.
On December 31, 2025, Aegon held a balance of EUR 1.3 billion in Cash Capital at Holding, compared to EUR 1.7 billion on December 31, 2024. Details on the movement are included in note 37 Capital management and solvency, in Aegon’s consolidated financial statements.
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| Capital and liquidity management | ||
Liquidity management
The company’s liquidity risk policy sets guidelines for its operating companies and the Holding to achieve a prudent liquidity profile and to meet cash demands under extreme conditions. Aegon’s liquidity is invested in accordance with the company’s internal risk management policies. Aegon believes that its Cash Capital at Holding, backed by its external funding programs and facilities, is ample for the company’s present requirements.
Aegon maintains a liquidity policy that requires all business units to project and assess their sources and uses of liquidity over a two-year period under normal and severe business and market scenarios. This policy ensures that liquidity is measured and managed consistently across the company, and that liquidity stress management plans are in place.
Aegon’s operating units are engaged in life insurance and pensions business, which are long-term activities with relatively illiquid liabilities and generally matching assets. Liquidity consists of liquid assets held in investment portfolios, in addition to inflows generated by maturing assets, coupons and premium payments, and customer deposits.
Leverage
Aegon uses leverage to lower the cost of capital that supports businesses in the company, thereby contributing to a more effective and efficient use of capital. In managing the use of leverage throughout the company, Aegon has implemented a Leverage Use Framework as part of its broader ERM framework.
Financial leverage
Aegon defines gross financial leverage as debt or debt-like funding issued for general corporate purposes and for capitalizing Aegon’s business units. Gross financial leverage includes hybrid instruments, as well as subordinated and senior debt. Gross financial leverage was EUR 4.9 billion per December 31, 2025. For more information on the calculation of Financial Leverage see note 37 Capital management and solvency, of this report.
The following are metrics that Aegon assesses in managing leverage:
| • | Gross financial leverage ratio |
| • | Fixed charge coverage |
| • | Various rating agency leverage metrics |
| • | Other metrics, including gross financial leverage divided by operating capital generation1 |
| 1 | Capital generation adjusted for market impacts and one-time items |
Aegon’s gross financial leverage ratio is calculated by dividing gross financial leverage by total capitalization. Aegon’s total capitalization consists of the following components:
| • | Shareholders’ equity based on IFRS |
| • | Non-controlling interests and shares related to long-term incentive plans that have not yet vested |
| • | Contractual service margin, excluding joint ventures and associates, net of tax |
| • | Gross (or total) financial leverage |
Aegon’s fixed charge coverage is a measure of the company’s ability to service its financial leverage. It is calculated as the sum of the operating result and interest expenses on financial leverage divided by interest payments on financial leverage. The fixed charge coverage includes the impact of interest rate hedging.
Operational leverage
Although operational leverage is not considered part of Aegon’s total capitalization, it is a source of liquidity and funding. Operational leverage relates primarily to the use of a Federal Home Loan Bank (FHLB) facility.
Funding and back-up facilities
Aegon Ltd., the parent company, issues the majority of Aegon’s financial leverage. A limited number of other Aegon companies have also issued debt securities, but Aegon Ltd guarantees the vast majority of these securities.
To support the Letters of Credit (LOCs) and to enhance its liquidity position, Aegon maintains backup credit and LOC facilities with international lenders. Aegon has a Revolving Credit Facility (RCF) with a facility amount of USD 1.375 billion. This facility has been extended for 1 year, as a result of which the remaining tenor has been reset to 5 years (2030). Aegon’s syndicated USD 250 million Letter of Credit Facility (LCF) will mature in 2026.
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Rating agency ratings
Aegon’s objective is to maintain robust financial strength ratings in its main operating units, and this plays an important role in determining the company’s overall
capital management strategy. Aegon maintains robust financial strength ratings from several international rating agencies for its operating units.
| December 31, 2025 | Aegon Ltd. | Aegon USA | Aegon UK | |||||||||
| S&P Global | ||||||||||||
| Financial strength |
A+ | A | 1 | |||||||||
| Long-term issuer |
BBB+ | |||||||||||
| Senior debt |
BBB+ | |||||||||||
| Subordinated debt |
BBB- | |||||||||||
| Moody’s Investors Service | ||||||||||||
| Financial strength |
A1 | |||||||||||
| Long-term issuer |
Baa1 | |||||||||||
| Senior debt |
Baa1 | |||||||||||
| Subordinated debt |
Baa2 | |||||||||||
| A.M. Best | ||||||||||||
| Financial strength |
A | |||||||||||
| 1 | On March 4, 2026, S&P lowered the rating of Aegon UK from ‘A’ to ‘A-‘ as a result of the announced strategic review of Aegon UK. |
Aegon Group Solvency Ratio
Following the transfer of Aegon’s legal domicile to Bermuda on September 30, 2023, group supervision moved from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA). Aegon’s group solvency ratio under the Bermuda solvency framework is broadly aligned with that under the previously applied Solvency II framework during a transition period until the end of 2027. This includes translating Transamerica’s capital position into the group solvency position.
Aegon agreed to fully adopt the Bermuda solvency framework after the transition period. Aegon announced on May 16, 2025 that it will apply an aggregation approach to calculate its group solvency under the Bermuda solvency framework after the transition period. The resulting group solvency ratio is expected to be broadly similar to the current group solvency ratio and Aegon expects no material impact on its capital management framework.
As announced on the Capital Markets Day held on December 10, 2025, due to the proposed redomiciliation of the legal seat to the US, Aegon needs to report under the US capital framework, which is currently expected to occur per January 2028. The lead and scope of group supervision will be reassessed by relevant regulators at the time of the redomiciliation.
Furthermore, the BMA has concluded its review of the eligibility of Aegon’s capital instruments under the Bermuda solvency framework:
| • | Aegon’s Solvency II-compliant instruments will continue to be eligible under the Bermuda solvency framework in the corresponding tier to Solvency II, and without any limitations; |
| • | The Junior Perpetual Capital Securities (JPCS), which in 2025 are still treated as Restricted Tier 1 until January 1, 2026, are eligible as Tier 2 Ancillary Capital following that date, until the end of 2029. Subject to a review in 2029, eligibility may be extended; |
| • | The Perpetual Cumulative Subordinated Bonds (PCSB), which in 2025 were treated as Restricted Tier 1, lost eligibility from January 1, 2026. On a pro-forma basis taking into account this ineligibility for the PCSB, Aegon’s group solvency ratio would have been 7%-points lower compared with the group solvency ratio of 184% on December 31, 2025. |
For more information about group solvency and recent developments, please refer to the Regulation and supervision section.
Aegon’s debt structure and funding decisions remain driven by economic considerations, while also taking into account market circumstances, regulatory requirements, and rating agency considerations.
Aegon’s Group solvency ratio was 184% on December 31, 2025, compared with 188% on December 31, 2024. The Group solvency ratio includes Aegon UK based on the local Solvency UK regulation. Please refer to note 37 Capital management and solvency, of Aegon’s consolidated financial statements for more details.
| December 31, 2025 1 | December 31, 2024 | |||||||
| Group Eligible Own Funds |
11,901 | 14,030 | ||||||
| Group SCR |
6,464 | 7,466 | ||||||
| Group Solvency ratio |
184% | 188% | ||||||
| 1 | The Solvency ratios are estimates and are not final until filed with the respective supervisory authority. |
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| Capital and liquidity management | ||
Sensitivities
Aegon calculates the sensitivities of its capital ratios as part of its capital management framework. The following table provides an overview of the sensitivities (downward and upward) to certain parameters and their estimated impact on the capital ratio. Aegon has a 24.12% stake in a.s.r. after the sale of around 20% of Aegon’s stake in a.s.r. in 2025. The impact from this 24.12% stake has been excluded in the sensitivities of the Group solvency ratio.
Please note that the sensitivities listed in the table below represent sensitivities to Aegon’s position on December 31, 2025.
The sensitivities reflect single shocks, where other elements remain unchanged. Real-world market impacts (for example, lower interest rates and declining equity markets) may happen simultaneously, which can lead to more severe combined impacts and may not be equal to the sum of the individual sensitivities presented in the table. The sensitivities reflect inadmissibility restrictions for deferred tax assets (DTA). The DTAs remain recoverable over time. In the US RBC ratio, a part of the DTAs was inadmissible per the end of the reporting period.
| Scenario | Group 1 | Americas 2 | Scottish Equitable Plc | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Equity markets |
-25% | (5% | ) | (6% | ) | (17% | ) | (18% | ) | 8% | 7% | |||||||||||||||||
| Equity markets |
+25% | (7% | ) | (13% | ) | (20% | ) | (29% | ) | (4% | ) | (4% | ) | |||||||||||||||
| Interest rates |
-50bps | 0% | (1% | ) | 1% | (2% | ) | (1% | ) | (1% | ) | |||||||||||||||||
| Interest rates |
+50bps | 2% | 0% | 2% | (1% | ) | 1% | 1% | ||||||||||||||||||||
| Govt spreads |
-50bps | 1% | 0% | n.a. | n.a. | 1% | 2% | |||||||||||||||||||||
| Govt spreads |
+50bps | 0% | (0% | ) | n.a. | n.a. | (1% | ) | (2% | ) | ||||||||||||||||||
| Non-govt spreads |
-50bps | 0% | 1% | (1% | ) | 0% | 1% | 1% | ||||||||||||||||||||
| Non-govt spreads |
+50bps | 0% | (1% | ) | 1% | (1% | ) | (1% | ) | (0% | ) | |||||||||||||||||
| US Credit Defaults 3 |
~5x long-term average | (6% | ) | (7% | ) | (17% | ) | (16% | ) | n.a. | n.a. | |||||||||||||||||
| US Credit Migration on |
||||||||||||||||||||||||||||
| 10% of assets 4 |
1 big letter downgrade | (1% | ) | (3% | ) | (4% | ) | (6% | ) | n.a. | n.a. | |||||||||||||||||
| Longevity |
+5% | (2% | ) | (4% | ) | (7% | ) | (8% | ) | (1% | ) | (0% | ) | |||||||||||||||
| 1 | Group sensitivities don’t include the impact from Aegon’s stake in a.s.r. |
| 2 | The sensitivities are presented on a Solvency II equivalent basis, after application of the conversion methodology to US regulated (life) companies. |
| 3 | Defaults equivalent to five times the long-term average over a 12 month period, of which one fifth is reflected in operating capital generation and the remainder in this scenario; equivalent to a 1-in-10 scenario. |
| 4 | Downgrade of 10% of the US general account by one big rating letter, equivalent to a 1-in-10 scenario. |
Equity sensitivities
Aegon is exposed to equity markets, primarily through indirect equity exposure in the Americas.
In the Americas, equity sensitivities are primarily driven by the variable annuity (VA) business, where base contract fees are charged as a percentage of underlying funds, many of which are equity-based. The guaranteed benefits are fully hedged for equity risk and the indirect equity exposure associated with the base contract fees is hedged for 25% since August 2025.
Interest rates sensitivities
Aegon’s group solvency ratio is not very sensitive to interest rates movements given the asset-liability management and hedging programs that are in place.
In the Americas, a decrease in interest rates increases statutory reserves for variable annuities and universal life products, which are offset by payoffs from interest rate hedging programs.
For the Americas, interest rate sensitivity results are quite stable due to the Clearly Defined Hedging Strategy (net of SSAP108 deferrals).
The SSAP 108 deferral reduces non-economic statutory surplus volatility by deferring the breakage between the statutory reserves and hedge movement on TLIC. There is a deferral of net loss (creating an asset) in up-rate shocks and a deferral of net gain (creating a liability) in down-rate shocks to the balance sheet of the TLIC legal entity and this is generally amortized over a 10-year period.
For Scottish Equitable (SE) Plc, the main insurance entity of Aegon UK, exposure to lower interest rates results in higher required capital for mortality, expense, and policyholder lapse risks, partly offset by gains on the swaps held in the general account.
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Spread sensitivities
The non-government spread sensitivities include shocks on corporate bonds and structured instruments. Overall, Aegon is exposed to the risk of widening credit spreads, which results in lower asset valuations.
The solvency ratio of the Americas shows little impact from spread widening/narrowing, driven by a higher/lower discount rate used for valuing employee pension plan liabilities offset by the negative/positive impact of lower fixed-income asset values.
Exposure to government spread sensitivities is driven by SE Plc, which is exposed to spreads widening due to the reduced value of fixed-income assets.
Credit default and migration sensitivities
Credit sensitivities reflect the 1-in-10 impact of defaults and migrations separately. Defaults represent the annual impact of a default level five times the long-term average with one- fifth reflected in operating capital generation and the remainder as a shock impact. Ratings migrations are equivalent to 10% of the general account portfolio dropping one letter grade. Under the default sensitivity, credit impairments reduce the value of credit exposures and increase the required capital. The downward rating migrations of credit instruments increase the amount of required capital.
Longevity sensitivities
All main business units contribute to the company-wide risk that people will live longer than the expectations embedded in our provisions.
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| Regulation and supervision | ||
Regulation and supervision
Individually regulated Aegon companies are subject to prudential supervision in their respective home countries and therefore must maintain a minimum solvency margin in accordance with local requirements. In addition, Aegon as a whole is subject to prudential requirements on a group basis, including capital, internal governance, risk management, reporting, and disclosure requirements.
Applicable regulatory regime
Aegon Ltd. has its legal domicile in Bermuda, and Aegon’s group supervision is exercised by the Bermuda Monetary Authority (BMA) and, accordingly, the relevant Bermudian laws and regulations concerning group supervision are applicable.
Single-entity level Solvency II supervision is applicable in respect of Aegon’s regulated EEA insurance entities in Spain and Portugal. Aegon’s Asset Management activities in the Netherlands are supervised by the Dutch Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB).
In addition, the UK Prudential Regulatory Authority exercises subgroup supervision over entities established in the United Kingdom as subsidiaries of Aegon under the relevant provisions of the UK regulatory regime for insurers. In the United States, Transamerica adheres to the RBC framework, supervision is exercised by local state regulators, and subgroup supervision is exercised by the Iowa Insurance Division.
For other regulated subsidiaries, the applicable regulatory regime and legal requirements apply. Among others, this comprises Bermuda regulated entities.
At its Capital Markets Day held on December 10, 2025, Aegon announced its decision to relocate its head office and legal domicile to the US. Lead and scope of group supervision will be re-assessed by relevant regulators at the time of the redomiciliation, which may affect Aegon’s group solvency approach.
Group supervision
The Bermuda Insurance Act 1978, the Bermuda Insurance Group Supervision Rules 2011, and related regulations provide the BMA with broad authority to perform its group supervisor role with a wide range of functions and supervisory activities, including but not limited to (i) coordinating the gathering of information and dissemination of relevant or essential information for going concerns and emergency situations (including information that is important for the supervisory task of other competent authorities), (ii) reviewing and assessing the financial situation of the group, (iii) assessing the compliance with
the rules on solvency and risk concentration and intra-group transactions of the group, (iv) assessing the system of governance of the group, (v) planning and coordinating supervisory activities in cooperation with other competent authorities, (vi) coordinating any enforcement action against the group and its members, and (vii) planning and coordinating meetings of the college of supervisors of Aegon. Bermuda’s regulatory regime is well recognized, having been granted equivalent status by the EU under the Solvency II regime and by the United Kingdom under its own UK Solvency II regime. It has also been designated as a qualified jurisdiction and reciprocal jurisdiction by the US National Association of Insurance Commissioners (NAIC).
Group solvency
In Bermuda, Aegon’s group solvency ratio and surplus under the Bermuda solvency framework is broadly aligned with that under the previously applied Solvency II framework during a transition period until the end of 2027. Aegon will apply an aggregation approach to calculate its group solvency under the Bermuda solvency framework after this transition period.
Insurance companies are required to determine technical provisions at a value that corresponds with the current exit value of their obligations towards policyholders and other beneficiaries of insurance and reinsurance contracts. The calculation of the technical provisions is based on market-consistent information where possible. The value of the technical provisions equals the sum of the best estimate and the risk margin. The discount rate used to calculate technical provisions, along with other parameters, may significantly affect the level and volatility of own funds (the excess of assets over liabilities).
Insurers and reinsurers are required to hold eligible funds to ensure they can meet their obligations over the next 12 months with a probability of at least 99.5% (that is, withstand a 1-in-200-year event). This objective is called the Solvency Capital Requirement (SCR). Insurance companies are allowed to use: (a) a standard formula to calculate their SCR, (b) a self-developed internal model for which the approval of supervisory authorities is required, or (c) a partial internal capital model (PICM), a combination of the standard formula and an internal model that also requires approval of supervisory authorities. An internal model should better reflect the insurance company’s actual risk profile than the standard formula. Aegon Ltd. uses a PICM to calculate the SCR. In addition to the SCR, insurance companies must also calculate a Minimum Capital Requirement (MCR). This represents a lower level of financial security than the SCR, below which the insurance company’s eligible own funds may not fall.
Annual Report on Form 20-F 2025 | 95
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An irreparable breach of the MCR would lead to the withdrawal of an insurance company’s license. Insurance companies are required to hold eligible own funds against the SCR and MCR.
During the transition period, Aegon uses a combination of two methods - Accounting Consolidation and Deduction & Aggregation - to calculate the Group Solvency ratio. For insurance entities domiciled outside the EEA or UK, such as the United States, Aegon uses the Deduction and Aggregation method, based on local regulatory requirements, to translate these into the Group Solvency position. US insurance entities are included in Aegon’s group solvency calculation in accordance with local US Risk-Based Capital requirements. Actual solvency levels are included in note 37 Capital management and solvency in Aegon’s consolidated financial statements. Aegon’s UK insurance subsidiaries have been incorporated into Aegon’s Solvency calculation in accordance with Solvency UK standards, including Aegon UK’s approved PlCM.
Designation as Internationally Active Insurance Group
Aegon is an Internationally Active Insurance Group (IAIG) in accordance with the principles of ComFrame (the Common Framework for the Supervision of IAIGs). The provisions of ComFrame must be incorporated into local legislation to have a binding effect. To the extent Bermudian regulations require these provisions for IAIGs, these provisions are applicable. This also applies to the Insurance Capital Standard (ICS), which is being developed as a consolidated group-wide capital standard for IAIGs. The ultimate goal of the ICS is a single ICS that includes a standard methodology by which it achieves comparable outcomes across jurisdictions. The key elements of the ICS include valuation, capital resources, and capital requirements. Ongoing work is intended to improve convergence over time. The ICS was adopted by the International Association of Insurance Supervisors (IAIS) at its Annual General Meeting in December 2024.
Bermuda’s group supervision framework reflects international developments and principles for insurance group supervision adopted by the IAIS. The Insurance Amendment Act 2021 introduced the concept of an IAIG to meet the principles and standards of ComFrame. The Insurance Amendment Act 2021 amended the Insurance Act 1978 to make provision for supervisory requirements relating to the administration of IAIGs in Bermuda. Once designated as an IAIG, the IAIG is subject to any rules that the BMA may make prescribing prudential or technical standards to the IAIG and will continue to be subject to any other group supervision requirements.
Aegon closely monitors all regulatory requirements resulting from its designation as an IAIG. For example, Aegon has noted the BMA Insurance Prudential Standards Recovery Plan Rules 2024. These rules aim to ensure that insurers prepare for a range of potentially adverse scenarios ahead of any severe stress condition. These rules went into effect on May 1, 2025.
In November 2019, the IAIS adopted the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector. The Holistic Framework consists of an enhanced set of supervisory policy measures and powers of intervention, an annual IAIS global monitoring exercise, and an assessment of consistent implementation of supervisory measures. The provisions of the Holistic Framework must be incorporated into local legislation to have a binding effect.
Aegon’s designation as IAIG may evolve over time as its transformation continues.
Future laws and regulations
Aegon has taken note of reforms to Bermuda’s prudential regime. Aegon continues to closely monitor all regulatory requirements and changes to them, both at the consolidated level and at the level of individual regulated subsidiaries. In addition to prudential regulatory requirements, this includes ESG-related legislation, such as the EU Corporate Sustainability Reporting Directive, the Taxonomy Regulation, and the Sustainable Finance Disclosure Regulation.
96 | Annual Report on Form 20-F 2025
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| Code of Conduct | ||
Code of Conduct
Aegon’s Code of Conduct embodies the company’s values and helps ensure that all employees act ethically and responsibly. It is available at www.aegon.com/coc.
It prescribes a mandatory set of standards for how Aegon employees should conduct business, comply with all applicable laws and regulations, and exercise sound judgment in reaching ethical business decisions in the long-term interests of Aegon’s stakeholders.
Aegon’s Code of Conduct applies to all Directors, officers, and employees of all Aegon companies around the world (regardless of the contractual basis of their employment), including associate companies and joint ventures that are majority-owned and/or controlled by Aegon Ltd. Companies in which Aegon does not hold a majority stake will be expected to either adopt the Aegon Code of Conduct or implement an equivalent code.
All Aegon employees must certify that they have read and understood the Code of Conduct and agree to abide by it. Employees are also required to complete mandatory training regularly to help embed the principles of the Code in their work.
Any waivers to the Aegon Code made to Directors or Executive Officers must be approved by the Aegon Ltd. Board of Directors or its Audit Committee. Waivers may only be granted in exceptional circumstances and will be promptly disclosed to our shareholders in accordance with applicable laws and stock exchange requirements. Aegon has elected to comply with home-country practice and disclose any waivers to the Aegon Code in the Form 20-F, rather than disclosing such waivers to shareholders within four business days under the NYSE rules. No waivers were requested or given during 2025.
Aegon Speak Up: Reporting misconduct
Breaches of laws and regulations, the Code of Conduct, or internal policies and procedures may have serious consequences for the company and its staff, customers, shareholders, and business partners, and may also have a profound impact on the financial system or the public interest. Aegon aims to be a trusted long-term partner to all its stakeholders. Therefore, the company would like to be made aware of any suspected unlawful, unethical, or otherwise improper conduct that could harm the company and its stakeholders. Effective detection and resolution of such conduct will help sustain its business and ensure long-term value creation for all stakeholders.
Aegon implemented Aegon Speak Up to demonstrate its commitment to staff and other stakeholders by encouraging them to report any concerns about potential misconduct and to ensure it will not tolerate reprisals for raising such concerns.
Aegon Speak Up provides a safe environment for anyone who wishes to raise a concern about suspected or observed misconduct that involves Aegon.
For this purpose, Aegon has engaged an independent third party to host a secure reporting channel for employees and others to report potential misconduct. Reports can be submitted online or via toll-free telephone lines in all countries where Aegon conducts business (24 hours a day, 7 days a week). Reporters can choose to remain anonymous. If an issue is found upon investigation, appropriate management action is taken to resolve it and prevent it from happening again.
It is important that people feel supported and protected by the company when bringing issues to management that may harm the company’s reputation and integrity, its employees, or other stakeholders. Aegon has established specific measures to provide support and to prevent and/or address situations that present a risk of reprisal. Reporters who believe they have experienced retaliation are encouraged to immediately bring the issue to the attention of the Group Compliance Officer, either directly or through our Speak Up program.
Annual Report on Form 20-F 2025 | 97
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Controls and procedures
Disclosure controls and procedures
At the end of the period covered by this Annual Report, Aegon’s management carried out an evaluation, under the supervision and with the participation of its Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of Aegon’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, Aegon’s CEO and CFO concluded that, as of December 31, 2025, the disclosure controls and procedures were effective. There have been no material changes in the company’s internal controls, or in other factors, that could significantly affect internal control over financial reporting subsequent to the end of the period covered by this Annual Report.
Due to the listing of Aegon shares on the New York Stock Exchange, Aegon is required to comply with the US Securities and Exchange Commission regulations adopted pursuant to Section 404 of the Sarbanes-Oxley Act, or SOX 404. These regulations require that Aegon’s CEO (the Chairman of the Executive Board) and CFO report on and certify the effectiveness of Aegon’s internal control over financial reporting on an annual basis. Furthermore, external auditors are required to provide an opinion on the management assessment of Aegon’s internal control over financial reporting. The SOX 404 statement by management is stated below, followed by the report of the external auditor.
Management’s annual report on internal control over financial reporting
Aegon’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Aegon’s internal control over financial reporting is a process designed under the supervision of Aegon’s principal executive and financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of its published financial statements. Internal control over financial reporting includes policies and procedures that:
| • | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; |
| • | Provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles; |
| • | Provide reasonable assurance that receipts and expenditures are made only in accordance with the authorizations of management and directors of the company; and |
| • | Provide reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on Aegon’s financial statements would be prevented or detected in a timely manner. |
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.
Management assessed the effectiveness of Aegon’s internal control over financial reporting as of December 31, 2025.
In making its assessment management used the criteria established in “Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission” (COSO, 2013 framework).
There were no changes to our internal control over financial reporting during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Based on the assessment, management concluded that, in all material aspects, the internal control over financial reporting was effective as of December 31, 2025. They have reviewed the results of its work with the Audit Committee of the Board of Directors.
Attestation report of the registered public accounting firm
Management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2025, was audited by EY Accountants B.V., an independent registered public accounting firm, as stated in their report included in the ‘Auditor’s report on the Annual Report on Form 20-F’.
98 | Annual Report on Form 20-F 2025
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| Controls and procedures | ||
Management’s assessment of going concern
Aegon’s management has adopted a going concern basis, in preparing the consolidated financial statements, on the reasonable assumption that the company is, and will be, able to continue its normal course of business in the foreseeable future.
Relevant facts and circumstances, relating to the consolidated financial position on December 31, 2025, were assessed in order to reach the going concern assumption. The main areas assessed are financial performance, capital adequacy, financial flexibility, liquidity, and access to capital markets, together with the factors likely to affect Aegon’s future development, performance, and financial position.
Commentary on these is set out in the “Our performance”, “Capital and liquidity management”, “Risk management” and “Business overview” sections in this Annual Report. Aegon’s CEO and CFO concluded that the going concern assumption is appropriate on the basis of the financial performance of the company, its continued ability to access capital markets, adequate solvency ratios, and the level of leverage and Cash Capital at Holding.
Schiphol, the Netherlands, March 25, 2026
The Executive Director and CFO of Aegon Ltd.
Lard Friese, CEO
Duncan Russell, CFO
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100 | Annual Report on Form 20-F 2025
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 |
About Aegon Governance and risk management Fin a n c ial infor m ati on | |||
Consolidated financial statements of Aegon Ltd. | ||
104 |
Consolidated income statement | |
105 |
Consolidated statement of comprehensive income | |
106 |
Consolidated statement of financial position | |
107 |
Consolidated statement of changes in equity | |
109 |
Consolidated cash flow statement | |
Notes to the consolidated financial statements | ||
110 |
1 General information | |
110 |
2 Material accounting policies information | |
131 |
3 Critical accounting estimates and judgment in applying accounting policies | |
133 |
4 Financial risks | |
154 |
5 Segment information | |
161 |
6 Insurance revenue | |
162 |
7 Insurance service expenses | |
162 |
8 Net income / (expenses) on reinsurance held | |
163 |
9 Insurance net investment result | |
169 |
10 Other net investment result | |
170 |
11 Financing net investment result | |
170 |
12 Fees and commission income | |
171 |
13 Other operating expenses | |
173 |
14 Other income/(charges) | |
174 |
15 Income tax | |
175 |
16 Earnings per share | |
175 |
17 Dividend per common share | |
176 |
18 Cash and cash equivalents | |
177 |
19 Investments | |
178 |
20 Derivatives | |
183 |
21 Investments in joint ventures and associates | |
186 |
22 Deferred expenses | |
186 |
23 Other assets and receivables | |
187 |
24 Intangible assets | |
189 |
25 Shareholders’ equity | |
193 |
26 Other equity instruments | |
194 |
27 Subordinated borrowings | |
194 |
28 Trust pass-through securities | |
195 |
29 (Re)Insurance contracts and investment contracts with discretionary participation features | |
208 |
30 Investment contracts without discretionary participation features | |
208 |
31 Borrowings | |
209 |
32 Provisions | |
209 |
33 Defined benefit plans | |
214 |
34 Deferred tax | |
216 |
35 Other liabilities | |
216 |
36 Accruals | |
216 |
37 Capital management and solvency | |
219 |
38 Fair value | |
227 |
39 Commitments and contingencies | |
229 |
40 Transfers of financial assets | |
231 |
41 Offsetting, enforceable master netting arrangements, and similar agreements | |
232 |
42 Companies and businesses acquired and divested | |
233 |
43 Group companies | |
234 |
44 Related party transactions | |
236 |
45 Events after the reporting period | |
| 102 | | Annual Report on Form 20-F 2025 |
Financial statements of Aegon Ltd. | ||
237 |
Income statement of Aegon Ltd. | |
238 |
Statement of financial position of Aegon Ltd. | |
Notes to the financial statements of Aegon Ltd. | ||
239 |
1 General information | |
239 |
2 Material accounting policies information | |
239 |
3 Investment income | |
239 |
4 Results from financial transactions | |
239 |
5 Commissions and expenses | |
239 |
6 Interest charges and related fees | |
240 |
7 Income tax | |
240 |
8 Shares in group companies | |
240 |
9 Loans to group companies | |
240 |
10 Non-current assets | |
240 |
11 Receivables | |
241 |
12 Other current assets | |
241 |
13 Share capital | |
241 |
14 Shareholders’ equity | |
242 |
15 Other equity instruments | |
242 |
16 Provisions | |
243 |
17 Subordinated borrowings | |
243 |
18 Long-term borrowings | |
243 |
19 Defined benefit plans | |
244 |
20 Other non-current liabilities | |
244 |
21 Current liabilities | |
244 |
22 Commitments and contingencies | |
244 |
23 Number of employees | |
244 |
24 Auditor’s remuneration | |
245 |
25 Events after the reporting period | |
245 |
26 Proposal for profit appropriation | |
Schedules | ||
246 |
Schedule I - Summary of investments other than investments in related parties | |
246 |
Schedule II - Condensed financial information of registrant | |
248 |
Schedule III - Supplementary insurance information | |
248 |
Schedule IV - Reinsurance | |
249 |
Schedule V - Valuation and qualifying accounts | |
250 |
Auditor’s report on the Annual Report on Form 20-F | |
Other information | ||
255 |
Profit appropriation | |
256 |
Major shareholders | |
Additional information | ||
260 |
Overview of Americas | |
267 |
Overview of United Kingdom | |
270 |
Overview of International | |
274 |
Overview of Aegon Asset Management | |
276 |
Risk factors Aegon Ltd. | |
296 |
Compliance with regulations | |
296 |
Property, plants and equipment | |
297 |
Employees and labor relations | |
297 |
Group dividend policy | |
298 |
Memorandum and Bye-Laws | |
300 |
Differences between Bermuda and US company laws | |
301 |
Material contracts | |
301 |
Exchange controls | |
301 |
United States tax consequences to holders of shares | |
304 |
Principal accountant fees and services | |
305 |
Purchases of equity securities by Aegon Ltd. | |
305 |
Cybersecurity | |
307 |
Insider dealing policy | |
| Annual Report on Form 20-F 2025 | 103 |
|
|
About Aegon Governance and risk management Financial information | |||
| Amounts in EUR millions (except per share data) | Note |
2025 |
2024 | 2023 | ||||||||||||
Continuing operations |
||||||||||||||||
Insurance revenue |
6 |
|||||||||||||||
Insurance service expenses |
7, 13 |
( |
) | ( |
) | ( |
) | |||||||||
Net income / (expenses) on reinsurance held |
8 |
|||||||||||||||
Insurance service result |
||||||||||||||||
Interest revenue on financial instruments calculated using the effective interest method |
||||||||||||||||
Interest income from instruments measured at FVPL |
||||||||||||||||
Other investment income |
||||||||||||||||
Results from financial transactions |
||||||||||||||||
Impairment (losses) / reversals |
( |
) | ( |
) | ( |
) | ||||||||||
Insurance finance income / (expenses) |
( |
) | ( |
) | ( |
) | ||||||||||
Net reinsurance finance income / (expenses) on reinsurance held |
||||||||||||||||
Interest expenses |
( |
) | ( |
) | ( |
) | ||||||||||
Insurance net investment result |
9 |
( |
) | |||||||||||||
Interest revenue on financial instruments calculated using the effective interest method |
||||||||||||||||
Interest income from instruments measured at FVPL |
||||||||||||||||
Other investment income |
||||||||||||||||
Results from financial transactions |
||||||||||||||||
Impairment (losses) / reversals |
( |
) | ( |
) | ( |
) | ||||||||||
Investment contract income / (expenses) |
( |
) | ( |
) | ( |
) | ||||||||||
Interest expenses |
( |
) | ( |
) | ( |
) | ||||||||||
Other net investment result |
10 |
|||||||||||||||
Interest charges |
( |
) | ( |
) | ( |
) | ||||||||||
Financing net investment result |
11 |
( |
) |
( |
) |
( |
) | |||||||||
Total net investment result |
( |
) | ||||||||||||||
Fees and commission income |
12 |
|||||||||||||||
Other operating expenses |
13 |
( |
) | ( |
) | ( |
) | |||||||||
Other income / (charges) |
14 |
( |
) | |||||||||||||
Other result |
( |
) |
( |
) |
( |
) | ||||||||||
Result before share in profit / (loss) of joint ventures, associates and tax |
( |
) | ||||||||||||||
Share in profit / (loss) of joint ventures |
||||||||||||||||
Share in profit / (loss) of associates |
||||||||||||||||
Result before tax from continuing operations |
( |
) | ||||||||||||||
Income tax (expense) / benefit |
15 |
( |
) | |||||||||||||
Net result from continuing operations |
( |
) | ||||||||||||||
Discontinued operations |
||||||||||||||||
Net result from discontinued operations |
( |
) | ||||||||||||||
Net result from continuing and discontinued operations |
( |
) | ||||||||||||||
Net income/ (loss) attributable to: |
||||||||||||||||
Owners of Aegon Ltd. |
( |
) | ||||||||||||||
Non-controlling interests |
( |
) | ( |
) | ||||||||||||
Earnings per share from continuing and discontinued operations 1 |
16 |
|||||||||||||||
Basic earnings per common share |
( |
) | ||||||||||||||
Basic earnings per common share B |
||||||||||||||||
Diluted earnings per common share |
( |
) | ||||||||||||||
Diluted earnings per common share B |
||||||||||||||||
Earnings per share from continuing operations 1 |
||||||||||||||||
Basic earnings per common share from continuing operations |
( |
) | ||||||||||||||
Basic earnings per common share B from continuing operations |
||||||||||||||||
Diluted earnings per common share from continuing operations |
( |
) | ||||||||||||||
Diluted earnings per common share B from continuing operations |
||||||||||||||||
1 |
Earnings per share is calculated as net result divided by number of shares outstanding. |
| 104 | | Annual Report on Form 20-F 2025 |
| Consolidated financial statements of Aegon Ltd. | ||||
| Amounts in EUR millions | Note |
2025 |
2024 | 2023 | ||||||||||||
| Net result from continuing and discontinued operations |
( |
) | ||||||||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||||||
| Gains/ (losses) on investments in equity instruments (FVOCI) |
||||||||||||||||
| Changes in revaluation reserve real estate held for own use |
( |
) | ( |
) | ||||||||||||
| Remeasurements of defined benefit plans |
( |
) | ( |
) | ||||||||||||
| Income tax relating to items that will not be reclassified |
( |
) | ||||||||||||||
| Discontinued operations that will not be reclassified |
||||||||||||||||
| Insurance items that may be reclassified subsequently to profit or loss: |
||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) |
9 |
( |
) | |||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) |
9 |
|||||||||||||||
| Insurance finance income / (expenses) |
9 |
( |
) | ( |
) | |||||||||||
| Reinsurance finance income / (expenses) |
9 |
( |
) | |||||||||||||
| Changes in cash flow hedging reserve |
( |
) | ( |
) | ( |
) | ||||||||||
| Income tax relating to items that may be reclassified |
( |
) | ( |
) | ( |
) | ||||||||||
| Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) |
( |
) | ||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) |
||||||||||||||||
| Changes in cash flow hedging reserve |
( |
) | ( |
) | ||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves |
( |
) | ( |
) | ||||||||||||
| Equity movements of joint ventures |
( |
) | ( |
) | ||||||||||||
| Equity movements of associates |
( |
) | ||||||||||||||
| Disposal |
( |
) | ( |
) | ||||||||||||
| Disposal of group assets |
42 |
( |
) | ( |
) | ( |
) | |||||||||
| Income tax relating to items that may be reclassified |
( |
) | ( |
) | ||||||||||||
| Discontinued operations that may be reclassified |
||||||||||||||||
| Other |
( |
) | ||||||||||||||
| Total other comprehensive income / (loss) |
||||||||||||||||
| Total comprehensive income / (loss) |
||||||||||||||||
| Total comprehensive income/ (loss) attributable to: |
||||||||||||||||
| Owners of Aegon Ltd. |
||||||||||||||||
| Non-controlling interests |
( |
) | ( |
) | ( |
) | ||||||||||
| Annual Report on Form 20-F 2025 | 105 |
|
|
About Aegon Governance and risk management Financial information | |||
| Amounts in EUR millions | Note |
2025 |
2024 | |||||||||
Assets |
||||||||||||
Cash and cash equivalents |
18 |
|||||||||||
Investments |
19 |
|||||||||||
Derivatives |
20 |
|||||||||||
Investments in joint ventures |
21 |
|||||||||||
Investments in associates |
21 |
|||||||||||
Reinsurance contract assets |
29 |
|||||||||||
Insurance contract assets |
29 |
|||||||||||
Defined benefit assets |
33 |
|||||||||||
Reimbursement rights |
33 |
|||||||||||
Deferred tax assets |
34 |
|||||||||||
Deferred expenses |
22 |
|||||||||||
Other assets and receivables |
23 |
|||||||||||
Intangible assets |
24 |
|||||||||||
Total assets |
||||||||||||
Equity and liabilities |
||||||||||||
Shareholders’ equity |
25 |
|||||||||||
Other equity instruments |
26 |
|||||||||||
Issued capital and reserves attributable to owners of Aegon Ltd. |
||||||||||||
Non-controlling interests |
||||||||||||
Group equity |
||||||||||||
Subordinated borrowings |
27 |
|||||||||||
Trust pass-through securities |
28 |
|||||||||||
Reinsurance contract liabilities |
29 |
|||||||||||
Insurance contract liabilities |
29 |
|||||||||||
Investment contract liabilities with discretionary participation features |
29 |
|||||||||||
Investment contracts without discretionary participation features |
30 |
|||||||||||
Derivatives |
20 |
|||||||||||
Borrowings |
31 |
|||||||||||
Provisions |
32 |
|||||||||||
Defined benefit liabilities |
33 |
|||||||||||
Deferred gains |
||||||||||||
Deferred tax liabilities |
34 |
|||||||||||
Other liabilities |
35 |
|||||||||||
Accruals |
36 |
|||||||||||
Total liabilities |
||||||||||||
Total equity and liabilities |
||||||||||||
| 106 | | Annual Report on Form 20-F 2025 |
Consolidated financial statements of Aegon Ltd. | ||||
Amounts in EUR millions |
Share capital |
|
Retained earnings |
|
Revaluation reserves |
|
Remeasurement of defined benefit plans |
|
Other reserves |
Other equity instruments |
|
Issued capital and reserves 1 |
|
Non- controlling interests |
|
Total | ||||||||||||||||||||
On January 1, 2025 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
| Net result recognized in the income statement | - | - | - | - | - | |||||||||||||||||||||||||||||||
Other comprehensive income: |
||||||||||||||||||||||||||||||||||||
Items that will not be reclassified to profit or loss: |
||||||||||||||||||||||||||||||||||||
| Changes in revaluation reserve real estate held for own use | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Remeasurements of defined benefit plans | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Disposal of group assets | - | ( |
) | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Income tax relating to items that will not be reclassified | - | - | - | ( |
) | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
Insurance items that may be reclassified subsequently to profit or loss |
||||||||||||||||||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Insurance finance income / (expenses) | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Reinsurance finance income / (expenses) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Changes in cash flow hedging reserve | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Income tax relating to items that may be reclassified | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Changes in cash flow hedging reserve | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | - | - | ( |
) | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
| Equity movements of joint ventures | - | - | - | - | ||||||||||||||||||||||||||||||||
| Equity movements of associates | - | - | - | - | ||||||||||||||||||||||||||||||||
| Disposal | - | - | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||||
| Disposal of group assets | - | - | - | - | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Income tax relating to items that may be reclassified | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Other | - | ( |
) | - | - | - | - | |||||||||||||||||||||||||||||
Total other comprehensive income / (loss) |
- |
( |
) |
- |
( |
) |
||||||||||||||||||||||||||||||
Total comprehensive income / (loss) |
- |
( |
) |
- |
( |
) |
||||||||||||||||||||||||||||||
| Shares withdrawn | ( |
) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Issuance and purchase of treasury shares | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Dividends paid on common shares | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Dividend withholding tax reduction | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Coupons on perpetual securities | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Incentive plans | - | ( |
) | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||
| Change in ownership non-controlling interest |
- | - | - | - | - | - | - | ( |
) | ( |
) | |||||||||||||||||||||||||
On December 31, 2025 (note 25,26) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
1 |
Issued capital and reserves attributable to owners of Aegon Ltd. |
Amounts in EUR millions |
Share capital |
|
Retained earnings |
|
Revaluation reserves |
|
|
Remeasurement of defined benefit plans |
|
Other reserves |
|
|
Other equity instruments |
|
Issued capital and reserves 1 |
|
|
Non- controlling interests |
|
Total | ||||||||||||||||
On January 1, 2024 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
| Net result recognized in the income statement | - | - | - | - | - | ( |
) | |||||||||||||||||||||||||||||
Other comprehensive income: |
||||||||||||||||||||||||||||||||||||
Items that will not be reclassified to profit or loss: |
||||||||||||||||||||||||||||||||||||
| Gains/ (losses) on investments in equity instruments (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Changes in revaluation reserve real estate held for own use | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Remeasurements of defined benefit plans | - | - | - | ( |
) | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Income tax relating to items that will not be reclassified | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Insurance items that may be reclassified subsequently to profit or loss |
||||||||||||||||||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Insurance finance income / (expenses) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Reinsurance finance income / (expenses) | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Changes in cash flow hedging reserve | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Income tax relating to items that may be reclassified | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Changes in cash flow hedging reserve | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | - | - | ( |
) | ( |
) | - | |||||||||||||||||||||||||||||
| Equity movements of joint ventures | - | - | - | - | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Equity movements of associates | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Disposal | - | - | - | - | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Disposal of group assets | - | - | - | - | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Income tax relating to items that may be reclassified | - | - | - | - | - | |||||||||||||||||||||||||||||||
| Other | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
Total other comprehensive income / (loss) |
- |
( |
) |
( |
) |
- |
||||||||||||||||||||||||||||||
Total comprehensive income / (loss) |
- |
( |
) |
- |
( |
) |
||||||||||||||||||||||||||||||
| Shares withdrawn | ( |
) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Issuance and purchase of treasury shares | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Dividends paid on common shares | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Dividend withholding tax reduction | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Coupons on perpetual securities | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||
| Incentive plans | - | ( |
) | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||
| Change in ownership non-controlling interest |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||
On December 31, 2024 (note 25,26) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
1 |
Issued capital and reserves attributable to owners of Aegon Ltd. |
| Annual Report on Form 20-F 2025 | 107 |
|
|
About Aegon Governance and risk management Financial information | |||
Amounts in EUR millions |
Share capital |
|
Retained earnings |
|
Revaluation reserves |
|
|
Remeasurement of defined benefit plans |
|
Other reserves |
|
|
Other equity instruments |
|
|
Reserve of discontinued operations held for sale |
|
Issued capital and reserves 1 |
|
|
Non- controlling interests |
|
Total | |||||||||||||||||
On January 1, 2023 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||
| Net result recognized in the income statement | - | ( |
) | - | - | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Other comprehensive income: |
||||||||||||||||||||||||||||||||||||||||
Items that will not be reclassified to profit or loss: |
||||||||||||||||||||||||||||||||||||||||
| Changes in revaluation reserve real estate held for own use | - | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Remeasurements of defined benefit plans | - | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Disposal of group assets | - | ( |
) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Income tax relating to items that will not be reclassified | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Discontinued operations that will not be reclassified 2 |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Insurance items that may be reclassified subsequently to profit or loss |
||||||||||||||||||||||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Insurance finance income / (expenses) | - | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Reinsurance finance income / (expenses) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Changes in cash flow hedging reserve | - | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Income tax relating to items that may be reclassified | - | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Changes in cash flow hedging reserve | - | - | ( |
) | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | - | - | ( |
) | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Equity movements of joint ventures | - | - | - | - | ( |
) | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Equity movements of associates | - | - | - | - | ( |
) | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Disposal of group assets | - | - | ( |
) | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
| Income tax relating to items that may be reclassified | - | - | ( |
) | - | - | - | ( |
) | - | ( |
) | ||||||||||||||||||||||||||||
| Discontinued operations that may be reclassified 2 |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Other | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total other comprehensive income / (loss) |
- |
( |
) |
( |
) |
( |
) |
- |
( |
) |
||||||||||||||||||||||||||||||
Total comprehensive income / (loss) |
- |
( |
) |
( |
) |
( |
) |
- |
( |
) |
||||||||||||||||||||||||||||||
| Shares withdrawn | ( |
) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Issuance and purchase of treasury shares | - | ( |
) | - | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Dividends paid on common shares | - | ( |
) | - | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Dividend withholding tax reduction | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Coupons on perpetual securities | - | ( |
) | - | - | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Incentive plans | - | ( |
) | - | - | - | - | - | ||||||||||||||||||||||||||||||||
| Change in ownership non-controlling interest |
- | - | - | - | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||
On December 31, 2023 (note 25,26) |
( |
) |
( |
) |
- |
|||||||||||||||||||||||||||||||||||
1 |
Issued capital and reserves attributable to owners of Aegon Ltd. |
2 |
The lines “Discontinued operations that will not be reclassified” and “Discontinued operations that may be reclassified” include EUR |
| 108 | | Annual Report on Form 20-F 2025 |
Consolidated financial statements of Aegon Ltd. | ||||
Amounts in EUR millions |
Note |
2025 |
2024 | 2023 | ||||||||||||
Result before tax from continuing operations |
( |
) | ||||||||||||||
Result before tax from discontinued operations |
||||||||||||||||
Impairment loss on measurement of disposal group |
( |
) | ||||||||||||||
Result before tax from continuing and discontinued operations |
( |
) | ||||||||||||||
Results from financial transactions |
( |
) | ( |
) | ( |
) | ||||||||||
Amortization and depreciation |
( |
) | ( |
) | ( |
) | ||||||||||
Impairment losses |
||||||||||||||||
| Results from (re)insurance contracts and investment contracts with discretionary participation features | ||||||||||||||||
Income from joint ventures |
( |
) | ( |
) | ( |
) | ||||||||||
Income from associates |
( |
) | ( |
) | ( |
) | ||||||||||
Release of cash flow hedging reserve |
( |
) | ( |
) | ( |
) | ||||||||||
Other |
||||||||||||||||
Adjustments of non-cash items |
( |
) |
( |
) |
( |
) | ||||||||||
Investment contracts without discretionary participation features |
||||||||||||||||
Accrued expenses and other liabilities |
( |
) | ( |
) | ||||||||||||
Accrued income and prepayments |
( |
) | ( |
) | ||||||||||||
Changes in accruals |
||||||||||||||||
Insurance contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Investment contracts with discretionary participation features |
( |
) | ( |
) | ( |
) | ||||||||||
Reinsurance contracts held |
( |
) | ||||||||||||||
Purchase of investments (other than money market investments) |
( |
) | ( |
) | ( |
) | ||||||||||
Purchase of derivatives |
( |
) | ( |
) | ||||||||||||
Disposal of investments (other than money market investments) |
||||||||||||||||
Disposal of derivatives |
( |
) | ( |
) | ( |
) | ||||||||||
Net change in cash collateral |
( |
) | ( |
) | ||||||||||||
Net purchase of money market investments |
( |
) | ( |
) | ||||||||||||
Cash flow movements on operating items not reflected in income |
( |
) |
( |
) |
( |
) | ||||||||||
Tax (paid)/ received |
( |
) | ( |
) | ||||||||||||
Other |
( |
) | ( |
) | ||||||||||||
Net cash flows from operating activities |
18 |
|||||||||||||||
Purchase of intangible assets (other than future servicing rights) |
( |
) | ( |
) | ( |
) | ||||||||||
Purchase of equipment and real estate for own use |
( |
) | ( |
) | ( |
) | ||||||||||
Acquisition of subsidiaries, net of cash |
( |
) | ( |
) | ( |
) | ||||||||||
Acquisition/capital contributions joint ventures and associates |
( |
) | ( |
) | ( |
) | ||||||||||
Disposal of intangible asset |
||||||||||||||||
Disposal of equipment |
||||||||||||||||
Disposal of subsidiaries and businesses, net of cash |
( |
) | ( |
) | ||||||||||||
Disposal joint ventures and associates |
||||||||||||||||
Dividend received from joint ventures and associates |
||||||||||||||||
Other |
( |
) | ||||||||||||||
Net cash flows from investing activities |
18 |
( |
) | |||||||||||||
Purchase of treasury shares |
( |
) | ( |
) | ( |
) | ||||||||||
Proceeds from TRUPS 1 , subordinated borrowings and borrowings |
||||||||||||||||
Repayment of TRUPS 1 , subordinated loans and borrowings |
( |
) | ( |
) | ( |
) | ||||||||||
Dividends paid |
( |
) | ( |
) | ( |
) | ||||||||||
Coupons on perpetual securities |
( |
) | ( |
) | ( |
) | ||||||||||
Payment of lease liabilities |
( |
) | ( |
) | ( |
) | ||||||||||
Change in ownership non-controlling interests |
( |
) | ( |
) | ||||||||||||
Other |
||||||||||||||||
Net cash flows from financing activities |
18 |
( |
) |
( |
) |
( |
) | |||||||||
Net increase / (decrease) in cash and cash equivalents 2 |
( |
) |
( |
) |
( |
) | ||||||||||
Net cash and cash equivalents at the beginning of the year |
||||||||||||||||
Effects of changes in exchange rate |
( |
) | ( |
) | ||||||||||||
Net cash and cash equivalents at the end of the year |
18 |
|||||||||||||||
1 |
Trust pass-through securities. |
2 |
Included in net increase / (decrease) in cash and cash equivalents are interest received EUR |
| Annual Report on Form 20-F 2025 | 109 |
|
|
About Aegon Governance and risk management Financial information | |||
| Item |
Measurement basis | |
| Insurance and reinsurance contracts |
Fulfillment cash flows plus the CSM | |
| Net defined benefit liability / (asset) |
Fair value of plan assets less the present value of the defined benefit obligations | |
| Other impaired non-financial assets |
Higher of fair value less costs of disposal and value in use | |
| Financial instruments held to collect financial cash flows |
Amortized cost | |
| 110 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 2 | ||||
● |
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on August 15, 2023) |
● |
Annual Improvements Volume 11 (issued on July 18, 2024) – effective January 1, 2026 |
● |
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued on May 30, 2024) – effective January 1, 2026 |
● |
IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on May 9, 2024; and Amendments issued on August 21, 2025) – effective January 1, 2027 |
● |
IFRS 18 Presentation and Disclosure in Financial Statements (issued on April 9, 2024) – effective January 1, 2027 |
● |
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity (issued on December 18, 2024) – effective January 1, 2026 |
● |
Aegon has assessed and concluded that investing in assets is a main business activity of the Group; |
● |
Classification of net interest expense on the net defined benefit liability in the financing category. |
| Annual Report on Form 20-F 2025 | 111 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
Control structure of the asset manager (i.e. whether an Aegon subsidiary); |
● |
The investment constraints posed by the investment mandate; |
● |
Legal rights of the policyholder to the separate assets in the investment vehicle (e.g. policyholders could have the voting rights related to these investments); |
● |
Governance structure, such as an independent Board of Directors, representing the policyholders, which has substantive rights (e.g. to elect or remove the asset manager); and |
● |
Rights held by other parties (e.g. substantive voting rights of policyholders). |
| 112 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
Embedded derivatives whose economic characteristics and risks are not closely related to those of the host contract, and whose terms would not meet the definition of an insurance contract as a standalone instrument; and |
● |
Investment components (i.e. amounts that an insurance contract requires Aegon to repay to a policyholder, even if the insured event does not occur) that are distinct. In other words, investment components that: |
O |
Do not meet the definition of an investment contract with discretionary participation features; |
O |
Are not highly interrelated with the insurance component; and |
O |
For which contracts with equivalent terms are sold, or could be sold, separately in the same market or jurisdiction. |
| Annual Report on Form 20-F 2025 | 113 |
|
|
About Aegon Governance and risk management Financial information | |||
| 114 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
The initial assessment based on product characteristics is performed using multiple qualitative indicators. For example, Aegon considers whether a contract includes substantial contractual profit-sharing rates and the degree to which these can subsequently be reset. It also considers the extent to which asset management fees and other charges are commensurate with the services provided and in line with market terms, and whether a product guarantees a minimum return on investment. |
● |
If the qualitative step is not conclusive, the product undergoes quantitative analysis. Different calculation methods are used, depending on the product characteristics and the market conditions at the inception of the contract. |
O |
The policyholder’s share in the fair value returns is assessed by comparing the expected total return on the underlying items, net of the asset management fees, with the expected payments to the policyholder that are based on those underlying items. Variable fees and charges that cover multiple services are split into an insurance component and an investment management component, with only the latter deducted from total returns. As a critical judgment, when the policyholder’s share of fair value returns is between 50% and 70%, Aegon applies judgement based on qualitative and quantitative factors in product classification. |
O |
Assessing the variability in policyholder benefits often requires probability-weighted models, factoring all scenarios where returns are impacted by the allocation of clearly identifiable assets, variable fees and guarantees. A single scenario with no variability does not automatically disqualify a product for the variable fee approach but is considered alongside scenarios in which the guarantee is not in-the-money |
| Annual Report on Form 20-F 2025 | 115 |
|
|
About Aegon Governance and risk management Financial information | |||
| 116 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
Experience adjustments arising from premiums received in the period that relate to future services and related cash flows, measured at the discount rates determined on initial recognition; |
● |
Changes in estimates of the present value of future cash flows in the liability for remaining coverage (other than effects of the time value of the money and changes in financial risks), measured at the discount rates determined on initial recognition; |
● |
Differences between any non-distinct investment component expected to become payable in the period and the actual non- distinct investment component that becomes payable in the period; |
● |
Differences between any loan to a policyholder expected to become repayable in the period and the actual loan to a policyholder that becomes repayable in the period; and |
| Annual Report on Form 20-F 2025 | 117 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
Changes in the risk adjustment for non-financial risk that relate to future services. |
Proportion of CSM released as insurance revenue = |
A | |
[A + B] |
| 118 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
Contracts to which the premium allocation approach is applied, are assumed not to be onerous at inception, unless facts and circumstances indicate otherwise. |
● |
Contracts to which the premium allocation approach are grouped together in annual cohorts, which is more aligned with the nature of the products. |
| Annual Report on Form 20-F 2025 | 119 |
|
|
About Aegon Governance and risk management Financial information | |||
| 120 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
The loss recognized on the group of underlying insurance contracts; and |
● |
The recovery percentage, which is the percentage of claims on the group of underlying insurance contracts that Aegon expects to recover from the reinsurance contracts held. |
● |
Release of contractual service margin for services provided in the period; |
● |
Changes in risk adjustments for non-financial risk that do not relate to future service, excluding amounts allocated to the loss component; |
● |
Claims and other insurance service expenses expected to be incurred in the period, excluding amounts allocated to the loss component; |
● |
Other amounts, such as experience adjustments for premium receipts that do not relate to future service and income tax that is specifically chargeable to the policyholder. |
● |
The incurred claims, excluding repayments of non-distinct investment components, and other incurred insurance service expenses; |
● |
Adjustments to the liabilities for incurred claims that do not arise from the effects of the time value of money, financial risk, and changes therein; |
● |
Amortization of insurance acquisition cash flows; |
● |
Losses on onerous contracts and the reversals of such losses; and |
● |
Impairment losses and reversals on assets for insurance acquisition cash flows. |
| Annual Report on Form 20-F 2025 | 121 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
Discount rates determined at the date of initial recognition; |
● |
A rate that allocates the remaining revised expected finance income or expenses over the remaining duration at a constant rate (effective yield approach); or |
● |
For contracts using a crediting rate to determine amounts due to the policyholders using an allocation that is based on the amounts credited in the period and expected to be credited in future periods (projected crediting rate approach). |
| 122 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
How the performance of the business model and the financial assets held within that business model are evaluated and reported to the Group’s senior management; |
● |
The risks that affect the performance of the business model and the financial assets held within it. In particular, the way those risks are managed; |
● |
How Group management is compensated, i.e. whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected; |
● |
The expected frequency, value and timing of sales. |
● |
Fair value hedges of recognized assets or liabilities or firm commitments; |
● |
Hedges of highly probable future cash flows attributable to a recognized asset or liability or a highly probable forecast transaction (cash flow hedges); or |
● |
Hedges of a net investment in a foreign operation (net investment hedges). |
| Annual Report on Form 20-F 2025 | 123 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
The old counterparty and new counterparty share the same parent company; and |
● |
Contract characteristics of the old contract and the new contract are the same; and |
● |
The risk profile of both contract parties is similar (either by both having a parental guarantee or both entities having an investment grade rating) |
| 124 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
● |
If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay. |
● |
Introduction of any substantial new terms, such as profit share/equity-based return that substantially affects the risk profile of the loan or equity conversion option. |
● |
Significant extension of the loan term when the borrower is not in financial difficulty. |
● |
Significant change in the interest rate. |
● |
Change in the currency the loan is denominated in. |
● |
Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan. |
● |
Change in seniority or subordination. |
● |
Any change in SPPI assessment of the asset. |
● |
Significant change in the present value of the instrument. |
| Annual Report on Form 20-F 2025 | 125 |
|
|
About Aegon Governance and risk management Financial information | |||
| 126 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
| Annual Report on Form 20-F 2025 | 127 |
|
|
About Aegon Governance and risk management Financial information | |||
| 128 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 | ||||
| Annual Report on Form 20-F 2025 | 129 |
|
|
About Aegon Governance and risk management Financial information | |||
| 130 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 3 | ||||
| Annual Report on Form 20-F 2025 | 131 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
In the principal market for the asset or liability; or |
● |
In the absence of a principal market, in the most advantageous market for the asset or liability. |
● |
Level I: quoted prices (unadjusted) in active markets for identical assets or liabilities that Aegon can access at the measurement date; |
● |
Level II: inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices of identical or similar assets and liabilities) using valuation techniques for which all significant inputs are based on observable market data; and |
● |
Level III: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) using valuation techniques for which any significant input is not based on observable market data. |
| 132 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 4 | ||||
| Annual Report on Form 20-F 2025 | 133 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
Concentration by risk type: Risk exposures are measured by risk type as part of Aegon’s internal economic framework. A risk tolerance framework is in place which sets risk limits per risk type to target the desired risk balance and promote diversification across risk types. |
● |
Concentration per counterparty: Risk exposure is measured and risk limits are in place per counterparty as part of the Counterparty Name Limit Policy; and |
● |
Concentration per sector, geography, and asset class: Aegon’s investment strategy is translated into investment mandates for its internal and external asset managers. Through these investment mandates, limits on sector, geography, and asset class are set. Compliance monitoring of the investment mandates is carried out by the insurance operating companies. |
| 134 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 4 | ||||
| Letters | Surplus | |||||||||||||||||||||||||||||||||||
| Maximum | of | Master | collateral | |||||||||||||||||||||||||||||||||
| exposure | credit / | Real | netting | (or over- | ||||||||||||||||||||||||||||||||
| to credit | guaran- | estate | agree- | Total | collaterali- | Net | ||||||||||||||||||||||||||||||
| risk | Cash | Securities | tees | property | ments | collateral | zation) | exposure | ||||||||||||||||||||||||||||
| Debt securities | ||||||||||||||||||||||||||||||||||||
| Money market and other short-term investments | ||||||||||||||||||||||||||||||||||||
| Loans | ||||||||||||||||||||||||||||||||||||
| Unconsolidated investment funds | ||||||||||||||||||||||||||||||||||||
| Deposits with financial institutes | ||||||||||||||||||||||||||||||||||||
| Other investments | ||||||||||||||||||||||||||||||||||||
| Derivative assets | ||||||||||||||||||||||||||||||||||||
| Reinsurance assets | ||||||||||||||||||||||||||||||||||||
On December 31, 2025 |
||||||||||||||||||||||||||||||||||||
| Debt securities | - | - | - | - | ||||||||||||||||||||||||||||||||
| Money market and other short-term investments | - | - | - | - | ||||||||||||||||||||||||||||||||
| Loans | - | - | ||||||||||||||||||||||||||||||||||
| Unconsolidated investment funds | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
| Deposits with financial institutes | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
| Other investments | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
| Derivative assets | - | - | ||||||||||||||||||||||||||||||||||
| Reinsurance assets | - | - | - | |||||||||||||||||||||||||||||||||
On December 31, 2024 |
||||||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 135 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||||||||||||||||||
| Loans | Debt securities | Total | Loans | Debt securities | Total | |||||||||||||||||||
| Change in fair value during the year | ||||||||||||||||||||||||
| Cumulative change in fair value | ||||||||||||||||||||||||
| 136 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
Group limits per credit rating |
2025 USD million |
2024 EUR million | ||||||
AAA |
||||||||
AA |
||||||||
A |
||||||||
BBB |
||||||||
BB |
||||||||
B |
||||||||
CCC or lower |
||||||||
| Americas | United Kingdom | International | Asset Management |
2025 Total 1 |
||||||||||||||||||||||||||||||||||||||||
Financial assets |
Amortized cost |
Fair value |
Amortized cost |
Fair value |
Amortized cost |
Fair value |
Amortized cost |
Fair value |
Amortized cost |
Fair value |
Carrying value |
|||||||||||||||||||||||||||||||||
AAA |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
AA |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||
A |
- | - | ||||||||||||||||||||||||||||||||||||||||||
BBB |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
BB |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
B |
- | 7 | - | - | - | |||||||||||||||||||||||||||||||||||||||
CCC or lower |
- | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Assets not rated |
- | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total |
- |
|||||||||||||||||||||||||||||||||||||||||||
| ECL on financial assets | ( |
) | ( |
) | - | - | - | ( |
) | - | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
On December 31, 2025 |
- |
|||||||||||||||||||||||||||||||||||||||||||
| 2024 Total 1 |
||||||||||||||||||||||||||||||||||||||||||||
AAA |
- | - | ||||||||||||||||||||||||||||||||||||||||||
AA |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||
A |
- | - | ||||||||||||||||||||||||||||||||||||||||||
BBB |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
BB |
- | - | - | |||||||||||||||||||||||||||||||||||||||||
B |
- | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
| CCC or lower | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
| Assets not rated | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total |
- |
|||||||||||||||||||||||||||||||||||||||||||
| ECL on financial assets | ( |
) | ( |
) | - | - | - | ( |
) | - | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
On December 31, 2024 |
- |
|||||||||||||||||||||||||||||||||||||||||||
1 |
Includes investments of Holding and other activities. |
Carrying value |
2025 |
2024 | ||||||
AAA |
- | - | ||||||
AA |
||||||||
A |
||||||||
Below A |
||||||||
Not rated |
||||||||
On December 31 |
||||||||
| Annual Report on Form 20-F 2025 | 137 |
|
|
About Aegon Governance and risk management Financial information | |||
Debt securities and money market investments |
Americas | United Kingdom |
International | Asset Management |
2025 Total 1 |
Of which past due and/or impaired |
||||||||||||||||||
Residential mortgage-backed securities (RMBSs) |
- | - | - | ( |
) | |||||||||||||||||||
Commercial mortgage-backed securities (CMBSs) |
- | ( |
) | |||||||||||||||||||||
| Asset-backed securities (ABSs) | - | - | ( |
) | ||||||||||||||||||||
ABSs – Other |
( |
) | ||||||||||||||||||||||
Financial - Banking |
- | ( |
) | |||||||||||||||||||||
Financial - Other |
( |
) | ||||||||||||||||||||||
Capital goods and other industry |
- | ( |
) | |||||||||||||||||||||
Communications & Technology |
- | ( |
) | |||||||||||||||||||||
Consumer cyclical |
- | ( |
) | |||||||||||||||||||||
Consumer non-cyclical |
- | ( |
) | |||||||||||||||||||||
Energy |
- | ( |
) | |||||||||||||||||||||
Transportation |
4 | - | ( |
) | ||||||||||||||||||||
Utility |
- | ( |
) | |||||||||||||||||||||
Government bonds |
( |
) | ||||||||||||||||||||||
On December 31, 2025 |
( |
) | ||||||||||||||||||||||
| 2024 Total 1 |
||||||||||||||||||||||||
Residential mortgage-backed securities (RMBSs) |
- | - | - | ( |
) | |||||||||||||||||||
Commercial mortgage-backed securities (CMBSs) |
- | ( |
) | |||||||||||||||||||||
| Asset-backed securities (ABSs) | - | - | - | |||||||||||||||||||||
ABSs – Other |
( |
) | ||||||||||||||||||||||
Financial - Banking |
- | ( |
) | |||||||||||||||||||||
Financial - Other |
( |
) | ||||||||||||||||||||||
Capital goods and other industry |
- | ( |
) | |||||||||||||||||||||
Communications & Technology |
- | ( |
) | |||||||||||||||||||||
Consumer cyclical |
- | ( |
) | |||||||||||||||||||||
Consumer non-cyclical |
- | ( |
) | |||||||||||||||||||||
Energy |
- | ( |
) | |||||||||||||||||||||
Transportation |
- | - | ( |
) | ||||||||||||||||||||
Utility |
- | ( |
) | |||||||||||||||||||||
Government bonds |
( |
) | ||||||||||||||||||||||
On December 31, 2024 |
( |
) | ||||||||||||||||||||||
1 |
Includes investments of Holding and other activities. |
Government bonds per country of risk |
Americas | United Kingdom |
International | Asset Management |
2025 Total 1 |
Americas | United Kingdom |
International | Asset Management |
2024 Total 1 |
||||||||||||||||||||||||||||||
United States |
- | - | - | |||||||||||||||||||||||||||||||||||||
Netherlands |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
United Kingdom |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Austria |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Belgium |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
France |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Hungary |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Indonesia |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Luxembourg |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Spain |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Rest of Europe |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Rest of world |
- | - | ||||||||||||||||||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||||||||||||||
1 |
Includes investments of Holding and other activities. |
| 138 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
Credit rating * |
Government Bonds |
Corporate bonds |
RMBSs CMBSs ABSs |
Other | 2025 Total 1 |
Government Bonds |
Corporate bonds |
RMBSs CMBSs ABSs |
Other | 2024 Total 1 | ||||||||||||||||||||||||||||||
AAA |
||||||||||||||||||||||||||||||||||||||||
AA |
||||||||||||||||||||||||||||||||||||||||
A |
|
|
||||||||||||||||||||||||||||||||||||||
BBB |
||||||||||||||||||||||||||||||||||||||||
BB |
||||||||||||||||||||||||||||||||||||||||
B |
||||||||||||||||||||||||||||||||||||||||
CCC or lower |
||||||||||||||||||||||||||||||||||||||||
Assets not rated |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||||||||||||||
1 |
Includes investments of Holding and other activities. |
| * | CNLP Ratings are used and are the lower of the Barclay’s Rating, and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. |
Mortgage loans |
Americas | International | 2025 Total |
Of which past due and / or impaired |
Americas | International | 2024 Total |
Of which past due and/or impaired |
||||||||||||||||||||||||
Agricultural |
- | ( |
) | - | - | |||||||||||||||||||||||||||
Apartment |
- | ( |
) | - | ( |
) | ||||||||||||||||||||||||||
Industrial |
- | - | - | - | ||||||||||||||||||||||||||||
Office |
- | ( |
) | - | ( |
) | ||||||||||||||||||||||||||
Retail |
- | - | ( |
) | ||||||||||||||||||||||||||||
Other commercial |
- | - | ||||||||||||||||||||||||||||||
On December 31 |
( |
) |
( |
) | ||||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||
| Interest income |
Gains/(losses) on sale |
Total Income |
Investments | Interest income |
Gains/(losses) on sale |
Total Income |
Investments | |||||||||||||||||||||||||
RMBSs |
( |
) | ||||||||||||||||||||||||||||||
CMBSs |
||||||||||||||||||||||||||||||||
ABSs |
||||||||||||||||||||||||||||||||
ABSs - Other |
||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 139 |
|
|
About Aegon Governance and risk management Financial information | |||
Stage 1 Impaired |
Stage 2 Under-performing |
Stage 3 Non-performing |
Purchased or Originated Credit Impaired (POCI) | |||||
ECL |
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Lifetime ECL | ||||
Provision Trigger |
n.a. |
Quantitative and Qualitative Triggers |
Qualitative Triggers |
Qualitative Triggers | ||||
Days Past Due (“DPD”) Backstop |
Up to date and early arrears (< 30 DPD) |
> 30 DPD (rebuttable presumption) |
> 90 DPD (rebuttable presumption) |
n.a. | ||||
Interest Income |
Interest calculated on gross carrying amount |
Interest calculated on gross carrying amount |
Interest calculated on net carrying amount |
Interest calculated on net carrying amount using a credit-adjusted effective interest rate | ||||
| 140 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
Financial assets measured at FVOCI - with recycling |
Stage 1 | Stage 2 | Stage 3 | Purchased credit impaired |
2025 Total |
Stage 1 | Stage 2 | Stage 3 | Purchased credit impaired |
2024 Total |
||||||||||||||||||||||||||||||
AAA |
- | - | - | |||||||||||||||||||||||||||||||||||||
AA |
- | - | ||||||||||||||||||||||||||||||||||||||
A |
- | - | - | |||||||||||||||||||||||||||||||||||||
BBB |
- | |||||||||||||||||||||||||||||||||||||||
BB |
- | - | ||||||||||||||||||||||||||||||||||||||
B |
- | - | ||||||||||||||||||||||||||||||||||||||
CCC and lower |
||||||||||||||||||||||||||||||||||||||||
Net carrying amount |
||||||||||||||||||||||||||||||||||||||||
Expected credit loss |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Loans at amortized cost |
Stage 1 | Stage 2 | Stage 3 | Purchased credit impaired |
2025 Total |
Stage 1 | Stage 2 | Stage 3 | Purchased credit impaired |
2024 Total |
||||||||||||||||||||||||||||||
Internal grade 1 |
- | - | ||||||||||||||||||||||||||||||||||||||
Internal grade 2 |
- | - | ||||||||||||||||||||||||||||||||||||||
Internal grade 3 |
- | - | ||||||||||||||||||||||||||||||||||||||
Internal grade 4 |
- | - | ||||||||||||||||||||||||||||||||||||||
Internal grade 5 |
- | - | ||||||||||||||||||||||||||||||||||||||
Internal grade 6 |
- | - | - | - | - | |||||||||||||||||||||||||||||||||||
Internal grade 7 or lower |
- | - | - | - | - | |||||||||||||||||||||||||||||||||||
Gross carrying amount |
- |
|||||||||||||||||||||||||||||||||||||||
Expected credit loss |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||||||||||||||
Net carrying amount |
- |
|||||||||||||||||||||||||||||||||||||||
Asset class |
Quantitative criteria |
Qualitative criteria |
Backstop criteria | |||
Commercial mortgages |
Relative change in Forward-in-Time Probability of Default |
None |
60 days past due backstop | |||
Private loans |
Relative changes in rating |
Watchlist approach |
No other backstop applied | |||
Debt securities |
Relative changes in rating |
Watchlist approach |
No other backstop applied | |||
Structured finance |
Relative changes in rating |
Watchlist approach |
30 days past due backstop | |||
Deposits with financial institutions |
Relative changes in rating |
Watchlist approach |
No other backstop applied | |||
Loan commitments |
Defined as for the respective loans to which the commitment relates | |||||
Financial guarantees |
Defined as for the respective exposures to which the financial guarantee relates | |||||
| Annual Report on Form 20-F 2025 | 141 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||||||||||
PD range |
Minimum | Maximum | Minimum | Maximum | ||||||||||||
AAA |
||||||||||||||||
AA |
||||||||||||||||
A |
||||||||||||||||
BBB |
||||||||||||||||
BB |
||||||||||||||||
B |
||||||||||||||||
CCC or lower |
||||||||||||||||
| 142 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
Asset class |
Quantitative criteria | Qualitative criteria | ||
Commercial mortgages |
90 days past due backstop | Foreclosure Sale at material credit-related economic loss | ||
Debt securities and private loans |
5 days past due backstop | Rating falling to “D” (external or internal) Breach of significant covenants without reasonably supportable waiver obtained Distressed restructuring taking place Bankruptcy or an equivalent of an injunction for the obligor was filed Obligor was classified as default internally | ||
Deposits with financial institution |
5 days past due backstop | Rating falling to “D” (external or internal) Breach of significant covenants without reasonably supportable waiver obtained Distressed restructuring taking place Bankruptcy or an equivalent of an injunction for the obligor was filed Obligor was classified as default internally | ||
Structured securities |
90 days past due backstop | Rating falling to “D” (external or internal) Loss coverage ratio (Ratio of credit-related losses to the par value of a debt security) is below 1 | ||
Receivables |
90 days past due backstop | |||
Loan commitments |
Defined as for the respective loans to which the commitment relates | |||
Financial guarantee contracts |
Defined as for the respective exposures to which the financial guarantee relates | |||
| Annual Report on Form 20-F 2025 | 143 |
|
|
About Aegon Governance and risk management Financial information | |||
Economic variable assumptions on December 31, 2025 |
2026 | 2027 | 2028 | 2029 | Units | |||||||||||||||
Interest rates |
Base | Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 ) | ||||||||||||||||||
Interest rates |
Upside | Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 ) | ||||||||||||||||||
Interest rates |
Downside | Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 ) | ||||||||||||||||||
Unemployment rate |
Base | (%, SA) | ||||||||||||||||||
Unemployment rate |
Upside | (%, SA) | ||||||||||||||||||
Unemployment rate |
Downside | (%, SA) | ||||||||||||||||||
House Price Index |
Base | Existing Single-Family Home Price: Median, (Ths. USD, SA) | ||||||||||||||||||
House Price Index |
Upside | Existing Single-Family Home Price: Median, (Ths. USD, SA) | ||||||||||||||||||
House Price Index |
Downside | Existing Single-Family Home Price: Median, (Ths. USD, SA) | ||||||||||||||||||
Domestic GDP |
Base | Bil. Ch. 2012 USD, SAAR 2 | ||||||||||||||||||
Domestic GDP |
Upside | Bil. Ch. 2012 USD, SAAR 2 | ||||||||||||||||||
Domestic GDP |
Downside | Bil. Ch. 2012 USD, SAAR 2 | ||||||||||||||||||
Equity |
Base | Standard & Poor’s (S&P); Moody’s Analytics Forecasted | ||||||||||||||||||
Equity |
Upside | Standard & Poor’s (S&P); Moody’s Analytics Forecasted | ||||||||||||||||||
Equity |
Downside | Standard & Poor’s (S&P); Moody’s Analytics Forecasted | ||||||||||||||||||
Economic variable assumptions on December 31, 2024 |
2025 | 2026 | 2027 | 2028 | Units | |||||||||||||||
Interest rates |
Base | Interest Rates: 10-Year TreasuryConstant Maturities, (% p.a., NSA 1 ) | ||||||||||||||||||
Interest rates |
Upside | Interest Rates: 10-Year TreasuryConstant Maturities, (% p.a., NSA 1 ) | ||||||||||||||||||
Interest rates |
Downside | Interest Rates: 10-Year TreasuryConstant Maturities, (% p.a., NSA 1 ) | ||||||||||||||||||
Unemployment rate |
Base | (%, SA) | ||||||||||||||||||
Unemployment rate |
Upside | (%, SA) | ||||||||||||||||||
Unemployment rate |
Downside | (%, SA) | ||||||||||||||||||
House Price Index |
Base | Existing Single-Family Home Price: Median, (Ths. USD, SA) | ||||||||||||||||||
House Price Index |
Upside | Existing Single-Family Home Price: Median, (Ths. USD, SA) | ||||||||||||||||||
House Price Index |
Downside | Existing Single-Family Home Price: Median, (Ths. USD, SA) | ||||||||||||||||||
Domestic GDP |
Base | Bil. Ch. 2012 USD, SAAR 2 | ||||||||||||||||||
Domestic GDP |
Upside | Bil. Ch. 2012 USD, SAAR 2 | ||||||||||||||||||
Domestic GDP |
Downside | Bil. Ch. 2012 USD, SAAR 2 | ||||||||||||||||||
Equity |
Base | Standard & Poor’s (S&P); Moody’s Analytics Forecasted | ||||||||||||||||||
Equity |
Upside | Standard & Poor’s (S&P); Moody’s Analytics Forecasted | ||||||||||||||||||
Equity |
Downside | Standard & Poor’s (S&P); Moody’s Analytics Forecasted | ||||||||||||||||||
1 |
NSA: National Security Agency. |
2 |
SAAR: Seasonally adjusted annual rate. |
| 144 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 4 | ||||
Weightings |
Base | Upside | Downside | |||||||||
| On December 31, 2025 |
||||||||||||
| On December 31, 2024 |
||||||||||||
● |
Transfers between Stages 1, 2, and 3 due to financial instruments experiencing significant increases (or decreases) of credit risk or becoming credit-impaired in the period, and the consequent “step up” (or “step down”) between 12-month and lifetime ECL; |
● |
Additional allowances for new financial instruments recognized during the period, as well as releases for financial instruments derecognized in the period; |
● |
Impact on the measurement of ECL due to changes in PDs, EADs and LGDs in the period, arising from regular refreshing of inputs to models; |
● |
Impacts on the measurement of ECL due to changes made to models and assumptions; |
● |
Discount unwind within ECL due to the passage of time, as ECL is measured on a present value basis; |
● |
Foreign exchange retranslations for assets denominated in foreign currencies and other movements; and |
● |
Financial assets derecognized during the period and write-offs of allowances related to assets that were written off during the period. |
| Annual Report on Form 20-F 2025 | 145 |
|
|
About Aegon Governance and risk management Financial information | |||
ECL staging |
||||||||||||||||||||
| Debt securities |
Stage 1 | Stage 2 | Stage 3 | POCI | Total | |||||||||||||||
| Loss allowance on January 1, 2025 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
| Transfers: |
||||||||||||||||||||
| - Transfer from Stage 1 to Stage 2 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 2 to Stage 1 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 2 to Stage 3 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 2 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 1 |
( |
) | - | - | - | |||||||||||||||
| Impact of stage transfers on year-end ECL |
( |
) | ( |
) | - | ( |
) | |||||||||||||
| Financial assets derecognized during the period | - | |||||||||||||||||||
| New financial assets originated or purchased | ( |
) | ( |
) | - | ( |
) | |||||||||||||
| Change in models |
( |
) | ( |
) | ( |
) | ||||||||||||||
| Net exchange differences |
- | |||||||||||||||||||
| Loss allowance on December 31, 2025 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
| Loss allowance on January 1, 2024 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
| Transfers: |
||||||||||||||||||||
| - Transfer from Stage 1 to Stage 2 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 1 to Stage 3 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 2 to Stage 1 |
( |
) | - | - | ||||||||||||||||
| - Transfer from Stage 2 to Stage 3 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 2 |
- | ( |
) | - | - | |||||||||||||||
| Impact of stage transfers on year-end ECL |
( |
) | ( |
) | - | ( |
) | |||||||||||||
| Financial assets derecognized during the period |
- | |||||||||||||||||||
| New financial assets originated or purchased |
( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||
| Change in models |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Net exchange differences |
( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||
| Loss allowance on December 31, 2024 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
2025 |
2024 | |||||||
| Loans measured at amortized cost |
( |
) | ||||||
| Debt securities measured at FVOCI |
( |
) | ( |
) | ||||
| Other |
( |
) | ( |
) | ||||
| Net impairment charge in profit or loss |
( |
) |
( |
) | ||||
| 146 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 4 | ||||
ECL staging |
||||||||||||||||||||
| Debt securities |
Stage 1 | Stage 2 | Stage 3 | POCI | Total | |||||||||||||||
| Gross carrying amount on January 1, 2025 |
||||||||||||||||||||
| Transfers: |
||||||||||||||||||||
| - Transfer from Stage 1 to Stage 2 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 1 to Stage 3 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 2 to Stage 3 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 2 |
- | |
( |
) | - | - | ||||||||||||||
| - Transfer from Stage 2 to Stage 1 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 1 |
- | ( |
) | - | - | |||||||||||||||
| Derecognized assets (excl. write-offs) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| New financial assets originated or purchased | - | |||||||||||||||||||
| Unrealized gains/losses through equity | ( |
) | ( |
) | ||||||||||||||||
| Amortizations through income statement | ||||||||||||||||||||
| Net exchange differences | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Other movements | ( |
) | ( |
) | ||||||||||||||||
| Transfer to/from other headings |
( |
) | ( |
) | - | ( |
) | |||||||||||||
| Gross carrying amount on December 31, 2025 |
||||||||||||||||||||
| Expected credit losses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Gross carrying amount on January 1, 2024 |
||||||||||||||||||||
| Transfers: |
||||||||||||||||||||
| - Transfer from Stage 1 to Stage 2 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 1 to Stage 3 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 2 to Stage 3 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 2 |
- | ( |
) | - | - | |||||||||||||||
| - Transfer from Stage 2 to Stage 1 |
( |
) | - | - | - | |||||||||||||||
| - Transfer from Stage 3 to Stage 1 |
- | ( |
) | - | - | |||||||||||||||
| Derecognized assets (excl. write-offs) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| New financial assets originated or purchased |
( |
) | - | |||||||||||||||||
| Unrealized gains/losses through equity |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Amortizations through income statement |
||||||||||||||||||||
| Movements related to fair value hedges |
( |
) | - | - | - | ( |
) | |||||||||||||
| Net exchange differences |
||||||||||||||||||||
| Other movements |
( |
) | ( |
) | ( |
) | ||||||||||||||
| Transfer to/from other headings |
( |
) | - | - | ( |
) | ||||||||||||||
| Gross carrying amount on December 31, 2024 |
||||||||||||||||||||
| Expected credit losses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Annual Report on Form 20-F 2025 | 147 |
|
|
About Aegon Governance and risk management Financial information | |||
ECL staging |
||||||||||||||||
Loans |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||
Gross carrying amount on January 1, 2025 |
||||||||||||||||
Transfers: |
||||||||||||||||
- Transfer from Stage 1 to Stage 2 |
( |
) | - | - | ||||||||||||
- Transfer from Stage 2 to Stage 3 |
- | ( |
) | - | ||||||||||||
- Transfer from Stage 2 to Stage 1 |
( |
) | - | - | ||||||||||||
| Derecognized assets (excl. write-offs) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| New financial assets originated or purchased | - | |||||||||||||||
| Realized gains and losses through income statement | ||||||||||||||||
| Net exchange differences | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Gross carrying amount on December 31, 2025 | ||||||||||||||||
Expected credit losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net carrying amount on December 31, 2025 |
||||||||||||||||
Gross carrying amount on January 1, 2024 |
- |
|||||||||||||||
Transfers: |
||||||||||||||||
- Transfer from Stage 1 to Stage 2 |
( |
) | - | - | ||||||||||||
- Transfer from Stage 1 to Stage 3 |
( |
) | - | - | ||||||||||||
- Transfer from Stage 2 to Stage 1 |
( |
) | - | - | ||||||||||||
| Derecognized assets (excl. write-offs) | ( |
) | ( |
) | - | ( |
) | |||||||||
| New financial assets originated or purchased | - | |||||||||||||||
| Realized gains and losses through income statement | |
|
- | |
||||||||||||
| Net exchange differences | - | |||||||||||||||
| Other movements | ( |
) | ( |
) | - | ( |
) | |||||||||
| Gross carrying amount on December 31, 2024 | ||||||||||||||||
Expected credit losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net carrying amount on December 31, 2024 |
||||||||||||||||
| 148 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
Equity, real estate and non- fixed income exposure |
Americas | United Kingdom |
International | Asset Management |
2025 Total |
Americas | United Kingdom |
International | Asset Management |
2024 Total |
||||||||||||||||||||||||||||||
Equity funds |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Common shares |
- | - | ||||||||||||||||||||||||||||||||||||||
Preferred shares |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Investments in real estate |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Hedge funds |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other alternative investments |
- | - | - | - | - | |||||||||||||||||||||||||||||||||||
Other financial assets 1 |
||||||||||||||||||||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||||||||||||||
1 |
Majority of Other financial assets contains Real estate Limited Partnership for Aegon US and Aegon enhanced fund for Aegon UK. |
Market risk concentrations – shares |
Americas | United Kingdom |
International | Asset Management |
2025 Total |
Americas | United Kingdom |
International | Asset Management |
2024 Total |
||||||||||||||||||||||||||||||
Communication |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Financials |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Funds |
- | - | - | |||||||||||||||||||||||||||||||||||||
Industries |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other |
- | - | ||||||||||||||||||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||||||||||||||
2025 |
2024 | 2023 | 2022 | 2021 | ||||||||||||||||
S&P 500 |
||||||||||||||||||||
Nasdaq |
||||||||||||||||||||
FTSE 100 |
||||||||||||||||||||
AEX |
||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||
Estimated approximate effects on: |
CSM | Net result | Equity | CSM | Net result | Equity | ||||||||||||||||||
10% increase in equity price |
||||||||||||||||||||||||
Financial instruments |
- | - | ( |
) | ( |
) | ||||||||||||||||||
Insurance and reinsurance assets |
- | - | ( |
) | ( |
) | ||||||||||||||||||
Insurance and reinsurance liabilities |
( |
) | ( |
) | ||||||||||||||||||||
10% decrease in equity price |
||||||||||||||||||||||||
Financial instruments |
- | ( |
) | ( |
) | - | ||||||||||||||||||
Insurance and reinsurance assets |
- | ( |
) | ( |
) | - | ||||||||||||||||||
Insurance and reinsurance liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
25% increase in equity price |
||||||||||||||||||||||||
Financial instruments |
- | - | ( |
) | ( |
) | ||||||||||||||||||
Insurance and reinsurance assets |
- | - | ( |
) | ( |
) | ||||||||||||||||||
Insurance and reinsurance liabilities |
( |
) | ( |
) | ||||||||||||||||||||
25% decrease in equity price |
||||||||||||||||||||||||
Financial instruments |
- | ( |
) | ( |
) | - | ||||||||||||||||||
Insurance and reinsurance assets |
- | ( |
) | ( |
) | - | ||||||||||||||||||
Insurance and reinsurance liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Annual Report on Form 20-F 2025 | 149 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | 2023 | 2022 | 2021 | ||||||||||||||||
3-month Term SOFR |
||||||||||||||||||||
3-month EURIBOR |
- |
|||||||||||||||||||
10-year US Treasury |
||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||
Estimated approximate effects on: |
CSM | Net result | Equity | CSM | Net result | Equity | ||||||||||||||||||
100 bps increase - Yield curve |
||||||||||||||||||||||||
Financial instruments |
- | ( |
) | ( |
) | - | ( |
) | ( |
) | ||||||||||||||
Insurance and reinsurance assets |
( |
) | ( |
) | ( |
) | - | ( |
) | ( |
) | |||||||||||||
Insurance and reinsurance liabilities |
||||||||||||||||||||||||
100 bps decrease - Yield curve |
||||||||||||||||||||||||
Financial instruments |
- | - | ||||||||||||||||||||||
Insurance and reinsurance assets |
- | - | ||||||||||||||||||||||
Insurance and reinsurance liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| 150 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
2025 |
2024 | 2023 | ||||||||||
Net result |
||||||||||||
Americas (in USD) |
( |
) | ||||||||||
United Kingdom (in GBP) |
||||||||||||
Equity in functional currency |
||||||||||||
Americas (in USD) |
||||||||||||
United Kingdom (in GBP) |
||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||||||||||
| EUR | GBP | USD | Other | Total | EUR | GBP | USD | Other | Total | |||||||||||||||||||||||||||||||
Financial instruments - assets |
||||||||||||||||||||||||||||||||||||||||
Financial instruments - liabilities |
- | - | ||||||||||||||||||||||||||||||||||||||
| Insurance and reinsurance contract - assets | ||||||||||||||||||||||||||||||||||||||||
| Insurance and reinsurance contract - liabilities | ||||||||||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 151 |
|
|
About Aegon Governance and risk management Financial information | |||
Estimated translation effect of movement in exchange rates 1 |
Net income | Equity | ||||||
2025 |
||||||||
Increase by 15% of USD exchange rate |
||||||||
Increase by 15% of GBP exchange rate |
||||||||
Increase by 15% of non-euro exchange rate |
||||||||
Decrease by 15% of USD exchange rate |
( |
) | ( |
) | ||||
Decrease by 15% of GBP exchange rate |
( |
) | ( |
) | ||||
Decrease by 15% of non-euro exchange rate |
( |
) | ( |
) | ||||
2024 |
||||||||
Increase by 15% of USD exchange rate |
||||||||
Increase by 15% of GBP exchange rate |
||||||||
Increase by 15% of non-euro exchange rate |
||||||||
Decrease by 15% of USD exchange rate |
( |
) | ( |
) | ||||
Decrease by 15% of GBP exchange rate |
( |
) | ( |
) | ||||
Decrease by 15% of non-euro exchange rate |
( |
) | ( |
) | ||||
1 |
The effect of currency exchange movements is reflected as a one-time shift up or down in the value of the non-euro currencies relative to the euro on December 31. |
| 152 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 4 | ||||
Undiscounted best estimate liability |
< 1 yr | 1 < 2 yrs | 2 < 3 yrs | 3 < 4 yrs | 4 < 5 yrs | > 5 yrs | Total | |||||||||||||||||||||
2025 |
||||||||||||||||||||||||||||
Insurance contracts: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
| - Without direct participation contracts | ||||||||||||||||||||||||||||
Investment contracts with DPF: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
Reinsurance contracts liability |
||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||
Insurance contracts: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
| - Without direct participation contracts | ||||||||||||||||||||||||||||
Investment contracts with DPF: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
Reinsurance contracts liability |
||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
Expected release of risk adjustment |
< 1 yr | 1 < 2 yrs | 2 < 3 yrs | 3 < 4 yrs | 4 < 5 yrs | > 5 yrs | Total | |||||||||||||||||||||
2025 |
||||||||||||||||||||||||||||
Insurance contracts: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
| - Without direct participation contracts | ||||||||||||||||||||||||||||
Investment contracts with DPF: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
Reinsurance contracts liability |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Total |
||||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||
Insurance contracts: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
| - Without direct participation contracts | ||||||||||||||||||||||||||||
Investment contracts with DPF: |
||||||||||||||||||||||||||||
| - Direct participation contracts | ||||||||||||||||||||||||||||
Reinsurance contracts liability |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Total |
||||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||
Liabilities arising from (re)insurance contracts |
|
Amount payable on demand |
|
Carrying amount |
|
|
Amount payable on demand |
|
Carrying amount |
| ||||||
Insurance contracts: |
||||||||||||||||
- Direct participation contracts |
||||||||||||||||
- Without direct participation contracts |
||||||||||||||||
Reinsurance contracts held, in a liability position |
- | - | ||||||||||||||
On December 31 |
||||||||||||||||
| Annual Report on Form 20-F 2025 | 153 |
|
|
About Aegon Governance and risk management Financial information | |||
Derivatives - Undiscounted contractual cash flows 1 |
On demand | < 1 yr | 1 < 2 yrs | 2 < 3 yrs | 3 < 4 yrs | 4 < 5 yrs | > 5 yrs | Total | ||||||||||||||||||||||||
2025 |
||||||||||||||||||||||||||||||||
Gross settled |
||||||||||||||||||||||||||||||||
| Cash inflows | - | |||||||||||||||||||||||||||||||
| Cash outflows | - | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Net settled |
||||||||||||||||||||||||||||||||
| Cash inflows | - | |||||||||||||||||||||||||||||||
| Cash outflows | - | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
2024 |
||||||||||||||||||||||||||||||||
Gross settled |
||||||||||||||||||||||||||||||||
| Cash inflows | - | |||||||||||||||||||||||||||||||
| Cash outflows | - | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Net settled |
||||||||||||||||||||||||||||||||
| Cash inflows | - | |||||||||||||||||||||||||||||||
| Cash outflows | - | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
1 |
Derivatives include all financial derivatives regardless of whether they have a positive or a negative value. It does not include bifurcated embedded derivatives. These are presented together with the host contract. For interest rate derivatives only, cash flows related to the pay leg are taken into account for determining the gross undiscounted cash flows. |
Non-derivatives -Undiscounted gross contractual cash flows |
On demand | < 1 yr | 1 < 2 yrs | 2 < 3 yrs | 3 < 4 yrs | 4 < 5 yrs | > 5 yrs | Total | ||||||||||||||||||||||||
2025 |
||||||||||||||||||||||||||||||||
| Trust pass-through securities | - | |||||||||||||||||||||||||||||||
| Subordinated loans | - | |||||||||||||||||||||||||||||||
| Borrowings | - | |||||||||||||||||||||||||||||||
| Investment contracts | ||||||||||||||||||||||||||||||||
| Lease liabilities | - | |||||||||||||||||||||||||||||||
| Other financial liabilities | 4 | - | - | |||||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||||||
| Trust pass-through securities | - | |||||||||||||||||||||||||||||||
| Subordinated loans | - | |||||||||||||||||||||||||||||||
| Borrowings | - | |||||||||||||||||||||||||||||||
| Investment contracts | ||||||||||||||||||||||||||||||||
| Lease liabilities | - | |||||||||||||||||||||||||||||||
| Other financial liabilities | - | - | - | |||||||||||||||||||||||||||||
● |
: business units in the United States (excluding Aegon AM US), including any of the units’ activities located outside of the United States; |
● |
: business activities from platform business and traditional insurance in the United Kingdom; |
● |
: operations in Spain & Portugal, China, Brazil, Bermuda, Hong Kong, and Singapore, including any of the units’ activities located outside these countries; |
● |
: business activities from AAM Global Platforms and Strategic Partnerships; and |
● |
: financing, employee and other administrative expenses of holding companies. |
| 154 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 5 | ||||
● |
Over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in operating result; |
● |
Hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items; |
● |
Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products; |
● |
Certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings; |
● |
Changes in value of VFA products that result in (a reversal of) onerous contracts; |
● |
Changes in discount rates for General model insurance contracts, including the revaluation of changes in non-financial assumptions and experience adjustments that adjust CSM to current interest rates. |
● |
The impact of changes in actuarial assumptions and model updates on onerous contracts; |
● |
The impact of changes in financial assumptions and the passage of time on onerous groups of VFA contracts to which no risk mitigation is applied; |
● |
Other items that are outside of the normal course of business, including restructuring charges. |
| Annual Report on Form 20-F 2025 | 155 |
|
|
About Aegon Governance and risk management Financial information | |||
Segment results For the year ended December 31, 2025 |
Americas | United Kingdom |
Interna- tional |
Asset Manage- ment |
Holding and other activities |
Elimi- nations |
Segment total |
JVs and associates elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||||
Operating result |
( |
) |
||||||||||||||||||||||||||||||||||
Fair value items |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Realized gains / (losses) on investments |
( |
) | - | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Impairment (losses) / reversals |
( |
) | - | ( |
) | ( |
) | - | - | ( |
) | ( |
) | |||||||||||||||||||||||
Non-operating items |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Other income / (charges) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Result before tax from continuing operations |
( |
) |
||||||||||||||||||||||||||||||||||
Income tax (expense) / benefit |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net result |
||||||||||||||||||||||||||||||||||||
Inter-segment operating result |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||
Insurance contracts |
||||||||||||||||||||||||||||||||||||
- Insurance contracts: direct part. |
- | - | - | ( |
) | |||||||||||||||||||||||||||||||
- Insurance contracts: without direct part. |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Investment contracts with DPF |
||||||||||||||||||||||||||||||||||||
- Insurance contracts: direct part. |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||
Insurance revenue |
- |
- |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Interest revenue on financial instruments calculated using the effective interest method |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Interest income from instruments measured at FVPL |
- | |||||||||||||||||||||||||||||||||||
Other investment income |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Fee and commission income |
- | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Other revenues |
- | - | - | - | ( |
) | - | |||||||||||||||||||||||||||||
Total revenues |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Inter-segment revenues |
|
- | - | |
|
|||||||||||||||||||||||||||||||
Segment results For the year ended December 31, 2024 |
Americas | United Kingdom |
Interna- tional |
Asset Manage- ment |
Holding and other activities |
Elimi- nations |
Segment total |
JVs and associates elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||||
Operating result |
( |
) |
||||||||||||||||||||||||||||||||||
Fair value items |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Realized gains / (losses) on investments |
( |
) | - | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Impairment (losses) / reversals |
( |
) | - | ( |
) | - | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||
Non-operating items |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Other income / (charges) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Result before tax from continuing operations |
( |
) |
||||||||||||||||||||||||||||||||||
Income tax (expense) / benefit |
( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
Net result |
- |
|||||||||||||||||||||||||||||||||||
Inter-segment operating result |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||
Insurance contracts |
||||||||||||||||||||||||||||||||||||
- Insurance contracts: direct part. |
- | - | - | ( |
) | |||||||||||||||||||||||||||||||
- Insurance contracts: without direct part. |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Investment contracts with DPF |
||||||||||||||||||||||||||||||||||||
- Insurance contracts: direct part. |
- | - | - | - | - | - | ||||||||||||||||||||||||||||||
Insurance revenue |
- |
- |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Interest revenue on financial instruments calculated using the effective interest method |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Interest income from instruments measured at FVPL |
- | - | - | |||||||||||||||||||||||||||||||||
Other investment income |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Fee and commission income |
- | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Other revenues |
- | - | - | - | ( |
) | - | |||||||||||||||||||||||||||||
Total revenues |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Inter-segment revenues |
|
- | - | |
|
|||||||||||||||||||||||||||||||
| 156 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 5 | ||||
Segment results For the year ended December 31, 2023 |
Americas | |
The Nether- lands 1 |
|
United Kingdom |
|
Interna- tional |
|
|
Asset Manage- ment |
|
|
Holding and other activities |
|
Elimi- nations |
|
Segment total |
|
|
JVs and associates elimi- nations |
|
Consoli- dated |
| |||||||||||||||||
Operating result |
- |
( |
) |
|||||||||||||||||||||||||||||||||||||
| Fair value items | - | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
| Realized gains / (losses) on investments | ( |
) | - | - | - | - | - | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
| Impairment (losses) / reversals | ( |
) | - | - | ( |
) | - | ( |
) | - | ( |
) | ( |
) | ||||||||||||||||||||||||||
Non-operating items |
( |
) |
- |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||
| Other income / (charges) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Result before tax |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||
| Income tax (expense) / benefit | - | ( |
) | ( |
) | ( |
) | - | ||||||||||||||||||||||||||||||||
Net result |
( |
) |
( |
) |
( |
) |
( |
) |
- |
( |
) | |||||||||||||||||||||||||||||
Inter-segment operating result |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||
Insurance contracts |
||||||||||||||||||||||||||||||||||||||||
| - Insurance contracts: direct part. | - | - | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
| - Insurance contracts: without direct part. | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Investment contracts with DPF |
||||||||||||||||||||||||||||||||||||||||
| - Insurance contracts: direct part. | - |
- | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Insurance revenue |
- |
- |
- |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||
| Interest revenue on financial instruments calculated using the effective interest method | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||
| Interest income from instruments measured at FVPL | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Other investment income | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||
| Fee and commission income | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
| Other revenues | - |
- | - | - | - | ( |
- | |||||||||||||||||||||||||||||||||
Total revenues |
- |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||
| Inter-segment revenues | - | - | ||||||||||||||||||||||||||||||||||||||
1 |
The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR ( |
Note |
2025 |
2024 | 2023 | |||||||||||||
Result before tax from continuing operations |
( |
) | ||||||||||||||
Elimination of share in earnings of joint ventures and associates |
( |
) | ( |
) | ( |
) | ||||||||||
Insurance revenue |
6 |
( |
) | ( |
) | |||||||||||
Insurance service expenses |
7 |
|||||||||||||||
Net income / (expenses) on reinsurance held |
8 |
( |
) | ( |
) | ( |
) | |||||||||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives |
9.4 / 10.4 |
( |
) | ( |
) | ( |
) | |||||||||
Net fair value change of derivatives |
9.4 / 10.4 |
( |
) | ( |
) | |||||||||||
Realized gains and losses on financial investments |
9.4 / 10.4 |
|||||||||||||||
Net fair value change on investments in real estate |
9.4 / 10.4 |
( |
) | ( |
) | ( |
) | |||||||||
Impairment (losses) / reversals |
9.5 / 10.5 |
|||||||||||||||
Insurance finance income / (expenses) |
9 |
|||||||||||||||
Net reinsurance finance income / (expenses) on reinsurance held |
9 |
( |
) | ( |
) | ( |
) | |||||||||
Investment contract income / (expenses) |
10 |
( |
) | ( |
) | ( |
) | |||||||||
Fee and commission income |
12 |
( |
) | ( |
) | ( |
) | |||||||||
Commissions and expenses |
13 |
|||||||||||||||
Other income |
14 |
( |
) | ( |
) | ( |
) | |||||||||
Other charges |
14 |
|||||||||||||||
Results of businesses disposed during reporting periods |
||||||||||||||||
Operating result |
||||||||||||||||
Tax effect 1 |
( |
) | ( |
) | ( |
) | ||||||||||
Operating result after tax |
||||||||||||||||
1 |
Tax effect was calculated using the respective operating segment’s statutory rate and presented on consolidated basis. |
| Annual Report on Form 20-F 2025 | 157 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
Insurance service expenses are mainly driven by three items: assumption changes on onerous contracts included in Other income / (charges) amounting to a loss of EUR |
● |
Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in the operating result. |
● |
Insurance finance income / (expenses) mainly relate to changes in discount rates, amounting to a loss of EUR |
● |
Commissions and expenses, which are included in Other income / (charges), relate to items that cannot be directly allocated to a specific line of business and restructuring charges. |
| Americas | United Kingdom |
International | Asset Management |
Holding and other activities |
Total | |||||||||||||||||||
2025 |
||||||||||||||||||||||||
| Amortization of deferred expenses and future servicing rights and other intangibles | ( |
) | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||
| Depreciation | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Impairment losses / (reversals) on financial assets, excluding receivables | ( |
) | - | ( |
) | - | - | ( |
) | |||||||||||||||
| Impairment losses / (reversals) on non-financial assets and receivables |
( |
) | - | - | ( |
) | - | ( |
) | |||||||||||||||
2024 |
||||||||||||||||||||||||
| Amortization of deferred expenses and future servicing rights and other intangibles | ( |
) | ( |
) | - | ( |
) | - | ( |
) | ||||||||||||||
| Depreciation | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Impairment losses / (reversals) on financial assets, excluding receivables | ( |
) | - | ( |
) | - | - | ( |
) | |||||||||||||||
| Impairment losses / (reversals) on non-financial assets and receivables |
( |
) | - | - | - | - | ( |
) | ||||||||||||||||
2023 |
||||||||||||||||||||||||
| Amortization of deferred expenses and future servicing rights and other intangibles | ( |
) | ( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||||
| Depreciation | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Impairment losses / (reversals) on financial assets, excluding receivables | ( |
) | - | - | - | - | ( |
) | ||||||||||||||||
| Impairment losses / (reversals) on non-financial assets and receivables |
( |
) | - | ( |
) | - | ( |
) | ( |
) | ||||||||||||||
| Americas | United Kingdom |
International | Asset Management |
Holding and other activities |
Total | |||||||||||||||||||
2025 |
||||||||||||||||||||||||
| Number of employees - headcount 1 |
||||||||||||||||||||||||
| Of which Aegon’s share in JV and associates 2 |
- | - | - | |||||||||||||||||||||
2024 |
||||||||||||||||||||||||
| Number of employees - headcount 1 |
||||||||||||||||||||||||
| Of which Aegon’s share in JV and associates 2 |
- | - | - | |||||||||||||||||||||
2023 |
||||||||||||||||||||||||
| Number of employees - headcount 1 |
||||||||||||||||||||||||
| Of which Aegon’s share in JV and associates 2 |
- | - | ||||||||||||||||||||||
1 |
Includes direct employees and tied agents |
2 |
Excludes a.s.r., as the results of this associate are not included in Operating result. |
| 158 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 5 | ||||
On December 31, 2025 |
Americas | United Kingdom |
|
International | Asset management |
|
Holding and other activities |
|
Eliminations | Total | ||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
| Cash and Cash equivalents | - | |||||||||||||||||||||||||||
| Investments | - | |||||||||||||||||||||||||||
| Investments in joint ventures | - | - | - | - | ||||||||||||||||||||||||
| Investments in associates | - | - | - | |||||||||||||||||||||||||
| Reinsurance contract assets | - | - | ( |
) | ||||||||||||||||||||||||
| Insurance contract assets | - | - | - | - | ||||||||||||||||||||||||
| Deferred expenses | - | - | - | - | ||||||||||||||||||||||||
Other assets |
( |
) | ||||||||||||||||||||||||||
Total assets |
( |
) |
||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||
| Reinsurance contract liabilities | - | - | - | |||||||||||||||||||||||||
| Insurance contract liabilities | - | - | ( |
) | ||||||||||||||||||||||||
| Investment contracts with DPF | - | - | - | - | ||||||||||||||||||||||||
| Investment contracts without DPF | - | - | - | - | ||||||||||||||||||||||||
Other liabilities |
( |
) | ||||||||||||||||||||||||||
Total liabilities |
( |
) |
||||||||||||||||||||||||||
On December 31, 2024 |
Americas | United Kingdom |
|
International | Asset management |
|
Holding and other activities |
|
Eliminations | Total | ||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
| Cash and Cash equivalents | - | |||||||||||||||||||||||||||
| Investments | - | |||||||||||||||||||||||||||
| Investments in joint ventures | - | - | - | - | ||||||||||||||||||||||||
| Investments in associates | - | - | - | |||||||||||||||||||||||||
| Reinsurance contract assets | - | - | ( |
) | ||||||||||||||||||||||||
| Insurance contract assets | - | - | - | - | ||||||||||||||||||||||||
| Deferred expenses | - | - | - | - | ||||||||||||||||||||||||
Other assets |
( |
) | ||||||||||||||||||||||||||
Total assets |
( |
) |
||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||
| Reinsurance contract liabilities | - | - | - | |||||||||||||||||||||||||
| Insurance contract liabilities | - | - | ( |
) | ||||||||||||||||||||||||
| Investment contracts with DPF | - | - | - | - | - | |||||||||||||||||||||||
| Investment contracts without DPF | - | - | - | - | ||||||||||||||||||||||||
Other liabilities |
( |
) | ||||||||||||||||||||||||||
Total liabilities |
( |
) |
||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 159 |
|
|
About Aegon Governance and risk management Financial information | |||
| Americas | United Kingdom |
International | Asset Management |
Holding and other activities |
2025 Total |
|||||||||||||||||||
Shares |
- | |||||||||||||||||||||||
Debt securities |
- | |||||||||||||||||||||||
Unconsolidated investment funds |
- | - | ||||||||||||||||||||||
Loans |
- | |||||||||||||||||||||||
Other financial assets |
- | |||||||||||||||||||||||
Investments in real estate |
- | - | ||||||||||||||||||||||
Total investments on balance sheet |
||||||||||||||||||||||||
Off-balance sheet investments third parties |
- | |||||||||||||||||||||||
Total revenue-generating investments |
||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||
Financial assets measured at FVOCI |
||||||||||||||||||||||||
- Backing insurance contracts without direct part. |
- | - | - | |||||||||||||||||||||
- Non-insurance related assets |
- | - | ||||||||||||||||||||||
Financial assets measured at FVPL |
||||||||||||||||||||||||
- Backing direct part. insurance contracts |
- | - | ||||||||||||||||||||||
- Backing insurance contracts without direct part. |
- | - | ||||||||||||||||||||||
- Backing direct part. investment contracts |
- | - | - | |||||||||||||||||||||
- Non-insurance related assets |
- | |||||||||||||||||||||||
Financial assets measured at amortized cost |
- | |||||||||||||||||||||||
Investments in real estate |
- | - | ||||||||||||||||||||||
Total investments on balance sheet |
||||||||||||||||||||||||
| Americas | United Kingdom |
International | Asset Management |
Holding and other activities |
2024 Total |
|||||||||||||||||||
Shares |
- | |||||||||||||||||||||||
Debt securities |
- | |||||||||||||||||||||||
Unconsolidated investment funds |
- | - | ||||||||||||||||||||||
Loans |
- | |||||||||||||||||||||||
Other financial assets |
- | |||||||||||||||||||||||
Investments in real estate |
- | - | ||||||||||||||||||||||
Total investments on balance sheet |
||||||||||||||||||||||||
Off-balance sheet investments third parties |
- | |||||||||||||||||||||||
Total revenue-generating investments |
||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||
Financial assets measured at FVOCI |
||||||||||||||||||||||||
- Backing insurance contracts without direct participation |
- | - | ||||||||||||||||||||||
- Non-insurance related assets |
- | |||||||||||||||||||||||
Financial assets measured at FVPL |
||||||||||||||||||||||||
- Backing direct participation insurance contracts |
- | - | ||||||||||||||||||||||
- Backing insurance contracts without direct participation |
||||||||||||||||||||||||
- Backing direct participation investment contracts |
||||||||||||||||||||||||
- Non-insurance related assets |
||||||||||||||||||||||||
Financial assets measured at amortized cost |
- | |||||||||||||||||||||||
Investments in real estate |
- | - | ||||||||||||||||||||||
Total investments on balance sheet |
||||||||||||||||||||||||
| 160 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 6 | ||||
| Americas | United Kingdom |
International | Eliminations | Total | ||||||||||||||||
2025 |
||||||||||||||||||||
Insurance contracts |
||||||||||||||||||||
Direct participation contracts |
- | |||||||||||||||||||
Without direct participation contracts |
( |
) | ||||||||||||||||||
Contracts measured under the PAA |
- | - | - | |||||||||||||||||
Investment contracts with DPF |
||||||||||||||||||||
Direct participation contracts |
- | - | - | |||||||||||||||||
Without direct participation contracts |
- | - | - | |||||||||||||||||
Insurance contracts and investment contracts with DPF |
( |
) |
||||||||||||||||||
Reinsurance contracts held |
( |
) | ( |
) | ||||||||||||||||
2024 |
||||||||||||||||||||
Insurance contracts |
||||||||||||||||||||
Direct participation contracts |
- | |||||||||||||||||||
Without direct participation contracts |
( |
) | ||||||||||||||||||
Contracts measured under the PAA |
- | - | - | |||||||||||||||||
Investment contracts with DPF |
||||||||||||||||||||
Direct participation contracts |
- | - | - | |||||||||||||||||
Insurance contracts and investment contracts with DPF |
( |
) |
||||||||||||||||||
Reinsurance contracts held |
( |
) | ( |
) | ||||||||||||||||
2025 |
2024 | 2023 | ||||||||||||||||||||||
| Insurance contracts |
|
Investment contracts with DPF |
|
Insurance contracts |
|
Investment contracts with DPF |
|
Insurance contracts |
|
Investment contracts with DPF |
| |||||||||||||
Expected insurance claims and expenses |
||||||||||||||||||||||||
Earnings released from CSM |
||||||||||||||||||||||||
| Release of risk adjustment | ||||||||||||||||||||||||
| Recovery of acquisition cash flows | ||||||||||||||||||||||||
Other |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Contracts measured under Non-PAA 1 |
||||||||||||||||||||||||
Contracts measured under the PAA |
||||||||||||||||||||||||
Total Insurance revenue |
||||||||||||||||||||||||
1 |
This includes contracts measured under the General model and Variable fee approach. |
Revenue recognized on contracts in-force |
2025 |
2024 | 2023 | |||||||||
Insurance contracts |
||||||||||||
Transitioned under the modified retrospective approach |
||||||||||||
Transitioned under the fair value approach |
||||||||||||
Other contracts |
||||||||||||
Total revenue recognized on insurance contracts |
||||||||||||
Investment contracts with DPF |
||||||||||||
Transitioned under the fair value approach |
||||||||||||
Total revenue recognized on investment contracts with DPF |
||||||||||||
| Annual Report on Form 20-F 2025 | 161 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | 2023 | ||||||||||||||||||||||
| Insurance contracts |
|
Investment contracts with DPF |
|
Insurance contracts |
|
Investment contracts with DPF |
|
Insurance contracts |
|
Investment contracts with DPF |
| |||||||||||||
| Incurred claims and expenses | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Experience adjustments on incurred claims | ( |
) | - | ( |
) | - | ( |
) | - | |||||||||||||||
| Onerous contract losses (and reversals) | ( |
) | ( |
) | ( |
) | - | ( |
) | - | ||||||||||||||
| Amortization of acquisition cash flows | ( |
) | - | ( |
) | - | ( |
) | - | |||||||||||||||
Contracts measured under Non-PAA |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
| Contracts measured under the PAA | ( |
) | - | ( |
) | - | ( |
) | - | |||||||||||||||
Total Insurance service expenses |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
2025 |
2024 | 2023 | ||||||||||
Assumption changes that adjust underlying onerous contracts |
||||||||||||
Experience adjustments that adjust underlying onerous contracts |
||||||||||||
CSM recognized for service received |
( |
) | ( |
) | ( |
) | ||||||
Release of risk adjustment |
( |
) | ( |
) | ( |
) | ||||||
Experience adjustments on current service |
( |
) | ( |
) | ||||||||
Experience adjustments on incurred claims |
( |
) | ||||||||||
New reinsurance contracts issued/acquired |
( |
) | ||||||||||
Initial recognition of onerous underlying contracts |
||||||||||||
Establishing of loss recovery component from onerous underlying contracts |
||||||||||||
Reversals of loss recovery component from onerous underlying contracts |
( |
) | ( |
) | ||||||||
Contracts measured under Non-PAA |
||||||||||||
Contracts measured under the PAA |
( |
) | ||||||||||
Net income / (expenses) on reinsurance held |
||||||||||||
| 162 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 9 | ||||
| Insurance contracts | Investment contracts with DPF |
2025 |
||||||||||||||||||
Note |
Direct part. |
Without direct part. |
Direct part. |
Total |
||||||||||||||||
Insurance investment return |
||||||||||||||||||||
| Interest revenue on financial instruments calculated using the effective interest method | 9.1 |
|||||||||||||||||||
Interest income from instruments measured at FVPL |
9.2 |
|||||||||||||||||||
Other investment income |
9.3 |
|||||||||||||||||||
Results from financial transactions |
9.4 |
( |
) | |||||||||||||||||
Impairment (losses) / reversals |
9.5 |
( |
) | ( |
) | |||||||||||||||
| Interest expenses | ( |
) | ( |
) | ||||||||||||||||
Profit or loss impacts |
||||||||||||||||||||
Unrealized gains / (losses) on financial assets (FVOCI) |
||||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets(FVOCI) | ||||||||||||||||||||
OCI impacts |
||||||||||||||||||||
Total insurance investment return |
||||||||||||||||||||
Insurance finance income / (expenses) – General model |
||||||||||||||||||||
Interest accreted to insurance contracts |
( |
) | ( |
) | ||||||||||||||||
Interest rate and other financial assumption changes |
( |
) | ( |
) | ||||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
||||||||||||||||||||
Insurance finance income / (expenses) – Variable fee approach |
||||||||||||||||||||
| Change in fair value of underlying assets | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Change in fulfillment value - risk mitigation option | ||||||||||||||||||||
Total insurance finance income / (expenses) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Represented by: |
||||||||||||||||||||
Amounts recognized in profit or loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Amounts recognized in OCI |
( |
) | ( |
) | ||||||||||||||||
Reinsurance finance income / (expenses) on reinsurance held |
||||||||||||||||||||
Interest accreted to reinsurance contracts |
||||||||||||||||||||
Interest rate and other financial assumption changes |
||||||||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
( |
) | ( |
) | ||||||||||||||||
Changes in risk of non-performance of reinsurers |
||||||||||||||||||||
Total reinsurance finance income / (expenses) on reinsurance held |
||||||||||||||||||||
Represented by: |
||||||||||||||||||||
Amounts recognized in profit or loss |
||||||||||||||||||||
Amounts recognized in OCI |
||||||||||||||||||||
Insurance net investment result |
( |
) |
||||||||||||||||||
Represented by: |
||||||||||||||||||||
Amounts recognized in profit or loss |
( |
) | ( |
) | ||||||||||||||||
Amounts recognized in OCI |
||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 163 |
|
|
About Aegon Governance and risk management Financial information | |||
| Insurance contracts | Investment contracts with DPF |
2024 |
||||||||||||||||||
Note |
Direct part. |
Without direct part. |
Direct part. |
Total |
||||||||||||||||
Insurance investment return |
||||||||||||||||||||
| Interest revenue on financial instruments calculated using the effective interest method | 9.1 |
- | - | |||||||||||||||||
| Interest income from instruments measured at FVPL | 9.2 |
|||||||||||||||||||
| Other investment income | 9.3 |
|||||||||||||||||||
| Results from financial transactions | 9.4 |
( |
) | |||||||||||||||||
| Impairment (losses) / reversals | 9.5 |
- | ( |
) | - | ( |
) | |||||||||||||
| Interest expenses | - | ( |
) | - | ( |
) | ||||||||||||||
Profit or loss impacts |
||||||||||||||||||||
| Gains / (losses) on investments in equity instruments (FVOCI) | - | - | ||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | ( |
) | - | ( |
) | ||||||||||||||
| Realized gains / (losses) on disposal of financial assets(FVOCI) | - | - | ||||||||||||||||||
OCI impacts |
- |
( |
) |
- |
( |
) | ||||||||||||||
Total insurance investment return |
||||||||||||||||||||
Insurance finance income / (expenses) – General model |
||||||||||||||||||||
| Interest accreted to insurance contracts | - | ( |
) | - | ( |
) | ||||||||||||||
| Interest rate and other financial assumption changes | - | - | ||||||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
- | ( |
) | - | ( |
) | ||||||||||||||
Insurance finance income / (expenses) – Variable fee approach |
||||||||||||||||||||
| Change in fair value of underlying assets | ( |
) | - | ( |
) | ( |
) | |||||||||||||
| Change in fulfilment value - risk mitigation option | - | - | ||||||||||||||||||
Total insurance finance income / (expenses) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Represented by: |
||||||||||||||||||||
| Amounts recognized in profit or loss | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Amounts recognized in OCI | - | |||||||||||||||||||
Reinsurance finance income / (expenses) on reinsurance held |
||||||||||||||||||||
| Interest accreted to reinsurance contracts | - | - | ||||||||||||||||||
| Interest rate and other financial assumption changes | - | ( |
) | - | ( |
) | ||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
- | - | ||||||||||||||||||
| Changes in risk of non-performance of reinsurers |
- | ( |
) | - | ( |
) | ||||||||||||||
Total reinsurance finance income / (expenses) on reinsurance held |
- |
- |
||||||||||||||||||
Represented by: |
||||||||||||||||||||
| Amounts recognized in profit or loss | - | - | ||||||||||||||||||
| Amounts recognized in OCI | - | ( |
) | - | ( |
) | ||||||||||||||
Insurance net investment result |
||||||||||||||||||||
Represented by: |
||||||||||||||||||||
| Amounts recognized in profit or loss | ( |
) | ||||||||||||||||||
Amounts recognized in OCI |
- | |||||||||||||||||||
| 164 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 9 | ||||
| Insurance contracts | Investment contracts with DPF |
2023 |
||||||||||||||||||
Note |
Direct part. |
Without direct part. |
Direct part. |
Total |
||||||||||||||||
| Insurance investment return | ||||||||||||||||||||
| Interest revenue on financial instruments calculated using the effective interest method | 9.1 |
- | - | |||||||||||||||||
| Interest income from instruments measured at FVPL | 9.2 |
|||||||||||||||||||
| Other investment income | 9.3 |
|||||||||||||||||||
| Results from financial transactions | 9.4 |
( |
) | |||||||||||||||||
| Impairment (losses) / reversals | 9.5 |
- | ( |
) | - | ( |
) | |||||||||||||
| Interest expenses | - | ( |
) | - | ( |
) | ||||||||||||||
Profit or loss impacts |
||||||||||||||||||||
| Unrealized gains / (losses) on financial assets (FVOCI) | - | - | ||||||||||||||||||
| Realized gains / (losses) on disposal of financial assets (FVOCI) | - | - | ||||||||||||||||||
OCI impacts |
- |
- |
||||||||||||||||||
Total insurance investment return |
||||||||||||||||||||
Insurance finance income / (expenses) – General model |
||||||||||||||||||||
| Interest accreted to insurance contracts | - | ( |
) | - | ( |
) | ||||||||||||||
| Interest rate and other financial assumption changes | - | ( |
) | - | ( |
) | ||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
- | ( |
) | - | ( |
) | ||||||||||||||
Insurance finance income / (expenses) – Variable fee approach |
||||||||||||||||||||
| Change in fair value of underlying assets | ( |
) | - | ( |
) | ( |
) | |||||||||||||
| Change in fulfilment value - risk mitigation option | - | - | ||||||||||||||||||
Insurance finance income / (expenses) – Premium allocation approach |
||||||||||||||||||||
| Insurance finance expenses from PAA contracts | - | ( |
) | - | ( |
) | ||||||||||||||
Total insurance finance income / (expenses) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Represented by: |
||||||||||||||||||||
| Amounts recognized in profit or loss | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Amounts recognized in OCI | ( |
) | - | ( |
) | |||||||||||||||
Reinsurance finance income / (expenses) on reinsurance held |
||||||||||||||||||||
| Interest accreted to reinsurance contracts | - | - | ||||||||||||||||||
| Interest rate and other financial assumption changes | - | - | ||||||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
- | - | ||||||||||||||||||
| Changes in risk of non-performance of reinsurers |
- | ( |
) | - | ( |
) | ||||||||||||||
Total reinsurance finance income / (expenses) on reinsurance held |
- |
- |
||||||||||||||||||
Represented by: |
||||||||||||||||||||
| Amounts recognized in profit or loss | - | - | ||||||||||||||||||
| Amounts recognized in OCI | - | - | ||||||||||||||||||
Insurance net investment result |
( |
) |
||||||||||||||||||
Represented by: |
||||||||||||||||||||
| Amounts recognized in profit or loss | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Amounts recognized in OCI | - | |||||||||||||||||||
Insurance contracts without direct participation |
2025 |
2024 | 2023 | |||||||||
Debt securities and money market instruments |
||||||||||||
Loans |
||||||||||||
Other |
||||||||||||
For the year ended December 31 |
||||||||||||
| Annual Report on Form 20-F 2025 | 165 |
|
|
About Aegon Governance and risk management Financial information | |||
| Insurance contracts | Investment contracts with DPF |
|||||||||||||||
| Direct part. |
|
Without direct part. |
|
Direct part. | Total | |||||||||||
Non-derivative assets applying the fair value option |
( |
) | ||||||||||||||
Non-derivative assets failing the SPPI criteria |
||||||||||||||||
For the year ended December 31, 2025 |
||||||||||||||||
Derivatives to which hedge accounting was not applied |
( |
) | ( |
) | ||||||||||||
Non-derivative assets applying the fair value option |
||||||||||||||||
Non-derivative assets failing the SPPI criteria |
- | - | ||||||||||||||
For the year ended December 31, 2024 |
||||||||||||||||
Non-derivative assets applying the fair value option |
||||||||||||||||
Non-derivative assets failing the SPPI criteria |
- | - | ||||||||||||||
For the year ended December 31, 2023 |
||||||||||||||||
| Insurance contracts | Investment contracts with DPF |
|||||||||||||||
| Direct part. |
|
Without direct part. |
|
Direct part. | Total | |||||||||||
Dividend income |
||||||||||||||||
Rental income |
( |
) | ||||||||||||||
For the year ended December 31, 2025 |
||||||||||||||||
Dividend income |
||||||||||||||||
Rental income |
( |
) | ||||||||||||||
For the year ended December 31, 2024 |
||||||||||||||||
Dividend income |
||||||||||||||||
Rental income |
( |
) | ||||||||||||||
For the year ended December 31, 2023 |
||||||||||||||||
| 166 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 9 | ||||
| Insurance contracts | Investment contracts with DPF |
2025 |
||||||||||||||
| Direct part. | Without direct part. |
|
Direct part. | Total | ||||||||||||
Net fair value change of financial investments at FVPL (excl. derivatives) |
||||||||||||||||
| Shares | ||||||||||||||||
| Debt securities and money market investments | ||||||||||||||||
| Unconsolidated investment funds | - | |||||||||||||||
| Loans | - | - | ||||||||||||||
| Other | - | - | ||||||||||||||
Net fair value change of derivatives |
||||||||||||||||
| Economic hedges where no hedge accounting is applied | ( |
) | ( |
) | ||||||||||||
| Change in fair value of hedges on guarantees in products with DPF | - | - | ||||||||||||||
| Ineffective portion of hedge transactions to which hedge accounting is applied | - | ( |
) | - | ( |
) | ||||||||||
( |
) |
|||||||||||||||
Realized gains and (losses) on financial investments |
||||||||||||||||
| Debt securities and money market investments | - | ( |
) | - | ( |
) | ||||||||||
| Loans | - | - | ||||||||||||||
- |
- |
|||||||||||||||
Realized gains and (losses) on financial investments comprised of: |
||||||||||||||||
| Investments measured at FVOCI | - | ( |
) | - | ( |
) | ||||||||||
| Investments measured at amortized cost | - | - | ||||||||||||||
Other |
||||||||||||||||
| Gains / (losses) on investments in real estate | - | |||||||||||||||
| Net fair value change on investments in real estate | - | |||||||||||||||
For the year ended December 31, 2025 |
||||||||||||||||
Represented by: |
||||||||||||||||
| Assets designated at FVPL | ( |
) | ||||||||||||||
| Assets mandatorily measured at FVPL | ( |
) | ||||||||||||||
| Other | ||||||||||||||||
| Annual Report on Form 20-F 2025 | 167 |
|
|
About Aegon Governance and risk management Financial information | |||
| Insurance contracts | Investment contracts with DPF |
2024 |
||||||||||||||
| Direct part. | Without direct part. |
|
Direct part. | Total | ||||||||||||
Net fair value change of financial investments at FVPL (excl. derivatives) |
||||||||||||||||
| Shares | ( |
) | ||||||||||||||
| Debt securities and money market investments | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Unconsolidated investment funds | ||||||||||||||||
| Other | - | ( |
) | - | ( |
) | ||||||||||
( |
) |
|||||||||||||||
Net fair value change of derivatives |
||||||||||||||||
| Economic hedges where no hedge accounting is applied | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Change in fair value of hedges on guarantees in products with DPF | ( |
) | - | - | ( |
) | ||||||||||
( |
) |
( |
) |
( |
) |
( |
) | |||||||||
Realized gains and (losses) on financial investments |
||||||||||||||||
Debt securities and money market investments |
- | ( |
) | - | ( |
) | ||||||||||
| Loans | - | - | ||||||||||||||
- |
- |
|||||||||||||||
Realized gains and (losses) on financial investments comprised of: |
||||||||||||||||
| Investments measured at FVOCI | - | ( |
) | - | ( |
) | ||||||||||
| Investments measured at amortized cost | - | - | ||||||||||||||
Other |
||||||||||||||||
| Gains / (losses) on investments in real estate | - | |||||||||||||||
| Net fair value change on investments in real estate | - | - | ||||||||||||||
For the year ended December 31, 2024 |
( |
) |
||||||||||||||
Represented by: |
||||||||||||||||
| Assets designated at FVPL | ( |
) | ||||||||||||||
| Assets mandatorily measured at FVPL | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Other | - | ( |
) | - | ( |
) | ||||||||||
| Insurance contracts | Investment contracts with DPF |
2023 |
||||||||||||||
| Direct part. | Without direct part. |
|
Direct part. | Total | ||||||||||||
Net fair value change of financial investments at FVPL (excl. derivatives) |
||||||||||||||||
Shares |
||||||||||||||||
Debt securities and money market investments |
||||||||||||||||
Unconsolidated investment funds |
||||||||||||||||
Other |
- | - | ||||||||||||||
Net fair value change of derivatives |
||||||||||||||||
Economic hedges where no hedge accounting is applied |
( |
) | ( |
) | ( |
) | ||||||||||
Bifurcated embedded derivatives |
- | ( |
) | - | ( |
) | ||||||||||
| Change in fair value of hedges on guarantees in products with DPF | ( |
) | - | - | ( |
) | ||||||||||
Ineffective portion of hedge transactions to which hedge accounting is applied |
- | - | ||||||||||||||
( |
) |
( |
) |
( |
) | |||||||||||
Realized gains and (losses) on financial investments |
||||||||||||||||
Loans |
- | ( |
) | - | ( |
) | ||||||||||
- |
( |
) |
- |
( |
) | |||||||||||
Realized gains and (losses) on financial investments comprised of: |
||||||||||||||||
Investments measured at amortized cost |
- | ( |
) | - | ( |
) | ||||||||||
Other |
||||||||||||||||
Gains / (losses) on investments in real estate |
( |
) | - | ( |
) | ( |
) | |||||||||
Net fair value change on investments in real estate |
- | - | ||||||||||||||
( |
) |
( |
) |
( |
) | |||||||||||
For the year ended December 31, 2023 |
||||||||||||||||
Represented by: |
||||||||||||||||
Assets designated at FVPL |
( |
) | ||||||||||||||
Assets mandatorily measured at FVPL |
( |
) | ( |
) | ( |
) | ||||||||||
Other |
- | - | ||||||||||||||
| 168 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 10 | ||||
Insurance contracts without direct participation |
2025 |
2024 | 2023 | |||||||||
Impairment (losses) on financial assets, excluding receivables |
||||||||||||
Debt securities and money market investments |
( |
) | ( |
) | ( |
) | ||||||
Loans |
( |
) | ( |
) | ||||||||
Impairment reversals on financial assets, excluding receivables |
||||||||||||
Debt securities and money market investments |
||||||||||||
Impairment (losses) / reversals on non-financial assets and receivables |
( |
) | ( |
) | ( |
) | ||||||
For the year ended December 31 |
( |
) |
( |
) |
( |
) | ||||||
Note |
2025 |
2024 | 2023 | |||||||||||||
| Interest revenue on financial instruments calculated using the effective interest method | 10.1 |
|||||||||||||||
Interest income from instruments measured at FVPL |
10.2 |
|||||||||||||||
Other investment income |
10.3 |
|||||||||||||||
Results from financial transactions |
10.4 |
|||||||||||||||
Impairment (losses) / reversals |
10.5 |
( |
) | ( |
) | ( |
) | |||||||||
Investment contract income / (expenses) |
( |
) | ( |
) | ( |
) | ||||||||||
Interest expenses |
( |
) | ( |
) | ( |
) | ||||||||||
For the year ended December 31 |
||||||||||||||||
2025 |
2024 | 2023 | ||||||||||
Debt securities and money market instruments |
||||||||||||
Other |
||||||||||||
For the year ended December 31 |
||||||||||||
2025 |
2024 | 2023 | ||||||||||
Non-derivative assets applying the fair value option |
||||||||||||
Non-derivative assets failing the SPPI criteria |
- | |||||||||||
Non-derivative assets - PH designated |
- | |||||||||||
For the year ended December 31 |
||||||||||||
2025 |
2024 | 2023 | ||||||||||
Dividend income |
||||||||||||
Rental income |
||||||||||||
For the year ended December 31 |
||||||||||||
| Annual Report on Form 20-F 2025 | 169 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | 2023 | ||||||||||
Net fair value change of financial investments at FVPL (excl. derivatives) |
||||||||||||
Shares |
||||||||||||
Debt securities and money market investments |
( |
) | ||||||||||
Unconsolidated investment funds |
||||||||||||
Other |
||||||||||||
Net fair value change of derivatives |
||||||||||||
Economic hedges where no hedge accounting is applied |
( |
) | ( |
) | ||||||||
Bifurcated embedded derivatives |
||||||||||||
Change in fair value of hedges on guarantees in investment contracts without DPF |
( |
) | - | |||||||||
Ineffective portion of hedge transactions to which hedge accounting is applied |
||||||||||||
( |
) |
|||||||||||
Realized gains and (losses) on financial investments |
||||||||||||
Debt securities and money market investments (FVOCI) |
( |
) | ( |
) | ( |
) | ||||||
( |
) |
( |
) |
( |
) | |||||||
Other |
||||||||||||
Gains and (losses) on investments in real estate |
||||||||||||
Net fair value change on investments in real estate |
( |
) | ||||||||||
Net foreign currency gains and (losses) |
( |
) | ||||||||||
( |
) | |||||||||||
For the year ended December 31 |
||||||||||||
Represented by: |
||||||||||||
Assets designated at FVPL |
||||||||||||
Assets mandatorily measured at FVPL |
( |
) | ||||||||||
Other (i.e. FVOCI) |
( |
) | ( |
) | ||||||||
2025 |
2024 | 2023 | ||||||||||
Impairment (losses) on financial assets, excluding receivables |
||||||||||||
Debt securities and money market investments |
( |
) | ( |
) | ( |
) | ||||||
Impairment (losses) / reversals on non-financial assets and receivables |
( |
) | ( |
) | ( |
) | ||||||
For the year ended December 31 |
( |
) |
( |
) |
( |
) | ||||||
2025 |
2024 | 2023 | ||||||||||
Interest charges |
||||||||||||
- Subordinated loans |
( |
) | ( |
) | ( |
) | ||||||
- Trust pass-through securities |
( |
) | ( |
) | ( |
) | ||||||
- Borrowings |
( |
) | ( |
) | ( |
) | ||||||
For the year ended December 31 |
( |
) |
( |
) |
( |
) | ||||||
2025 |
2024 | 2023 | ||||||||||
Fee from asset management and insurance distribution |
||||||||||||
Sales commission |
||||||||||||
Securities lending income |
||||||||||||
Other fee and commission income |
||||||||||||
For the year ended December 31 |
||||||||||||
Included in fees and commission income: |
||||||||||||
Fees on trust and fiduciary activities |
||||||||||||
| 170 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 13 | ||||
2025 |
2024 | 2023 | ||||||||||||||||||||||
| Insurance related |
Non-Insurance related |
Insurance related |
Non-Insurance related |
Insurance related |
Non-Insurance related |
|||||||||||||||||||
Policyholder claims and benefits |
( |
) | ( |
) | - | ( |
) | - | ||||||||||||||||
Onerous contract losses (and reversals) |
( |
) | ( |
) | - | ( |
) | - | ||||||||||||||||
Commissions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Handling and clearing fees |
( |
) | - | ( |
) | ( |
) | |||||||||||||||||
Right-of-use |
- | ( |
) | - | ( |
) | - | ( |
) | |||||||||||||||
Employee expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Administration expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Deferred transaction expenses |
- | - | ||||||||||||||||||||||
Amortization of deferred expenses |
( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||
Amortization of other intangibles |
( |
) | - | ( |
) | - | ( |
) | ||||||||||||||||
Total |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
| Amounts attributed to acquisition cash flows | - | - | ||||||||||||||||||||||
| Amortization of acquisition cash flows | ( |
) | ( |
) | - | ( |
) | - | ||||||||||||||||
| Amortization of acquisition cash flows PAA | ( |
) | ( |
) | - | ( |
) | - | ||||||||||||||||
Total other operating expenses |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Employee expenses |
2025 |
2024 | 2023 | |||||||||
Salaries |
( |
) | ( |
) | ( |
) | ||||||
Post-employment benefit costs |
( |
) | ( |
) | ( |
) | ||||||
Social security charges |
( |
) | ( |
) | ( |
) | ||||||
Other personnel costs |
( |
) | ( |
) | ( |
) | ||||||
Shares |
( |
) | ( |
) | ( |
) | ||||||
Total |
( |
) |
( |
) |
( |
) | ||||||
Included in employee expenses: |
||||||||||||
Defined contribution expenses |
( |
) | ( |
) | ( |
) | ||||||
| Annual Report on Form 20-F 2025 | 171 |
|
|
About Aegon Governance and risk management Financial information | |||
Number of shares per plan year |
2021 | 2022 | 2023 | 2024 | 2025 |
Total | ||||||||||||||||||
Conditionally granted 1 |
||||||||||||||||||||||||
Allocated 2 |
3 |
4 |
5 |
|||||||||||||||||||||
1 |
The at-target number of shares that were conditionally granted as variable compensation for the plan year. |
2 |
The allocated number of shares as variable compensation based on the actual performance during the plan year. |
3 |
The number of allocated shares for 2023 has been updated to reflect the final shares allocation which became available after the publication date of the annual report 2023. In 2023, the annual report only reflected shares as part of fixed compensation and/or sign-on arrangements for a total of |
4 |
The number of allocated shares for 2024 has been updated to reflect the share allocation from the 1-year performance period share plans which became available after the publication date of the annual report 2024. In 2024, the annual report only reflected shares as part of fixed compensation and/or sign-on arrangements for a total of 893,378 shares. 3-year performance period. |
5 |
The number of allocated shares for 2025 only reflect the shares as part of fixed compensation and/or sign-on arrangements. |
| 172 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 14 | ||||
Number of shares per plan year |
||||||||||||||||||||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | Total | |||||||||||||||||||
Unvested on January 1, 2023 |
- |
- |
- |
|||||||||||||||||||||
Conditionally granted as variable compensation 1 |
- | - | - | - | ||||||||||||||||||||
Allocated 2 |
( |
) | - | - | ||||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | - | - | ( |
) | ||||||||||||||
Vested |
( |
) | ( |
) | ( |
) | - | - | ( |
) | ||||||||||||||
Unvested on December 31, 2023 |
- |
- |
||||||||||||||||||||||
Conditionally granted as variable compensation 1 |
- | - | - | - | ||||||||||||||||||||
Allocated 2 |
- | |||||||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||||||
Vested |
( |
) | ( |
) | ( |
) | ( |
) | - | ( |
) | |||||||||||||
Unvested on December 31, 2024 |
- |
|||||||||||||||||||||||
Conditionally granted as variable compensation 1 |
||||||||||||||||||||||||
Allocated 2 |
||||||||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Vested |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Unvested on December 31, 2025 |
||||||||||||||||||||||||
| Grant price (in EUR) 3 |
||||||||||||||||||||||||
| Fair value of shares at grant date (in EUR) 4 |
|
|
|
|
|
|||||||||||||||||||
1 |
The at-target number of shares that were conditionally granted as variable compensation for the plan year. |
2 |
Shares that are already allocated during a plan year are a combination of shares as part of fixed compensation or a sign-on arrangement (e.g. the |
3 |
This is the volume weighted-average price (VWAP) of Aegon on the Euronext Amsterdam stock exchange for the period December 15 to January 15. For instance for the 2025 plan year, this is the VWAP for the period December 15, 2024 to January 15, 2025. |
4 |
These fair values are adjusted for expected dividend (when the participants are not eligible during the deferral period) and for the impact of relative total shareholder return as performance indicator for variable compensation (where applicable). |
2025 |
2024 | 2023 | ||||||||||
Other income |
||||||||||||
Other charges |
( |
) | ( |
) | ( |
) | ||||||
For the year ended December 31 |
( |
) | ||||||||||
| Annual Report on Form 20-F 2025 | 173 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | 2023 | ||||||||||
Current year |
( |
) | ( |
) | ( |
) | ||||||
| Adjustments to prior years | ||||||||||||
Total current tax |
( |
) |
||||||||||
(Origination) / reversal of temporary differences |
||||||||||||
Changes in tax rates / bases |
( |
) | - | ( |
) | |||||||
| Changes in deferred tax assets 1 |
- | ( |
) | |||||||||
Non-recognition of deferred tax assets |
( |
) | ( |
) | ||||||||
Adjustments to prior years |
( |
) | ||||||||||
Total deferred tax (note 34) |
( |
) |
||||||||||
Income tax benefit / (charge) for the year ended December 31 |
( |
) |
||||||||||
1 |
Changes due to recognition / write off of previously not recognized / recognized tax losses, tax credits, and deductible temporary differences. |
Reconciliation between standard and effective income tax |
2025 |
2024 | 2023 | |||||||||
Result before tax from continuing operations |
( |
) | ||||||||||
Income tax calculated using weighted average applicable statutory tax rates |
( |
) | ( |
) | ||||||||
Differences due to the effects of: |
||||||||||||
Non-taxable income |
||||||||||||
Non-tax-deductible |
( |
) | ( |
) | ( |
) | ||||||
Changes in tax rate/base |
( |
) | ( |
) | ||||||||
Different tax rates on overseas earnings |
( |
) | ( |
) | ( |
) | ||||||
Tax credits |
||||||||||||
Other taxes |
( |
) | ( |
) | - | |||||||
Adjustments to prior years |
( |
) | ||||||||||
| Changes in deferred tax assets as a result of recognition / write-off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences |
( |
) | ||||||||||
Non-recognition of deferred tax assets |
( |
) | ( |
) | ( |
) | ||||||
Tax effect of profit / (losses) from joint ventures and associates |
||||||||||||
Other |
( |
) | ||||||||||
Total differences |
||||||||||||
Income tax benefit / (charge) for the year ended December 31 |
( |
) |
||||||||||
| 174 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 16 | ||||
Income tax related to items of other comprehensive income |
2025 |
2024 | 2023 | |||||||||
Remeasurements of defined benefit plans |
( |
) | ||||||||||
Items that will not be reclassified to profit or loss |
( |
) |
||||||||||
Unrealized (Gains) / losses on revaluation of FVOCI investments |
( |
) | ( |
) | ||||||||
Revaluation reserve - Insurance contracts |
( |
) | ||||||||||
Revaluation reserve - Reinsurance contracts |
( |
) | ( |
) | ||||||||
Changes in cash flow hedging reserve |
||||||||||||
Movement in foreign currency translation and net foreign investment hedging reserve |
||||||||||||
Items that may be reclassified subsequently to profit or loss |
( |
) |
( |
) |
( |
) | ||||||
Total |
( |
) |
( |
) |
( |
) | ||||||
Income tax related to items recognized in retained earnings |
2025 |
2024 | 2023 | |||||||||
Equity instruments |
( |
) | ||||||||||
Other |
||||||||||||
Total |
( |
) |
||||||||||
2025 |
2024 | 2023 | ||||||||||
Net result attributable to owners of Aegon Ltd. |
( |
) | ||||||||||
Coupons on perpetual securities |
( |
) | ( |
) | ( |
) | ||||||
Net result attributable to owners for basic earnings per share calculation |
( |
) | ||||||||||
Net result attributable to common shareholders |
( |
) | ||||||||||
Net result attributable to common shareholders B |
( |
) | ||||||||||
Weighted average number of common shares outstanding (in millions) |
||||||||||||
Weighted average number of common shares B outstanding (in millions) |
||||||||||||
Basic earnings per common share (EUR per share) |
( |
) | ||||||||||
Basic earnings per common share B (EUR per share) |
||||||||||||
| EUR | USD | |||||||||||||||||||||||
Year |
Interim | Final | Total | Interim | Final | Total | ||||||||||||||||||
2025 |
1 |
n.a. | n.a. | |||||||||||||||||||||
2024 |
||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 175 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | 2023 | ||||||||||
Cash at bank and in hand |
||||||||||||
Short-term deposits |
||||||||||||
Money market investments |
||||||||||||
On December 31 |
||||||||||||
| Cash collateral related to securities lending, repurchase agreements and margins on derivatives transactions | ||||||||||||
Income from security lending programs |
||||||||||||
Weighted effective interest rate on short-term deposits |
||||||||||||
| Average maturity on short-term deposits (in days) | ||||||||||||
Summary cash flow statement |
2025 |
2024 | 2023 | |||||||||
Net cash flows from operating activities |
||||||||||||
Net cash flows from investing activities |
( |
) | ||||||||||
Net cash flows from financing activities |
( |
) | ( |
) | ( |
) | ||||||
Net increase / (decrease) in cash and cash equivalents |
( |
) |
( |
) |
( |
) | ||||||
Net cash and cash equivalents on December 31, are impacted by: |
||||||||||||
Positive (negative) effects of changes in exchange rates |
( |
) | ( |
) | ||||||||
| 176 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 19 | ||||
Financing cash flows |
Non-cash changes |
|||||||||||||||||||||||||||||||||||
2025 |
On January 1 | Addition | Repayment | Realized gains / (losses) |
Fair value hedge movements |
Amortization | Net exchange difference |
On December 31 |
||||||||||||||||||||||||||||
| Subordinated borrowings | - | - | - | - | ( |
) | ||||||||||||||||||||||||||||||
| Trust pass-through securities | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Borrowings | ( |
) | - | - | ( |
) | ||||||||||||||||||||||||||||||
| Assets held to hedge Trust pass-through securities | ( |
) | - | - | - | - | - | ( |
) | |||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||||||||||
| Subordinated borrowings | - | ( |
) | - | - | |||||||||||||||||||||||||||||||
| Trust pass-through securities | - | - | - | ( |
) | ( |
) | |||||||||||||||||||||||||||||
| Borrowings | ( |
) | - | - | ||||||||||||||||||||||||||||||||
| Assets held to hedge Trust pass-through securities | ( |
) | - | - | ( |
) | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||
| Insurance contracts | Investment contracts with DPF |
Non-Insurance related |
Total |
|||||||||||||||||
2025 |
Direct part. | Without direct part. | Direct part. | |||||||||||||||||
FVOCI – with recycling |
- | - | ||||||||||||||||||
FVOCI – no recycling |
- | - | ||||||||||||||||||
Amortized cost |
- | - | ||||||||||||||||||
FVPL – designated |
||||||||||||||||||||
FVPL – mandatory |
- | - | ||||||||||||||||||
Total financial assets (excl. derivatives) |
||||||||||||||||||||
Investments in real estate |
||||||||||||||||||||
Total investments |
|
|||||||||||||||||||
2024 |
||||||||||||||||||||
FVOCI – with recycling |
- | - | ||||||||||||||||||
FVOCI – no recycling |
- | - | ||||||||||||||||||
Amortized cost |
- | - | ||||||||||||||||||
FVPL – designated |
||||||||||||||||||||
FVPL – mandatory |
- | - | ||||||||||||||||||
Total financial assets (excl. derivatives) |
||||||||||||||||||||
Investments in real estate |
||||||||||||||||||||
Total investments |
||||||||||||||||||||
Investments - Aegon risk 2025 |
FVOCI (with recycling) |
FVOCI (no recycling) |
Amortized cost |
FVPL (designated) |
FVPL (mandatory) |
Total |
Fair value | |||||||||||||||||||||
Shares |
- | - | - | |||||||||||||||||||||||||
Debt securities |
- | |||||||||||||||||||||||||||
Money market and other short-term investments |
- | - | ||||||||||||||||||||||||||
Deposits with financial institutions |
- | - | - | - | ||||||||||||||||||||||||
Loans |
- | - | - | |||||||||||||||||||||||||
Other |
- | - | ||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||
Shares |
- | - | - | |||||||||||||||||||||||||
Debt securities |
- | |||||||||||||||||||||||||||
Money market and other short-term investments |
- | - | ||||||||||||||||||||||||||
Deposits with financial institutions |
- | - | - | - | ||||||||||||||||||||||||
Loans |
- | - | - | |||||||||||||||||||||||||
Other |
- | - | ||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 177 |
|
|
About Aegon Governance and risk management Financial information | |||
Investments - Policyholder risk |
2025 |
2024 | ||||||
Shares |
||||||||
Debt securities |
||||||||
Money market and other short-term investments |
||||||||
Unconsolidated investment funds |
||||||||
Deposits with financial institutions |
||||||||
Total |
||||||||
2025 |
2024 | |||||||
On January 1 |
||||||||
Additions |
||||||||
Subsequent expenditure capitalized |
||||||||
Disposals |
( |
) | ( |
) | ||||
Fair value gains/(losses) |
||||||||
Transfers to other headings |
||||||||
Net exchange differences |
( |
) | ||||||
On December 31 |
||||||||
Value of Aegon’s properties, which were appraised in the current year |
||||||||
Appraisals performed by independent external appraisers |
||||||||
| Insurance contracts | Investment contracts with DPF |
Non- Insurance related |
2025 Total |
Insurance contracts | Investment contracts with DPF |
Non- Insurance related |
2024 Total |
|||||||||||||||||||||||||||||||||
Derivatives (FVPL) |
Direct part. |
Without direct part. |
Direct part. | Direct part. |
Without direct part. |
Direct part. | ||||||||||||||||||||||||||||||||||
Assets designated as: |
||||||||||||||||||||||||||||||||||||||||
| Other derivatives | ||||||||||||||||||||||||||||||||||||||||
| Fair value hedges | ||||||||||||||||||||||||||||||||||||||||
| Cash flow hedges | ||||||||||||||||||||||||||||||||||||||||
| Net foreign investment hedges | ||||||||||||||||||||||||||||||||||||||||
Total derivative assets |
||||||||||||||||||||||||||||||||||||||||
Represented by: |
||||||||||||||||||||||||||||||||||||||||
| Derivatives - Aegon risk | ||||||||||||||||||||||||||||||||||||||||
Derivatives - Policyholder risk |
||||||||||||||||||||||||||||||||||||||||
Liabilities designated as: |
||||||||||||||||||||||||||||||||||||||||
| Other derivatives | ||||||||||||||||||||||||||||||||||||||||
| Fair value hedges | ||||||||||||||||||||||||||||||||||||||||
| Cash flow hedges | ||||||||||||||||||||||||||||||||||||||||
| Net foreign investment hedges | ||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities |
||||||||||||||||||||||||||||||||||||||||
Represented by: |
||||||||||||||||||||||||||||||||||||||||
| Derivatives - Aegon risk | ||||||||||||||||||||||||||||||||||||||||
Derivatives - Policyholder risk |
||||||||||||||||||||||||||||||||||||||||
| 178 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 20 | ||||
| Derivative asset | Derivative liability | |||||||||||||||
Derivatives not designated in a hedge - Aegon risk |
2025 |
2024 | 2025 |
2024 | ||||||||||||
Derivatives held as an economic hedge |
||||||||||||||||
Bifurcated embedded derivatives |
- | - | ||||||||||||||
Total |
||||||||||||||||
2025 |
2024 | |||||||||||||||
| Notional | Fair value | Notional | Fair value | |||||||||||||
AAA |
- | - | ||||||||||||||
AA |
||||||||||||||||
A |
||||||||||||||||
BBB |
||||||||||||||||
BB |
||||||||||||||||
B or lower |
- | |||||||||||||||
Total |
||||||||||||||||
| Annual Report on Form 20-F 2025 | 179 |
|
|
About Aegon Governance and risk management Financial information | |||
Hedge ineffectiveness and reclassification of gains/(losses) |
2025 |
2024 | 2023 | |||||||||
Hedge ineffectiveness on cash flow hedges |
||||||||||||
Gains/(losses) reclassified from equity into the income statement |
||||||||||||
Expected deferred gain/(loss) to be reclassified from equity into net result during the next 12 months |
||||||||||||
2025 |
< 1yr | 1 < 2 yrs | 2 < 3 yrs | 3 < 4 yrs | 4 < 5 yrs | > 5 yrs | Total |
|||||||||||||||||||||
Cash inflows |
||||||||||||||||||||||||||||
Cash outflows |
||||||||||||||||||||||||||||
Net cash flows |
( |
) |
( |
) | ||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||
Cash inflows |
||||||||||||||||||||||||||||
Cash outflows |
||||||||||||||||||||||||||||
Net cash flows |
( |
) |
( |
) | ||||||||||||||||||||||||
| 180 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 20 | ||||
| Notionals are in EUR million | 2025 |
2024 | ||||||||||||||||||||||||||||||||||||||
| Maturity | Maturity | |||||||||||||||||||||||||||||||||||||||
Up to 1 month |
1-3 months |
3-12 months |
1-5 years |
> 5 years |
Up to 1 month |
1-3 months |
3-12 months |
1-5 years |
> 5 years | |||||||||||||||||||||||||||||||
Fair value hedges |
||||||||||||||||||||||||||||||||||||||||
Interest rate contracts |
||||||||||||||||||||||||||||||||||||||||
Notional |
||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts |
||||||||||||||||||||||||||||||||||||||||
Notional |
||||||||||||||||||||||||||||||||||||||||
Cash flow hedges |
||||||||||||||||||||||||||||||||||||||||
Interest rate contracts |
||||||||||||||||||||||||||||||||||||||||
Notional |
||||||||||||||||||||||||||||||||||||||||
Average fixed interest rate |
||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts |
||||||||||||||||||||||||||||||||||||||||
Notional |
||||||||||||||||||||||||||||||||||||||||
Average exchange rate EUR/USD |
||||||||||||||||||||||||||||||||||||||||
Average exchange rate USD/EUR |
||||||||||||||||||||||||||||||||||||||||
Average exchange rate USD/GBP |
||||||||||||||||||||||||||||||||||||||||
Average exchange rate GBP/USD |
||||||||||||||||||||||||||||||||||||||||
Net investment hedges |
||||||||||||||||||||||||||||||||||||||||
Foreign exchange - FX forward |
||||||||||||||||||||||||||||||||||||||||
Notional |
||||||||||||||||||||||||||||||||||||||||
Average exchange rate EUR/USD |
||||||||||||||||||||||||||||||||||||||||
Average exchange rate EUR/GBP |
||||||||||||||||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||
Carrying amounts |
Notional | Assets | Liabilities | FV change | 1 |
Notional | Assets | Liabilities | FV change | 1 | ||||||||||||||||||||||
Fair value hedges |
||||||||||||||||||||||||||||||||
Interest rate contracts |
||||||||||||||||||||||||||||||||
Foreign exchange contracts |
( |
) | ||||||||||||||||||||||||||||||
Cash flow hedges |
||||||||||||||||||||||||||||||||
Interest rate contracts |
( |
) | ||||||||||||||||||||||||||||||
Foreign exchange contracts |
( |
) | ||||||||||||||||||||||||||||||
Net investment hedges |
||||||||||||||||||||||||||||||||
Foreign exchange - FX forward |
||||||||||||||||||||||||||||||||
1 |
Changes in fair value used for calculating hedge ineffectiveness |
| Carrying amounts | Accumulated amount 1 |
|||||||||||||||||||||||||
Fair value hedges |
Assets | Liabilities | Assets | Liabilities | Balance sheet line item | FV change 2 |
||||||||||||||||||||
2025 |
||||||||||||||||||||||||||
Corporate Debt Hedge Program |
- | - | ( |
) | ||||||||||||||||||||||
Offshore Liability Hedge Program |
- | - | - | |||||||||||||||||||||||
Synthetic Asset Fair value hedges |
- | ( |
) | - | ( |
) | ||||||||||||||||||||
2024 |
||||||||||||||||||||||||||
Corporate Debt Hedge Program |
- | - | ( |
) | ||||||||||||||||||||||
Offshore Liability Hedge Program |
- | - | - | |||||||||||||||||||||||
Synthetic Asset Fair value hedges |
- | - | ( |
) | ||||||||||||||||||||||
1 |
Accumulated amount of fair value adjustments on the hedged item |
2 |
Change in fair value of hedged item for ineffectiveness assessment |
| Annual Report on Form 20-F 2025 | 181 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||||||||||||||||||
| FV change 1 |
Continuing 2 |
Discontinued 2 |
FV change 1 |
Continuing 2 |
Discontinued 2 |
|||||||||||||||||||
Cash flow hedges |
||||||||||||||||||||||||
Synthetic Asset Cash flow hedges |
- | ( |
) | - | ||||||||||||||||||||
Life & Health Liability Investment Risk Hedge Program |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Long Term Care (LTC) Liability Hedge Program |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
IMD Payout Hedge |
- | - | - | - | ||||||||||||||||||||
TRS (Vivendi) Hedge |
- | - | - | - | ||||||||||||||||||||
Net investment hedges |
||||||||||||||||||||||||
Investments in foreign operations |
- | ( |
) | - | - | ( |
) | - | ||||||||||||||||
1 |
Change in fair value of hedged item for ineffectiveness assessment |
2 |
Cash flow hedge / currency translation reserve |
● |
Counterparty default |
● |
Expected future transactions fail to occur as projected: the hedging instrument (that is, FSS) terms are already known and easily valued. However, the hedged item consists of one or more forecasted asset purchases for which we cannot precisely project the dates, coupon rates, and other underlying terms. Given the unknown variables in the hedged item, for the period during which the FSS remains in inventory and the forecasted transactions have not been completed, the hedged item portion of this relationship will be set up assuming identical dates and rates to those outlined in the hedging instrument. |
● |
When the forecasted transaction (that is, bond purchase) is completed and the terms of the underlying hedged item are known, hedge ineffectiveness would possibly arise if the timing of the asset being purchased differs from the unwind date of the swaps designated as the hedging instrument, or the coupon rate of the asset being purchased differs from the coupon rate on the receive leg of the swap, or a combination of both. |
● |
The hedge ineffectiveness would possibly arise if the timing of the asset being purchased differs from the unwind date of the swaps designated as the hedging instrument, or the coupon rate of the asset being purchased differs from the coupon rate on the receive leg of the swap, or a combination of both. |
● |
Mismatch of critical terms: If critical terms do not match between the hedged item and the hedged instrument, hedge ineffectiveness can arise. |
● |
Counterparty default |
2025 |
2024 | |||||||||||||||||||||||||||
CDSs |
Nominal amount | Fair value | Nominal amount | Fair value | ||||||||||||||||||||||||
On January 1 |
||||||||||||||||||||||||||||
Increase/(Decrease) during the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||
| 182 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 21 | ||||
| Joint ventures | Associates | |||||||||||||||
2025 |
2024 | 2025 |
2024 | |||||||||||||
On January 1 |
||||||||||||||||
Additions |
||||||||||||||||
Disposals |
( |
) | ( |
) | ||||||||||||
Share in net income |
||||||||||||||||
Share in changes in equity (note 25.6) |
( |
) | ||||||||||||||
Dividend |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net exchange difference |
( |
) | ( |
) | ||||||||||||
Other |
||||||||||||||||
On December 31 |
||||||||||||||||
| Annual Report on Form 20-F 2025 | 183 |
|
|
About Aegon Governance and risk management Financial information | |||
| Santander Spain Life | AIFMC | Other Joint ventures | ||||||||||||||||||||||
2025 |
2024 | 2025 |
2024 | 2025 |
2024 | |||||||||||||||||||
Summarized statement of financial position |
||||||||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||||||
Other current assets |
||||||||||||||||||||||||
Total current assets |
||||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Total assets |
||||||||||||||||||||||||
| Current financial liabilities excluding trade payables and other provisions | ||||||||||||||||||||||||
Other current liabilities |
||||||||||||||||||||||||
Total current liabilities |
||||||||||||||||||||||||
Non-current financial liabilities excluding trade payables and other provisions |
||||||||||||||||||||||||
Other non-current liabilities |
||||||||||||||||||||||||
Total non-current financial liabilities |
||||||||||||||||||||||||
Total liabilities |
||||||||||||||||||||||||
Net assets |
||||||||||||||||||||||||
Summarized statement of comprehensive income |
||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Depreciation and amortization |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Interest income |
||||||||||||||||||||||||
Interest expense |
( |
) | ( |
) | ||||||||||||||||||||
Profit or loss |
||||||||||||||||||||||||
Income tax (expense) or income |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Post-tax profit or (loss) |
||||||||||||||||||||||||
Other comprehensive income |
( |
) | ||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||
Dividends received |
||||||||||||||||||||||||
| Santander Spain Life | AIFMC | Other Joint ventures | ||||||||||||||||||||||
2025 |
2024 | 2025 |
2024 | 2025 |
2024 | |||||||||||||||||||
Net assets of JVs as presented above |
|
|
|
|
|
|
||||||||||||||||||
Net assets of JVs excluding goodwill |
||||||||||||||||||||||||
Group share of net assets of JVs, excluding goodwill |
||||||||||||||||||||||||
Goodwill on acquisition |
||||||||||||||||||||||||
Carrying amount |
||||||||||||||||||||||||
Group share of post-tax profit or loss |
||||||||||||||||||||||||
Group share of other comprehensive income |
( |
) | ||||||||||||||||||||||
Group share of Total comprehensive income |
||||||||||||||||||||||||
| 184 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 21 | ||||
| a.s.r. | ||||||||
Summarized statement of financial position |
2025 |
2024 | ||||||
Investments |
||||||||
Derivatives |
||||||||
Other assets |
||||||||
Total assets |
||||||||
Insurance liabilities |
||||||||
Borrowings and subordinated liabilities |
||||||||
Derivatives |
||||||||
Other liabilities |
||||||||
Total liabilities |
||||||||
Non-controlling interest |
||||||||
Other equity instruments |
||||||||
Total other equity components |
||||||||
Net assets |
||||||||
| a.s.r. | ||||||||
Summarized statement of comprehensive income |
2025 |
2024 | ||||||
Insurance revenues |
||||||||
Insurance service result |
||||||||
Profit or loss from continuing operations |
||||||||
Income tax expense or income |
( |
) | ( |
) | ||||
Post-tax profit or loss from continuing operations |
||||||||
Post-tax profit or loss from discontinued operations |
||||||||
Other comprehensive income - that will not be recycled to profit or loss |
||||||||
Total comprehensive income |
||||||||
Dividends received |
||||||||
Group share |
||||||||
Group share of post-tax profit or loss |
||||||||
Group share of other comprehensive income |
||||||||
Carrying amount of investment in a.s.r. |
2025 |
2024 | ||||||
Net assets of a.s.r. as presented above |
||||||||
Net assets of a.s.r. excluding goodwill, fair value adjustments and other equity transactions |
||||||||
Group share of net assets of a.s.r. excluding goodwill, fair value adjustments and other equity transactions |
||||||||
Fair value adjustments |
||||||||
Goodwill on acquisition |
||||||||
On December 31 |
||||||||
| Other Associates | ||||||||
Summarized statement of financial position |
2025 |
2024 |
||||||
Current assets |
||||||||
Non-current assets |
||||||||
Total assets |
||||||||
Current liabilities |
||||||||
Non-current liabilities |
||||||||
Total current liabilities |
||||||||
Net assets |
||||||||
Summarized statement of comprehensive income |
||||||||
Post-tax profit or (loss) |
||||||||
Other comprehensive income |
||||||||
Total comprehensive income |
||||||||
Dividends received |
||||||||
Carrying amount |
||||||||
| Annual Report on Form 20-F 2025 | 185 |
|
|
About Aegon Governance and risk management Financial information | |||
Deferred transaction costs for investment management services |
2025 |
2024 | ||||||
On January 1 |
||||||||
Costs deferred during the year |
||||||||
Amortization through income statement |
( |
) | ( |
) | ||||
Net exchange differences |
( |
) | ||||||
On December 31 |
||||||||
Current |
||||||||
Non-current |
||||||||
Note |
2025 |
2024 | ||||||||||
Real estate held for own use and equipment |
23.1 |
|||||||||||
Receivables |
23.2 |
|||||||||||
Accrued income |
23.3 |
|||||||||||
Right-of-use |
23.4 |
|||||||||||
On December 31 |
||||||||||||
2025 |
2024 | |||||||
Real estate held for own use |
||||||||
Equipment |
||||||||
On December 31 |
||||||||
2025 |
2024 | |||||||
Receivables from policyholders |
||||||||
Receivables from brokers and agents |
||||||||
Cash outstanding from assets sold |
||||||||
Trade receivables |
||||||||
Cash collateral |
||||||||
Income tax receivable |
||||||||
Other |
||||||||
Expected credit losses |
( |
) | ( |
) | ||||
On December 31 |
||||||||
Current |
||||||||
Non-current |
||||||||
2025 |
2024 | |||||||
On January 1 |
( |
) |
( |
) | ||||
Expected credit losses |
( |
) | ( |
) | ||||
Other movements |
||||||||
On December 31 |
( |
) |
( |
) | ||||
| 186 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 4 | ||||
2025 |
2024 | |||||||
Accrued interest |
||||||||
On December 31 |
||||||||
Current |
||||||||
| Real estate for own use |
|
Equipment | Other | |
2025 Total |
|
Real estate for own use |
|
Equipment | Other | 2024 Total |
| ||||||||||||||||||||
On January 1 |
||||||||||||||||||||||||||||||||
Additions |
- | |||||||||||||||||||||||||||||||
Disposals |
( |
) | - | - | ( |
) | ( |
) | - | - | ( |
) | ||||||||||||||||||||
Modification of lease contracts |
- | - | - | - | ||||||||||||||||||||||||||||
Depreciation through income statement |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net exchange differences |
( |
) | - | - | ( |
) | - | - | ||||||||||||||||||||||||
Other |
( |
) | - | - | ( |
) | - | - | - | - | ||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||||||
Gross carrying value |
||||||||||||||||||||||||||||||||
Accumulated depreciation |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net book value |
||||||||||||||||||||||||||||||||
| Goodwill | Future servicing rights |
|
Software | Other | Total | |||||||||||||||
On January 1, 2025 |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Amortization through income statement |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Acquisitions through business combinations |
||||||||||||||||||||
Other movements |
||||||||||||||||||||
Net exchange differences |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
On December 31, 2025 |
||||||||||||||||||||
Gross carrying value |
||||||||||||||||||||
Accumulated amortization and impairment |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Net book value |
||||||||||||||||||||
On January 1, 2024 |
||||||||||||||||||||
Additions |
||||||||||||||||||||
Amortization through income statement |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Acquisitions through business combinations |
||||||||||||||||||||
Other movements |
( |
) | ||||||||||||||||||
Net exchange differences |
||||||||||||||||||||
On December 31, 2024 |
||||||||||||||||||||
Gross carrying value |
||||||||||||||||||||
Accumulated amortization and impairment |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Net book value |
||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 187 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||
Americas |
||||||||
United Kingdom |
||||||||
Asset Management |
||||||||
On December 31 |
||||||||
| 188 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 5 | ||||
Note |
2025 |
2024 | 2023 | |||||||||||||
Share capital - par value |
25.1 |
|||||||||||||||
Share premium |
25.2 |
|||||||||||||||
Total share capital |
||||||||||||||||
Retained earnings |
||||||||||||||||
Treasury shares |
25.3 |
( |
) | ( |
) | ( |
) | |||||||||
Total retained earnings |
||||||||||||||||
Revaluation reserves |
25.4 |
( |
) | ( |
) | ( |
) | |||||||||
Remeasurement of defined benefit plans |
25.5 |
( |
) | ( |
) | ( |
) | |||||||||
Other reserves |
25.6 |
|||||||||||||||
Total shareholders’ equity |
||||||||||||||||
2025 |
2024 | 2023 | ||||||||||
Common shares |
||||||||||||
Common shares B |
||||||||||||
On December 31 |
||||||||||||
| Common shares | Common shares B | |||||||||||||||||||||||
2025 |
2024 | 2023 | 2025 |
2024 | 2023 | |||||||||||||||||||
Authorized share capital |
||||||||||||||||||||||||
Number of authorized shares (in million) |
||||||||||||||||||||||||
Par value in cents per share |
||||||||||||||||||||||||
| Common shares | Common shares B | |||||||||||||||
| Number of shares (thousands) |
|
Total amount | Number of shares (thousands) |
|
Total amount | |||||||||||
On January 1 |
||||||||||||||||
Shares withdrawn |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
On December 31, 2025 |
||||||||||||||||
On January 1 |
||||||||||||||||
Shares withdrawn |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
On December 31, 2024 |
||||||||||||||||
On January 1 |
||||||||||||||||
Shares withdrawn |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
On December 31, 2023 |
||||||||||||||||
| Common shares | Common shares B | |||||||||||||||||||||||
2025 |
2024 | 2023 | 2025 |
2024 | 2023 | |||||||||||||||||||
Weighted average number (thousands) |
||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 189 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | 2023 | ||||||||||
On January 1 |
||||||||||||
On December 31 |
||||||||||||
- Common shares |
||||||||||||
- Common shares B |
||||||||||||
Total share premium |
||||||||||||
| 190 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 2 5 | ||||
| Common shares | Common shares B | |||||||||||||||||||||||
Treasury shares |
2025 |
2024 | 2023 | 2025 |
2024 | 2023 | ||||||||||||||||||
Weighted average number (thousands) |
||||||||||||||||||||||||
| Investments (FVOCI) |
Real estate held for own use |
Cash flow hedging reserve |
Insurance contracts |
Reinsurance contracts held |
Total | |||||||||||||||||||
On January 1, 2025 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Gross revaluation |
( |
) | ( |
) | ||||||||||||||||||||
Net (gains) / losses transferred to income statement |
( |
) | ||||||||||||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
| Tax effect | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
| Disposal of group assets | ( |
) | ( |
) | ||||||||||||||||||||
Other |
( |
) | ( |
) | ||||||||||||||||||||
On December 31, 2025 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
On January 1, 2024 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Gross revaluation |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net (gains) / losses transferred to income statement |
( |
) | ( |
) | ||||||||||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Tax effect |
( |
) | ( |
) | ||||||||||||||||||||
On December 31, 2024 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
On January 1, 2023 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Gross revaluation |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net (gains) / losses transferred to income statement |
( |
) | ||||||||||||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | ( |
) | ( |
) | ||||||||||||||||||||
Tax effect |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Disposal of group assets |
( |
) | ||||||||||||||||||||||
On December 31, 2023 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
| Annual Report on Form 20-F 2025 | 191 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 |
2023 | ||||||||||
| Shares |
||||||||||||
| Debt securities |
( |
) | ( |
) | ( |
) | ||||||
| Money market and other short-term investments |
( |
) | ( |
) | ( |
) | ||||||
| Revaluation reserve for investments measured at FVOCI |
( |
) |
( |
) |
( |
) | ||||||
2025 |
2024 |
2023 | ||||||||||
| On January 1 |
( |
) |
( |
) |
( |
) | ||||||
| Remeasurements of defined benefit plans |
( |
) | ( |
) | ||||||||
| Tax effect |
( |
) | ||||||||||
| Net exchange differences |
( |
) | ||||||||||
| Disposal of a business |
||||||||||||
| Total remeasurement of defined benefit plans |
( |
) |
( |
) |
( |
) | ||||||
| |
Foreign currency translation reserve |
|
|
Net foreign investment hedging reserve |
|
|
Equity movements of joint ventures and associates |
|
Total | |||||||
| On January 1, 2025 |
( |
) |
( |
) |
||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | ( |
) | ( |
) | ||||||||||||
| Disposal of a business |
( |
) | ( |
) | ||||||||||||
| Disposal |
- | - | ( |
) | ( |
) | ||||||||||
| Equity movements of joint ventures |
||||||||||||||||
| Equity movements of associates |
||||||||||||||||
| On December 31, 2025 |
( |
) |
( |
) |
||||||||||||
| On January 1, 2024 |
( |
) |
( |
) |
||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves | ( |
) | ||||||||||||||
| Disposal of a business |
( |
) | ( |
) | ( |
) | ||||||||||
| Tax effect |
||||||||||||||||
| Equity movements of joint ventures |
( |
) | ( |
) | ||||||||||||
| Equity movements of associates |
||||||||||||||||
| Other |
( |
) | ( |
) | ||||||||||||
| On December 31, 2024 |
( |
) |
( |
) |
||||||||||||
| On January 1, 2023 |
( |
) |
( |
) |
||||||||||||
| Movements in foreign currency translation and net foreign investment hedging reserves |
( |
) | ( |
) | ||||||||||||
| Disposal of a business |
( |
) | ( |
) | ( |
) | ||||||||||
| Tax effect |
( |
) | ||||||||||||||
| Equity movements of joint ventures |
( |
) | ( |
) | ||||||||||||
| Equity movements of associates |
( |
) | ( |
) | ||||||||||||
| On December 31, 2023 |
( |
) |
( |
) |
||||||||||||
| 192 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 2 6 | ||||
| |
Perpetual contingent convertible securities |
|
|
Junior perpetual capital securities |
|
|
Perpetual cumulative subordinated bonds |
|
|
Share options and incentive plans 1 |
|
Total | ||||||||
| On January 1, 2025 |
||||||||||||||||||||
| Shares granted / Share options cost incurred |
- | - | - | |||||||||||||||||
| Shares vested / Share options forfeited |
- | - | - | ( |
) | ( |
) | |||||||||||||
| On December 31, 2025 |
||||||||||||||||||||
| On January 1, 2024 |
||||||||||||||||||||
| Shares granted / Share options cost incurred |
- | - | - | |||||||||||||||||
| Shares vested / Share options forfeited |
- | - | - | ( |
) | ( |
) | |||||||||||||
| On December 31, 2024 |
||||||||||||||||||||
| On January 1, 2023 |
||||||||||||||||||||
| Shares granted / Share options cost incurred |
- | - | - | |||||||||||||||||
| Shares vested / Share options forfeited |
- | - | - | ( |
) | ( |
) | |||||||||||||
| On December 31, 2023 |
||||||||||||||||||||
1 |
Incentive plans include the shares granted to personnel that are not yet vested. |
| Perpetual contingent convertible securities |
Coupon rate | Coupon date | Year of next call |
|
2025 |
2024 | 2023 | |||||||||
| |
1 |
|||||||||||||||
| On December 31 |
||||||||||||||||
1 |
The coupon is fixed at 5-year mid swap plus a margin of |
| Junior perpetual capital securities |
Coupon rate | Coupon date | Year of next call |
|
2025 |
2024 | 2023 | |||||||||
| |
1 |
|||||||||||||||
| 3 |
2 |
|||||||||||||||
| On December 31 |
||||||||||||||||
| 1 | The coupon of the USD 10-year USD SOFR ICE swap rate, (ii) a spread adjustment of basis points and (iii) a credit spread of basis points, with a maximum of |
| 2 | The coupon of the EUR 10-year Dutch government bond yield plus a spread of basis points, with a maximum of |
| 3 | On April 5, 2022 Aegon completed a tender offer buying back EUR etual capital securities , part of the EUR |
| Annual Report on Form 20-F 2025 | 193 |
|
|
About Aegon Governance and risk management Financial information | |||
| Perpetual cumulative subordinated bonds |
Coupon rate |
Coupon date |
Year of next call |
|
2025 |
2024 |
2023 |
|||||||||||||||
| |
2, 4 |
2028 |
||||||||||||||||||||
| |
3, 4 |
2031 |
||||||||||||||||||||
| |
1, 4 |
2035 |
||||||||||||||||||||
| On December 31 |
||||||||||||||||||||||
1 |
The coupon of the EUR |
2 |
The coupon of the EUR |
3 |
The coupon of the EUR |
4 |
ten-year Dutch government securities plus a spread of basis points. |
| Coupon rate | Coupon date | Issue / Maturity |
|
Year of next call |
|
2025 |
2024 | |||||||||||||||||
| Fixed to floating subordinated notes |
||||||||||||||||||||||||
| USD |
2 |
|||||||||||||||||||||||
| Fixed subordinated notes |
||||||||||||||||||||||||
| USD 1 |
||||||||||||||||||||||||
| On December 31 |
||||||||||||||||||||||||
| Fair value of subordinated borrowings |
||||||||||||||||||||||||
1 |
Issued by a subsidiary of, and guaranteed by Aegon Ltd. |
2 |
The coupon is fixed at 6-month USD LIBOR (subject to US LIBOR Act) plus a margin of |
| Coupon rate | Coupon date | Issue / Maturity |
Year of next call 2 |
2025 |
2024 | |||||||||||||||||||
| USD 1 |
n.a. | |||||||||||||||||||||||
| USD 1 |
n.a. | |||||||||||||||||||||||
| On December 31 |
||||||||||||||||||||||||
| Fair value |
||||||||||||||||||||||||
1 |
Issued by a subsidiary of, and guaranteed by Aegon Ltd. |
2 |
n.a. in the above table should be read as “not applicable.” |
| 194 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 2 9 | ||||
2025 |
2024 | |||||||||||||||||||||||
| By measurement model |
Non-PAA | PAA | Total | Non-PAA | PAA | Total | ||||||||||||||||||
| Insurance contract assets |
||||||||||||||||||||||||
| Insurance contract liabilities |
||||||||||||||||||||||||
| Insurance contracts net balance |
||||||||||||||||||||||||
| Reinsurance contract assets |
||||||||||||||||||||||||
| Reinsurance contract liabilities |
||||||||||||||||||||||||
| Reinsurance contracts net balance |
||||||||||||||||||||||||
● |
For insurance contracts and investment contracts with DPF - Liability for remaining coverage excluding loss component (LFRC), Loss component (LC) and Liability for incurred claims (LFIC) |
● |
For reinsurance contracts held - Asset for remaining coverage excluding loss recovery component (AFRC), Loss recovery component (LRC) and Asset for incurred claims (AFIC) |
2025 |
2024 | |||||||||||||||||||||||||||||||
| Insurance contracts (Non-PAA) - by type |
LFRC | LC | LFIC | Total | LFRC | LC | LFIC | Total | ||||||||||||||||||||||||
| Opening assets |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
| Opening liabilities |
||||||||||||||||||||||||||||||||
| Net opening balance |
||||||||||||||||||||||||||||||||
| Insurance revenue |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
| Incurred claims and expenses |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Amortization of acquisition cash flows |
||||||||||||||||||||||||||||||||
| Onerous contract losses (and reversals) |
||||||||||||||||||||||||||||||||
| Adjustments for incurred claims |
||||||||||||||||||||||||||||||||
| Insurance service expenses |
||||||||||||||||||||||||||||||||
| Investment components |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Insurance service result |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||
| Insurance finance (income) / expenses |
||||||||||||||||||||||||||||||||
| Cash flows |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
| Contracts disposed during the period |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Disposal of a business |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Transfers to disposal groups |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Other movements |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Transfer (to)/from other headings |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Net exchange differences |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Net closing balance |
||||||||||||||||||||||||||||||||
| Closing assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Closing liabilities |
||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 195 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||||||||||||||||||||||||||
| Reinsurance contracts (Non-PAA) - by type |
AFRC | LRC | AFIC | Total | AFRC | LRC | AFIC | Total | ||||||||||||||||||||||||
| Opening assets |
( |
) |
( |
) |
||||||||||||||||||||||||||||
| Opening liabilities |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
| Net opening balance |
( |
) |
||||||||||||||||||||||||||||||
| Net expenses from reinsurance contracts |
( |
) | ||||||||||||||||||||||||||||||
| Other reinsurance finance income / (expenses) |
||||||||||||||||||||||||||||||||
| Effect of reinsurer default risk changes |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Total changes in the profit or loss and OCI |
( |
) |
||||||||||||||||||||||||||||||
| Cash flows |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Other movements |
( |
) | ||||||||||||||||||||||||||||||
| Net exchange differences |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
| Net closing balance |
( |
) |
||||||||||||||||||||||||||||||
| Closing assets |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Closing liabilities |
( |
) | ( |
) | ||||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||
| Investment contracts with DPF - by type |
LFRC | LC | LFIC | Total | LFRC | LC | LFIC | Total | ||||||||||||||||||||||||
| Opening assets |
||||||||||||||||||||||||||||||||
| Opening liabilities |
||||||||||||||||||||||||||||||||
| Net opening balance |
||||||||||||||||||||||||||||||||
| Insurance revenue |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
| Incurred claims and expenses |
||||||||||||||||||||||||||||||||
| Onerous contract losses (and reversals) |
||||||||||||||||||||||||||||||||
| Insurance service expenses |
||||||||||||||||||||||||||||||||
| Investment components |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Insurance service result |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
| Insurance finance (income) / expenses |
||||||||||||||||||||||||||||||||
| Cash flows |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Net exchange differences |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| Net closing balance |
||||||||||||||||||||||||||||||||
| Closing assets |
||||||||||||||||||||||||||||||||
| Closing liabilities |
||||||||||||||||||||||||||||||||
| 196 | | Annual Report on Form 20-F 2025 |
| Notes to the consolidated financial statements Note 29 | ||||
2025 |
2024 | |||||||||||||||||||||||||||||||
| Insurance contracts (Non-PAA) - by component |
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||||||||||||||||||||||||
| Opening assets |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
| Opening liabilities |
||||||||||||||||||||||||||||||||
| Net opening balance |
||||||||||||||||||||||||||||||||
| Changes in estimates that adjust CSM | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Changes in estimates that adjust onerous contracts | ||||||||||||||||||||||||||||||||
| New contracts issued – non-onerous |
( |
) | ( |
) | ||||||||||||||||||||||||||||
| New contracts issued – onerous | ||||||||||||||||||||||||||||||||
Changes that relate to future service |
( |
) |
( |
) |
||||||||||||||||||||||||||||
| Earnings released from CSM | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Release of risk adjustment | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Experience adjustments on current service | ||||||||||||||||||||||||||||||||
| Revenue from policyholder tax expenses incurred | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Changes that relate to current service |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
| Experience adjustments on incurred claims | ( |
) | ||||||||||||||||||||||||||||||
Changes that relate to past service |
( |
) |
||||||||||||||||||||||||||||||
Insurance service result |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||
General model |
||||||||||||||||||||||||||||||||
| Interest accreted to insurance contracts | ||||||||||||||||||||||||||||||||
| Interest rate and other financial assumption changes | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Variable fee approach |
||||||||||||||||||||||||||||||||
| Change in fair value of the underlying assets | ||||||||||||||||||||||||||||||||
| Change in fulfilment value - risk mitigation option | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Insurance finance (income) / expenses |
||||||||||||||||||||||||||||||||
| Premiums received | ||||||||||||||||||||||||||||||||
| Claims, benefits and expenses paid | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Acquisition costs paid | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Other | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Cash flows |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
| Contracts disposed during the period | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Disposal of a business | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Transfers to disposal groups | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Other | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Other movements |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net exchange differences |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net closing balance |
||||||||||||||||||||||||||||||||
Closing assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Closing liabilities | ||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 197 |
|
|
About Aegon Gov ernan ce and risk management Financial information | |||
2025 |
2024 | |||||||||||||||||||||||||||||||
Reinsurance contracts (Non-PAA) - by component |
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||||||||||||||||||||||||
Opening assets |
( |
) |
||||||||||||||||||||||||||||||
Opening liabilities |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Net opening balance |
||||||||||||||||||||||||||||||||
Changes in estimates that adjust CSM |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
| Changes in estimates that adjust underlying onerous contracts | ( |
) | ||||||||||||||||||||||||||||||
New reinsurance contracts recognized |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Changes that relate to future service |
||||||||||||||||||||||||||||||||
CSM recognized for service received |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Release of risk adjustment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Experience adjustment on current service |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Changes that relate to current service |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Experience adjustment on incurred claims |
||||||||||||||||||||||||||||||||
Changes that relate to past service |
||||||||||||||||||||||||||||||||
Net income/ (expenses) on reinsurance held |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Reinsurance finance income / (expenses) |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Premiums paid (net of commission) |
||||||||||||||||||||||||||||||||
Amounts received |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Cash flows |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Reinsurance contracts disposed |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||
Other movements |
||||||||||||||||||||||||||||||||
Net exchange difference |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net closing balance |
||||||||||||||||||||||||||||||||
Closing assets |
||||||||||||||||||||||||||||||||
Closing liabilities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||
Investment contracts with DPF - by component |
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||||||||||||||||||||||||
Opening assets |
||||||||||||||||||||||||||||||||
Opening liabilities |
||||||||||||||||||||||||||||||||
Net opening balance |
||||||||||||||||||||||||||||||||
Changes in estimates that adjust CSM |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Changes in estimates that adjust onerous contracts |
||||||||||||||||||||||||||||||||
Changes that relate to future service |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||
Earnings released from CSM |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Release of risk adjustment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Experience adjustments on current service |
||||||||||||||||||||||||||||||||
Changes that relate to current service |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Insurance service result |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Variable fee approach |
||||||||||||||||||||||||||||||||
Change in fair value of the underlying assets |
||||||||||||||||||||||||||||||||
Insurance finance (income) / expenses |
||||||||||||||||||||||||||||||||
Premiums received |
||||||||||||||||||||||||||||||||
Claims, benefits and expenses paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Acquisition costs paid |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||
Cash flows |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net exchange differences |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net closing balance |
||||||||||||||||||||||||||||||||
Closing assets |
||||||||||||||||||||||||||||||||
Closing liabilities |
||||||||||||||||||||||||||||||||
| 198 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 29 | ||||
2025 |
2024 | |||||||||||||||||||||||
Insurance contracts (Non-PAA) |
Non-onerous |
Onerous | Total | Non-onerous |
Onerous | Total | ||||||||||||||||||
Present value of cash inflows |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Present value of cash outflows (excl. acquisition costs) |
||||||||||||||||||||||||
Risk adjustment for non-financial risk |
||||||||||||||||||||||||
Contractual service margin |
||||||||||||||||||||||||
Loss recognized on initial recognition |
||||||||||||||||||||||||
Reinsurance contracts (Non-PAA) |
2025 |
2024 | ||||||
Present value of cash inflows |
||||||||
Present value of cash outflows |
( |
) |
( |
) | ||||
Risk adjustment for non-financial risk |
||||||||
Contractual service margin |
||||||||
Gain / (Loss) recognized on initial recognition |
||||||||
| Insurance contracts | Reinsurance contracts | |||||||||||||||
2025 |
2024 | 2025 |
2024 | |||||||||||||
<1 year |
||||||||||||||||
1-2 years |
||||||||||||||||
2-3 years |
||||||||||||||||
3-4 years |
||||||||||||||||
4-5 years |
||||||||||||||||
5-10 years |
||||||||||||||||
10-20 years |
||||||||||||||||
> 20 years |
||||||||||||||||
On December 31 |
||||||||||||||||
| Insurance contracts | Reinsurance contracts held | Investment contracts with DPF | ||||||||||||||||||||||||||||||||||||||||||||||
| MRA | FVA | Other | Total | MRA | FVA | Other | Total | MRA | FVA | Other | Total | |||||||||||||||||||||||||||||||||||||
On January 1, 2025 |
||||||||||||||||||||||||||||||||||||||||||||||||
Changes in estimates that adjust CSM |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in estimates that adjust onerous contracts |
||||||||||||||||||||||||||||||||||||||||||||||||
New contracts recognized |
||||||||||||||||||||||||||||||||||||||||||||||||
Earnings released from CSM |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Insurance finance (income) / expenses |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Net exchange differences |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
On December 31, 2025 |
||||||||||||||||||||||||||||||||||||||||||||||||
On January 1, 2024 |
( |
) |
- |
- |
||||||||||||||||||||||||||||||||||||||||||||
Changes in estimates that adjust CSM |
( |
) | ( |
) | - | ( |
) | - | - | |||||||||||||||||||||||||||||||||||||||
Changes in estimates that adjust onerous contracts |
- | - | - | - | - | ( |
) | ( |
) | ( |
) | - | - | - | - | |||||||||||||||||||||||||||||||||
New contracts recognized |
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Earnings released from CSM |
( |
) | ( |
) | ( |
) | ( |
) | - | ( |
) | ( |
) | - | ( |
) | - | ( |
) | |||||||||||||||||||||||||||||
Insurance finance (income) / expenses |
- | ( |
) | ( |
) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Cash flow - contracts disposed |
||||||||||||||||||||||||||||||||||||||||||||||||
Net exchange differences |
- | ( |
) | - | - | |||||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||
On December 31, 2024 |
- |
- |
||||||||||||||||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 199 |
|
|
About Aegon Governance and risk management Financial information | |||
| 200 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 29 | ||||
2025 |
2024 | |||||||
On January 1 |
( |
) |
( |
) | ||||
Gross revaluation |
( |
) | ||||||
Net gains/(losses) transferred to income statement |
( |
) | ||||||
Foreign currency translation differences |
( |
) | ||||||
Tax effect |
( |
) | ||||||
Other |
||||||||
On December 31 |
( |
) |
( |
) | ||||
| Annual Report on Form 20-F 2025 | 201 |
|
|
About Aegon Governance and risk management Financial information | |||
| 202 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 29 | ||||
December 31, 2025 |
December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Risk-free yield curves (%) |
1 year |
|
5 years |
|
10 years |
|
15 years |
|
20 years |
|
30 years |
|
1 year |
|
5 years |
|
10 years |
|
15 years |
|
20 years |
|
30 years |
| ||||||||||||||||||||||||
GBP |
||||||||||||||||||||||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 203 |
|
|
About Aegon Governance and risk management Financial information | |||
December 31, 2025 |
December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ILP per portfolio (%) |
Country | 1 year |
|
5 years |
|
10 years |
|
15 years |
|
20 years |
|
30 years |
|
1 year |
|
5 years |
|
10 years |
|
15 years |
|
20 years |
|
30 years |
| |||||||||||||||||||||||||||
Fixed Deferred Annuity |
US | |||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed Universal Life |
US | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Care |
US | |||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional Life |
US | |||||||||||||||||||||||||||||||||||||||||||||||||||
Universal Life |
US | |||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Annuities |
US | |||||||||||||||||||||||||||||||||||||||||||||||||||
Annuities |
UK | |||||||||||||||||||||||||||||||||||||||||||||||||||
Individual Protection |
UK | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 204 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 29 | ||||
| Annual Report on Form 20-F 2025 | 205 |
|
|
About Aegon Governance and risk management Financial information | |||
| 206 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 29 | ||||
2025 |
2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net result | Equity | CSM | Net result | Equity | CSM | |||||||||||||||||||||||||||||||||||||||||||
Estimated effect |
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
Non-participating contracts |
||||||||||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Participating contracts |
||||||||||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Non-life contracts |
||||||||||||||||||||||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 207 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||
Aegon risk |
||||||||
- Institutional guaranteed products |
||||||||
- Fixed annuities |
||||||||
- Other |
||||||||
Policyholder risk |
||||||||
Total investment contracts without DPF |
||||||||
| Aegon risk | Policyholder risk | |||||||||||||||
Movement schedule |
2025 |
2024 | 2025 |
2024 | ||||||||||||
Opening balance |
||||||||||||||||
Deposits |
||||||||||||||||
Withdrawals |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest credited |
||||||||||||||||
Fund charges released |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net exchange differences |
( |
) | ( |
) | ||||||||||||
Transfer to/from other headings |
( |
) | ( |
) | ||||||||||||
Other movements |
( |
) | ( |
) | ||||||||||||
Closing balance |
||||||||||||||||
2025 |
2024 | |||||||
Capital funding |
||||||||
Operational funding |
||||||||
On December 31 |
||||||||
Current |
||||||||
Non-current |
||||||||
Fair value of borrowings |
||||||||
| Coupon rate | Coupon date | Issue / Maturity |
|
2025 |
2024 | |||||||||||||
USD 760 million Senior Unsecured Notes |
||||||||||||||||||
GBP 250 million Medium-Term Notes |
||||||||||||||||||
GBP 400 million Senior Unsecured Notes |
||||||||||||||||||
Other |
||||||||||||||||||
On December 31 |
||||||||||||||||||
| 208 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 32 | ||||
| Coupon rate | Coupon date | Issue / Maturity |
|
2025 |
2024 | |||||||||||||
FHLB Secured borrowings 1 |
||||||||||||||||||
North Westerly VI Note 1 |
||||||||||||||||||
North Westerly VII Note 1 |
||||||||||||||||||
On December 31 |
||||||||||||||||||
1 |
Issued by a subsidiary of Aegon Ltd. |
2025 |
2024 | |||||||
On January 1 |
||||||||
Additional provisions |
||||||||
Disposal of a business |
( |
) | ( |
) | ||||
Unused amounts reversed through the income statement |
( |
) | ||||||
Used during the year |
( |
) | ( |
) | ||||
Net exchange differences |
( |
) | ||||||
On December 31 |
||||||||
Current |
||||||||
Non-current |
||||||||
| 2025 |
2024 | |||||||
Retirement benefit plans |
||||||||
Other post-employment benefit plans |
||||||||
Total defined benefit plans |
||||||||
Retirement benefit plans in surplus |
||||||||
Reimbursement rights |
||||||||
Total defined benefit assets |
||||||||
Retirement benefit plans in deficit |
||||||||
Other post-employment benefit plans in deficit |
||||||||
Total defined benefit liabilities |
||||||||
2025 |
2024 | |||||||||||||||||||||||
Movements during the year |
Retirement benefit plans |
|
|
Other post- employment benefit plans |
|
Total | Retirement benefit plans |
|
|
Other post- employment benefit plans |
|
Total | ||||||||||||
On January 1 |
||||||||||||||||||||||||
Defined benefit expenses |
||||||||||||||||||||||||
Remeasurements of defined benefit plans |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Contributions paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Net exchange differences |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
On December 31 |
||||||||||||||||||||||||
| Annual Report on Form 20-F 2025 | 209 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||||||||||||||||||
Net carrying value details |
Retirement benefit plans |
|
|
Other post- employment benefit plans |
|
Total | Retirement benefit plans |
|
|
Other post- employment benefit plans |
|
Total | ||||||||||||
Present value of funded obligations |
||||||||||||||||||||||||
Fair value of plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Fair value of reimbursement rights |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
( |
) |
( |
) |
|||||||||||||||||||||
Present value of unfunded obligations |
||||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||
Defined benefit expenses |
Retirement benefit plans |
|
|
Other post- employment benefit plans |
|
Total | Retirement benefit plans |
|
|
Other post- employment benefit plans |
|
Total | ||||||||||||
Current year service cost |
||||||||||||||||||||||||
Net interest on net defined benefit liability (asset) |
||||||||||||||||||||||||
Total defined benefit expenses |
||||||||||||||||||||||||
Movements during the year of the present value of the defined benefit obligations |
2025 |
2024 | ||||||
On January 1 |
||||||||
Current year service cost |
||||||||
Interest expenses |
||||||||
Remeasurements of the defined benefit obligations: |
||||||||
- Actuarial gains and losses arising from changes in demographic assumptions |
||||||||
- Actuarial gains and losses arising from changes in financial assumptions |
( |
) | ||||||
Benefits paid |
( |
) | ( |
) | ||||
Net exchange differences |
( |
) | ||||||
Other |
||||||||
On December 31 |
||||||||
Movements during the year in plan assets for retirement benefit plans |
2025 |
2024 | ||||||
On January 1 |
||||||||
Interest income (based on discount rate) |
||||||||
Remeasurements of the net defined liability (asset) |
( |
) | ||||||
Contributions by employer |
||||||||
Benefits paid |
( |
) | ( |
) | ||||
Net exchange differences |
( |
) | ||||||
On December 31 |
||||||||
2025 |
2024 |
|||||||||||||||||||||||||||||||
Plan assets for retirement benefit plans |
Quoted | Unquoted | Total | in % of total plan assets |
Quoted | Unquoted | Total | in % of total plan assets |
||||||||||||||||||||||||
Debt instrument |
||||||||||||||||||||||||||||||||
Derivatives |
( |
) | ( |
) | - |
( |
) | ( |
) | - |
||||||||||||||||||||||
Investment funds |
||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||
On December 31 |
||||||||||||||||||||||||||||||||
Movements during the year of the fair value of the reimbursement rights |
2025 |
2024 | ||||||
On January 1 |
||||||||
Interest expenses |
||||||||
Remeasurements of the defined benefit obligations: |
||||||||
- Actuarial gains and losses arising from changes in financial assumptions |
( |
) | ||||||
Benefits paid |
||||||||
Other |
||||||||
On December 31 |
||||||||
| 210 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 33 | ||||
| Annual Report on Form 20-F 2025 | 211 |
|
|
About Aegon Governance and risk management Financial information | |||
| 212 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 33 | ||||
Financial actuarial assumptions used to determine defined benefit obligations at year-end |
Transamerica | Aegon UK | AEN | |||||||||||||||||||||
2025 |
2024 | 2025 |
2024 | 2025 |
2024 | |||||||||||||||||||
Discount rate |
|
1 |
|
|||||||||||||||||||||
Salary increase rate |
n.a. | n.a. | n.a. | n.a. | ||||||||||||||||||||
Health care trend rate |
n.a. | n.a. | n.a. | n.a. | ||||||||||||||||||||
Price inflation |
n.a. | n.a. | ||||||||||||||||||||||
1 |
Transamerica has separate discount rates for all pension plans: |
| Annual Report on Form 20-F 2025 | 213 |
|
|
About Aegon Governance and risk management Financial information | |||
Estimated approximate effects on the defined benefit obligation |
Transamerica | Aegon UK | AEN | |||||||||||||||||||||
2025 |
2024 | 2025 |
2024 | 2025 |
2024 | |||||||||||||||||||
Demographic actuarial assumptions |
||||||||||||||||||||||||
10% increase in mortality rates |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
10% decrease in mortality rates |
||||||||||||||||||||||||
Financial actuarial assumptions |
||||||||||||||||||||||||
100 basis points increase in discount rate |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
100 basis points decrease in discount rate |
||||||||||||||||||||||||
100 basis points increase in salary increase rate |
n.a. | n.a. | n.a. | n.a. | ||||||||||||||||||||
100 basis points decrease in salary increase rate |
( |
) | ( |
) | n.a. | n.a. | n.a. | n.a. | ||||||||||||||||
100 basis points increase in health care trend rate |
n.a. | n.a. | n.a. | n.a. | ||||||||||||||||||||
100 basis points decrease in health care trend rate |
( |
) | ( |
) | n.a. | n.a. | n.a. | n.a. | ||||||||||||||||
100 basis points increase in price inflation |
n.a. | n.a. | - | - | ||||||||||||||||||||
100 basis points decrease in price inflation |
n.a. | n.a. | ( |
) | ( |
) | - | - | ||||||||||||||||
2025 |
2024 | |||||||
Deferred tax assets |
||||||||
Deferred tax liabilities |
||||||||
On December 31 |
||||||||
Deferred tax assets comprise temporary differences on |
2025 |
2024 | ||||||
Financial assets |
||||||||
Insurance and investment contracts |
( |
) | ( |
) | ||||
Deferred expenses and other intangible assets |
||||||||
Defined benefit plans |
||||||||
Tax losses and credits carried forward |
||||||||
Other |
||||||||
On December 31 |
||||||||
Deferred tax liabilities comprise temporary differences on |
2025 |
2024 | ||||||
Financial assets |
( |
) | ||||||
Insurance and investment contracts |
( |
) | ||||||
Deferred expenses and other intangible assets |
||||||||
Other |
||||||||
On December 31 |
||||||||
| 214 | |
Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 34 | ||||
Financial assets |
Insurance and investment contracts |
Deferred expenses and other intangible assets |
Defined benefit plans |
Tax losses and credits carried forward |
Other | Total | ||||||||||||||||||||||
On January 1, 2025 |
( |
) |
||||||||||||||||||||||||||
Acquisitions / Additions |
( |
) | ( |
) | ||||||||||||||||||||||||
Charged to income statement |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Charged to OCI |
( |
) | ( |
) | ||||||||||||||||||||||||
Net exchange differences |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Transfer to/from other headings |
( |
) | ||||||||||||||||||||||||||
On December 31, 2025 |
( |
) |
( |
) |
||||||||||||||||||||||||
On January 1, 2024 |
( |
) |
||||||||||||||||||||||||||
Acquisitions / Additions |
( |
) | ( |
) | ||||||||||||||||||||||||
Charged to income statement |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Charged to OCI |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net exchange differences |
( |
) | ||||||||||||||||||||||||||
Disposal of a business |
( |
) | ||||||||||||||||||||||||||
On December 31, 2024 |
( |
) |
||||||||||||||||||||||||||
| < 5 years | > 5 – 10 years |
> 10 – 15 years |
Indefinitely | On December 31 |
||||||||||||||||||||
Gross amounts 1 |
2025 | |||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||
Unrecognized deferred tax assets |
2025 | |||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||
1 |
The gross value of state tax loss carry forward is not summarized in the disclosure, due to the fact that the United States files in different state jurisdictions with various applicable tax rates and apportionment rules. |
| Gross amounts | Deferred tax assets | |||||||||||||||
2025 |
2024 | 2025 |
2024 | |||||||||||||
| Deferred tax asset recoverable through retention of investments until recovery or maturity | ||||||||||||||||
| Deferred tax asset dependent on future taxable profits | ||||||||||||||||
On December 31 |
||||||||||||||||
| Annual Report on Form 20-F 2025 | 215 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
2024 | |||||||
Payables due to policyholders |
||||||||
Payables due to brokers and agents |
||||||||
Social security and taxes payable |
||||||||
Income tax payable |
||||||||
Investment creditors |
||||||||
Cash collateral on derivative transactions |
||||||||
Cash collateral on securities lent |
||||||||
Cash collateral - other |
||||||||
Lease liabilities |
||||||||
Other creditors |
||||||||
On December 31 |
||||||||
Current |
||||||||
Non-current |
||||||||
2025 |
2024 | |||||||
Accrued interest |
||||||||
Accrued expenses |
||||||||
On December 31 |
||||||||
| 216 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 37 | ||||
December 31, 2025 1 |
December 31, 2024 | |||||||
US RBC ratio |
||||||||
Scottish Equitable Plc Solvency UK ratio |
||||||||
1 |
The capital ratios are estimates and are not final until filed with the respective supervisory authority. |
| Annual Report on Form 20-F 2025 | 217 |
|
|
About Aegon Governance and risk management Financial information | |||
● |
Aegon’s Solvency II-compliant instruments will continue to be eligible under the Bermuda solvency framework in the corresponding tier to Solvency II, and without any limitations; |
● |
The Junior Perpetual Capital Securities (JPCS), were treated as Restricted Tier 1 until January 1, 2026, are eligible as Tier 2 Ancillary Capital following that date, until the end of 2029. Subject to a review in 2029, eligibility may be extended; |
● |
The Perpetual Cumulative Subordinated Bonds (PCSB), which in 2025 were still treated as Restricted Tier 1, lost eligibility as of January 1, 2026. On a pro-forma basis taking into account the upcoming end of the eligibility for the PCSB, Aegon’s group solvency ratio would have been |
December 31, 2025 1 |
December 31, 2024 | |||||||
Group Eligible Own Funds |
||||||||
Group SCR |
||||||||
Group solvency ratio 2 |
||||||||
1 |
The solvency ratios are estimates and are not final until filed with the respective supervisory authority. |
2 |
Including our share of a.s.r. Excess of Assets over Liabilities (minus own shares and minus minority interests) and SCR in our Group Solvency numbers. |
● |
Shareholders’ equity based on IFRS; |
● |
Non-controlling interests and Long Term Incentive Plans not yet vested |
● |
Contractual service margin net of tax; and |
● |
Total financial leverage. |
| 218 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 38 | ||||
Note |
2025 |
2024 | ||||||||||
Total shareholders’ equity |
25 |
|||||||||||
Non-controlling interests and share options not yet exercised |
26, SOFP 1 |
|||||||||||
CSM after tax |
29 |
|||||||||||
Adjusted valuation equity |
||||||||||||
Perpetual contingent convertible securities |
26 |
|||||||||||
Junior perpetual capital securities |
26 |
|||||||||||
Perpetual cumulative subordinated bonds |
26 |
|||||||||||
Subordinated Borrowings |
27 |
|||||||||||
Trust pass-through securities |
28 |
|||||||||||
Currency revaluation other equity instruments 2 |
||||||||||||
Hybrid leverage |
||||||||||||
Senior leverage |
31 3 |
|||||||||||
Total gross financial leverage |
||||||||||||
Total capitalization |
||||||||||||
Gross financial leverage ratio |
||||||||||||
Fixed Charge Coverage |
||||||||||||
1 |
Non-controlling interests are disclosed in the consolidated statement of financial position. |
2 |
Other equity instruments that are denominated in foreign currencies are, for purpose of calculating hybrid leverage, revalued to the period-end exchange rate. |
3 |
Senior debt for the gross financial leverage calculation also contains swaps for an amount of EUR ( |
| Annual Report on Form 20-F 2025 | 219 |
|
|
About Aegon Governance and risk management Financial information | |||
2025 |
||||||||||||||||
Fair value hierarchy |
Level I | Level II | Level III | Total | ||||||||||||
Shares |
- | |||||||||||||||
Debt securities |
||||||||||||||||
Money market and other short-term investments |
- | |||||||||||||||
Other investments at fair value |
- | |||||||||||||||
Total financial assets measured at FVOCI |
||||||||||||||||
Shares |
||||||||||||||||
Debt securities |
||||||||||||||||
Money market and other short-term investments |
- | |||||||||||||||
Loans |
- | - | ||||||||||||||
Other investments at fair value |
||||||||||||||||
Derivatives |
||||||||||||||||
Investments in real estate |
- | - | ||||||||||||||
Investments in real estate for policyholders |
- | - | ||||||||||||||
Investments - Policyholder risk |
||||||||||||||||
Total financial assets measured at FVPL |
||||||||||||||||
Real estate held for own use (revalued amount) |
- | - | ||||||||||||||
Total financial assets measured at fair value |
||||||||||||||||
Investment contracts without DPF - Policyholder risk |
- | - | ||||||||||||||
Derivatives |
- | |||||||||||||||
Total financial liabilities measured at fair value |
- |
|||||||||||||||
| 2024 | ||||||||||||||||
Fair value hierarchy |
Level I | Level II | Level III | Total | ||||||||||||
Shares |
- | |||||||||||||||
Debt securities |
||||||||||||||||
Money market and other short-term investments |
- | |||||||||||||||
Other investments at fair value |
- | - | ||||||||||||||
Total financial assets measured at FVOCI |
||||||||||||||||
Shares |
||||||||||||||||
Debt securities |
||||||||||||||||
Money market and other short-term investments |
- | |||||||||||||||
Loans |
- | - | ||||||||||||||
Other investments at fair value |
||||||||||||||||
Derivatives |
||||||||||||||||
Investments in real estate |
- | - | ||||||||||||||
Investments in real estate for policyholders |
- | - | ||||||||||||||
Investments - Policyholder risk |
||||||||||||||||
Total financial assets measured at FVPL |
||||||||||||||||
Real estate held for own use (revalued amount) |
- | - | ||||||||||||||
Total financial assets measured at fair value |
||||||||||||||||
Investment contracts without DPF - Policyholder risk |
- | - | ||||||||||||||
Derivatives |
- | |||||||||||||||
Total financial liabilities measured at fair value |
- |
|||||||||||||||
| 220 | | Annual Report on Form 20-F 2025 |
Notes to the consolidated financial statements Note 38 | ||||
2025 |
2024 | |||||||||||||||
| Level I to Level II | Level II to Level I | Level I to Level II | Level II to Level I | |||||||||||||
Debt securities |
||||||||||||||||
Money market and other short-term investments |
||||||||||||||||
Total financial assets measured at FVOCI |
||||||||||||||||
Debt securities |
||||||||||||||||
Total financial assets measured at FVPL |
||||||||||||||||
Total financial assets measured at fair value |
||||||||||||||||
| On January 1, 2025 |
|
Disposal of a business |
|
|
Total gains / (losses) in income statement 1 |
|
|
Total gains / (losses) in OCI 2 |
|
Purch- ases |
|
Sales | Settle- ments |
|
Net ex- change difference |
Reclas- sification |
|
|
Trans- fers from levels I and II |
|
Trans- fers to levels I and II |
On December 31, 2025 |
|
Total URGL for the period 3 |
| |||||||||||||||||||||||||||
| Shares | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
| Debt securities | - | ( |
) | ( |
) | ( |
) | - | ( |
) | - | |||||||||||||||||||||||||||||||||||||||||
| Other | - | - | ( |
) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Total FVOCI |
- |
( |
) |
( |
) |
( |
) |
- |
( |
) |
- |
|||||||||||||||||||||||||||||||||||||||||
| Shares | - | - | ( |
) | - | ( |
) | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
| Debt securities | - | - | - | ( |
) | ( |
) | ( |
) | - | ( |
) | - | |||||||||||||||||||||||||||||||||||||||
| Loans | - | - | ( |
) |
⚠️ Filing Content TruncatedThis filing was too large to display in its entirety (original size: 17.33 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website
Filing: 20-F - AEGON LTD. (AEG,AEFC,AEGOF) | |||||||||||||||||||||||||||||||||||||||||||||||