Aegon Acquires €379.6 Million in Subordinated Bonds, Expected IFRS Gain in H1 2026
Aegon announced on Friday the acceptance of all tender offers launched on April 28 for five series of subordinated bonds. The Dutch insurance group received valid offers for a total nominal amount of €379.6 million, which it decided to accept without prorated reduction.
Aegon accepted tenders for €106.9 million of Perpetual Capital Securities 2004 (at a price of 80.25%), $136.3 million of Perpetual Capital Securities 2004 USD (78.75%), and three series of perpetual subordinated bonds in Dutch guilders from 1995 and 1996, totaling €156.9 million equivalent. The total nominal amount accepted amounts to €379.6 million or $447 million equivalent, for a total outlay of €308.2 million or $363 million.
2-Point Impact on Solvency Ratio
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The transaction is expected to reduce the group's solvency ratio by 2 percentage points from the estimated ratio of 184% as of December 31, 2025. Aegon also anticipates an IFRS accounting gain of approximately €0.1 billion in the first half of 2026. The settlement of the accepted securities is expected on May 11, 2026.
On track to meet or exceed all Group financial ambitions for 2026
Risks mentioned
Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and in relation to Aegon's shareholding in ASR Nederland N.V., and Aegon's asset management business, the Netherlands
Civil unrest, (geo-)political tensions, military action or other instability in countries or geographic regions that affect our operations or that affect global markets
Changes in the performance of financial markets, including emerging markets, such as the frequency and severity of defaults by issuers in Aegon's fixed income investment portfolios
Opportunities identified
Transamerica delivered strong commercial growth with Individual Life sales growing by 54%, fueled by growth in the instant decision market and World Financial Group now exceeding 100,000 agents
Aegon Asset Management benefited from third-party net flows and positive market developments with international businesses continuing to grow, led by Brazil
Operating capital generation grew by 27% to EUR 416 million in the first half of 2026, enabling strong free cash flow generation
Outlook / guidance
Management commentary: On track to meet or exceed all Group financial ambitions for 2026
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
