Aegon Exceeds Its 2025 Targets with 1.3 Billion Euros in Operational Capital Generated
Insurance group Aegon released its 2025 results on Thursday, showing outperformance across all its financial targets. The annual IFRS operating result amounted to 1.7 billion euros, up 15% compared to 2024.
Aegon announced the generation of 1.3 billion euros in operational capital in 2025, surpassing its target of 1.2 billion euros set during the 2023 investor day. The group also recorded a free cash flow of 829 million euros, in line with its target of 800 million euros for the year. The IFRS operating result reached 1.7 billion euros over twelve months, marking a 15% increase from 2024. Its main business sectors maintain a strong capitalization profile. In the United States, business momentum remains robust. Transamerica expanded its World Financial Group distribution network to over 95,000 licensed agents and recorded a record 30% increase in individual life insurance sales in 2025 compared to 2024. The assets under administration in the Retirement Plans division also saw growth. Meanwhile, the capital employed by Transamerica's Financial Assets division amounted to 2.7 billion US dollars, falling short of the 2.9 billion euros target set for 2025.
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Aegon returned 1.1 billion euros to shareholders in 2025 through dividends and share buybacks. A final dividend of 21 euro cents per share was proposed, bringing the total dividend paid during the fiscal year 2025 to 40 euro cents, in line with the group's target. Asset management delivered 1.0 billion euros of net third-party fund calls in 2025. In the United Kingdom, the professional retirement platform generated 2.4 billion pounds sterling of net fund calls. The international business maintained a positive trajectory. The group noted that its main business units remain well-capitalized and that it continues to execute its plan outlined during the 2025 investor day, including the relocation of its headquarters and legal domicile to the United States.
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.
