Aegon reported a 9% year-over-year increase in operating results for the first half of 2026, rising to €804 million, while operating capital generation climbed 27% to €416 million. Free cash flow reached €392 million, though the net result remained broadly flat at €608 million compared with the same period in 2025.
The Dutch insurer’s valuation equity per share rose 4% to €9.42, and its group solvency ratio stood at 169% as of June 30, 2026. Gross financial leverage increased to €5 billion following a €500 million senior unsecured note issuance in April. The U.S. risk-based capital ratio declined by 4 percentage points to 420%.
Aegon raised its interim dividend by 11% to €0.21 per share, translating to a dividend yield of 4.43%. The company also increased its share buyback program for the second half of the year to €350 million, up from €150 million previously. Its market capitalization stood at $13.4 billion, with a P/E ratio of 13.04 and a PEG ratio of 0.22.
The insurer’s U.S. transition incurred a €231 million after-tax charge, including €294 million pre-tax, due to an annual model and assumption review. Transition expenses are estimated at €350 million, with roughly 40% already recognized. Aegon aims to reduce locked-in capital in financial assets from about €2.4 billion to €2.1 billion.
Commercial momentum was driven by Transamerica Life, where new life sales surged 54% year-over-year on the back of digitally enabled instant-decision products. Underwriting speed improved from two weeks to under 12 minutes. The World Financial Group surpassed 100,000 licensed agents, with a target of 110,000 by 2027, while its distribution business posted 5% growth in life sales and 12% in annuity sales.
Simplified issue products delivered an internal rate of return exceeding 12%, with a payback period of about eight years on a fully cost-loaded basis. Global asset management platforms saw operating margins expand by 5 percentage points to 20%, while international life sales were broadly stable, with growth in Brazil offsetting declines in China.
Aegon plans to relocate its legal seat and rename its holding company to Transamerica in early 2028. Shareholders will vote on the move, governance changes, and a new omnibus equity plan at an extraordinary general meeting scheduled for October 8, 2026. CEO Lard Friese’s mandate has been extended through 2030, and he will relocate to New York City in January 2027. Will Fuller will assume the roles of President and Chief Operating Officer of Aegon starting January 2027, in addition to his current position as CEO of Transamerica.
The company is on track with US GAAP implementation, with dry runs expected in the second half of 2026. Shares fell 2.91% in premarket trading to $9.01, following a 26% gain over the past six months and a 23% increase year-to-date.
