Half Year 2026 Aegon Ltd Earnings Call Transcript

Aug 20, 2026 / 12:00 PM GMT

Release Date Price: €7.75 (-4.32%)

Transcript

Key Points

Positve

Aegon Ltd (AEG) delivered strong commercial growth with operating results up 9% to EUR804 million, supported by favorable financial markets.
Transamerica's new life sales surged 54% in H1 2026, driven by successful instant decision products and strong World Financial Group agent growth.
Operating capital generation increased 27% year-over-year to EUR416 million, reflecting business growth and improved claims experience.
Cash capital at holding reached EUR1.7 billion, enabling an increased share buyback program of EUR350 million for H2 2026 and an 11% higher interim dividend.
The company is making decisive progress on its U.S. relocation, with key milestones like the EGM targeted for October 8 and U.S. GAAP dry runs on track.
For the first time, new business CSM additions in the U.S. exceeded releases, indicating structurally increasing future profits.
Asset Management's global platforms operating margin improved to 20%, driven by lower expenses and higher revenues.

Negative

Aegon Ltd (AEG) faced a negative impact from annual model and assumption updates, primarily due to policyholder behavior changes, reducing valuation equity by EUR231 million net of tax.
The U.S. RBC ratio decreased to 420%, with market movements having a 12 percentage point unfavorable impact, more negative than implied by sensitivities.
Net deposits in retirement plans were negative, largely due to a single contract termination following a client merger.
Operating capital generation in the international segment decreased, impacted by adverse new business in China and unfavorable claims from storms in Spain and Portugal.
The CFO, Duncan Russell, will step down as he decided not to relocate to the U.S., creating leadership transition uncertainty.
New business strain increased significantly due to higher life sales, requiring management to use capital efficiency measures like portfolio repositioning to offset it.
The group solvency ratio decreased to 169% due to the loss of capital eligibility of perpetual subordinated bonds.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AEGN.AS - Aegon Ltd.
Half Year 2026 Aegon Ltd Earnings Call
Aug 20, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to this conference call on Aegon's first half year 2026 results.

My name is Yves Cournier, Head of Investor Relations, and joining me today to take you through our performance and progress are Aegon CEO, Lars Frieser and CFO, Duncan Russell.

Before we start. I would like to ask you to review our disclaimer on forward-looking statements, which you can find at the end of the presentation.

And with that, I would like to give the floor to Lars.

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Unidentified_2 [2]
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Thanks, Yves, and thank you all for joining today's call.

I

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