Slide 1: 1H 2025 Financial Results
1H 2025 Financial Results Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer August 21, 2025
Slide 2: Key messages
Key messages EUR 845 million operating result, increasing 19% mainly from business growth in key business areas and improved experience variance EUR 576 million operating capital generation1 on track to meet our OCG guidance of around EUR 1.2 billion for 2025 Continued strong commercial momentum in
Slide 3: Review on potential relocation of Aegon to the US
Review on potential relocation of Aegon to the US Conclusions to be shared at CMD, The US is Aegon’s primary market and central to Review on relocating Aegon’s legal domicile Dec. 10, 2025 the company’s strategy and long-term growth and head office to the United States Americas share in Aegon Group’
Slide 4: Growing Transamerica's business focused on middle-market America
Growing Transamerica’s business focused on middle-market America Americas Distribution Savings & Investments Protection Solutions Increasing number of WFG agents; WFG licensed agents Net deposits mid-sized plans New individual life sales higher average premium per policy (number in thousand) (in USD
Slide 5: Strong commercial momentum in our key markets
Strong commercial momentum in our key markets UK International Asset Management Net deposits New life sales Third-party net deposits (in GBP billion) (in EUR million) (in EUR billion) UK Growing inflows from new and existing 0.7 144 7.8 schemes in the UK Workplace platform, 140 including a large sch
Slide 6: 1H 2025 Financial Results
1H 2025 Financial Results Duncan Russell Chief Financial Officer
Slide 7: 1H 2025 financial results
1H 2025 financial results (in EUR million) Operating Cash Capital at Holding 2,011 +287 result 845 +19% Valuation equity per share (in EUR) 8.47 (0.44) Operating capital generation1 576 -2% Gross financial leverage 4,876 (325) Free cash flow 442 +18% Group solvency ratio 183% -5%-pts compared with 1
Slide 8: IFRS net result driven by growing operating result
IFRS net result driven by growing operating result Income statement (1H 2025, in EUR million) 19% increase of operating result Operating result 627 104 99 104 845 In Americas, less unfavorable experience variances in both insurance (89) segments and business growth in Protection Solutions Fair value
Slide 9: Valuation equity per share down 5% mainly from unfavorable currency movements
Valuation equity per share down 5% mainly from unfavorable currency movements Shareholders’ equity CSM Valuation equity per share (in EUR million) (in EUR million) (in EUR) Shareholders’ equity increased from net income and positive impact of -13% -5% revaluations, partly offset by capital 8,990 8.9
Slide 10: OCG decreases mainly driven by higher new business strain
OCG decreases mainly driven by higher new business strain Operating capital generation (OCG)1 (in EUR million, before holding funding and operating expenses) 1H 2024 1H 2025 Change In US Strategic Assets, higher new business strain Americas 354 340 -4% and slightly lower earnings on in-force reduced
Slide 11: Capital positions of main units remain above operating levels
Capital positions of main units remain above operating levels US RBC ratio1 15%-pts negative market impacts resulting from 5%-pts negative impact from high market volatility in April 2025, as previously flagged, as well as non-economic losses 420% on energy-related assets under the statutory account
Slide 12: Cash Capital at Holding above the top end of the operating range
Cash Capital at Holding above the top end of the operating range Cash Capital at Holding (in EUR million) Free cash flow driven by remittances from all 442 businesses, as well as Aegon’s participation in a.s.r.’s share buyback and a.s.r.’s dividend payment 2,011 (110) (45) 1,725 EUR 150 million cash
Slide 13: Financial targets for 2025
Reduce gross financial leverage Around EUR 5.0 billion Increase operating capital generation2 Around EUR 1.2 billion Financial targets for 2025 1 Grow free cash flow Around EUR 800 million Increase dividend to shareholders Around EUR 0.40 per share 1. Barring unforeseen circumstances, and dividend s
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix
Slide 16: EUR 0.1 billion increase of shareholders' equity after returning EUR 0.4 billion capital
EUR 0.1 billion increase of shareholders’ equity after returning EUR 0.4 billion capital to shareholders Shareholders’ equity Shareholders’ (in EUR million) equity per share Shareholders’ equity at December 31, 2024 7,215 EUR 4.53 Net result 584 Other comprehensive income (OCI) benefits from (excl.
Slide 17: Growing US operating result driven by Protection Solutions
Growing US operating result driven by Protection Solutions Americas operating result (in USD million) 685 Strategic Assets 95 Financial Assets Increased CSM and Risk Adjustment release in Protection Solutions, and 550 +370% positive experience variance on claims, expenses, and other items 20 Lower r
Slide 18: US CSM development reflecting strategy to grow Strategic Assets and shrink Financial Assets
US CSM development reflecting strategy to grow Strategic Assets and shrink Financial Assets Americas CSM roll-forward (in USD million) Protection Solutions Financial Assets CSM end of 2H 2024 3,443 3,838 New business 331 20 CSM release (162) (246) Accretion of interest 59 70 Experience variance 5 +5
Slide 19: Operating capital generation in the Americas 3% lower mainly from higher new business strain
Operating capital generation in the Americas 3% lower mainly from higher new business strain Americas operating capital generation (in USD million) Earnings on in-force increased by 3% driven by 1H 2024 1H 2025 Change underlying business growth, an improvement of claims experience, and higher accoun
Slide 20: Executing the US Financial Assets strategy
Executing the US Financial Assets strategy Americas – Financial Assets (in USD million) Capital employed Variable Annuities Fixed Annuities (at operating level) Net deposits 1 Hedge effectiveness As of mid-August Net deposits1 2025, Transamerica expanded the Variable 4,083 99% 97% Annuities hedges t
Slide 21: Group solvency ratio amounts to 183% and includes the contribution from Aegon's stake in a.s.r.
Group solvency ratio amounts to 183% and includes the contribution from Aegon’s stake in a.s.r. Group solvency position (1H 2025, in EUR million) Scottish Contribution of Other units, US RBC US solvency Equitable (SE) plc Aegon’s stake diversification, (in USD million) equivalent Solvency UK in a.s.
Slide 22: Key capital sensitivities and assumptions
Key capital sensitivities and assumptions Capital sensitivities1 SE plc US solvency (1H 2025 , in percentage points) Scenario US RBC Solvency UK equivalent Equity markets +25% -3% -24% -41% The sensitivities for the US ratios include Equity markets +10% -2% -4% -6% the benefit of hedging the equity
Slide 23: Key IFRS sensitivities
Key IFRS sensitivities IFRS sensitivities (Balances per June 30, 2025) CSM (pre-tax) Shareholders’ equity Americas UK Americas UK Scenario (in USD million) (in GBP million) (in USD million) (in GBP million) Balance at end of period 7,051 1,373 4,492 1,186 Equity markets +25% 345 362 256 (36) Equity
Slide 24: Investing in Aegon
Investing in Aegon Aegon’s ordinary shares Aegon’s New York Registry Shares (NYRS) Traded on Euronext Traded on NYSE since 1991 and quoted in Amsterdam since 1969 US dollars and quoted in euros One Aegon NYRS equals one Aegon Amsterdam-listed common share Cost effective way to hold international sec
Slide 25: Aegon Investor Relations
Aegon Investor Relations Contact Investor Relations Yves Cormier, Head of Investor Relations +44 782 337 1511 Karl-Otto Grosse-Holz, Investor Relations Officer +31 20 259 2488 Hielke Hielkema, Investor Relations Officer +31 20 259 2486 Jan-Willem Stokhuijzen, Investor Relations Officer +31 20 259 24
Slide 26: Disclaimer (1/2)
Disclaimer (1/2) Local currencies § The effect of tariffs and potential trade wars on trading markets and on economic growth, globally and in the markets where This document contains certain information about Aegon’s results, financial condition and revenue generating investments Aegon operates. pre
Slide 27: Disclaimer (2/2)
Disclaimer (2/2) § Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies; § Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data § The impact of acquisitions and divestitures, restructuri
Slide 28: W® aegon
W® aegon