Aegon Ltd. · EURONEXT:AGN
Aegon — Investor Day (December 2025)
73 slides from Aegon's investor day presentation, Dec 10, 2025
Slide 1: The Next Frontier
The Next Frontier Capital Markets Day December 10, 2025
Slide 2: Agenda
13:00 Welcome Yves Cormier Group strategy Lard Friese Group financials Duncan Russell Q&A session Lard Friese, Duncan Russell Agenda 10-minute break Building a leader in the US Will Fuller Asset Management strategy Shawn Johnson Q&A session All presenters 16:30 Closure Lard Friese 2
Slide 3: Key announcements today
Key announcements today Strategic announcements Financial announcements ▪ Ambition to become a leading US life ▪ Reinsurance transaction on part of the SGUL1 block insurance and retirement group ▪ Reducing mortality and policyholder behavior risk ▪ Reducing capital employed by USD 0.3 billion ▪ Aego
Slide 4: Delivering on Aegon’s ambitions
Delivering on Aegon’s ambitions Lard Friese Chief Executive Officer
Slide 5: Since 2020 Aegon has undertaken significant restructuring
Since 2020 Aegon has undertaken significant restructuring Increasing focus Building foundations Implementing strategy ▪ Clear focus on core and ▪ Built a strong balance sheet ▪ Significant reallocation of Our vision: growth markets, divested all non-core assets ▪ Increasing quantum and capital acros
Slide 6: Aegon is delivering upon its financial commitments
Aegon is delivering upon its financial commitments Financial targets from 2023 CMD (in EUR million) Operating capital generation1 Operating result composition2 US capital employed (in USD billion) 1,460 9.1 8.6 ✓ 1,280 ~1,200 7.9 41% 45% 34% Financial Assets 67% 67% Americas 62% 916 Other 55% 66% St
Slide 7: The transaction with a.s.r. has generated significant value for shareholders
The transaction with a.s.r. has generated significant value for our shareholders, creating a market leader a.s.r. shareholding Value of Aegon’s shareholding in a.s.r. Cash received from a.s.r. (in EUR billion) (in EUR billion) ▪ 53% total shareholder return on a.s.r. stake over 2.5 years • 34% incre
Slide 8: Aegon has returned EUR 6.1 billion capital to bond- and shareholders
Aegon has returned EUR 6.1 billion capital to bond- and shareholders since the 2020 CMD Capital generated from the business1 Capital distributed to bond- and shareholders2 (in EUR billion, since 2020 CMD) (in EUR billion, since 2020 CMD) 6.4 6.1 2025 2021 – EUR 1.1 billion 2023 of deleveraging EUR 3
Slide 9: The Next Frontier
The Next Frontier Lard Friese Chief Executive Officer
Slide 10: Aegon is relocating to the US
▪ Focusing on the large and growing US market for life, protection and retirement solutions ▪ Building a bigger, broader, and more profitable US life insurance and retirement industry leader Aegon is relocating to the US ▪ After the relocation, Aegon Ltd. will continue its journey under the Transame
Slide 11: US market presents a compelling opportunity for growth
US market presents a compelling opportunity for growth The US is a vibrant and … with favorable … creating growing and innovative economy… demographics … sustainable demand #1 in(USD nominal GDP USD 3 trillion 31 trillion) +20 years 1 life protection gap (50% household penetration)7 in average life
Slide 12: Building a bigger, broader, more profitable US Life Insurance and Retirement industry leader
Building a bigger, broader, more profitable US Life Insurance and Retirement industry leader Americas strategy Leveraging Transamerica’s Benefiting from compounding Investing in incremental strengths and leading positions economics value levers Building on Transamerica’s strong Increasing quality an
Slide 13: Creating value from our other businesses
Creating value from our other businesses International Asset Management Aegon UK ~24% stake in a.s.r. ▪ Creating significant value ▪ Grow third-party and ▪ Build a leading digital ▪ Patient shareholder with steadily growing higher revenue-margin savings and retirement benefiting from a.s.r.’s operat
Slide 14: Significant contributions from International
Significant contributions from International Achievements International (in EUR million) Spain & Portugal Brazil China (ATHTF) TLB GWP1 Operating result GWP1 Operating result GWP1 Operating result New life sales Operating result 650 91 414 52 565 24 27 57 462 396 18 53 29 166 8 11 FY20 FY24 FY20 FY2
Slide 15: Increasing the value of the international businesses
Increasing the value of the international businesses Spain & Portugal China (ATHTF) ▪ Grow the business by further ▪ Pursue opportunities to strengthen leveraging the Santander network and expand distribution with preferred partners ▪ Extend the product range, also to cross-sell more with banking ▪
Slide 16: Simplifying Aegon’s profile by relocating to the US
Simplifying Aegon’s profile by relocating to the US Current setup Future setup Netherlands Bermuda USA ▪ Moving headquarters to the US East Coast Headquarters close to the main ▪ Becoming a US tax resident operations in the biggest market NL US ▪ Upon legal seat change, Aegon Ltd. will rename to Tra
Slide 17: Shareholder base expected to gradually shift towards US investors
Shareholder base expected to gradually shift towards US investors Current shareholder base1 (Outstanding common shares per September 30, 2025) Vereniging A strong base Aegon ▪ 38% of Aegon’s investors in outstanding 18% common shares are located in the US United States ▪ 16% of investors are investe
Slide 18: Planning for 2–3 years to complete the relocation
Planning for 2 – 3 years to complete the relocation Legal domicile & 4Q 2026 Aim for Jan. 1, 2028 group regulator EGM for approval Transition of legal seat and of relocation regulator1; Aegon becomes domestic issuer Group Feb. 2027 Aug. 2027 2H 2027 Aim for Jan. 1, 2028 headquarters Update on Update
Slide 19: Continued rational and disciplined capital management
▪ Investing in Transamerica’s operational, technological and commercial capabilities Continued rational and ▪ Investing in future earnings power through writing profitable new disciplined business and accepting new business strain capital ▪ Excess capital will be returned to shareholders over time u
Slide 20: Financial ambitions for 2026 and 2027
Grow operating result2 by Around 5% per annum Grow operating capital generation2 by Financial 0% – 5% per annum ambitions for 2026 Grow free cash flow3 by and 2027 1 Around 5% per annum Increase dividend per share by More than 5% per annum Note: All underlying run-rates for the financial ambitions a
Slide 21: Delivering financial performance
Delivering financial performance Duncan Russell Chief Financial Officer
Slide 22: Decision to relocate to the US does not change financial priorities
Decision to relocate to the US does not change financial priorities Our financial priorities remain unchanged Disclosure approach during transition Maintaining a strong balance sheet Stable KPIs Provides strategic and financial Stability of metrics during transition flexibility through cycles Discip
Slide 23: Maintaining a robust balance sheet with financial flexibility
Maintaining a robust balance sheet with financial flexibility Key levers of capital management Capital in business units Cash Capital at Holding Financial leverage Our stake in a.s.r. Manage to operating level Excess will be returned to Aegon’s debt structure and Patient shareholder shareholders in
Slide 24: Strengthening of our risk profile to benefit cost of capital
Strengthening of our risk profile to benefit cost of capital Operational Risk Market Risk Biometric Risk ▪ Strengthened processes and controls ▪ Prudent, diversified, US investment ▪ Mortality assumptions regularly reviewed over the past years across all business portfolio: and tracked with actual t
Slide 25: Managing US Financial Assets
Managing US Financial Assets
Slide 26: Active management of exposure to US Financial Assets
Financial position ▪ Robust best estimate actuarial assumptions process ▪ Expectations of positive OCG and IFRS operating result over the coming years Direction Active management ▪ Drive capital employed down to USD 2.2 billion by of exposure to year-end 2027 by reducing risk sensitivities through m
Slide 27: 2025 capital employed target of USD 2.9 billion achieved
2025 capital employed target of USD 2.9 billion achieved (in USD billion, 3Q 2025) Reserving level – Capital statutory compared to employed IFRS best estimate Key risk exposure Key considerations on future economics Comparable level in Captive reserve financing removed after SGUL Universal Life 1.0
Slide 28: SGUL derisking transaction reduces capital employed and increases remittances
SGUL derisking transaction reduces capital employed and increases remittances Financial impact of the transaction Transaction description (in USD billion) ▪ Reinsurance of Secondary Guarantee Universal Life (SGUL) contracts with USD 10 billion net face value ▪ Transacting close to current IFRS net i
Slide 29: Setting financial ambitions during the transition period
Setting financial ambitions during the transition period
Slide 30: Transamerica: profitability and remittances expected to grow
Transamerica: profitability and remittances expected to grow; benefit from uplift from SGUL derisking transaction Operating result run-rate OCG run-rate Remittances run-rate (in USD billion, CAGR) (in USD billion, CAGR) (in USD million, CAGR) 0-3% p.a. ~5% p.a. ~5% p.a. 0.9-1.0 ~ 675 USD 75 million
Slide 31: Other units: Profitability and remittances in line with prior guidance
Other units: Profitability and remittances in line with prior guidance Operating result run-rate OCG run-rate Remittances run-rate (in EUR million, CAGR) (in EUR million, CAGR) (in EUR million, CAGR) ~5% p.a. ~5% p.a. ~5% p.a. 530-600 ~330 360-440 180-200 ~120 160-180 180–200 ~130 80-120 170-200 120
Slide 32: Group: new guidance reflective of growth plan
Group: new guidance reflective of growth plan, impact of SGUL transaction and assumed EUR/USD 1.20 exchange rate Operating result run-rate OCG run-rate Free cash flow1 run-rate (in EUR billion, CAGR) (in EUR billion, CAGR) (in EUR billion, CAGR) 0-5% p.a. ~5% p.a. ~5% p.a. ~0.9 1.5–1.7 ~0.8 0.75–0.8
Slide 33: Achieving EUR 1 billion target on Cash Capital at Holding
Cash Capital at Holding development (in EUR billion) 3Q 2025 1.9 Expected free cash flow 0.3 Capital injection (0.7) Achieving Share buyback 2025 (0.2) EUR 1 billion Year-end 2025e 1.3 Targeted free cash flow ~0.8 target on Expected dividends paid ~(0.6) Cash Capital Share buyback 2026 (0.4) at year
Slide 34: Key impacts from relocation announcement
Key impacts from relocation announcement
Slide 35: Relocation expected to have limited impact on earnings
Relocation expected to have limited impact on earnings with one - time implementation expenses of around EUR 350 million One-time impacts Going concern considerations Implementation costs ▪ Estimated one-time implementation cost1 of around ▪ Overall cost neutrality expected on run-rate EUR 350 milli
Slide 36: Financial ambitions for 2026 and 2027
Grow operating result2 by Around 5% per annum Grow operating capital generation2 by Financial 0% – 5% per annum ambitions for 2026 Grow free cash flow3 by and 2027 1 Around 5% per annum Increase dividend per share by More than 5% per annum Note: All underlying run-rates for the financial ambitions a
Slide 37: Building a leader in the US
Building a leader in the US Will Fuller Chief Executive Officer, Transamerica
Slide 38: Transamerica’s transformation strategy is delivering results
Transamerica’s transformation strategy is delivering results 2020 CMD 2023 CMD 2025 CMD Focus. Execute. Deliver Building America’s leading middle Building a bigger, broader, more market Life Insurance and profitable US Life Insurance and Retirement company Retirement industry leader ✓ ▪ Set Strategi
Slide 39: Successfully executing on strategy outlined at 2023 CMD
Successfully executing on strategy outlined at 2023 CMD ▪ Growing to more than 92 thousand WFG agents, an increase of >40% Leveraging access to customers ▪ Growing 3rd party insurance, bank, and broker-dealer distribution channels and strong Transamerica brand ▪ 3.5 million retirement savers and Ret
Slide 40: Substantial shift in financial profile towards Strategic Assets
Substantial shift in financial profile towards Strategic Assets Capital employed1 Operating result by business Operating result by source (in USD billion) (in USD billion) (in USD billion, TTM3) 9.1 1.3 1.2 Financial 7.9 10% Assets Investment Non-insurance 28% result result 62% 34% 33% 34% Protectio
Slide 41: Significant commercial momentum with upside
Significant commercial momentum with upside Distribution Protection Solutions Savings & Investments ▪ >92k WFG agents growing to ~110k by 2027 ▪ Outpacing industry growth ▪ Asset growth and ancillary solutions outperforming ambitious targets ▪ Productivity improvement for upside ▪ Expanding products
Slide 42: Strategy to build America’s leading Main Street Life Insurance and Retirement company
Strategy to build America’s leading “Main Street” Life Insurance and Retirement company is playing out ... … and our ambition is to be a bigger, broader, more profitable industry leader Leveraging Transamerica’s Benefiting from compounding Investing in incremental value strengths and leading positio
Slide 43: Earnings guidance: Operating result run-rate ambition
Earnings guidance Operating result run-rate 1 ambition (in USD million) Strategic Assets achieving earnings growth 1,400 – 1,600 ~ +5% p.a. ▪ Protection Solutions CSM balance supports Distribution 160-170 sustainable increase in insurance results ▪ WFG and Retirement Plans deliver growth in non- ins
Slide 44: Building America’s top distribution network for Main Street
Building America’s top distribution network for Main Street Distribution Proven ability to drive significant WFG total life sales WFG total annuities sales growth and value (in USD million, CAGR) (in USD billion, CAGR) +14% +2% +7% ▪ Grew operating result to original ~900 +16% ~5.0 USD 175 million t
Slide 45: Growing, expanding, and scaling Protection Solutions business
Growing, expanding, and scaling Protection Solutions business Protection Solutions Results driven by new business New life sales Components of our high-quality life business growth and in-force profits (in USD million, CAGR) Advantaged Attractive risks Efficient model +15% distribution Younger age,
Slide 46: Improving Retirement Plan earnings and returns with further upside
Improving Retirement Plan earnings and returns with further upside Savings & Investments Improving Retirement Plan Retirement Plan AuA1 Return on Retirement Plan Assets (RoA) profitability from targeted actions (in USD billion, CAGR) (in bps) +5% +10% ~275 ~11 251 ▪ Industry leading position and 8 p
Slide 47: Significant actions taken to reduce Financial Assets exposure
Significant actions taken to reduce Financial Assets exposure Financial Assets Successfully managing Financial Assets as we target reduction in risk exposure and sensitivities (capital employed1, 3Q 2025) ▪ Unilateral, bilateral, and third-party Universal Life Long-Term Care Annuities4 actions taken
Slide 48: Transamerica’s financial ambitions
Grow operating result1 by ▪ Double-digit growth in Strategic Assets offset by Financial Assets run-off Around 5% per annum ▪ Higher contribution from non-insurance businesses Transamerica’s financial Grow operating capital ▪ Earnings growth increasing OCG ambitions generation2 by ▪ Growing new busin
Slide 49: Opportunity to increase general account investment income
Opportunity to increase general account investment income to incrementally add to current financial ambitions Building general account Enhancing risk and capital-adjusted returns while increasing diversification capabilities General account investment portfolio (in USD billion, 3Q 2025, IFRS market
Slide 50: Opportunities to develop Strategic Assets
Opportunities to develop Strategic Assets to incrementally add to current financial ambitions Living Seg Benefit IRA Workplace RILA Funds Riders Life Stable Final IUL Record- Expense FIA Value keeping Traditional Term Supp Instant VA Decision SVS Health Broader annuity portfolio Enhanced distrib
Slide 51: Building a bigger, broader, more profitable US industry leader: key takeaways
Building a bigger, broader, more profitable US Life Insurance and Retirement industry leader Key takeaways Leveraging Transamerica’s Benefiting from compounding Investing in incremental strengths and leading positions economics value levers Building on Transamerica’s strong Increasing quality and qu
Slide 52: Strategic update on Aegon Asset Management
Strategic update on Aegon Asset Management Shawn Johnson Chief Executive Officer, Aegon Asset Management
Slide 53: Aegon Asset Management at a glance
Aegon Asset Management at a glance Aegon AM locations Aegon AM AuM Global Platforms AuM (in EUR billion, 3Q 2025) (in EUR billion, 3Q 2025) AIFMC1 (China) Affiliate a.s.r. LBP AM2 47 14% Continental (France) 19 Europe Real 120121 Assets 18 18 327 261 General Account 26% 41 60% 43 United Third-party
Slide 54: 60% of Global Platforms AuM from third-party with positive flows
60% of Global Platforms AuM from third-party with consistently positive flows Eight quarters in a row of positive third-party net flows (in EUR billion, 3Q 2025) Global Platforms third-party net flows (in EUR billion) Our channels Assets under Who we service management 2.8 2.6 2.5 General 68 Transam
Slide 55: Key investment strategies delivering solid performance
Key investment strategies delivering solid performance (3Q 2025) Strategy Business Unit Performance objective met (excess return vs benchmark) 1-year 3-year 5-year Euro ABS CE ✓ ✓ ✓ Dutch Mortgage Fund CE ✓ ✓ ✓ European Credit Fund CE ✓ ✓ ✓ World Equity Fund CE ✓ ✓ Global High Yield UK ✓ ✓ ✓ Globa
Slide 56: Managing Aegon AM Global Platforms through four business units
Managing Aegon AM Global Platforms through four business units with strong alternative assets capabilities Global Platforms assets under management ( EUR 261 billion) (in EUR billion, 3Q 2025) United States US Real Assets Continental Europe United Kingdom 2 18 19 3 1 59 2 11 3 30 Alternative and non
Slide 57: Clear actions taken to improve strategic position of Global Platforms
Clear actions taken to improve today’s strategic position of Global Platforms Improvement Business model Third-party business Operating margin Inefficiencies areas contribution and scale Actions taken Organize into four Focus on third-party System rationalization, Invest in single portfolio business
Slide 58: Strategic priorities for the coming years
Strategic priorities for the coming years Expanding third-party Improving the scalability Growing our Strategic Continuing strong and higher revenue - and efficiency of our Partnerships collaboration between margin products organization Transamerica and AAM 58
Slide 59: Growing higher revenue-margin third-party strategies
Growing higher revenue -margin third-party strategies Ambition to grow third-party revenue by ~6% p.a. ▪ Third-party revenue growth expected to outpace AuM growth Global Platforms third-party revenues by focusing on higher revenue-margin strategies (in EUR million, CAGR) ▪ Diversified distribution m
Slide 60: Representative successful third-party strategies
Representative successful third -party strategies Collateralized Loan Obligations Alternative Fixed Income Global High Yield Revenues Revenues Revenues (in EUR million, CAGR) (in EUR million, CAGR) (in EUR million, CAGR) +27% +42% +80% ~34 ~86 ~13 ~16 21 ~23 43 7 12 4 ~47 23 2023 2025e 2023 2025e 20
Slide 61: Improving the scalability and efficiency of our organization
Improving the scalability and efficiency of our organization Ambition to improve the operating margin to at least 20% in 2027 by improving scalability while managing our employee base to support growth ambitions ▪ Focus on higher revenue-margin strategies and optimize FTE growth across the business
Slide 62: Growing our Strategic Partnerships
Growing our Strategic Partnerships Supporting LBP AM’s strategic plan to expand Chinese partnership with Industrial Securities French and European distribution consistently capturing positive flows LBP AM (incl. LFDE) – 25% stake AIFMC – 49% stake ▪ Partnership with French bank La Banque Postale sin
Slide 63: Strong collaboration between Transamerica and AAM
Strong collaboration between Transamerica and AAM to support Aegon’s ambitions in the US ▪ Anchor manager for Transamerica’s general account assets ▪ Investing in capabilities by adding resources to meet Transamerica’s needs and supporting their growth plans • Examples include Private ABS, Private E
Slide 64: Aegon Asset Management’s financial ambitions
Aegon AM Global Platforms ambitions Third-party revenue growth of ~6% per annum Aegon Asset Management’s Operating margin greater than 20% by 2027 financial ambitions Aegon AM ambitions (total) for 2026 and Operating result of 2027 EUR 200+ million by 2027 Grow gross remittances by more than 5% per
Slide 65: Key takeaways: growing third-party revenues while improving efficiency
Growing the contribution of our third- party revenues while improving efficiency and contributing to the Group’s US strategy ▪ Global asset manager with a large third-party asset base and growing alternative and non-listed investment capabilities ▪ Actions taken to strengthen the business model resu
Slide 66: Appendix
Appendix ® aegon
Slide 67: Building the UK’s leading digital savings and retirement platform
Building the UK’s leading digital savings and retirement platform Achievements Aegon UK (in GBP billion) Large, scalable digital savings & retirement Workplace platform Adviser platform Platform assets under platform with net deposits net deposits administration (AuA) GBP 124 billionAuA 124 3.7 115
Slide 68: Building the UK’s leading digital savings and retirement platform
Building the UK’s leading digital savings and retirement platform Aegon UK Workplace platform ▪ Investing significantly with over 50 propositional and experience improvements implemented and Mylo ▪ Growing net flows on the Workplace platform available to around 1 million customers and turning positi
Slide 69: Economic assumptions for 2026 and 2027
US UK Economic Exchange rate against euro 1.20 0.86 assumptions Annual gross equity market return 8.0% 7.5% for 2026 and (price appreciation + dividends) 2027 10-year government bond yields 4.2% 4.5% Note: In this presentation, 2025 run-rates have been computed using above mentioned currency exchang
Slide 70: Disclaimer (1/3)
Disclaimer (1/3) Local currencies ▪ Changes in the performance of financial markets, including emerging markets, such as with regard to: This document contains certain information about Aegon’s results, financial condition and revenue generating investments • The frequency and severity of defaults b
Slide 71: Disclaimer (2/3)
Disclaimer (2/3) ▪ Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon ▪ Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or sells, including legal, regulatory
Slide 72: Disclaimer (3/3)
Disclaimer (3/3) WORLD FINANCIAL GROUP (WFG) WFG CONSISTS OF: IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF
Slide 73: W® aegon
W® aegon