Aegon Ltd. · EURONEXT:AGN
Aegon — Q3 2025 Earnings Presentation
20 slides from Aegon's earnings presentation, Nov 13, 2025
Slide 1: 3Q 2025 Trading Update
3Q 2025 Trading Update Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer November 13, 2025
Slide 2: Key messages
Key messages ▪ EUR 340 million operating capital generation1 on track to meet the OCG target of around EUR 1.2 billion for 2025 ▪ Growing the distribution network and maintaining strong commercial momentum with increased life sales in the US ▪ Net outflows in the UK platform business due to departur
Slide 3: Growing Transamerica’s business focused on middle-market America
Growing Transamerica’s business focused on middle-market America Americas Distribution Savings & Investments Protection Solutions WFG licensed agents Net deposits mid-sized plans New individual life sales ▪ Increasing number of WFG agents and higher average premium sold per (number in thousand) (in
Slide 4: Update on our other key markets
Update on our other key markets UK International Asset Management Net deposits New life sales Third-party net deposits UK (in GBP billion) (in EUR million) (in EUR billion) ▪ Net outflows in UK Workplace platform from departure of two large, low-margin schemes 65 4.0 61 ▪ Adviser platform continues
Slide 5: 3Q 2025 Trading Update
3Q 2025 Trading Update Duncan Russell Chief Financial Officer
Slide 6: 3Q 2025 trading update
3Q 2025 trading update (in EUR million) Operating capital Cash Capital generation1 at Holding 340 +1% 1,880 (132) Free cash Gross financial flow leverage 76 -5% 4,855 (21) compared with 3Q 2024 compared with 1H 2025 6 1. Excluding Holding funding and operating expenses of EUR (66) million; total ope
Slide 7: OCG stable at EUR 340 million
OCG stable at EUR 340 million Operating capital generation (OCG) 1 (in EUR million, before holding funding and operating expenses) ▪ US Strategic Assets reported USD 173 million of 3Q 2024 3Q 2025 Change OCG in 3Q25, an increase of USD 32 million compared with 3Q24, from more favorable claims experi
Slide 8: Capital positions of main units remain above operating levels
Capital positions of main units remain above operating levels US RBC ratio1 425% ▪ 13%-pts positive contribution from operating capital generation, partly offset at the end of by -4%-pts from remittances to the intermediate holding company 3Q2025 ▪ -3%-pts negative market impact due to the interacti
Slide 9: 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) 76 2,011 700 ▪ Free cash flow mainly driven by the 2025 interim 1,880 dividend from a.s.r. (99) 1,500 ▪ EUR 808 million of cash outflow, of which EUR 594 million from the 2024 final dividend and
Slide 10: 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 11: aegon
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Slide 12: Appendix
Appendix
Slide 13: OCG in the Americas increased by 12%
OCG in the Americas increased by 12% Americas OCG (in USD million) ▪ Earnings on in-force (EoIF) largely unchanged, with 3Q 2024 3Q 2025 Change increases in Financial Assets from favorable equity markets and favorable claims experience offset by a EoIF Distribution 37 26 -29% slight EoIF decrease in
Slide 14: 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 deposits1 Hedge effectiveness As of mid-August Net deposits1 2025, Transamerica expanded the Variable 4,083 99% 99% Annuities hedges to
Slide 15: Key capital sensitivities and assumptions
Key capital sensitivities and assumptions Capital sensitivities1 SE plc US solvency (3Q 2025 , in percentage points) Scenario US RBC Solvency UK equivalent Equity markets +25% -4% -29% -52% The sensitivities for the US ratios include Equity markets +10% -2% -10% -17% the benefit of hedging the equit
Slide 16: 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 internati
Slide 17: 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 Jan-Willem Stokhuijzen, Investor Relations Officer +31 20 259 2494 Krithika Verma, Investor Relations Officer +31 20 259 248
Slide 18: Disclaimer (1/2)
Disclaimer (1/2) Local currencies The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable This document contains certain information about Aegon’s results, financial condition and revenue generating investments equivalent solvency requi
Slide 19: Disclaimer (2/2)
Disclaimer (2/2) Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data initiatives related to cost savings, Cas
Slide 20: aegon
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