Slide 1: 2H 2025 Results
2H 2025 Results Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer February 19, 2026
Slide 2: Key messages
Key messages ▪ EUR 1.3 billion operating capital generation1 in FY 2025, exceeding Aegon’s target of EUR 1.2 billion ▪ EUR 1.7 billion operating result in FY 2025 (+15% vs. FY 2024) ▪ EUR 829 million of free cash flow in FY 2025, consistent with Aegon’s target of EUR ~800 million ▪ Proposing a final
Slide 3: Growing Transamerica's business focused on Main Street America
Growing Transamerica’s business focused on Main Street America Americas Distribution Savings & Investments Protection Solutions ▪ Increasing number of WFG agents, higher WFG licensed agents Net deposits mid-sized plans New individual life sales average premium sold per agent, and higher (number in t
Slide 4: Update on our other key markets
Update on our other key markets UK International Asset Management UK Net deposits New life sales Third-party net deposits ▪ Growing book from new and existing (in GBP billion) (in EUR million) (in EUR billion) schemes in the UK Workplace Platform ▪ Adviser Platform continues to be impacted by withdr
Slide 5: Aegon delivered upon its financial commitments
Aegon delivered upon its financial commitments Financial targets from 2023 CMD (in EUR million) Operating capital generation 1 US Financial Assets capital employed US capital employed (in USD billion) (in USD billion) 1,460 5.6 9.1 8.6 1,280 1,287 7.9 3.9 45% 34% Financial Assets 62% 2.7 55% 66%
Slide 6: 2H 2025 Financial Results
2H 2025 Financial Results Duncan Russell Chief Financial Officer
Slide 7: 2H 2025 financial results
2H 2025 financial results (in EUR million) Cash Capital at Holding 1,311 (700) Operating result 858 +11% Valuation equity per share (in EUR) 9.06 +0.60 Operating capital generation1 711 +8% Gross financial leverage 4,850 (26) Free cash flow 388 +1% Group solvency ratio 184% +1%-pt compared with 2H 2
Slide 8: Operating result increase of 11% from business growth and favorable markets
Operating result increase of 11% from business growth and favorable markets Operating result (in EUR million) Americas operating result increased by 5% +11% 858 ▪ In local currency, operating result increased by 14% 776 ▪ Strategic Assets benefited from growth in Individual Life and Retirement Plans
Slide 9: IFRS net result of EUR 375 million
IFRS net result of EUR 375 million Income statement (in EUR million) 2H 2025 2H 2024 Net profit lower than 2H24 ▪ Increase in operating result more than offset by higher losses on non-operating items and Other charges Operating result 858 776 Non-operating losses driven by SGUL transaction Fair valu
Slide 10: Valuation equity per share increased driven by growth in the US
Valuation equity per share increased driven by growth in the US Shareholders’ equity CSM Valuation equity per share (in EUR million) (in EUR million) (in EUR) +4% +7% +2% 8,102 9.06 7,786 8.47 7,300 7,432 US Protection CSM after 3,064 +579 3,643 4.15 estimated tax Solutions 3.83 +0.32 per share 2,92
Slide 11: OCG increased by 8% driven by US and Asset Management
OCG increased by 8% driven by US and Asset Management Operating capital generation (OCG) (in EUR million) ▪ US Strategic Assets reported USD 365 million of 2H 2024 2H 2025 Change OCG in 2H25, an increase of USD 64 million compared Americas 396 470 +19% with 2H24, from more favorable claims experienc
Slide 12: Capital positions of main units remain above operating levels
US RBC ratio1 ▪ 27%-pts positive contribution from OCG, partly offset by -18%-pts from remittances 424% ▪ -3%-pts one-time negative impact from restructuring at the end of expenses, establishing reserves for settlements of FY 2025 previously disclosed legal cases, and a range of other items Capital
Slide 13: Cash Capital at Holding moving into the operating range
Cash Capital at Holding moving into the operating range Cash Capital at Holding (in EUR million) 388 ▪ Free cash flow driven by remittances from all segments and a.s.r.’s dividend; FY25 free cash flow of 700 EUR 829 million consistent with the target of 2,011 around EUR 800 million ▪ EUR 996 million
Slide 14: Financial ambitions for 2026 and 2027
Grow 2025 run-rate operating result of EUR 1.5 – 1.7 billion by Around 5% per annum Grow 2025 run-rate OCG2, 3 of EUR ~0.9 billion by Financial 0% – 5% per annum ambitions for 2026 and 2027 1 Grow 2025 run-rate free cash flow2, 4 of EUR ~0.8 billion by Around 5% per annum Increase dividend per share
Slide 15: ® aegon
® aegon
Slide 16: Appendix
Appendix ® aegon
Slide 17: EUR 0.1 billion increase of shareholders' equity after returning capital
EUR 0.1 billion increase of shareholders’ equity after returning EUR 0.7 billion capital to shareholders Shareholders’ equity Shareholders’ (in EUR million) equity per share Shareholders’ equity at June 30, 2025 7,300 EUR 4.64 ▪ Other comprehensive income (OCI) benefits from Net result asset disposa
Slide 18: Growing US operating result driven by Protection Solutions
Growing US operating result driven by Protection Solutions Americas operating result (in USD million) +14% 682 Strategic Assets 67 Financial Assets ▪ Portfolio growth in Protection Solutions led to increased CSM and Risk 599 +76% 38 Adjustment release; In Traditional Life, favorable net claims exper
Slide 19: US CSM development reflects strategy to grow Strategic Assets
US CSM development reflects Aegon’s strategy to grow Strategic Assets and shrink Financial Assets Americas CSM roll-forward (in USD million) Protection Solutions Financial Assets CSM end of 1H 2025 3,606 3,445 New business 353 28 CSM release (189) (228) Accretion of interest 60 66 Experience varianc
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 deposits1 Hedge effectiveness Net deposits1 4,083 99% 98% 2027 2,670 target: 2,200 -9.3% -14.0% -10.2% -15.7% 2022 2H25 2H24 2H25 2H24
Slide 21: Well-diversified US investment portfolio
Well-diversified US investment portfolio Aegon US asset allocation 1 compared to industry2 US Industry (US general account, 100% = USD 77.4 billion, on December 31, 2025) Transamerica / Aegon US 49.0% 49.5% 14.8% 14.7% 14.8% 11.0% 8.7% 7.3% 5.9% 4.8% 3.4% 3.7% 3.7% 3.3% 2.8% 0.9% 0.3% 1.3% Cash and
Slide 22: Diversified US corporate bond portfolio
Diversified US corporate bond portfolio Aegon US fixed income securities1 US corporate bond portfolio1 BBB-rated US corporate bond portfolio1, 2 (In USD billion, on December 31, 2025) (in USD billion, on December 31, 2025) (in USD billion, on December 31, 2025) 1% 1% 5% 7% 5% 2% 7% 7% 3% 12% 2% 25%
Slide 23: Well-managed Commercial Mortgage Loan portfolio with conservative LTV
Well-managed Commercial Mortgage Loan (CML) portfolio with conservative loan-to-value (LTV) US CML portfolio NAIC rating of US CML portfolio Maturity profile US CML portfolio LTV split of US CML portfolio (based on book value, (based on amortized cost, (100% = USD 11.4 billion, based on (based on am
Slide 24: Defensive positioning of other investments in the US general account
Defensive positioning of other investments in the US general account US RMBS and non-housing ABS investments US commercial MBS investments US real estate investments1 (in USD billion, on December 31, 2025) (in USD billion, on December 31, 2025) (in USD billion, on December 31, 2025) 6% 6% 3% 5% 24%
Slide 25: Group solvency ratio amounts to 184%
Group solvency ratio amounts to 184% and includes the contribution from Aegon’s stake in a.s.r. Group solvency position (2H 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 26: Key capital sensitivities and assumptions
Key capital sensitivities and assumptions Capital sensitivities1 SE plc US solvency (2H 2025 , in percentage points) Scenario Solvency UK equivalent US RBC Equity markets +25% -4% -20% -37% Equity markets +10% -2% -3% -4% Equity markets -10% +3% -2% -5% Equity markets -25% +8% -17% -30% Interest rat
Slide 27: Key IFRS sensitivities
Key IFRS sensitivities IFRS sensitivities (Balances per December 31, 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 7,461 1,357 5,695 1,087 Equity markets +25% 376 373 250 (41) Equ
Slide 28: 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 29: 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 30: Disclaimer (1/2)
Disclaimer (1/2) Local currencies • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of This document contains certain information about Aegon’s results, financial condition and revenue generating investments government exposure tha
Slide 31: Disclaimer (2/2)
Disclaimer (2/2) Operational risks (such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals failure to safeguard personally
Slide 32: Y® aegon
Y® aegon