Aegon Limited (AEG) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.236 Good morning, everyone. I would like to welcome you to this conference call on EGON's 00:00:04.236 -- 00:00:10.022 second half-year 2025 results. My name is Yves Cormier, Head of Investor Relations. 00:00:10.022 -- 00:00:15.068 Joining me today to take you through our progress are EGON CEO, Lard Friese, and 00:00:15.068 -- 00:00:17.591 CFO, Duncan Russell. 00:00:17.591 -- 00:00:22.196 Before we start, I would like to ask you to review our disclaimer on forward-looking 00:00:22.196 -- 00:00:26.541 statements, which you can find at the end of the presentation. 00:00:26.541 -- 00:00:30.372 And with that, I would like to give the floor to Lard. 00:00:30.372 -- 00:00:33.794 Yes, thank you, Eve. Good morning, everyone. 00:00:34.017 -- 00:00:38.724 I will start today's presentation by running you through our strategic developments and 00:00:38.724 -- 00:00:41.468 commercial performance in 2025 00:00:41.468 -- 00:00:45.374 before Duncan will go through the results in more detail. 00:00:45.374 -- 00:00:51.320 So let me start with slide number two with the key messages for the year. 00:00:51.724 -- 00:00:54.087 Our results over 2025 00:00:54.087 -- 00:00:58.874 demonstrate the strength of our strategy and our ability to consistently deliver upon 00:00:58.874 -- 00:01:04.179 our ambitions. We have either met or outperformed all our financial 00:01:04.179 -- 00:01:06.660 targets for 2025. 00:01:07.002 -- 00:01:11.727 Operating capital generation before holding and funding expenses increased year over 00:01:11.727 -- 00:01:15.832 year to 1.3 billion euro ahead of target. 00:01:15.832 -- 00:01:21.576 Our operating results increased by 15% compared with 2024 to 1.7 00:01:21.658 -- 00:01:26.924 billion euro. This increase reflected business growth...