Aegon Limited (AEG) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I would like to welcome you to this conference call on EGON's second half-year 2025 results. My name is Yves Cormier, Head of Investor Relations. Joining me today to take you through our progress are EGON CEO, Lard Friese, and CFO, Duncan Russell. Before we start, I would like to ask you to review our disclaimer on forward-looking statements, which you can find at the end of the presentation. And with that, I would like to give the floor to Lard. Yes, thank you, Eve. Good morning, everyone. I will start today's presentation by running you through our strategic developments and commercial performance in 2025 before Duncan will go through the results in more detail. So let me start with slide number two with the key messages for the year. Our results over 2025 demonstrate the strength of our strategy and our ability to consistently deliver upon our ambitions. We have either met or outperformed all our financial targets for 2025. Operating capital generation before holding and funding expenses increased year over year to 1.3 billion euro ahead of target. Our operating results increased by 15% compared with 2024 to 1.7 billion euro. This increase reflected business growth across all units, favorable market impacts, and improved experience variances in the Americas and international businesses. Free cash flow for the full year 2025 was at 829 million euro, consistent with our target. On the back of our strong capital position and financial performance, we propose a final dividend of 21 cents per common share, resulting in a full year 2025 dividend of 40 cents per share, in line with our target and up 14% from 35 cents per share over 2024. Furthermore, we executed 400 million Euro of share buybacks in the second half of 2025. And we are currently ex...