Aegon FY25 Q4: Operating results up 15%, capital generation ahead of target

Transcript intelligence

What changed

Aegon reported FY2025 Q4 before the open on Feb 19, 2026. Operating results rose 15% YoY with operating capital generation of EUR 1.3 billion ahead of target; reported EPS of 0.27 came in about 44% below the ~0.48 estimate, while reported revenue of roughly EUR 22.3 billion ran well above the ~EUR 7.5 billion expectation (differing revenue scopes). Management raised the dividend 14%, kept guidance maintained, and began a EUR 400 million 2026 buyback. Shares fell about 5.6% in a down tape, with the post-report drift also roughly -5.6%.

Guidance delta

Guidance sentiment was maintained. Management targets roughly 5% annual growth in operating result through 2026-27 and launched a EUR 400 million share-buyback program for 2026, on top of a 14% dividend increase.

Key takeaways

• Operating results grew 15% YoY, with operating capital generation of EUR 1.3 billion ahead of target
• Dividend raised 14% and buybacks continued with a new EUR 400 million program for 2026
• US strategic assets, especially World Financial Group, drove growth with productivity gains and agent expansion
• CLO warehouse capacity expanded to support higher-margin third-party asset-management business
• UK platform under strategic review and legal settlements disclosed at roughly $230 million

Management priorities

• Complete relocation to the United States and early/full US GAAP implementation
• Grow WFG licensed agents to roughly 110,000 by 2027
• Continue expanding CLO warehouse capacity in the US and Europe
• Maintain strong capital-return program across dividends and buybacks
• Finalize the strategic review and potential sale of the UK platform