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Aegon
(NYSE:AEG)
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Rating:64Neutral
Price Target:
$10.00
▲(8.58% Upside)
Action:Reiterated
Date:08/20/26
AEG scores mid-range mainly due to improved financial trajectory but still-meaningful volatility in profitability and cash-flow consistency. The latest earnings call supports the outlook with stronger operating results, capital generation, and stepped-up shareholder returns, partially offset by capital/assumption impacts and transition execution risks. Valuation (moderate P/E and ~5% yield) is a supportive secondary positive, while technicals indicate only modest, not strong, momentum.
Positive Factors
Improving operating performance and cash generation
Higher operating earnings, capital generation, and positive free cash flow indicate improved earnings capacity and liquidity. If sustained, this strengthens Aegon’s ability to fund growth, manage insurance obligations, and support capital returns.
Negative Factors
Volatile earnings and cash-flow consistency
The recovery has not yet demonstrated through-cycle consistency. Prior losses, thin margins, and uneven free cash flow suggest results remain sensitive to insurance assumptions, markets, and working-capital movements, limiting confidence in durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving operating performance and cash generation
Higher operating earnings, capital generation, and positive free cash flow indicate improved earnings capacity and liquidity. If sustained, this strengthens Aegon’s ability to fund growth, manage insurance obligations, and support capital returns.
Read all positive factors
Aegon (AEG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.87B
Dividend Yield4.7%
Average Volume (3M)4.98M
Price to Earnings (P/E)12.1
Beta (1Y)1.03
Revenue Growth24.97%
EPS GrowthN/A
CountryUS
Employees15,304
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.65
Shares Outstanding1,573,119,900
10 Day Avg. Volume5,251,969
30 Day Avg. Volume4,983,598
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)1.36
Price to Sales (P/S)0.38
P/FCF Ratio12.03
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.08
Revenue Forecast (FY)$22.56B
Aegon Business Overview & Revenue Model
Company Description
Aegon Ltd. functions as a leading financial services provider, offering a comprehensive suite of insurance, retirement planning, and asset management solutions across its operational regions in the Americas, the Netherlands, and the United Kingdom...
How the Company Makes Money
Aegon makes money primarily by underwriting and administering long-term savings and protection products and by earning fees from managing assets.
1) Insurance premiums and policy charges: For life insurance and protection products, Aegon collects...
Aegon Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong commercial momentum (notably a 54% increase in new life sales), improved operating results (+9% to EUR 804m), higher OCG (+27%), solid free cash flow (EUR 392m) and strengthened holding-level liquidity (EUR 1.7bn). Management advanced strategic U.S. relocation steps and increased shareholder returns. Offsetting negatives included elevated new business strain, assumption/model review charges (EUR 231m net of tax), market-driven capital ratio impacts and some regional/product challenges (China repricing, TAM outflows). On balance, the company is executing its strategy while taking measured capital-management actions to address strain and regulatory impacts.Positive Updates
Increase in Operating Result
Operating result rose to EUR 804 million in H1 2026, a 9% increase year-over-year, driven by broad-based unit improvements and favorable financial markets.
Negative Updates
Increased New Business Strain and OCG Pressure
OCG rose 27% YoY partly reflecting a large increase in new business strain from accelerated sales (new life sales +54%), requiring capital-management actions (e.g., repositioning portfolios) to manage elevated strain.
Read all updates
Q2-2026 Updates
Positive
Negative
Increase in Operating Result
Operating result rose to EUR 804 million in H1 2026, a 9% increase year-over-year, driven by broad-based unit improvements and favorable financial markets.
Read all positive updates
Company Guidance
The call reiterated confidence in the outlook while updating a number of quantified targets and near‑term actions: H1 operating result was EUR 804m, operating capital generation EUR 416m and free cash flow EUR 392m, with cash capital at holding at EUR 1.7bn (targeting ≈EUR 1.0bn at year‑end 2026); valuation equity per share rose 4% to EUR 9.42 and net result was EUR 608m. Commercial momentum included new life sales +54% and World Financial Group life and annuity sales +5% and +12% respectively; Transamerica operating result was $756m (+14% in local currency). Capital metrics: group solvency ratio 169% (30 Jun 2026), U.S. RBC 420% (‑4pp; operating level ~400%), gross financial leverage EUR 5bn, and financial‑assets capital employed reduced to $2.4bn (close to the ~$2.1–2.2bn target) with floor reserves just under $500m. Management booked roughly 40% (≈EUR 140m) of the expected EUR 350m relocation costs, expects U.S. GAAP dry runs in H2, has increased H2 share buybacks by EUR 150m to EUR 350m (EUR 227m executed in H1, incl. EUR 27m for SBC), declared an interim dividend of EUR 0.21/share (+11% YoY), and confirmed medium‑term ambitions remain unchanged notwithstanding the Aegon UK sale and transfers.Aegon Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.11B | 26.86B | 19.52B | 12.98B | -21.64B | 46.50B |
| Gross Profit | 21.45B | 5.67B | 19.52B | 2.37B | 14.29B | 46.50B |
| EBITDA | 1.12B | 1.17B | 635.00M | -204.00M | 1.00B | 2.58B |
| Net Income | 1.02B | 977.00M | 688.00M | -179.00M | -570.00M | 1.98B |
Balance Sheet | ||||||
| Total Assets | 337.59B | 317.10B | 327.39B | 301.58B | 401.79B | 468.25B |
| Cash, Cash Equivalents and Short-Term Investments | 3.51B | 3.19B | 58.18B | 4.07B | 64.31B | 108.25B |
| Total Debt | 3.83B | 5.60B | 5.00B | 4.92B | 6.67B | 12.23B |
| Total Liabilities | 328.60B | 309.48B | 318.08B | 292.03B | 387.60B | 441.88B |
| Stockholders Equity | 8.91B | 7.53B | 9.19B | 7.55B | 10.76B | 26.18B |
Cash Flow | ||||||
| Free Cash Flow | 289.33M | 851.99M | 711.00M | 799.00M | 2.75B | -1.91B |
| Operating Cash Flow | 326.25M | 891.37M | 762.00M | 864.00M | 2.85B | -1.80B |
| Investing Cash Flow | 585.63M | 557.11M | 300.00M | -2.00B | 616.00M | -54.00M |
| Financing Cash Flow | -2.20B | -1.93B | -1.75B | -3.24B | -1.83B | 300.00M |
Aegon Technical Analysis
Positive
9.21
Price Trends
9.01
Positive
8.54
Positive
7.94
Positive
Market Momentum
0.03
Positive
47.77
Neutral
38.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEG, the sentiment is Positive. The current price of 9.21 is below the 20-day moving average (MA) of 9.34, above the 50-day MA of 9.01, and above the 200-day MA of 7.94, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 47.77 is Neutral, neither overbought nor oversold. The STOCH value of 38.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AEG.
Aegon Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $34.37B | 7.62 | 19.52% | ― | -0.21% | 31.57% | |
79 Outperform | $37.88B | 8.83 | 22.99% | 1.65% | 5.95% | 39.99% | |
77 Outperform | $24.02B | 15.93 | 13.03% | 2.92% | 3.72% | 41.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $40.25B | 13.91 | 7.27% | 2.34% | -4.19% | 1.09% | |
64 Neutral | $13.87B | 12.14 | 12.23% | 5.08% | 24.97% | ― | |
63 Neutral | $13.62B | -15.34 | 845.66% | 2.31% | -17.70% | -356.46% |
* Financial Sector Average
AEG
Aegon
9.15
1.73
23.37%
AIG
American International Group
76.63
-2.79
-3.52%
ACGL
Arch Capital Group
98.76
7.23
7.90%
HIG
Hartford Insurance
137.80
7.76
5.97%
PFG
Principal Financial
112.17
34.51
44.44%
EQH
Equitable Holdings
50.15
-1.72
-3.31%
Aegon Corporate Events
Aegon Launches New €200 Million Buyback After Completing €227 Million Program
Jul 1, 2026
On July 1, 2026, Aegon launched a new EUR 200 million share buyback program that had been announced at its Capital Markets Day in December 2025, with completion targeted by December 23, 2026, subject to market conditions. The company plans to canc...
Aegon Names New President and COO as It Picks New York for Future U.S. Headquarters
Jun 17, 2026
On June 17, 2026, Aegon announced a major leadership reshuffle and the selection of New York City for its future corporate headquarters as part of a broader plan to redomicile the group to the United States. Will Fuller, currently President and CE...
Aegon Shareholders Back 2025 Dividend, Extend CEO Mandate and Add New Director
Jun 10, 2026
At its Annual General Meeting of Shareholders held in Schiphol on June 10, 2026, Aegon Ltd secured approval for all resolutions on the agenda, underscoring broad investor support for its strategy and governance. Shareholders approved a final 2025 ...
Aegon Strikes Deal With Vereniging and Unveils US-Style Governance for Planned Delaware Move
May 28, 2026
On May 28, 2026, Aegon announced an agreement with its largest shareholder, Vereniging Aegon, and unveiled a proposed US-aligned governance framework tied to its planned move of its legal seat to Delaware. The plan includes dismantling the stagger...
Aegon Sets Out U.S.-Style Governance Blueprint Ahead of Planned Redomiciling
May 28, 2026
Aegon detailed a proposed governance overhaul tied to its previously announced plan to redomicile to the United States, aligning its headquarters, legal domicile, tax residency, accounting standards, and governance with the market where Transameri...
Aegon Names New Chief HR Officer to Support U.S. Transition
May 22, 2026
Aegon Ltd, a Bermuda-domiciled, Schiphol-headquartered financial services holding company, operates insurance, retirement, and asset management businesses across the U.S., U.K., Europe, China, and Brazil, and maintains listings in Amsterdam and Ne...
Aegon Files 2025 Financial Condition Report with SEC on May 20, 2026
May 20, 2026
Aegon Ltd. has filed its May 2026 Form 6-K with the U.S. Securities and Exchange Commission, formally submitting its 2025 Financial Condition Report dated May 20, 2026. The filing, signed by Director of Financial Reporting Operations S. Knol, con...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.