Aegon (J06) Q2 2026 Earnings Report

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.

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.