Aegon Ltd. · EURONEXT:AGN
Aegon — H1 2026 Earnings Presentation
37 slides from Aegon's earnings presentation, Aug 20, 2026
Slide 1: 1H 2026 Results
1H 2026 Results Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer August 20, 2026
Slide 2: Key messages
Key messages ▪ Robust commercial and financial results1 • EUR 804 million operating result (+9% vs. 1H 2025) reflecting strong commercial momentum and favorable markets • EUR 416 million operating capital generation2 (+27% vs. 1H 2025) driven by strong business growth and improved claims experience
Slide 3: Strong commercial growth at Transamerica
Strong commercial growth at Transamerica Americas Distribution Savings & Investments Protection Solutions Life sales Retirement Plans AuA1 New individual life sales (in USD million) (in USD billion) (in USD million) ▪ Exceeding 100,000 licensed agents at WFG; 353 370 424 more agents producing and a
Slide 4: Solid results in Aegon's other key markets
Solid results in Aegon’s other key markets International Asset Management New life sales Third-party net flows1 International (in EUR million) (in EUR billion) ▪ New sales contributing to continued growth of the book 144 143 2.9 ▪ Growth in new life sales in Brazil driven by individual 10 3.5 risk p
Slide 5: Transition progressing at pace / Next steps
Transition Next steps progressing at pace ▪ EGM for approval of relocation targeted for ▪ Announced sale of Aegon UK to Standard Life for a total October 8, 2026 consideration of GBP 2.0 billion in April 2026 • Shareholders’ approval of redomiciliation to the US and constitutional documents amendmen
Slide 6: Relocation progressing at pace
Relocation progressing at pace Today April 15, 2026 Oct. 8, 2026 Aug. 2027 Aim for Jan. 1, 2028 May 2028 Announced Targeted date IFRS reporting Transition of legal seat and US GAAP sale of for EGM for 1H 2027; regulator1; Aegon Ltd. becomes reporting Aegon UK approval of update on domestic issuer an
Slide 7: 1H 2026 Financial Results
1H 2026 Financial Results Duncan Russell Chief Financial Officer
Slide 8: 1H 2026 financial results
1H 2026 financial results (in EUR million) Cash Capital at Holding 1,656 +346 Operating result 804 +9% Valuation equity per share (in EUR) 9.42 +0.36 Operating capital generation1 416 +27% Gross financial leverage 4,967 +117 Free cash flow 392 -11% Group solvency ratio 169% -15%-pts compared with 1H
Slide 9: Operating result 9% up from business growth and favorable markets
Operating result 9% up from business growth and favorable markets Operating result (in EUR million) +9% 804 741 85 Americas - Distribution Americas operating result increased by 3% 76 128 Americas - Savings & Investments ▪ 14%1 increase on a comparable basis and in local currency 115 ▪ Strategic Ass
Slide 10: IFRS net result of EUR 608 million
IFRS net result of EUR 608 million Income statement (in EUR million) 1H 2026 1H 2025 Net profit on the same level as 1H25 Operating result 804 741 ▪ Higher operating result offset by lower non-operating items and higher Other charges Fair value items (7) 158 Gain from non-operating items ▪ Realized
Slide 11: Increasing valuation equity per share
Increasing valuation equity per share Shareholders’ equity and CSM Valuation equity per share (in EUR million) (in EUR) +4% 9.42 Dec. 31, Jun. 30, 9.06 2025 2026 Change Shareholders’ equity 7,432 7,328 -1% CSM after est. 3.67 tax per share 4.15 US Protection Solutions 3,643 4,114 +13% Est. sharehold
Slide 12: 27% increase of OCG driven by Americas and Asset Management
27% increase of OCG driven by Americas and Asset Management Operating capital generation 1 (OCG) (in EUR million) Americas OCG increased by 26%, in local currency by 35% +27% 416 • Strong commercial momentum leading to high new business strain, offset by accelerating earnings on in-force 327 109 Ass
Slide 13: Solid US capital position benefiting from strong OCG contribution
Solid US capital position benefiting from strong OCG contribution US RBC ratio1 31% -12% ▪ Strong OCG contribution, partly offset by remittances, as these were supplemented by funding from entities 424% -12% outside the RBC framework 420% ▪ Unfavorable market movements from lagging -11% performance
Slide 14: Cash Capital at Holding moving above the operating range
Cash Capital at Holding moving above the operating range Cash Capital at Holding (in EUR million) ▪ Free cash flow from remittances from all segments 392 and a.s.r.’s dividend and share buyback participation 95 1,656 59 ▪ Divestiture cash inflow reflects Aegon UK dividends: 1,500 Proceeds received a
Slide 15: On track to deliver financial ambitions for 2026 and 2027
Grow 2025 run-rate operating result of EUR 1.3 – 1.5 billion by Around 5% per annum On track to Grow 2025 run-rate OCG2 of EUR 0.70 – 0.75 billion by deliver 0% – 5% per annum financial ambitions for 2026 Grow 2025 run-rate free cash flow of EUR ~0.68 billion by Around 5% per annum and 2027 1 Increa
Slide 16: Q&A
O&A @® aegon
Slide 17: Appendix – Redomiciliation
Appendix – Redomiciliation
Slide 18: US relocation simplifies Aegon's profile
US relocation simplifies Aegon’s profile Headquarters Headquarters close to the main operations in the biggest market Strategic alignment with core business (around 80% of our earnings and cash flow come from the NL US US) and market with significant growth potential Moving headquarters to New Y
Slide 19: Vereniging Aegon agreed to proposed governance framework
▪ Alignment of VA’s voting rights with its economic ownership through the elimination of the existing Special Cause voting construct Aegon’s largest shareholder, ▪ All outstanding Common Shares B held by VA will be Vereniging Aegon, has agreed converted into Common Shares on a 40:1 basis reflecting
Slide 20: Shifting from consolidated solvency view to entity-based capital ratios
Shifting from a consolidated solvency view to entity-based capital ratios and ratings From Bermuda transitional reporting … to an aggregation approach … to group regulatory reporting to Iowa since Oct. 2023 … for FY26 and 1H27 … Insurance Division (IID) as of FY272 ▪ During the transition period, gr
Slide 21: Appendix – 1H 2026 results
Appendix – 1H 2026 results
Slide 22: Decrease of shareholders' equity from capital returns to shareholders
Decrease of shareholders’ equity from capital returns to shareholders Shareholders’ equity Shareholders’ (in EUR million) equity per share Shareholders’ equity at Dec. 31, 2025 7,432 EUR 4.91 Net result ▪ Other comprehensive income (OCI) driven by (excl. non-controlling interest) 614 revaluations, p
Slide 23: Addition to US CSM from new business was larger than release
Addition to US CSM from new business was larger than the release of CSM Americas CSM roll-forward (in USD million) Protection Solutions Financial Assets CSM end of 2H 2025 4,274 3,187 New business 405 36 CSM release (211) (212) Accretion of interest 84 63 Experience variance 8 (92) +10% -6% Assumpti
Slide 24: Group solvency ratio amounts to 169%
Group solvency ratio amounts to 169% and includes the contribution from Aegon’s stake in a.s.r. Group solvency position (1H 2026, in EUR million) Scottish Contribution of Other units, US RBC US solvency Equitable (SE) plc Aegon’s stake diversification, (in USD million) equivalent Solvency UK in a.s.
Slide 25: Key sensitivities and assumptions
Key sensitivities and assumptions Americas capital sensitivities1 IFRS sensitivities of Transamerica (1H 2026, in percentage points) (Balances per June 30, 2026, in USD million) US solvency CSM Shareholders’ Scenario US RBC equivalent Scenario (pre-tax) equity Equity markets +25% -33% -19% Balance a
Slide 26: Appendix – Updated financial ambitions
TO BE UPDATED Appendix – Updated financial ambitions
Slide 27: Impact of the transfer of TAM to Aegon Asset Management
Impact of the transfer of Transamerica Asset Management (TAM) to Aegon Asset Management 2025 as reported Pro forma 2025 Change Asset Asset Asset Americas Management Americas Management Americas Management (USD million) (EUR million) (USD million) (EUR million) (USD million) (EUR million) Operating R
Slide 28: Transamerica's updated financial ambitions reflecting transfer of TAM
Transamerica’s updated financial ambitions reflecting the transfer of TAM Operating result run-rate1 OCG run-rate1 Remittances run-rate1 (in USD billion, CAGR) (in USD billion, CAGR) (in USD million, CAGR) 0-3% p.a. ~5% p.a. ~5% p.a. 0.86 – 0.96 1.35 – 1.55 645 2025 pro forma 2027 2025 pro forma 202
Slide 29: Updated financial ambitions for the other units
Updated financial ambitions for the other units reflecting the sale of Aegon UK and the transfer of TAM to AAM Operating result run-rate1 OCG run-rate1 Remittances run-rate1 (in EUR million, CAGR) (in EUR million, CAGR) (in EUR million, CAGR) ~5% p.a. ~5% p.a. 390-440 230-290 Standard Life dividend
Slide 30: Updated financial ambitions of the Group
Updated financial ambitions of the Group reflecting the sale of Aegon UK and the transfer of TAM Operating result run-rate1 OCG run-rate1 Free cash flow3 run-rate1 (in EUR billion, CAGR) (in EUR billion, CAGR) (in EUR billion, CAGR) 0-5% p.a. ~5% p.a. 0.70 – 0.75 1.3 – 1.5 Standard Life dividend ~0.
Slide 31: Updated Transamerica's earnings guidance
Updated Transamerica’s Updated operating result earnings guidance run-rate1 ambition (in USD million) Strategic Assets achieving earnings growth 1,350 – 1,550 ~ +5% p.a. ▪ Protection Solutions CSM balance supports Distribution 160-170 sustainable increase in insurance results ▪ WFG and Retirement Pl
Slide 32: Updated AAM's financial ambitions
Aegon Asset Management (AAM) Global Platforms ambitions Third-party revenue growth of ~6% per annum Updated Operating margin AAM’s greater than 20% by 2027 financial ambitions for 2026 and Aegon Asset Management ambitions (total)1 2027 Operating result of EUR 240+ million by 2027 Grow gross remittan
Slide 33: Investing in Aegon
Investing in Aegon Aegon’s ordinary shares Aegon’s New York Registry Shares (NYRS) ▪ Traded on Euronext ▪ Traded on NYSE since 1991 and quoted in Amsterdam since 1969 US dollars and quoted in euros ▪ One Aegon NYRS equals one Aegon Amsterdam-listed common share ▪ Cost effective way to hold internati
Slide 34: Aegon Investor Relations
Aegon Investor Relations Contact Investor Relations Yves Cormier, Head of Investor Relations +44 782 337 1511 Karl-Otto Grosse-Holz, Investor Relations Officer +31 20 259 2488 Jan-Willem Stokhuijzen, Investor Relations Officer +31 20 259 2494 Krithika Verma, Investor Relations Officer +31 20 259 248
Slide 35: Disclaimer (1/2)
Disclaimer (1/2) Local currencies Forward-looking statements This document contains certain information about Aegon’s results, financial condition and revenue generating investments The statements contained in this document that are not historical facts are forward -looking statements as defined in
Slide 36: Disclaimer (2/2)
Disclaimer (2/2) Catastrophic events, either manmade or by nature – including, for example, acts of God, acts of terrorism, acts of war and Standard setting initiatives of supranational standard setting bodies, such as the Financial Stability Board and the International pandemics – could result
Slide 37: Y® aegon
Y® aegon