Netherlands · Delayed Price · Currency is EUR Aegon Earnings Call Transcripts
Fiscal Year 2025
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Delivered strong 2025 results, exceeding most financial targets with robust growth in operating results, capital generation, and shareholder returns. Strategic U.S. assets and agent productivity drove performance, while legal settlements and reinsurance actions reduced risk.
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Operating capital generation rose 1% year-on-year to EUR 340 million, with strong U.S. and international performance and robust capital positions. Shareholder returns exceeded EUR 800 million, and the group remains on track for 2025 targets despite currency headwinds.
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Operating result rose 19% to EUR 845 million in H1 2025, driven by profitable growth and improved claims experience, while cash capital at holding exceeded EUR 2 billion. The interim dividend was raised, share buybacks expanded, and a review of relocating the head office to the U.S. was announced.
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The AGM highlighted strong financial results, increased dividends, and substantial shareholder returns. Strategic progress was made in core markets, with new sustainability targets set for 2030. All voting items, including board changes and dividend approval, passed successfully.
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Operating capital generation rose 4% year-over-year to EUR 267 million, with strong commercial momentum in the U.S. and international segments. A new EUR 200 million share buyback was announced, and the group remains on track to meet 2025 financial targets.
Fiscal Year 2024
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Operating and capital generation met guidance, with strong U.S. and U.K. performance offset by international headwinds, especially in China. Dividend rose 17%, and capital returns to shareholders were robust. 2025 guidance for OCG and free cash flow reiterated at EUR 1.2 billion and EUR 800 million, respectively.
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Q3 2024 saw operating capital generation of EUR 336 million, with full-year guidance raised to EUR 1.2 billion. Commercial volatility persisted, but strong capital returns and a new EUR 150 million buyback were announced. U.S. and UK segments showed mixed results.
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Strategic assets drove growth, but adverse US mortality claims weighed on results, leading to an 8% drop in IFRS operating profit and a net loss for H1 2024. Capital returns and buybacks continued, with guidance and dividend targets reaffirmed.
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Ambitious plans target transforming into the U.K.'s leading digital savings and retirement platform, with GBP 5 billion net flows and over GBP 135 billion AUA by 2028. Investments in technology, automation, and customer engagement are expected to drive growth, efficiency, and stable margins.
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The AGM highlighted strong 2023 financial results, strategic transformation progress, and the successful redomiciliation to Bermuda. All major resolutions, including dividend, remuneration, and board appointments, were approved by large majorities. Shareholders engaged on asset management, capital allocation, and governance.