Aegon has doubled the size of its ongoing share buyback program from €200 million to €400 million, effective immediately.
The move, first signalled on August 21 2025 underscored the group's capital return strategy amid strong balance sheet conditions. The program, which began on July 1 2025, has so far seen €87 million of shares repurchased, equivalent to around 43% of the initial €200 million tranche. The expanded buyback is scheduled to run until Dec. 15, 2025, subject to market conditions.
Aegon's largest shareholder, Vereniging Aegon, will participate on a pro-rata basis. Holding about 18.4% of voting rights through common and B shares, its allocation totals €71 million across the full buyback, including €34 million from the additional tranche. Shares will be repurchased at the daily volume-weighted average price on Euronext Amsterdam, with all shares subsequently cancelled.
Aegon has appointed a third party to execute transactions and said purchases will remain within the framework of the EU's Market Abuse Regulation.
Market context
The move comes as insurers across Europe continue to channel excess capital back to investors, buoyed by robust solvency levels and steady cash generation.
For Aegon, the expanded program signals confidence in its capital position following recent restructuring and a sharpened focus on core markets. Analysts note that in a sector where capital buffers remain well above regulatory minimums, buybacks are increasingly being used not only to boost earnings per share but also to signal stability to investors in a still-volatile interest rate environment.
