Aegon reported solid financial results and outlined a strategic shift toward the United States in its 2025 integrated annual report, positioning the market at the centre of its long-term growth ambitions.
The insurer said operating capital generation before holding and funding expenses rose to €1.3bn, exceeding internal targets, while operating profit increased 15% year-on-year to €1.7bn. Free cash flow reached €829m, broadly in line with expectations, supporting shareholder distributions and balance sheet strength.
The company increased its dividend by 14% to €0.40 per share and completed €550m in share buybacks during the year, reflecting what it described as disciplined capital management.
Aegon confirmed plans to relocate its head office and legal domicile to the United States, aligning the business with its largest market, where its Transamerica brand accounts for around 70% of operations.
The group intends to rebrand the holding company as Transamerica Inc. following the move, while maintaining existing brands in local markets. It also plans to transition to US GAAP reporting by 2027 and seek inclusion in US-focused indices to broaden its investor base.
“Our ambition is to become a leading US life insurance and retirement group, with international
subsidiaries in insurance and asset management. Given the kind of products and services we offer our customers, we are very pleased with our global asset manager, Aegon Asset Management (Aegon AM).” said Lard Friese, CEO of Aegeon, highlighting the company will retain international operations in asset management and selected growth markets.
The company continued to streamline its portfolio, including reducing its stake in Dutch insurer a.s.r. from around 30% to 24%, generating €700m in proceeds.
Aegon also advanced its strategy of distinguishing between Strategic Assets, which it aims to grow, and Financial Assets, legacy portfolios where it seeks to reduce capital exposure and volatility.
In the United Kingdom, the group said it is reviewing strategic options for its business, including a potential divestment, as part of its increased focus on the US.
The report highlighted a “resilient” global economy in 2025, with GDP growth of about 3%, though inflation remained above central bank targets in several regions.
Aegon pointed to geopolitical fragmentation, ageing populations, and rapid technological change –particularly artificial intelligence – as key factors shaping its operating environment.
The insurer said it strengthened its sustainability framework, identifying climate change, human capital, customers, and business conduct as its core material issues.
It also reaffirmed its target to achieve net-zero emissions across its investment portfolio by 2050 and set interim goals for 2030, including a 50% reduction in carbon intensity of key assets.
Artificial intelligence continued to be deployed across operations, particularly in underwriting, fraud detection, and customer service, while maintaining oversight on governance and data protection.
Looking ahead, Aegon expects operating profit, free cash flow, and dividends to grow at around 5% annually through 2027, supported by its US-focused strategy and ongoing capital discipline.
The company said its transformation, which began in 2020, has positioned it for “the next phase of growth,” centred on expanding its presence in the US life insurance and retirement market while maintaining selective international operations.
“What gives me confidence is our combination of purpose, performance, and people. We have a clear direction, strong businesses, and colleagues united around a shared ambition: building leading businesses that offer investment, protection, and retirement solutions. I see that every day in
the way teams collaborate, challenge each other, and stay focused – even when things are complex,” said Friese. “2025 was a turning point, and I am confident we are ready for the next frontier.”
