Dutch insurer Aegon reported a net result of €375 million for the second half of 2025, a sharp decline from €741 million a year earlier, as gains in operating performance were offset by non-operating charges.
For the full year, Aegon posted a net result of €980 million, up 45% compared with 2024, while its full-year operating result rose 15% to €1.7 billion.
The stronger operating performance, however, was overshadowed by the company's sweeping strategic pivot.
Aegon plans to relocate its head office and legal seat to the United States and renaming as Transamerica Inc. by January 1, 2028 – a move projected to cost approximately €350 million. The company said it would seek shareholder approval at an extraordinary general meeting in Q4 2026.
Transamerica already accounts for roughly 70% of Aegon's operations. Chief executive Lard Friese (pictured above) has said the realignment would "simplify Aegon's corporate structure" by housing the group's legal domicile, tax residency and regulation under one roof.
Management pointed to widening protection and retirement gaps among Americans as the strategic rationale, framing the ambition as becoming "a leading US life insurance and retirement group."
When the plans were first unveiled in December, markets were unconvinced. Aegon's shares fell roughly 8% in Amsterdam at the time, with investors scrutinizing what the transition would mean for capital returns. Bank of America analysts characterized Aegon's assumptions as conservative but cautioned that de-risking in the US could come at the expense of shareholder payouts.
The relocation also carries implications for Aegon's European footprint. The company has launched a strategic review of its UK arm, with reports suggesting Lloyds Banking Group and Phoenix Group are among potential bidders for the unit, which could fetch between £1.5 billion and £3 billion.
On the operational front, Transamerica expanded its distribution network, World Financial Group, to more than 95,000 licensed agents and recorded a 30% increase in individual new life sales. Capital employed by its Financial Assets segment fell to $2.7 billion, ahead of a $2.9 billion target.
"This gives us confidence that our plans have a robust foundation as we work to further accelerate growth in our US business," Friese said.
Aegon's asset management arm recorded €1 billion in net third-party inflows during 2025, while its UK Workplace Platform generated £2.4 billion in net inflows. The company returned €1.1 billion to shareholders through dividends and share buybacks.
By comparison, NN Group – Aegon's closest Dutch peer, where Friese previously served as chief executive – reported a full-year operating result of €3 billion, nearly double that of Aegon, and free cash flow exceeding €1.6 billion against Aegon's €829 million.
Yet Aegon continues to trade at a discount, with a price-to-earnings ratio of roughly 7.8 times against an industry average of about 12 times, data from Simply Wall St shows.
Aegon proposed a final 2025 dividend of €0.21 per common share, an 11% increase, bringing the full-year payout to €0.40 per share.
"I am confident that we can build upon the strong momentum we created during 2025," Friese said.
