2025年上半年财务业绩报告

1H 2025Financial Results Duncan RussellChief Financial Officer Lard FrieseChief Executive Officer August 21, 2025 Key messages EUR 845 million operating result, increasing 19% mainly frombusiness growth in key business areas and improvedexperience variance EUR 576 million operating capital generation1on track to meetour OCG guidance of around EUR 1.2 billion for 2025 Continued strong commercial momentum in all key marketsleading to higher new life sales and more net deposits Cash Capital at Holding at EUR 2.0 billion reflectingEUR 442 million of free cash flow and completion ofEUR 150 million share buyback in 1H 2025 Increasing the ongoing share buyback to EUR 400 million fromthe previously announced EUR 200 million Announcing an interim dividend of EUR 0.19 per commonshare, up EUR 0.03 over the 2024 interim dividend Initiating a review on a potential relocation of Aegon’s legaldomicile and head office to the United States Review on potential relocation of Aegon to the US Conclusions to beshared at CMD,Dec. 10, 2025 The US is Aegon’s primary market and central tothe company’s strategy and long-term growth Review on relocating Aegon’s legal domicileand head office to the United States Examine the implications of apotential relocation, including theimpact on all of Aegon’sstakeholders, and of making itslisting on the NYSE its primary listingalongside its Euronext listing Review a potential relocation of thecompany’s legal domicile and headoffice to the US A key element of the potentialrelocation is the implementation ofUS GAAP, preparations for whichhave begun Should Aegon decide to proceedwith the relocation, the transition isexpected to take two to three years Growing Transamerica’s business focused onmiddle-market America Americas Protection SolutionsNew individual life sales(in USD million) Savings & InvestmentsNet deposits mid-sized plans(in USD billion) DistributionWFG licensed agents(number in thousand) Increasing number of WFG agents;higher average premium per policyenabled higher life sales despitereduction in multi-ticket agents Savings & Investments benefiting fromgrowing and more diversified revenuestreams from increasing asset volumesin IRA and GA Stable Value Net deposits in mid-sized RetirementPlans supported by a larger takeoverdeposit from a pooled plan; goodmomentum in Retirement Plans writtensales IRA AuA213.6+2.3vs. 1H24 New individual life sales 13% higherfrom growth in IUL sales in WFG and asuccessful product launch in thebrokerage channel Transamerica’smarket sharein WFG166% GA StableValue AuM214.2+2.8vs. 1H24 Strong commercial momentum in our key markets Asset Management UK International New life sales(in EUR million) Net deposits(in GBP billion) Third-party net deposits(in EUR billion) UK Growing inflows from new and existingschemes in the UK Workplace platform,including a large scheme win Adviser platform continues to beimpacted by withdrawals and ongoingconsolidation in non-target advisersegments International 3% growth in new life sales in theInternational segment, mainly fromBrazil, China, and Spain & Portugal Asset Management Global Platforms third-party net depositsdecreased from two large contract winsin 1H24 and were driven by alternativefixed income products in 1H25 1H 2025Financial Results Duncan RussellChief Financial Officer 1H 2025 financial results IFRS net result driven by growing operating result Income statement (1H 2025, in EUR million) 19% increase of operating result In Americas, less unfavorable experience variances in both insurancesegments and business growth in Protection SolutionsIn UK, higher revenues from business growth and favorable marketsHigher CSM release in InternationalAM and Holding results overall stable Favorable hedge results drive non-operating items Fair value gains in the US mainly from hedging of guaranteesGain from mark-to-market revaluation of the TLB portfolioGains from ECL reversals, more than offset from losses on bond sales Other charges driven by assumption updates •Strengthening lapse assumptions, mainly in the reinsured TLB UniversalLife book and in US Variable Annuities•Updating Medicare Supplement morbidity assumptions Remainder mainly from investments in the business, partly offset byOther income related to Aegon’s stake in a.s.r. Valuation equity per share down 5% mainly from unfavorablecurrency movements Shareholders’ equity(in EUR million) Shareholders’ equity increased from netincome and positive impact ofrevaluations, partly offset by capitalreturns EUR 0.9 billion unfavorable currencymovements drove overall lower CSMbalance In line with our strategy, US ProtectionSolutions CSM increased in USD mainlydue to new business, while US FinancialAssets CSM is lower from run-off, claimsexperience, and assumption updates Valuation equity impacted by overallunfavorable EUR (155) million fromassumption updates in US and TLB,leading to 5% lower valuation equity pershare, incl