Aegon Ltd. New York Registry Shares

Execution has been decisive. After monetizing the Netherlands franchise via the a.s.r. deal, Aegon agreed to sell Aegon UK for GBP 2.0 billion and is redeploying into deleveraging and buybacks.

In 2025 it returned EUR 1.1 billion to shareholders and proposed a 2025 total dividend of EUR 0.40 per share, while buybacks continued in 2026 with a EUR 227 million program completed by June 30 and a new EUR 200 million program launched July 1. Management balances remittances against solvency, maintaining cash at holding near target levels.

We note disciplined use of reinsurance to improve capital efficiency and reduce earnings volatility. Dilution from SBC is modest relative to buybacks, with a portion of repurchased shares earmarked to offset plans. Track record since 2020 supports a high score.