Aegon Ltd. New York Registry Shares

Aegon generated EUR 1.3 billion of operating capital generation in 2025 and EUR 829 million of free cash flow, meeting or exceeding targets.

Guidance implies around 5% free cash flow CAGR over 2026 to 2027, albeit with the UK contribution removed post-divestment and replaced over time by returns from the Standard Life stake and capital redeployment.

De-risking actions and strong capitalization support more stable remittances, yet earnings and capital generation remain exposed to interest rates, equity markets, lapse and mortality/morbidity assumptions, and regulatory changes. We judge medium predictability, improving as legacy exposures run down.