olivLaw · European equity research
Aegon Ltd. AGN.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Aegon Ltd. is an international group in life insurance, retirement and asset management, with its main operations in the United States through Transamerica. The company is moving its head office and legal seat to the US and aims to become a leading US life insurance and retirement group, which makes its profile relevant during this transition. Operating result for 2025 was EUR 1.7 billion.
At the close of 05 Nov 2026, Aegon Ltd. (AGN.AS) stock was 7.63 EUR (+0.13% on the day), with beta 0.91, 52-week range 5.96–8.29 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.1
- strong (55–70)
- Bollinger (20, 2)
- 7.29 – 7.62
- above the upper band · %B 1.05 · band width 4.4%
- SMA 50 / 200
- 7.67 / 7.26
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.0% | +0.4% | −0.4 pp | — |
| 3 months | −7.6% | −3.3% | −4.3 pp | — |
| 6 months | +7.5% | +4.0% | +3.5 pp | — |
| Year to date | +14.9% | +8.1% | +6.8 pp | — |
| 1 year | +15.7% | +10.7% | +5.0 pp | +0.3% |
| 3 years | +60.9% | +50.1% | +10.8 pp | +2.2% |
| 5 years | +76.2% | +43.6% | +32.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -1.0 bn | -179.0 m | 688.0 m | 977.0 m |
| Net income YoY | unavailable | unavailable | unavailable | +42.0% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 2.6 bn | 799.0 m | 711.0 m | 393.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.7 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 9.5 bn EUR
- Total assets
- 317.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.4%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.7 bn | 864.0 m | 762.0 m | 434.0 m | esef· 07 Apr 2026verified |
| Capex | 72.0 m | 65.0 m | 51.0 m | 41.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 2.6 bn ≈ | 799.0 m ≈ | 711.0 m ≈ | 393.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 733.0 m | -2.0 bn | 300.0 m | 1.0 bn | esef· 07 Apr 2026verified |
| Financing cash flow | -1.8 bn | -3.2 bn | -1.8 bn | -2.0 bn | esef· 07 Apr 2026verified |
| Dividends paid | 167.0 m | 494.0 m | 521.0 m | 596.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 597.0 m | 1.1 bn | 925.0 m | 549.0 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 40.2% | 15 (on a fixed band) | 60% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 151.7% | 0 (on a fixed band) | 40% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Aegon Ltd. (AGN.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: 40.2%
- Payout ratio (FCF): 151.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for AGN.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Aegon Ltd. is an international group in life insurance, retirement and asset management, with its main operations in the United States through Transamerica. The company is moving its head office and legal seat to the US and aims to become a leading US life insurance and retirement group, which makes its profile relevant during this transition. Operating result for 2025 was EUR 1.7 billion.
SWOT
Strengths
- Transamerica holds a strong position in the US life insurance and retirement market, supported by a large affiliated agent network.
- Cash generation is supported by a rising operating result and solid operating capital generation.
- A high ESG rating and a balance sheet described by management as strong support investor confidence.
Weaknesses
- Heavy dependence on one main segment, Transamerica, which accounts for most of operations.
- Inherited legacy Financial Assets carry volatility risks that the company is trying to reduce.
- The simultaneous move of the head office and the switch to US GAAP demand substantial operational resources.
Opportunities
- Growth in retirement and protection products for middle-income American families.
- Expanding affiliated partnerships, including one with a Canadian insurer, could bring new clients.
- If the Aegon UK review leads to a transaction, the company could redirect capital to growth activities.
Threats
- Difficulties in executing the head office relocation could divert management attention from strategy.
- A high-interest, persistent-inflation environment may affect investment returns and product demand.
- Strong competition in the US and Asia could limit margin expansion.
Risks
- Relocation execution riskmedium
Moving the head office and legal seat to the US and renaming the group are complex operations. If the transition is delayed, costs could rise.
- Reporting riskmedium
The switch to US GAAP and reduced reporting frequency may make it harder for investors to track performance during the transition period.
- Market and interest rate riskhigh
Investment income depends on interest rates and financial markets. Sudden changes could affect results.
- Joint venture riskmedium
Many international activities run through partnerships with banks and other insurers, creating dependence on local partners.
- Regulatory riskmedium
Insurance activity is subject to strict regulation, and changes to the framework could alter capital requirements.
Investment thesis
What would need to be true (bull case)
- If Transamerica sustains its growth and successfully reduces legacy Financial Assets, the group's risk profile could become more predictable.
- Capital generation and the share buyback program show the company's capacity to return capital to shareholders.
- Expansion of the agent network and partnerships could support growth in premium income.
What would break the thesis
- The relocation could carry costs and execution risks that delay the expected strategic benefits.
- Dependence on Transamerica leaves the group exposed to changes in the US market.
- A high-interest-rate environment could weigh on returns and demand for savings and retirement products.
What to watch
- Half-year results and progress of the head office relocation2026
- Decision on the possible sale of Aegon UK2026
- First report under US GAAP2027
- Execution of the EUR 400 million share buyback program2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Aegon has fully owned businesses in the Americas and the United Kingdom, a global asset manager, and a life insurer serving affluent clients mainly in Asia. The company also has insurance joint ventures in Spain and Portugal, China and Brazil, and asset management partnerships in France and China. Revenue comes from insurance premiums, investment returns, fees and commissions. According to the 2025 annual report, Transamerica represents approximately 70% of operations.
In the Americas, Transamerica provides life insurance, retirement and investment solutions, while the affiliated World Financial Group network, with over 95,000 licensed agents, distributes products in the United States and Canada. The company is growing its direct and affiliated distribution to engage more directly with customers.
Financially, at year-end 2025 the company reported a rising operating result and operating capital generation of EUR 1.3 billion before holding and funding expenses. In 2025 Aegon sold part of its a.s.r. stake, reducing it to approximately 24%, and it announced a EUR 400 million share buyback program for 2026.
Segments
Americas
The American segment, including Transamerica and World Financial Group, is the main growth engine of the group. Transamerica is organized into four segments: Distribution, Savings & Investments, Protection Solutions and Financial Assets.
United Kingdom
Aegon UK aims to become a leading digital savings and retirement platform for employers and advisors. The company has announced a strategic review of this business, which includes a potential divestment.
Aegon International
The international segment covers life insurance for high-net-worth clients in Asia, as well as joint ventures in Spain and Portugal, Brazil and China. The company says it will keep investing in the profitable growth of these businesses.
Market context
Aegon operates in life insurance, retirement and asset management, markets where revenue depends on premiums, investment returns and fees. The company focuses on a few markets it considers the most promising, from the United States to Brazil and Asia.
Shifting the centre of gravity to the US places the group in a very large but competitive retirement and life insurance market. The company says it will report under US GAAP from full-year 2027 results, which could make its figures more comparable with US peers.
Trends
- Relocation of head office to the USmixed
Aegon has decided to move its head office and legal seat to the United States and to be renamed Transamerica Inc. on completion of the transition. The company hopes this will make the group more efficient and easier to understand, provided the operational transition is executed well.
- Move to US GAAPmixed
From 2027 the company will report under US GAAP and move to half-year reporting, stopping trading updates in 2026 and 2027. This could improve comparability with US peers but requires considerable operational effort.
- Reduction of Financial Assetstailwind
The company aims to reduce capital employed in its legacy Financial Assets lines and related risks, including through a reinsurance transaction. If the reduction succeeds, Transamerica's risk profile could become more stable.
- Inflation and interest rate pressureheadwind
The company cited a challenging environment of higher inflation, elevated interest rates and global uncertainty. These conditions can affect investment returns and client behaviour, but may also create opportunities for retirement products.
Competitive position
In the US market, Transamerica competes with other life and retirement insurers offering annuities, life cover and investment solutions. In Asia and through affiliated distribution, the group faces local and regional players, and its advantage lies in the World Financial Group network and bank partnerships.
In asset management, Aegon Asset Management competes with global investment houses, while in European pensions the group is compared with insurers operating in the United Kingdom and the Netherlands. The switch to US GAAP could make comparison with American peers more direct.
- MetLifeMET
Life and retirement insurer with significant US activity, a direct competitor of Transamerica in protection and retirement.
- Prudential FinancialPRU
American life and retirement insurer active in both retail and asset management.
- Lincoln NationalLNC
American life and retirement insurance group competing in savings, investment and retirement in the US.
- Manulife
Canadian life insurer active in Asia and Canada, named in the source as a partner in the expansion of WFG Canada.
News & filings
In the press
- Primul film din seria Game Of Thrones, „Aegon’s Conquest”, va ajunge în cinematografe în iunie 2029 / Acțiunea are loc cu secole înainte de evenimentele din serialG4Media · 03 Oct 2026 · RO
- Aegon (AEG) Expanded its Buyback After a Capital Beat. Is the Transamerica Pivot Working?Yahoo Finance — News · 25 Aug 2026 · EN
- Aegon Sticks With Winning Steepener Bet Despite US Bond BuyingBloomberg Markets · 20 Aug 2026 · EN
- Gilt Market Is Giving Burnham a Pass For Now, Says Aegon’s LynchBloomberg Markets · 01 Jul 2026 · EN
- Banca Mondială achiziționează, prin IFC, 10% din Carpathia Pensii, fostul Aegon Pensii, fond cu contribuție obligatorieCursDeGuvernare.ro · 10 May 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Aegon Ltd. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.