By Kenneth Araullo
Aegon reported steady growth for the third quarter of 2025, with operating capital generation (OCG) of €340 million before holding funding and operating expenses. The group said that the capital ratios of its main units remain above their respective operating levels.
Cash Capital at Holding stood at €1.9 billion, reflecting the sale of 12.5 million shares in a.s.r. for €700 million, the payment of the 2024 final dividend and the 2025 interim dividend, and the completion of 54% of the ongoing €400 million share buyback programme.
Thus far, the company’s financial position reflects a significant shift from the previous year. In the first half, Aegon posted a net profit of €606 million, reversing a net loss of €65 million in the same period of 2024. The operating result increased by 19% year-on-year to €845 million, driven largely by growth and improved experience variance in its US operations.
Read more: Aegon reverses last year’s loss with stronger profits in H1
Aegon reported that it is on track to meet all financial targets for 2025. The company noted continued commercial momentum in its US strategic assets, with individual life sales up 39% year-on-year.
Sales through World Financial Group (WFG) and account balances in US retirement plans also increased. The UK platform business experienced net outflows, attributed to the departure of two large, low-margin schemes, while asset management third-party net flows remained positive.
In August, Aegon announced it would double its ongoing share buyback programme from €200 million to €400 million. The company stated that this expansion demonstrates confidence in its capital position following recent restructuring and a renewed focus on its core markets.
Aegon CEO Lard Friese (pictured above) commented that the group continued to make progress in transforming its businesses and remained well capitalised throughout the quarter.
Read more: Aegon grows Q1 operating capital generation
“While our business in the United Kingdom saw some outflows due to the departure of two large, low-margin schemes, our asset management and International businesses continued to grow,” he said. “I look forward to our Capital Markets Day, where we will provide an update on our strategy and financial targets, and announce the outcome of our ongoing review regarding a potential relocation of our legal domicile and head office to the United States.”
Earlier in the year, the company reported a 4% year-on-year increase in OCG to €267 million for the first quarter, with capital ratios for key business units above operating thresholds and €1.6 billion in cash capital at holding.