The Bull Case For Aegon (ENXTAM:AGN) Could Change Following Potential Non-US Divestments and Focus on US Market

• In late November 2025, reports indicated that Aegon Ltd. had been exploring the potential divestment of certain non-US units, including Aegon UK and its majority stake in a Spanish and Portuguese joint venture with Banco Santander, as part of a shift to focus on its U.S. business.
• This shift highlights Aegon’s intent to streamline its operations and concentrate resources on areas with stronger demographic trends and rising demand for retirement and insurance solutions in the United States.
• We'll examine how Aegon's exploration of divesting non-U.S. businesses could reshape its investment narrative and U.S. market strategy.

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Aegon Investment Narrative Recap

To be a shareholder in Aegon, you need to believe in its core strategy of focusing on the U.S. market where demographic trends favor growth in retirement and insurance products. The recent news about exploring divestments of non-U.S. units does not materially alter the most important short-term catalyst, continued U.S. expansion, or the biggest risk, which remains execution and operational transition during restructuring. Among recent announcements, Aegon’s increase in its share buyback plan by EUR 200 million stands out, signaling confidence in delivering value to shareholders. This move is particularly relevant as it aligns with the company’s ongoing effort to optimize capital allocation while transitioning its geographic and business focus. However, it's important to keep in mind that persistent low interest rates and complex U.S. transition costs could impact margins and cash flows if...

Read the full narrative on Aegon (it's free!)

Aegon's outlook anticipates €10.3 billion in revenue and €1.3 billion in earnings by 2028. This projection reflects a 7.5% annual revenue decline and flat earnings compared to current earnings of €1.3 billion.

Uncover how Aegon's forecasts yield a €7.36 fair value, a 7% upside to its current price.

Exploring Other Perspectives

The Simply Wall St Community provided two fair value estimates for Aegon ranging from €7.36 to €22.28 per share. While some see steep undervaluation, the focus on U.S. business growth remains a critical factor as you consider these differing outlooks.

Explore 2 other fair value estimates on Aegon - why the stock might be worth just €7.36!

Build Your Own Aegon Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Aegon research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Aegon research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Aegon's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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