Aegon Ltd.

NYSE:AEG Stock Report

Market Cap: US$12.6b

Aegon Future Growth

Future criteria checks 1/6

Aegon's revenue is forecast to decline at 1.2% per annum while its annual earnings are expected to grow at 8.4% per year. EPS is expected to grow by 12.3% per annum. Return on equity is forecast to be 15.8% in 3 years.

Key information

8.4%

Earnings growth rate

12.28%

EPS growth rate

Insurance earnings growth2.0%
Revenue growth rate-1.2%
Future return on equity15.79%
Analyst coverage

Good

Last updated28 Apr 2026

Recent future growth updates

No updates

Recent updates

Seeking Alpha • Apr 22

Aegon: A Hidden U.S. Financial Services Re-Rating Opportunity

Summary Aegon Ltd. is transforming into a US-focused, capital-light business, highlighted by the sale of its UK unit and headquarters move to the US by 2028. 2025 operating profits rose 15% to €1.7B, driven by strong US life insurance and pension segments, supporting a 14% dividend hike to €0.40 per share (5.8% yield). AEG trades at 11.7x TTM P/E and 1.38x P/B, still at a discount to peers, with a forward P/E of 9.6x and robust cash flow generation post-UK exit. Key risks include high US market concentration, sensitivity to interest rates, execution of the UK sale, and one-time costs from the US headquarters relocation. Read the full article on Seeking Alpha
Seeking Alpha • Dec 17

Aegon: Price-To-Book Valuation Provides Upside (Rating Upgrade)

Summary Aegon Ltd. offers life insurance, retirement solutions, and asset management services, with growth opportunities in markets like China and Brazil. Risks include interest rate fluctuations, regulatory changes, and potential shifts in client demand towards higher-yield products. Valuing Aegon using a price-to-book method suggests a price target of $6.84, indicating a 16% upside. Despite not being exciting, Aegon has firm book value support, justifying a buy rating with potential for a growing dividend. Read the full article on Seeking Alpha
Seeking Alpha • Nov 17

Aegon Q3: Transamerica Is Delivering With Solid Return Prospects

Summary Aegon's Q3 financial results show continued commercial momentum in the US and solid operating capital generation. The company's Transamerica brand delivered superior growth. Aegon's attractive capital return remuneration includes a share buyback program and a tasty dividend per share, offering a potential yield of 24.6% in the next two years. Read the full article on Seeking Alpha
Seeking Alpha • Nov 03

Aegon: 2025 Targets Remain On Track

Summary Aegon has undergone a transformation, including liquidating its Dutch operations and expanding in the TransAmerican market. The company has set financial targets for 2025, including leverage of EUR 5 billion and an annual dividend of EUR 0.40 per share. Aegon's first-half results show progress towards meeting these targets, with operating profit rising and strong earnings growth expected. Read the full article on Seeking Alpha
Seeking Alpha • Aug 30

Aegon: Transamerica Transformation Needs Time (Rating Downgrade)

Summary Aegon has successfully executed its 2020 strategy and is now moving on to the next phase of its transformation. The company's focus will be narrowed to the UK and US markets, with a goal of growing strategic assets and reducing exposure to financial assets. AEG's valuation lags behind its US peers, but the company aims to improve this by consistently delivering strong performance and increasing shareholder returns. Yet, the presence of the largest shareholder Association Aegon will prevent the company from achieving a valuation in line with its US peers. Read the full article on Seeking Alpha
Seeking Alpha • Feb 08

AEGON Q4 Earnings Preview

AEGON (NYSE:AEG) is scheduled to announce Q4 earnings results on Thursday, February 9th, before market open. The consensus EPS Estimate is $0.06 and the consensus Revenue Estimate is $7.43B (-89.2% Y/Y).
Seeking Alpha • Nov 04

Aegon: Merger Of Dutch Business Unlocks Significant Value

Summary Aegon and ASR Nederland have recently announced an agreement to merge their Dutch businesses. Aegon will receive close to €5 billion, through cash and a 29.99% stake in ASR. This deal improves Aegon’s financial profile and increases its long-term dividend sustainability. Aegon (AEG) has recently announced a deal to combine its Dutch operations with a close competitor, receiving some €5 billion in cash and shares. This represents some 50% of its current market value and seems to be a great deal to unlock value. As I've analyzed in previous articles, Aegon has been in restructuring mode for some years, which was leading to an improved operational and financial profile. Despite that, its valuation was still quite low and had good prospects of delivering a growing dividend, something that was delivered in recent months. More recently, the company announced the combination of its Dutch operations with its domestic competitor ASR Nederland (OTC:ASRRF), a move that it expects to create significant synergies and unlock value for shareholders over the long term. Background Aegon is a life insurance company based in the Netherlands, which has operations across several geographies. Its current market value is about $9.8 billion, and its shares are traded on the New York Stock Exchange. Aegon has good business diversification, offering a full range of life insurance and other financial services to its customers. Its two largest markets are the Americas (the U.S. plus Brazil) and Netherlands, which together represent some 73% of its operating results in 2021, while other markets such as Spain, Portugal or China are reported as International. Operating result (Aegon) Over the past few years, Aegon has made a significant restructuring of its business profile, with the goal of having a stronger balance sheet and a more recurring financial profile. This was pushed by the low interest rate environment that lasted many years, both in the U.S. and Europe, which forced insurance companies to adapt their business model to this reality. To mitigate the impact of low interest rates in the company's life business, Aegon pushed for fee-based products instead of traditional insurance products with guaranteed rates, leading to a less-capital intensive business than it had some years ago. Additionally, the company made several disposals and focused its operations in a smaller number of countries, where it had better profitability levels. While this strategy was largely completed, Aegon has recently announced a merger of its Dutch business with its competitor ASR, creating a leading company in the Dutch insurance market. Dutch Business Aegon's operations in the Netherlands are diversified across several segments, even though life insurance is the largest one measured by operating income, as shown in the next graph. Nevertheless, Aegon also offers mortgages, banking services, annuities, and retirement solutions to some 2.7 million customers. Dutch operating result (Aegon) About a week ago, Aegon announced that it reached an agreement with ASR to combine its operations in its domestic market, receiving €2.5 billion in cash and a 29.99% strategic stake in ASR, valued at €2.4 billion when the deal was announced. This deal is expected to close during the second half of 2023, following shareholder, regulatory, and antitrust approvals. This move is justified by Aegon's desire to release capital from mature markets and to allocate its resources in markets where it has better growth prospects over the long term. From an operating perspective, this deal seems to make sense given that it will increase both company's position in several segments of the insurance and banking markets, namely in disability insurance, P&C insurance, and mortgage origination, leading to significant revenue and cost synergies. Aegon's strategy is to use cash proceeds to reduce debt and return capital to shareholders, which will lead to strong dividend growth next year. Indeed, Aegon's annual dividend in 2022 was €0.20 per share, while Aegon's guidance is to have a DPS target of €0.30 in 2023. This represents annual dividend growth of 50% and is above what the market was expecting before the merger announcement. Note that the current consensus only expects €0.277 per share in 2023, as some analysts have not yet updated their estimates following Aegon's revised guidance. Dividend (2023) (Bloomberg) Aegon had about €1.3 billion in cash at the holding level available for cash distributions before this deal and expects to return some €1.5 billion to shareholders following the disposal of its Dutch operations. Considering that it will use €700 million to reduce debt and still has some €300 million to receive from pending disposals (Romania and Poland), Aegon will have some €1.6 billion pro forma available at the holding level, which is above its own target of being between €0.5-1.15 billion. This means that Aegon has plenty of room to increase its dividend (which will lead to a cash outflow of about €600 million), potentially perform a share buyback of about €900 million (9% of its current market value), and invest for growth in its Transamerica unit. Cash at holding (Aegon) This deal is also expected to be free cash flow accretive to the holding level, as the loss of cash remittances from Aegon Netherlands will be offset from ASR's future dividends, lower interest expense, and synergies to be extracted from the business combination. Aegon expects its dividend to be well covered by free cash flow in the next few years, which means that Aegon's dividend sustainability increases with this deal as cash at the holding level is expected to increase and will have less need to retain cash following its balance sheet deleveraging measures. Aegon is expected to update its financial targets and growth opportunities during 2023 in a capital markets day, as the company's operating profile will be much more biased to the U.S. market and is likely to use some of the proceeds to perform some bolt-on acquisition in this market.
Seeking Alpha • Oct 27

Aegon stock gains on deal to combine Dutch operations with a.s.r.

Aegon (NYSE:AEG) shares gained ~8% premarket on Thursday after the life insurance firm reached an agreement to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r. The transaction is expected to close in the second half of 2023. The deal creates a well-diversified Dutch insurance company and enables Aegon (AEG) to accelerate its strategy of releasing capital from mature businesses to become a leader in markets where it is well positioned for growth. Aegon (AEG) will receive a 29.99% strategic shareholding in a.s.r. with associated governance rights and EUR 2.5B in cash proceeds. It plans to return EUR 1.5B of the cash proceeds to shareholders to offset the dilutive effect of the transaction on free cash flow per share. The firm will also enter into a long-term asset management agreement with a.s.r. to manage parts of the combination's general account investments, the investments of the Premium Pension Institution (PPI) offering of Aegon Cappital, and a.s.r.'s mortgage funds.
Seeking Alpha • Oct 14

Aegon completes sale of 50% stake in JV with Liberbank to Unicaja Banco

Aegon (NYSE:AEG) has successfully completed the divestment of its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. As announced on May 23, 2022, the sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021. Aegon Spain intends to upstream the net proceeds of the transaction to Aegon Group.
Seeking Alpha • Aug 22

AEGON goes ex-dividend tomorrow

AEGON (NYSE:AEG) had declared EUR 0.11/share semi-annual dividend, 22.2% increase from prior dividend of EUR 0.09. Payable Sept. 21; for shareholders of record Aug. 24; ex-div Aug. 23. See AEG Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 11

AEGON reports Q2 results

AEGON press release (NYSE:AEG): Q2 net loss of €348M due to one-time charges and a non-economic loss on interest rate hedges in the US. Operating result of €538M; a decrease of 11% on a constant currency basis compared with the second quarter of 2021. The capital ratios of all three main units remain above their respective operating levels. Group Solvency II ratio increases to 214% driven by management actions and the benefit from model updates. Aegon raises its 2022 guidance for operating capital generation from the units from around €1.2B to around €1.4B. Aegon also expects to achieve cumulative free cash flow over the period 2021 to 2023 of at least €2.2B, well ahead of the €1.4B to €1.6B target set at the 2020 Capital Markets Day
Seeking Alpha • May 12

Aegon Will Again Outperform The Market

Aegon completed the sale of its Hungarian businesses: buyback and deleverage to price in. Wilton Re reinsurance transaction to reduce volatility. Solid numbers and a strong balance sheet provide a clear buy.
Seeking Alpha • Feb 16

Aegon: The Turnaround Is In Full Swing

CEO Lard Friese took over in early 2020 as the pandemic hit capital markets. In December 2020, Mr. Friese unveiled a new turnaround strategy through 2023, focused on corporate simplification, cost cutting, and higher free cash flow generation. The latest annual and quarterly results suggest the turnaround is in full swing. The 2022 outlook appears good and the targets for 2023 remain in place. The turnaround strategy should improve operating metrics, reduce the valuation gap versus peers, and drive returns.
Seeking Alpha • Oct 07

Aegon Stock: Upside Potential Is Amplified By Rising Interest Rates

Aegon is a company active in the fields of life insurance, pension, retirement, and asset management. Stock price performance of Aegon has been rather dramatic for a long time, but the tide is turning. Since the current CEO took the helm, a new strategy was launched and implementation is ahead of schedule. The current development of interest rates further promotes stock price appreciation. Aegon has upside potential towards a range of US$ 5.60 - 6.30 while returning 4.5% dividend.
Seeking Alpha • Jul 29

Aegon Offers A Good Combination Of Value And Yield

Aegon is making good progress in its business turnaround, with earnings improving and executing in its expense reduction targets. It has now an improved financial profile compared to recent years, particularly concerning its capital position. Despite these stronger fundamentals, Aegon still trades at a very depressed valuation of only 0.32x book value.

Earnings and Revenue Growth Forecasts

NYSE:AEG - Analysts future estimates and past financials data (EUR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202810,4541,3541,102N/A1
12/31/202710,2471,2831,104N/A1
12/31/202610,0461,1951,156N/A1
12/31/202512,193924380434N/A
9/30/202512,6341,096125187N/A
6/30/202513,0661,267-131-61N/A
3/31/202512,953939283351N/A
12/31/202412,847611696762N/A
9/30/202412,731227524606N/A
6/30/202412,706-158351450N/A
3/31/202412,842-184551657N/A
12/31/202312,932-210751864N/A
9/30/202319,9952011,6181,720N/A
6/30/202313,783312,0922,183N/A
3/31/202314,022563,0393,134N/A
12/31/202214,2876902,5742,672N/A
9/30/202217,0611722,3672,483N/A
6/30/202227,2742959771,097N/A
3/31/202241,2641,170-371-254N/A
12/31/202146,504980-1,908-1,796N/A
9/30/202158,3201,369-4,283-4,165N/A
6/30/202164,9321,036-3,517-3,403N/A
3/31/202178,531-879-6,209-6,091N/A
12/31/202040,653-670-2,971-2,854N/A
9/30/202035,886207-494-383N/A
6/30/202034,3021,069417546N/A
3/31/202023,2342,2825,9516,085N/A
12/31/201964,6921,4407,1557,302N/A
9/30/201952,726779N/A7,377N/A
6/30/201940,950419N/A7,452N/A
3/31/201929,469508N/A3,985N/A
12/31/201818,018631N/A517N/A
9/30/201830,2871,549N/A187N/A
6/30/201842,5021,924N/A-1,148N/A
3/31/201846,8952,210N/A2,164N/A
12/31/201753,7262,230N/A553N/A
9/30/201750,4161,894N/A229N/A
6/30/201754,9811,742N/A1,416N/A
3/31/201754,321539N/A-1,577N/A
12/31/201649,791304N/A3,319N/A
9/30/201654,006-812N/A4,000N/A
6/30/201637,527-1,706N/A3,177N/A
3/31/201626,083-715N/A1,375N/A
12/31/201534,642-571N/A914N/A
9/30/201534,142-102N/A1,788N/A
6/30/201542,275501N/A2,924N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AEG's forecast earnings growth (8.4% per year) is above the savings rate (3.5%).

Earnings vs Market: AEG's earnings (8.4% per year) are forecast to grow slower than the US market (16.4% per year).

High Growth Earnings: AEG's earnings are forecast to grow, but not significantly.

Revenue vs Market: AEG's revenue is expected to decline over the next 3 years (-1.2% per year).

High Growth Revenue: AEG's revenue is forecast to decline over the next 3 years (-1.2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AEG's Return on Equity is forecast to be low in 3 years time (15.8%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 22:27
End of Day Share Price 2026/05/07 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Aegon Ltd. is covered by 29 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Claudia GaspariBarclays
Michael HuttnerBerenberg
Edward HoughtonBernstein