Aegon Ltd. (AEG)

Price$8.95Cached quoteAs of 2026-09-22 21:17 UTC

AI: Undervalued

Price checkThe shares look modestly cheap because strong cash returns offset a normal earnings multiple.

At the observed New York price, Aegon trades at about 13 to 14 times the €0.59 of 2025 earnings in the supplied SEC-derived history after allowing for exchange rates. The Amsterdam listing also sits about 15% below Aegon’s €9.42 first-half 2026 valuation equity per share, which adds shareholder equity to the after-tax value of future insurance profit already contracted. That discount, plus a dividend yield around 5%, supports a modest undervaluation call, not a deep-value one.

Big pictureProfits recovered, but cash conversion remains uneven and favorable markets helped recent results.

The supplied history shows net income improving from a €179 million loss in 2023 to €688 million in 2024 and €977 million in 2025. Yet operating cash flow fell from €864 million to €762 million and then €434 million, while capital spending stayed small at €41 million in 2025. For insurers, reported cash flow is noisy, so Aegon’s own free cash flow measure is useful: cash available from operating units after holding costs and funding was €392 million in first-half 2026, down from €442 million. Recent operating profit also benefited from favorable financial markets.

Business strengthStrong capital and continuing buybacks support shareholder returns while limiting dilution risk.

At year-end 2025, the supplied history shows €2.73 billion of cash against €1.98 billion of debt, or €751 million net cash. In first-half 2026, Aegon also held €1.7 billion of cash capital at the parent and said major insurance units remained above their operating capital levels. Capital return is meaningful: €227 million of shares were repurchased in the first half; about €27 million covered employee share obligations and the rest is being canceled. The second-half buyback was raised to €350 million, while 2025 dividends paid reached €596 million.

What could change the storyThe discount can close if American growth persists, but transition costs and behavior assumptions matter.

The bullish case requires roughly 5% annual growth in operating profit and free cash flow, close to management’s 2026-2027 ambition, while buybacks keep reducing the share count. Selling Aegon UK for about £2.0 billion can finance debt reduction and repurchases. The bearish case is that favorable markets boosted recent profit, policyholder behavior forced assumption changes, and €137 million of new United States accounting and redomiciliation costs has already been booked. If those pressures persist, the roughly 15% valuation-equity discount may be deserved rather than temporary.

AI: News

Stronger first-half resultsFirst-half profit and capital generation improved, but lower cash flow kept the quality of growth mixed.

On August 20, Aegon reported first-half operating profit of €804 million, up 9%, and operating capital generation of €416 million, up 27%. Free cash flow was €392 million versus €442 million a year earlier because UK remittances are now excluded. The interim dividend rose 11% to €0.21, and management expanded the second-half buyback to €350 million. The NYSE shares fell about 2.9% that day; timing alone does not prove the results caused the move.

United States move advancesThe planned United States move cleared another procedural hurdle, but transition costs and potential dilution remain meaningful.

On August 26, Aegon filed its Form F-4 shareholder circular for an October 8 vote on moving its legal domicile to Delaware. Vereniging Aegon, representing about 18.4% of exercisable voting rights, agreed to support the proposal. The filing also reserves up to 50 million shares for a new incentive plan and estimates roughly €350 million of one-time redomiciliation and headquarters costs. A successful move could improve United States investor access, but costs and potential dilution reduce part of that benefit.

Aegon UK saleSelling the United Kingdom business sharpened Aegon’s American focus and created capital for debt reduction and buybacks.

On April 15, Aegon agreed to sell Aegon UK to Standard Life for about £2.0 billion, including £750 million cash and a 15.3% stake in Standard Life. Aegon intends to use proceeds for debt reduction and share buybacks, although the transaction is expected to reduce its group solvency ratio by five percentage points. Reuters reported Aegon shares down 1.7% in early trading; analysts quoted by Reuters viewed the price favorably, so the decline cannot confidently be attributed to deal quality.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€9.10B	€9.84B	€10.39B	€21.33B	€21.09B	€21.32B	€28.20B	€28.91B	€32.97B	€33.66B	€33.90B
Operating income	—	—	—	−€35.13B	€24.71B	€17.96B	€35.39B	−€11.70B	—	—	—
Operating margin	—	—	—	−164.70%	117.18%	84.25%	125.50%	−40.47%	—	—	—
EBITDA	—	—	—	−€34.96B	€25.88B	€18.68B	€36.57B	−€10.39B	—	—	—
EBITDA margin	—	—	—	−163.91%	122.72%	87.64%	129.69%	−35.92%	—	—	—
Net income	€980.0M	€676.0M	−€199.0M	−€540.0M	€2.03B	−€135.0M	€1.24B	€707.0M	€2.47B	€438.0M	−€431.0M
Net profit margin	10.77%	6.87%	−1.92%	−2.53%	9.62%	−0.63%	4.38%	2.45%	7.49%	1.30%	−1.27%
Basic EPSper basic share	€0.59	€0.37	-€0.12	-€0.30	€0.94	-€0.09	€0.56	€0.29	€1.14	€0.15	-€0.27
Diluted EPSper diluted share	€0.59	€0.37	-€0.12	-€0.30	€0.94	-€0.09	€0.56	€0.29	€1.14	€0.15	-€0.27

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AEG
Holder	Shares held
Dodge & Cox	44.64M
DIMENSIONAL FUND ADVISORS LP	13.04M
MORGAN STANLEY	5.92M
GOLDMAN SACHS GROUP INC	5.32M
BlackRock, Inc.	5.18M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4.82M
Qube Research & Technologies Ltd	2.8M
JPMORGAN CHASE & CO	2.6M
Quantinno Capital Management LP	2.56M
RAYMOND JAMES FINANCIAL INC	2.47M
UBS Group AG	2.41M
JANE STREET GROUP, LLC	2.3M
ABC ARBITRAGE SA	1.56M
AMERICAN CENTURY COMPANIES INC	1.48M
NORTHERN TRUST CORP	1.45M
AQR CAPITAL MANAGEMENT LLC	1.18M
ACADIAN ASSET MANAGEMENT LLC	992.34K
VOLORIDGE INVESTMENT MANAGEMENT, LLC	966.56K
GRACE & WHITE INC /NY	964.28K
Private Wealth Asset Management, LLC	900K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Aegon Ltd. (AEG)

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