Aegon Nv (AEG)
NYSE:AEG
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Aegon
(NYSE:AEG)
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Rating:65Neutral
Price Target:
$8.50
▲(8.14% Upside)
Action:ReiteratedDate:03/29/26
The score is supported most by attractive valuation (low P/E and high dividend yield) and a constructive earnings-call backdrop (target delivery, guidance, capital returns, and strong solvency). These positives are moderated by mid-range and volatile financial performance over the full period and weaker technicals with the stock trading below major moving averages alongside negative momentum signals.
Positive Factors
U.S. commercial franchise growth
Aegon’s U.S. momentum shows durable distribution scale: rising WFG agent counts and double‑digit life and indexed annuity inflows expand sales capacity and recurring premium pipelines. This strengthens long‑term revenue diversification toward higher‑growth U.S. retirement and protection markets, supporting multi‑year operating targets and unit economics.
Negative Factors
Volatile earnings and cash flow history
Aegon’s earnings and cash generation have moved materially across cycles, reflecting insurance cycle sensitivity, market‑driven valuation swings and product economics. This unevenness complicates capital planning and makes operating targets more vulnerable to rate and market shifts, reducing predictability of multi‑year free cash flow and margins.
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Positive Factors
Negative Factors
U.S. commercial franchise growth
Aegon’s U.S. momentum shows durable distribution scale: rising WFG agent counts and double‑digit life and indexed annuity inflows expand sales capacity and recurring premium pipelines. This strengthens long‑term revenue diversification toward higher‑growth U.S. retirement and protection markets, supporting multi‑year operating targets and unit economics.
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Aegon (AEG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.74B
Dividend Yield5.77%
Average Volume (3M)6.41M
Price to Earnings (P/E)10.9
Beta (1Y)1.09
Revenue Growth-6.19%
EPS GrowthN/A
CountryUS
Employees15,582
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.27
Shares Outstanding1,573,119,900
10 Day Avg. Volume6,000,516
30 Day Avg. Volume6,407,217
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)1.36
Price to Sales (P/S)0.32
P/FCF Ratio12.03
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue0.49
Enterprise Value/Gross Profit0.49
Enterprise Value/Ebitda29.45
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.97
Revenue Forecast (FY)$24.39B
Aegon Business Overview & Revenue Model
Company Description
Aegon Ltd. provides insurance, pensions, and asset management services in the Americas, the Netherlands, and the United Kingdom. The company offers life, accident, and health insurance; savings, pension, annuities, and mutual funds; property and c...
How the Company Makes Money
Aegon primarily makes money by underwriting and servicing long-term insurance and retirement products and by earning fees for managing assets. (1) Premium-based earnings: Customers pay premiums for life insurance and other protection products. Aeg...
Aegon Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive performance: Aegon met or exceeded its 2025 financial targets, delivered strong commercial momentum (notably in U.S. strategic assets and WFG), improved CSM and valuation equity per share, returned meaningful capital to shareholders (dividends and buybacks), and maintained robust solvency metrics. Key challenges included one‑off and non‑operating losses related to the SGUL reinsurance transaction, some legal settlements, modest increases in credit reserves, variability in OCG components (new business strain and capital release timing), and selective market/regulatory headwinds in the U.K. adviser platform and China. Overall, the positives — consistent target delivery, strong U.S. commercial execution, capital returns, and solid capital ratios — materially outweigh the identified lowlights, though monitoring of the highlighted risks (SGUL effects, flow volatility, and credit/ECL movements) is warranted.Positive Updates
Met or Outperformed 2025 Financial Targets
Aegon met or exceeded all 2025 financial targets: operating capital generation before holding and funding expenses rose to EUR 1.3 billion (ahead of target), operating results for the full year increased 15% year‑on‑year to EUR 1.7 billion, and free cash flow for 2025 was EUR 829 million (in line with the ~EUR 800m target).
Negative Updates
Non‑operating and Fair Value Headwinds
IFRS net results in H2 included unfavorable non‑operating items notably realized losses on assets transferred as part of the SGUL reinsurance transaction (P&L impact but offset in other comprehensive income) and negative fair value revaluations (including solvency hedge revaluations in the U.K.).
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Q4-2025 Updates
Positive
Negative
Met or Outperformed 2025 Financial Targets
Aegon met or exceeded all 2025 financial targets: operating capital generation before holding and funding expenses rose to EUR 1.3 billion (ahead of target), operating results for the full year increased 15% year‑on‑year to EUR 1.7 billion, and free cash flow for 2025 was EUR 829 million (in line with the ~EUR 800m target).
Read all positive updates
Company Guidance
Aegon reiterated a clear set of targets and near‑term guidance: grow group operating result by around 5% p.a. over 2026–27 (from a EUR 1.5–1.7bn run‑rate in 2025, assuming $1.20/€), maintain U.S. OCG roughly within $200–240m per quarter, and reach a cash‑at‑holding midpoint of ~EUR 1.0bn by end‑2026. For 2025 management reported OCG before holding/funding at EUR 1.3bn, full‑year operating result EUR 1.7bn (+15% y/y), OCG after holding/funding/opex EUR 992m, free cash flow EUR 829m (H2 FCF EUR 388m), cash capital at holding EUR 1.3bn, valuation equity per share EUR 9.06 (+EUR 0.60 H2), group solvency 184%, gross financial leverage EUR 4.9bn, U.S. RBC 424% and Scottish Equitable solvency 183%. Capital return and deployment metrics: full‑year dividend EUR 0.40/share (final EUR 0.21), nearly EUR 1bn returned via dividends and buybacks, EUR 400m buybacks executed in H2‑2025 and a new EUR 400m 2026 program (EUR 227m launched for H1), share count down ~5%, and capital injections of EUR 751m. Commercial and balance‑sheet datapoints supporting the guidance included ~96,000 WFG licensed agents (+11%), new life sales +10% (individual life +30%), annuities +6%, indexed annuity net deposits +45%, U.S. strategic assets capital employed $2.7bn, Protection Solutions CSM $4.3bn (H1 $3.6bn) and financial‑assets CSM $3.2bn (from $3.8bn).Aegon Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.08B | 19.52B | 12.98B | -21.64B | 46.50B |
| Gross Profit | 32.08B | 19.52B | 2.37B | 14.29B | 46.50B |
| EBITDA | 1.17B | 635.00M | -204.00M | 1.00B | 2.58B |
| Net Income | 938.44M | 688.00M | -179.00M | -570.00M | 1.98B |
Balance Sheet | |||||
| Total Assets | 317.10B | 327.39B | 301.58B | 401.79B | 468.25B |
| Cash, Cash Equivalents and Short-Term Investments | 3.19B | 58.18B | 4.07B | 64.31B | 108.25B |
| Total Debt | 5.60B | 5.00B | 4.92B | 6.67B | 12.23B |
| Total Liabilities | 309.48B | 318.08B | 292.03B | 387.60B | 441.88B |
| Stockholders Equity | 7.53B | 9.19B | 7.55B | 10.76B | 26.18B |
Cash Flow | |||||
| Free Cash Flow | 851.99M | 711.00M | 799.00M | 2.75B | -1.91B |
| Operating Cash Flow | 891.37M | 762.00M | 864.00M | 2.85B | -1.80B |
| Investing Cash Flow | 557.11M | 300.00M | -2.00B | 616.00M | -54.00M |
| Financing Cash Flow | -1.93B | -1.75B | -3.24B | -1.83B | 300.00M |
Aegon Technical Analysis
Positive
7.86
Price Trends
7.37
Positive
7.53
Positive
7.46
Positive
Market Momentum
0.06
Negative
68.72
Neutral
95.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEG, the sentiment is Positive. The current price of 7.86 is above the 20-day moving average (MA) of 7.09, above the 50-day MA of 7.37, and above the 200-day MA of 7.46, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 68.72 is Neutral, neither overbought nor oversold. The STOCH value of 95.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AEG.
Aegon Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $35.17B | 7.15 | 19.02% | ― | 16.68% | -28.54% | |
79 Outperform | $38.73B | 10.14 | 21.37% | 1.55% | 7.11% | 22.52% | |
73 Outperform | $20.02B | 9.49 | 10.26% | 3.44% | 12.33% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $41.70B | 15.62 | 7.50% | 2.02% | -23.02% | 52.43% | |
65 Neutral | $11.74B | 10.92 | 11.63% | 5.77% | -6.19% | ― | |
50 Neutral | $10.79B | 15.82 | -152.32% | 2.15% | 7.70% | -155.12% |
* Financial Sector Average
AEG
Aegon
7.85
2.32
42.00%
AIG
American International Group
77.72
-1.84
-2.31%
ACGL
Arch Capital Group
98.84
8.26
9.12%
HIG
Hartford Insurance
140.40
27.50
24.36%
PFG
Principal Financial
92.32
23.04
33.26%
EQH
Equitable Holdings
38.48
-6.26
-14.00%
Aegon Corporate Events
Aegon Moves to Extend CEO Lard Friese’s Term to 2030 Ahead of U.S. Shift
Apr 1, 2026
On April 1, 2026, Aegon’s Board of Directors announced it will ask shareholders at the June 10, 2026 Annual General Meeting to extend the term of Chief Executive Officer and Executive Director Lard Friese from its current expiry in 2028 to 2...
Aegon Nominates Marco Keim to Represent Its Stake on a.s.r. Supervisory Board
Mar 25, 2026
On March 25, 2026, Aegon announced the nomination of Marco Keim, CEO of its International business and Executive Committee member, to succeed Aegon CEO Lard Friese as a non-independent member of the Supervisory Board of Dutch insurer a.s.r., in wh...
Aegon Posts Strong 2025 Results and Accelerates Shift to US-Centric Transamerica Group
Feb 19, 2026
Aegon reported its second-half and full-year 2025 results on February 19, 2026, showing a net result of EUR 375 million for the second half, down from EUR 741 million a year earlier, but a 45% increase in full-year net profit to EUR 980 million. T...
Aegon Launches €227 Million Share Buyback Program with Pro Rata Participation from Largest Shareholder
Jan 12, 2026
On January 12, 2026, Aegon announced it has begun a €227 million share buyback program, comprising €200 million of the €400 million repurchase unveiled on December 10, 2025, plus an additional €27 million to cover obligatio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.