| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 89 | 12.8x | 17.8x | Top tier | |
Growth | 90 | 37.6% | 7.1% | Top tier | |
Quality | 64 | — | — | Around median | |
Safety | 7 | — | — | Bottom tier | |
Capital Return | 89 | 4.84% | 2.12% | Top tier | |
Momentum | 90 | 26.7% | 2.9% | Top tier | |
Sentiment | 24 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Aegon Ltd. operates in life insurance, retirement, savings and investment solutions, and asset management, with an increasing focus on the U.S. market through Transamerica. The group derives its operating revenue from premiums and protection products, fees on assets under management, spreads on stable value products, and commissions from the World Financial Group network, alongside international operations led by growth in Brazil and an asset management business that generated positive third-party net flows.
In Q2 FY2026, Aegon announced its H1 FY2026 results: the operating result increased 9% year over year to €804 million, and the net result reached €608 million, while operating capital generation after holding company and funding expenses rose 27% and free cash flow reached €392 million. Transamerica recorded an operating result of $756 million, up 14% in local currency after adjusting for the transfer of Transamerica Asset Management, while the operating margin of Global Platforms in asset management increased five percentage points to 20%.
The growth mix was driven by Transamerica, where new life insurance sales rose 54%, life insurance sales through World Financial Group grew 5%, and annuity sales increased 12%, as the network surpassed 100,000 licensed agents. By contrast, new insurance sales in the International segment were broadly stable, as growth in Brazil offset lower sales in China resulting from product repricing. Meanwhile, the available annual EDGAR data show revenue of $21.3 billion and a net loss of $569 million in FY2022, compared with revenue of $21.1 billion and net income of $2 billion in FY2021.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on AEG is "Neutral," with an average price target of $7.50, and the highest and lowest targets both matching that level, indicating the absence of a diverse range of estimates on which to rely. This target falls within the 52-week range of $6.75–$9.61 but is approximately 22% below the top of the range; the conservative valuation reflects a balance between Transamerica's growth and capital returns to shareholders versus new business strain, tied-up capital, and the costs of relocating to the U.S.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The Q2 FY2026 results were included in the H1 announcement, in which the operating result increased 9% to €804 million and operating capital generation rose 27%. Transamerica was the primary driver, with new life insurance sales up 54% and an operating result of $756 million. Favorable financial markets and improved claims experience also supported the results, while free cash flow reached €392 million.
Transamerica launched a digital instant-issue process for Final Expense products and later for Indexed Universal Life. The process reduced the time required to complete underwriting and issue a policy from several weeks to less than 12 minutes, improving the experience for brokers and agents. World Financial Group surpassing 100,000 licensed agents, along with increases in the number of producing agents and the average premium per policy, also helped.
Holding company cash capital stood at €1.7 billion on June 30, 2026, supported by free cash flow of €392 million. The group solvency ratio was 169%, while the U.S. risk-based capital ratio was 420% versus an operating level of 400%. Based on this position, Aegon increased its H2 FY2026 purchases to €350 million, while targeting year-end cash capital of approximately €1 billion.
Long-term care represents slightly less than half of the required capital within Financial Assets, and its reserves are expected to peak in the early 2030s. An update to policyholder behavior assumptions also reduced valuation equity by €231 million after tax. The update included assumptions regarding lapses, benefit utilization in variable annuities, and premium payment efficiency in life insurance products.
The company is targeting an extraordinary general meeting on October 8, 2026, to vote on the relocation, governance amendments, and the Omnibus Equity Plan. It has selected New York City as the future headquarters location and is working to implement U.S. GAAP, with operational testing beginning in H2 FY2026. Aegon expects the headquarters and operations to be established gradually through the end of 2027, followed by the transfer of its legal seat and the holding company's name change to Transamerica in the first weeks of 2028.
Aegon Asset Management recorded positive third-party net flows in Global Platforms and Strategic Partnerships during H1 FY2026, despite outflows at Transamerica Asset Management. The Global Platforms operating margin increased five percentage points to 20%, supported by lower expenses and higher revenue. In the International business, new life insurance sales remained broadly stable because growth in Brazil offset the decline in China resulting from product repricing.
