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AEG

Aegon Ltd.

AEG

Aegon Ltd. • NYSE
$8.08 ▲ 2.80% (+0.22)
Market Cap $12.88 B
52w High $8.15
52w Low $5.42
Dividend Yield 0.44%
P/E 8.98
Volume 2.26M
Outstanding Shares 1.59B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $6.653B ▼ $249M ▼ $584M ▼ 8.778% ▲ $0.36 ▼ $0 ▲
Q4-2024 $16.293B ▲ $18.709B ▲ $714M ▲ 4.382% ▲ $0.42 ▲ $-5.588B ▼
Q2-2024 $3.226B $153M $-26M -0.806% $-0.054 ▼ $6.223B ▲
Q1-2024 $3.226B ▲ $153M ▼ $-26M ▼ -0.806% ▼ $-0.027 ▲ $3.15B ▲
Q4-2023 $3.109B $157.5M $11M 0.354% $-0.036 $129M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $53.683B ▼ $310.635B ▼ $301.246B ▼ $9.258B ▲
Q4-2024 $58.184B ▲ $327.39B ▲ $318.077B ▲ $9.187B ▲
Q2-2024 $3.894B $315.87B $307.257B $8.492B
Q1-2024 $3.894B ▼ $315.87B ▲ $307.257B ▲ $8.492B ▼
Q4-2023 $4.074B $301.581B $292.026B $9.426B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $584M ▼ $-176M ▼ $259M ▲ $-211M ▲ $3.2B ▼ $-202M ▼
Q4-2024 $660M ▲ $115M ▼ $188M ▲ $-1.266B ▼ $3.557B ▲ $86M ▼
Q2-2024 $-26M $323.5M $56M $-489.5M $-88M $312.5M
Q1-2024 $-26M ▼ $323.5M ▲ $56M ▲ $-489.5M ▲ $-88M ▲ $312.5M ▲
Q4-2023 $11M $-98.5M $-1.063B $-885.5M $-2.056B $-117M

Five-Year Company Overview

Income Statement

Income Statement Aegon’s earnings have been quite volatile in recent years, which is common for life and retirement insurers but still worth noting. After a strong year earlier in the period, results dipped into losses and then recovered back to modest profitability more recently. Revenue and reported profit are clearly sensitive to markets, interest rates, and one‑off items. The latest year shows the company back in the black, but margins look relatively thin compared with its better years. Operating performance has swung sharply from very strong to very weak and back again, suggesting that underlying profitability is still stabilizing. Overall, Aegon appears to be in a recovery phase: no longer in distress, but not yet consistently strong or predictable in its earnings power.

Balance Sheet

Balance Sheet The balance sheet shows a business that has deliberately slimmed down over the last few years. Total assets are significantly lower than at their earlier peak, which likely reflects portfolio reshaping, divestments, and balance sheet de‑risking rather than simple contraction. Debt has been brought down meaningfully from prior levels, which improves financial flexibility and reduces ongoing financing pressure. Shareholders’ equity dropped sharply earlier in the period but has since started to rebuild, though it remains well below previous highs. Cash is a small fraction of total assets, which is normal for an insurer that invests primarily in bonds and other financial assets. Overall, Aegon still appears reasonably well‑capitalized, but with a balance sheet that has gone through a clear transition and is still normalizing.

Cash Flow

Cash Flow Cash generation has improved markedly. A few years ago, operating cash flow was negative, reflecting a challenging environment and possibly some restructuring and one‑off items. Since then, operating cash flow has turned positive for several years in a row, indicating better underlying performance and more disciplined capital management. Free cash flow has followed the same pattern, moving from outflows to consistent inflows. Investment in physical assets is modest, which is typical for an asset‑light financial firm. The main story here is the shift from cash drain to cash generation, which strengthens the company’s ability to support its obligations, invest in its strategy, and absorb shocks, even if year‑to‑year volatility is still a feature of the business.

Competitive Edge

Competitive Edge Aegon operates as a diversified insurer and retirement provider, with strong positions in several key markets, particularly through the Transamerica brand in the United States and its advisory and platform business in the UK. Its scale, long operating history, and regulatory experience create meaningful barriers to entry for new competitors. The company benefits from a broad product set spanning life insurance, pensions, annuities, and asset management, and from multiple distribution channels: independent agents, financial advisers, workplace plans, and direct‑to‑consumer digital offerings. This diversification helps reduce reliance on any single product or channel. At the same time, Aegon competes in highly crowded and regulated markets, where pricing pressure is constant and customer loyalty can be weak without strong digital experiences. Its push into adviser platforms and digital retirement tools is an attempt to deepen relationships and make its offerings “stickier” versus rivals. Overall, Aegon’s position is supported by brand, scale, and distribution breadth, but it must keep executing on digital and service quality to defend and strengthen that position in a competitive field.

Innovation and R&D

Innovation and R&D Aegon is clearly leaning into digital transformation as a core strategic theme rather than a side project. It is using artificial intelligence, machine learning, and automation to streamline underwriting, improve risk selection, and speed up service, which can lower costs and enhance customer experience. On the front end, Aegon is building and upgrading digital platforms for both advisers and end customers. In the UK, its adviser platform aims to be a one‑stop hub for managing pensions and investments with strong tools and integration into advisers’ back‑office systems. Direct‑to‑consumer platforms like Retiready focus on making retirement planning more understandable and engaging, using simple scoring and online tools. Through its venture arm, the company is also investing in fintech startups to gain early access to new technology and ideas. Initiatives like instant‑decision life insurance products, digital engagement tools such as the planned “Milo” proposition, and enhanced ESG‑oriented investment solutions all point to a deliberate effort to differentiate on convenience, speed, and responsible investing. The opportunity is to win on customer experience and efficiency; the risk is execution—integrating new technology into legacy systems and keeping data secure and compliant in multiple jurisdictions.

Summary

Aegon looks like a company in mid‑transition. Financial results over the last few years have been bumpy, with a period of losses followed by a return to moderate profitability and stronger cash generation. The balance sheet has been trimmed and de‑levered, suggesting a focus on resilience and simplification, although reported equity remains below earlier highs and earnings are still somewhat volatile. Competitively, Aegon retains meaningful strengths: established brands, wide product coverage across insurance and retirement, and diversified distribution. Its strategic emphasis is now clearly on becoming a digital‑first savings and retirement platform, using data, automation, and user‑friendly tools to bind advisers and customers more closely to its ecosystem. Key positives include improving cash flows, a cleaner balance sheet, and a coherent digital strategy supported by targeted innovation and venture investing. Key risks include continued sensitivity of earnings to markets and interest rates, intense competition in core geographies, regulatory complexity, and the challenge of successfully executing large‑scale digital and technology upgrades. How well Aegon delivers on its digital roadmap and maintains capital strength will likely be central to its long‑term performance.

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