Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: April 3, 2026
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Aegon, owner of Transamerica, posted H2 2025 operating capital generation of €711m, up 8% and above the €654m consensus, buoyed by favorable conditions in its Americas business.
By Mateusz Rabiega
Feb 19 (Reuters) - Aegon said on Thursday it generated more capital than the market had envisioned in the second half of 2025, mainly driven by U.S. insurance brand Transamerica, but failed to convince investors awaiting updates on its UK business review.
Some analysts said the beat was messy, benefiting from non-recurring events, while the statement lacked detail on some smaller parts of Aegon's business. The shares fell 4% in early Amsterdam trading.
"Aegon has reported a typically messy set of results, with no update as yet on its UK strategic review or other parts of the business," J.P. Morgan analysts said in a note to clients.
As part of a plan to relocate its head office and legal seat to the United States by early 2028, Aegon recently started a review of its business in Britain, a process that might lead to a sale of some parts of the business, though not the asset management arm.
Aegon CEO Lard Friese said on Thursday that the company would give an update on the review in the summer.
The group's operating capital generation before expenses rose 8% to 711 million euros ($838 million) in the six-month period, above the median estimate of 654 million euros from analysts polled by the company.
Its U.S. business accounted for roughly two-thirds of the generated capital and continued to grow in the quarter, betting on its focus on middle and mass affluent markets.
The decision to fully relocate to North America was made last year, though Aegon has been restructuring its business and prioritising U.S. growth for much longer. The $4.9 billion sale of its Dutch business to ASR Nederland in 2023 was also a part of this strategy.
($1 = 0.8481 euros)
(Reporting by Mateusz Rabiega in Gdansk, editing by Milla Nissi-Prussak.)
Aegon beat market expectations for operating capital generation in the second half of 2025, supported by favorable conditions in its Americas division.
Operating capital generation before expenses rose 8% to €711 million, exceeding the €654 million median estimate from analysts polled by the company.
The company cited favorable conditions in its Americas business, which helped lift group operating capital generation above expectations.
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