Aegon released its third‑quarter 2025 financial results on November 13, 2025, reporting an Operating Capital Generation (OCG) of EUR 340 million—7 % above the consensus estimate of EUR 319 million. The company reiterated its full‑year 2025 OCG target of roughly EUR 1.2 billion and confirmed it is on track to meet all other financial objectives for the year.
Revenue and earnings per share were not disclosed in the update, so the report focuses on the OCG figure and the company’s guidance. The omission of those metrics is consistent with the company’s practice of highlighting OCG as a key performance indicator for its transformation strategy.
Segment performance underscored the company’s shift toward the United States. The Americas unit, driven by World Financial Group and Transamerica, delivered strong commercial momentum with increased life‑ and annuity‑sales, offsetting outflows in the United Kingdom where two large low‑margin workplace schemes departed. Asset Management and International businesses continued to grow, contributing to the overall OCG beat.
CEO Lard Friese emphasized that the quarter’s results reflected progress in the company’s transformation agenda. He noted that “Transamerica, our largest business, continued to grow its distribution network, WFG, and maintained its strong commercial momentum with increased life and annuity sales.” He also highlighted that the company remains well‑capitalized, having returned over EUR 800 million to shareholders through dividends and share buybacks, and that it is preparing for a potential relocation of its legal domicile and head office to the United States, a move slated for discussion at the Capital Markets Day on December 10.
The guidance signals confidence in the company’s U.S. growth strategy. Aegon’s full‑year OCG target of EUR 1.2 billion, unchanged from prior guidance, reflects management’s belief that the U.S. market will continue to drive profitability. The company also plans to complete its EUR 400 million share‑buyback program by mid‑December, reinforcing its commitment to shareholder returns while maintaining a robust capital base of EUR 1.9 billion.
Investors reacted positively to the earnings release, largely because the OCG beat expectations and the U.S. business momentum reinforced confidence in the company’s transformation strategy. The strong OCG performance, coupled with the company’s clear guidance and ongoing share‑buyback program, underscored Aegon’s focus on delivering value through its U.S. operations while managing headwinds in the U.K. and navigating foreign‑exchange impacts.
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