Aegon Ltd.

For first half 2026, operating results increased 9% year over year to EUR 804 million. Operating capital generation after holding and funding expenses increased 27% year over year to EUR 416 million, and free cash flow was EUR 392 million. Net result was EUR 608 million, broadly in line with the prior year. Cash capital at holding increased to EUR 1.7 billion, valuation equity per share rose 4% to EUR 9.42, the group solvency ratio was 169% at June 30, 2026, and the U.S. RBC ratio was 420%. On the commercial side, Transamerica new life sales increased 54%, WFG life sales grew 5% and annuity sales 12%, and the interim dividend was EUR 0.21 per share, up 11% year over year. Management did not give explicit next-quarter revenue or EPS guidance; instead, it reiterated medium-term ambitions, said 2026 financial ambition updates are mechanical after the Aegon UK sale and TAM transfer, and maintained the goal of ending 2026 with approximately EUR 1 billion of cash capital at holding.

Lard Friese emphasized strong commercial growth, robust financial results, and steady progress on the U.S. relocation. He highlighted Transamerica's momentum, the planned move of the head office to New York City, and governance changes tied to the EGM on October 8. His tone was confident and execution-focused, repeatedly stressing that the transition is progressing “at pace,” on time, and in budget.

Duncan Russell focused on the durability of earnings, capital generation, and balance sheet strength. He cited operating results of EUR 804 million, OCG of EUR 416 million, free cash flow of EUR 392 million, holding cash of EUR 1.7 billion, gross financial leverage of EUR 5 billion, and group solvency of 169%. He also discussed the 27% increase in OCG, the 420% U.S. RBC ratio, the approximately EUR 227 million of share buybacks executed in the first half, and the decision to raise second-half buybacks to EUR 350 million to help maintain the roughly EUR 1 billion year-end holding cash target.

Analysts pressed on the assumption update, portfolio repositioning to Bermuda, the future of the Financial Assets capital pool, and whether U.K. sale proceeds reduce the need for debt paydown. Management said the assumption changes mainly reflected updated policyholder behavior assumptions in the VA and premium-paying life blocks, based on 2025 variances, and that the portfolio repositioning was meant to improve capital efficiency and support OCG while new business strain remains elevated. On Financial Assets, Duncan said the capital employed is now close to the $2.1 billion target and the company will keep using unilateral, bilateral, or transactional options to get there. On U.K. proceeds, he said there is no change in how Aegon is thinking and the money will still be used for a combination of buybacks and debt reduction.