Aegon announced on August 24, 2026, that its previously declared EUR 150 million increase to the second-half 2026 share buyback program is now effective. The total buyback commitment has risen to EUR 350 million, up from the initial EUR 200 million. This action aligns with the insurer’s objective to reduce Cash Capital at Holding to approximately EUR 1.0 billion by year-end 2026.

Buyback Execution and Shareholder Participation

The original EUR 200 million program commenced on July 1, 2026. As of the announcement, Aegon had repurchased shares worth EUR 57 million, representing roughly 28% of the initial allocation. The expanded program is scheduled for completion by December 23, 2026, barring unforeseen circumstances. Transactions will be executed by a third party in compliance with EU Market Abuse Regulation, with shares repurchased at prices not exceeding the daily volume-weighted average price on Euronext Amsterdam.

Vereniging Aegon, the company’s largest shareholder holding about 18.4% of voting rights, has agreed to participate pro-rata in the additional EUR 150 million tranche. This results in a buyback amount of EUR 26 million from Vereniging Aegon for the new portion, bringing their total aggregate participation to EUR 63 million. All repurchased common shares will be cancelled.

Financial Context and Capital Strategy

This capital return initiative follows Aegon’s robust first-half 2026 performance, where the operating result rose 9% year-on-year to EUR 804 million. Operating capital generation (OCG) after holding funding and operating expenses surged 27% to EUR 416 million. Despite this internal capital strength, free cash flow decreased to EUR 392 million from EUR 442 million in the prior year period, primarily due to the exclusion of Aegon UK remittances following the announced sale to Standard Life.

Cash Capital at Holding stood at EUR 1.7 billion, well above the operational range. Valuation equity per share increased 4% to EUR 9.42. Alongside the expanded buyback, the board declared a 2026 interim dividend of EUR 0.21 per common share, an 11% increase from the previous year.

What the Numbers Show

The activation of the full EUR 350 million buyback program underscores a strategic pivot from capital accumulation to distribution. With Cash Capital at Holding at EUR 1.7 billion and a target of EUR 1.0 billion, Aegon is deploying surplus liquidity aggressively. This move complements the 27% surge in OCG, indicating that the company’s improved profitability is being directly translated into shareholder returns rather than retained earnings, even as free cash flow faces structural headwinds from the Aegon UK divestiture.

Aegon announced that Chief Financial Officer Duncan Russell will step down from his role and leave the company in April 2027. The transition aligns with the insurer’s planned move of its head office and legal seat to the United States. The company has initiated a search for Russell’s successor.

Aegon CEO Lard Friese highlighted Russell’s role in strengthening the company’s financial foundations during its transformation. Friese described Russell as a trusted advisor and thanked him for his leadership and dedication on behalf of the Board of Directors and colleagues.

Russell stated that he is proud of the achievements made alongside colleagues across the organization. He expressed confidence that Aegon is well positioned to deliver on the ambitions set out at its Capital Markets Day, though he will not be part of that next phase. Russell committed to supporting an orderly transition until his departure.

Aegon operates as an international financial services holding company with ambitions to become a leading US life insurance, annuity, and retirement group. Its portfolio includes fully-owned businesses in the United States and Bermuda, a global asset manager, and joint ventures in Spain, Portugal, China, and Brazil. The company also holds a shareholding in a leading Dutch insurance and pensions company. Following the expected completion of the sale of Aegon UK around the end of 2026, it will retain a minority shareholding in a leading UK long-term savings and retirement business.

Aegon is headquartered in Schiphol, the Netherlands, and domiciled in Bermuda. It is listed on Euronext Amsterdam and the New York Stock Exchange. The company provided further updates as appropriate regarding the transition.