Finance
Insurer Aegon exceeds capital creation forecast with strong US momentum
Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: February 19, 2026
Quick Summary
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.
Feb 19 (Reuters) - Aegon, the owner of U.S. insurance brand Transamerica, said on Thursday it generated higher capital than the market had expected in the second half of 2025, mainly boosted by favourable conditions in the Americas division.
The insurer'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.
"In the US, commercial momentum remained strong. Transamerica expanded its distribution network, World Financial Group (WFG), to over 95,000 licensed agents, and ... achieved a record 30% increase in individual new life sales in 2025 compared with 2024," CEO Lard Friese said in a statement.
Aegon is pressing forward with the plans to relocate its head office and legal seat to the United States, as it aims to become a leading life insurance and retirement group in the country.
Group solvency ratio, which specifies the level of capital insurers are required to hold, stood at 184% at the end of the year.
The insurer also hiked its final dividend for last year by 11%, bringing the total payout to 40 euro cents per share. This, combined with the buyback concluded in the year, marks a total return of 1.1 billion euros to shareholders.
($1 = 0.8481 euros)
(Reporting by Mateusz Rabiega in Gdansk, editing by Milla Nissi-Prussak.)
Key Takeaways
- •Operating capital generation before expenses rose 8% to €711 million in H2 2025.
- •Result topped the €654 million median analyst estimate polled by the company.
- •Americas division delivered favorable conditions that drove the outperformance.
- •Aegon is the owner of U.S. insurance brand Transamerica.
- •Stronger capital generation underscores momentum heading into 2026.
Frequently Asked Questions about Insurer Aegon exceeds capital creation forecast with strong US momentum
1What is the main topic?
Aegon beat market expectations for operating capital generation in the second half of 2025, supported by favorable conditions in its Americas division.
2How much capital did Aegon generate and how did it compare to forecasts?
Operating capital generation before expenses rose 8% to €711 million, exceeding the €654 million median estimate from analysts polled by the company.
3What drove the stronger performance?
The company cited favorable conditions in its Americas business, which helped lift group operating capital generation above expectations.
