AEG · Aegon N.V.

Aegon Ltd announced a definitive agreement to sell its UK business, Aegon UK, to Standard Life for a total consideration of GBP 2.0 billion. The transaction structure includes GBP 0.75 billion in cash and a 15.3% equity stake in Standard Life plc, allowing Aegon to benefit from future value creation in the combined entity. The deal valuation represents 14.2x the 2025 operating result after tax and 1.9x the 2025 IFRS Shareholder’s equity. This divestment marks a pivotal step in Aegon's strategic pivot to become a leading US life insurance and retirement group.

The proceeds, net of remittances, are earmarked for deleveraging and share buybacks. Financially, the transaction is projected to boost Group shareholders’ equity by EUR 1.1 billion and the net result by EUR 0.6 billion on a pro-forma 2025 basis, though it will reduce the Group Solvency ratio by approximately 5 percentage points. Aegon’s UK asset management operations will remain part of the group, serving as a partner to the new combined business. The transaction is anticipated to close around the end of 2026, pending regulatory approvals. Concurrently, Aegon updated its 2026-2027 financial ambitions, maintaining target growth rates but adjusting the base level to exclude the UK contribution, while reiterating its expectation for dividend per share growth in excess of 5% per annum.