According to the company, operating result was EUR 858 million, up 11% compared with the second half of 2024 driven by an increase across all business units, reflecting commercial momentum and favorable financial markets. Full-year 2025 operating result was EUR 1.7 billion, up 15% compared with 2024.
Operating capital generation (OCG) before holding funding and operating expenses increased by 8% to EUR 711 million compared with the second half of 2024. With full-year 2025 OCG of EUR 1.3 billion, Aegon exceeded its target of EUR 1.2 billion.
Capital ratios of Aegon’s main units remain strong, above their respective operating levels. Cash Capital at Holding was EUR 1.3 billion, EUR 0.7 billion lower compared with the first half of 2025 mainly
driven by capital returns to shareholders. Free cash flow of EUR 388 million contributed to full-year free cash flow of EUR 829 million, consistent with the target of around EUR 800 million.
“Our results for 2025 demonstrate the strength of our strategy and our ability to consistently deliver upon our ambitions. We have met or exceeded all the financial targets that we set out at our Capital Markets Day (CMD) in 2023, and I would like to thank all my colleagues across our businesses for their dedication and hard work that made this possible”, said Lard Friese, Aegon CEO. “We generated EUR 1.3 billion of operating capital (OCG), ahead of our EUR 1.2 billion target. We also reported EUR 829 million of free cash flow, consistent with our EUR ~800 million target for 2025. Our main business units remained well capitalized, and we delivered a full year IFRS operating result of EUR 1.7 billion, an increase of 15% compared with 2024”, the CEO emphasized.
The full report can be found here.
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