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Aegon shares dip 3% as CFO exit overshadows strong 1H results and expanded €350m buyback
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Life insurer and asset manager Aegon has increased its planned second-half share buyback program after recording an operating result of €804m in the first half of 2026.
Aegon announced on the same day as its results that chief financial officer Duncan Russell would step down and leave the company in April 2027, resulting in its share price falling by 3%, despite its positive results.
The insurer agreed to sell its UK business to Standard Life for a total consideration of £2bn, comprising a 15.3% stake in Standard Life and £750m in cash. It is expected to close around the end of 2026, subject to regulatory approval.
Aegon highlighted in its report that the operating result increased by 9% from the same period in 2025, reflecting strong “commercial momentum and favorable financial markets,” with its operating capital generation reaching €416m in the first six months of the year - a 27% increase from 2025 for the same period, surpassing the €376m polled by analysts.
The insurer’s uplift came from its growing Transamerica business amid buoyant markets. Free cash flow dipped to €392m, compared with €442m for the first half of 2025, as it excluded Aegon UK remittances from the results.
Cash capital at holding stood at €1.7 billion, remaining above the operating range. It also confirmed the current ongoing second-half share buyback program increased by €150m to a total of €350m as part of its objective to reduce cash capital at holding to around €1bn by the end of 2026.
The interim dividend was raised by 11% from the first half of 2025 to €0.21 per share.
Aegon chief executive Lard Friese said: “In the first half of 2026, we continued to grow our businesses, delivered robust financial results and progressed at pace with our planned relocation to the US. These results demonstrate our strategy is gaining momentum and reinforce our confidence in the ambitions outlined at our 2025 Capital Markets Day.
“Transamerica delivered strong commercial growth compared with the prior year period. Individual Life sales grew by 54%, fueled by growth in the instant decision market. We further expanded our distribution capabilities, with World Financial Group now exceeding 100,000 agents, and we maintained good commercial momentum in Retirement Plans written sales. Aegon Asset Management benefited from third-party net flows and positive market developments, and our International businesses continued to grow, led by Brazil.
“We made significant progress in preparing for our future in the US. We selected New York City as the future location of our head office and announced changes to our leadership team. We reached an agreement with Vereniging Aegon, our largest shareholder, on its future relationship with our company and a proposed US-aligned governance framework. As previously announced, and in the context of our increased US focus, we also announced the sale of Aegon UK to Standard Life. Finally, we target an extraordinary general meeting on October 8, 2026, to seek shareholder approval for the domiciliation to the US.”
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