Aegon Ltd.: Aegon EGM approves Redomiciliation and Omnibus Incentive Plan

J.P. Morgan upgraded ASR Nederland and Ageas to 'overweight', citing an 8.5x valuation discount vs. European insurers. It raised price targets to €90 for both. ASR is seen benefiting from Dutch pension reform, with potential buybacks and acquisitions. Ageas is valued cheaply, with improving earnings. NN Group was kept at 'overweight', while Aegon was cut to 'neutral' due to valuation uncertainty.

Aegon shareholders approved plans to redomicile in the US and rebrand as Transamerica Inc. The move, expected to complete by January 2028, will shift its primary listing to the NYSE under the symbol 'TA' and adopt US GAAP reporting. Aegon aims to focus on the US life insurance and retirement market, with Transamerica accounting for 80% of its operations.

Aegon has filed a registration statement with the SEC for its planned redomiciliation to the US, with an EGM scheduled for October 8, 2026. The Shareholder Circular includes governance documents and a voting agreement with its largest shareholder, Vereniging Aegon, which supports the redomiciliation and an Omnibus Incentive Plan. Aegon aims to become a leading US life insurance and retirement group.

Aegon Ltd. reported 1H 2026 results with a net profit of EUR 608 million, up slightly from EUR 606 million in 1H 2025. Operating profit rose 9% to EUR 804 million, driven by strong commercial performance and favorable markets. The company increased its share buyback program by EUR 150 million and declared an 11% higher interim dividend. Aegon is on track to meet or exceed its 2026 financial goals and is preparing to relocate its headquarters to the US.

Aegon began a new EUR 200 million share buyback announced at its Dec. 10, 2025 Capital Markets Day, expected to finish by Dec. 23, 2026, with repurchased shares intended for cancellation. Vereniging Aegon agreed pro-rata participation (~18.4% voting rights). A prior EUR 227 million buyback (Jan 12–Jun 30, 2026) repurchased 33,909,553 shares for EUR 227 million at EUR 6.68 average.

Aegon began a new EUR 200m share buyback on July 1, 2026, announced at its Dec 10, 2025 Capital Markets Day, expected to finish by Dec 23, 2026. The company will cancel repurchased shares and buy back pro-rata with Vereniging Aegon (~18.4% voting rights). It also said a prior EUR 227m buyback ended June 30, 2026, repurchasing 33,909,553 shares for EUR 227m at EUR 6.68.