Aegon

AEG

Market cap $11.2B

Aegon Ltd. (AEG) Q4 2025 Earnings Call Transcript

Schiphol, February 19, 2026 - Please click here to access all 2H 2025 results related documents

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

This article is part of our monthly series where we highlight five large-cap, relatively safe, dividend-paying companies offering significant discounts to their historical norms. We go over our filtering process to select just five conservative DGI stocks from more than 7,500 companies that are traded on U.S. exchanges, including OTC networks. In addition to the primary list that yields 4.2%, we present two other groups of five DGI stocks each, from moderate to high yields of up to 8% plus.

Aegon Ltd. offers a compelling investment-grade baby bond, AEFC, with a yield to worst of approximately 7%. AEFC trades below par and boasts one of the highest yields among investment-grade, high-duration baby bonds, outpacing peers by a 0.7% yield spread. AEFC's investment-grade ratings (S&P: BBB-, Moody's: Baa2) and wide spread to peers suggest both safety and capital appreciation potential.

This article is part of our monthly series where we highlight five large-cap, relatively safe, dividend-paying companies offering significant discounts to their historical norms. We go over our filtering process to select just five conservative DGI stocks from more than 7,500 companies that are traded on U.S. exchanges, including OTC networks. In addition to the primary list that yields 4.3%, we present two other groups of five DGI stocks each, from moderate to high yields of up to 8%.

Phoenix Group Holdings PLC (LSE:PHNX) is reported to be weighing a move for Aegon UK, where UBS analysts see a strong strategic and financial logic behind a potential deal. Aegon announced last week it would explore a divestment of its UK business, triggering speculation about potential buyers.

Aegon Ltd. (AEG) Analyst/Investor Day Transcript

Aegon's new operating capital generation/FCF targets and capital return plans came in mid–high single digits below our expectations, with an SGUL deal and US redomicile costs heavier than anticipated. During the Q3 release, there was no change to guidance, with the €1.2 billion OCG reiteration. We lower our forecasts and target price to reflect the softer growth trajectory, but keep a Buy rating on AEG, remaining constructive on the long-term equity story.

Some of Britain's biggest savings and insurance groups are expected to take an early look at Aegon's UK business, which has been pushed into a strategic review as the Dutch group prepares to rebrand as Transamerica and shift its centre to the US. Panmure Liberum flags a broad field of potential bidders.