AEGOF Aegon Ltd (PK)

Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d/16

of the Securities Exchange Act of 1934

February 2025

Aegon Ltd.

Aegon’s press release, dated February 20, 2025, is included as appendix and incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				February 20, 2025   2H24 results press release

Aegon reports second half year 2024 results

2H 2024 IFRS results

2H 2024 capital generation, cash and capital management

Lard Friese, Aegon CEO, commented:

In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

Please note that all comparisons are versus the second half of 2023 unless stated otherwise.

Contact details and dial-in information can be found at the end of this press release, on page 30.

				February 20, 2025   2H24 results press release

Strategy

Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and the United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company. Aegon is taking significant steps to improve its performance and to create sustainable value for all its stakeholders.

Aegon’s businesses in the Americas are divided into Financial Assets and Strategic Assets. Aegon intends to, over time, reduce the capital employed by Financial Assets and grow its Strategic Assets, its partnerships, and the global asset manager. Exposure to businesses outside of Aegon’s core focus has been largely eliminated over recent years.

Throughout its transformation, Aegon aims to maintain a solid capital position in its business units and at the Holding. Through proactive risk management actions, Aegon is improving its risk profile and reducing the volatility of its capital ratios. This is underscored by Aegon’s capital strength.

The next chapter in Aegon’s strategy is expected to lead to operating capital generation from its units of around EUR 1.2 billion, and of free cash flow of around EUR 800 million by 2025. Aegon targets a dividend per share of around EUR 0.40 over 2025, barring unforeseen circumstances and subject to the necessary approvals. Gross financial leverage is expected to remain around EUR 5 billion.

The company will present an update on its strategy and targets at a Capital Markets Day (CMD) on December 10, 2025, which will be held in London.

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				February 20, 2025   2H24 results press release

Business update Americas

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				February 20, 2025   2H24 results press release

Transamerica – Aegon’s business in the United States – has a long and proud history of making financial services available to the many, not just the few. The company aims to accelerate its growth and become America’s leading middle market life insurance and retirement company. Transamerica’s Strategic Assets are grouped into three business segments: Distribution, Savings & Investments and Protection Solutions. The results of Financial Assets are presented as a fourth segment. Non-insurance businesses are reflected in Distribution and Savings & Investments, while Protection Solutions and Financial Assets contain the insurance businesses.

During the second half of 2024, we continued to execute on our strategy with World Financial Group (WFG), Transamerica’s wholly owned life insurance agency, further expanding its market reach and benefiting from increased annuity sales. The Retirement Plans segment showed strong written sales although it experienced outflows, while Individual Life sales decreased. The program to purchase universal life policies from institutional owners was successfully completed, although funding remains available for further potential additional purchases if these are economically favorable.

Strategic Assets business update: Distribution

Transamerica’s Distribution business segment consists of WFG and Transamerica Financial Advisors. Transamerica’s ambition is to increase the number of WFG agents to 110,000 by 2027, while simultaneously improving agent productivity.

At the end of 2024, WFG’s number of licensed agents grew to 86,142 licensed agents, an increase of 17% compared with the end of 2023. This reflected the successful training of recruits to become licensed agents. In the second half of 2024, WFG has also implemented a new activation program that provides training and other forms of support for newer agents to improve their productivity more quickly. The number of multi-ticket agents – those selling more than one life policy per 12 months – remained stable with 36,239 agents.

WFG’s total new life sales in the US and Canada amounted to USD 310 million in the second half of 2024, which is a decrease of 10% compared with the prior year period. Over the same period, WFG’s third-party annuity product sales increased by 17%, leading to gross deposits of USD 1.7 billion.

In the second half of 2024, Transamerica’s market share in the WFG distribution channel in the US amounted to 62% for life products, a decrease of 2%-points compared with the same period last year. Transamerica continues to further develop its dedicated service provision for WFG agents and its products that are tailored to the US middle market.

Strategic Assets business update: Savings & Investments

Transamerica’s Savings & Investments business segment includes Retirement Plans, Mutual Funds, and Stable Value Solutions. The growth focus lies in recordkeeping and investment services for US defined contribution plans and individual retirement accounts (IRAs), as well as advice to plan participants. The Retirement Plan business aims to increase profitability by growing assets in the General Account Stable Value and IRA allocations, focusing on mid-sized and pooled plans, and delivering managed advice and other ancillary products and services.

Net deposits

Retirement Plans reported net outflows of USD 15.9 billion in the second half of 2024 compared with USD 3.7 billion of net outflows in the same period of 2023. This increase was driven by large-market plans, where net outflows amounted to USD 16.1 billion in the period and were largely driven by the discontinuance of two large, low-margin recordkeeping contracts previously noted in the third quarter trading update. Gross deposits in large-market plans increased compared with the second half of last year, but were more than offset by contract discontinuances and higher participant withdrawals.

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				February 20, 2025   2H24 results press release

Net outflows for mid-sized plans amounted to USD 0.6 billion, compared with net deposits of USD 0.2 billion in the second half of 2023. The decrease resulted from higher withdrawals as positive equity markets increased the gross value of outflows, as well as the negative impact from contract discontinuances, which was only partially offset by an increase in gross deposits.

Part of the eligible participant withdrawals from both large-market and mid-sized plans were rolled over to IRAs in an effort to consolidate assets and retain customers, which generated USD 0.8 billion of net deposits during the reporting period.

Net outflows for Mutual Funds amounted to USD 0.6 billion in the second half of 2024, compared with outflows of USD 1.0 billion in the second half of 2023. This mainly reflected lower withdrawal rates as gross deposits in both periods remained at a similar level.

Account balances

Account balances in Retirement Plans increased by 5% to USD 224 billion at the end of 2024, driven by favorable market movements, up from USD 214 billion at year end 2023. Mid-sized plans accounted for USD 54 billion of the total account balances in Retirement Plans as of December 31, 2024, an increase of 13% compared with the level at year-end of 2023, as a result of both favorable market movements and net deposits.

Transamerica aims to grow and diversify revenue streams by expanding both the General Account Stable Value product and IRAs to USD 16 billion and USD 18 billion of assets under management, respectively, by 2027. Assets under management in the General Account Stable Value product increased by 18% compared with the end of year 2023 to USD 13 billion at the end of the reporting period. Over the same period, IRA account balances increased by 22% to USD 13 billion as of December 31, 2024, driven by efforts to retain assets from retirement plans, additional customer deposits, and favorable markets over the past year.

Strategic Assets business update: Protection Solutions

Transamerica’s Protection Solutions business segment includes insurance businesses covering Individual Life, Individual Health, Workplace Life, Workplace Health, and Indexed Annuities lines of business. The Indexed Annuities line of business includes registered index-linked annuities (RILA) and fixed indexed annuities (FIA). Transamerica is investing in its product manufacturing capabilities and operating model to position its Protection Solutions business for further growth in the US middle market, with distribution through both WFG and third parties.

New life sales

Transamerica targets around USD 750 million of annual new life sales in Individual Life by 2027. In the second half of 2024, Individual Life new life sales totaled USD 229 million, a decrease of 10% compared with the prior year period. This was mainly driven by lower indexed universal life sales through the WFG distribution channel. WFG represented 67% of total Individual Life sales in the second half of 2024, a decrease of 4%-points compared with the same period last year, as new life sales through other channels increased. Term life product sales decreased given continued competitive pressures, which was more than offset by an increase in whole life final expense sales.

Workplace Life new life sales increased by 10% to USD 27 million in the second half of 2024 compared with the same period of 2023, due to higher sales staff productivity.

New premium production Workplace Health

New premium production for Workplace Health insurance amounted to USD 48 million in the second half of 2024, an increase of 7% compared with the same period of 2023, driven by higher voluntary benefits sales.

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				February 20, 2025   2H24 results press release

Net deposits Indexed Annuities

Net deposits for Indexed Annuities products amounted to USD 968 million in the second half of 2024. Of that total, RILA products contributed net deposits of USD 995 million, compared with USD 329 million in the same period of 2023. The increase was driven by further enhancing the wholesale distribution capacity and improving sales productivity. Based on market data for the first nine months of 2024, this positions Transamerica as a top 10 player in terms of RILA sales in the US market.

Update on Financial Assets

Financial Assets are blocks of business that are capital intensive with relatively low returns on the capital employed. Transamerica is actively managing Variable Annuities with interest rate sensitive riders, Fixed Annuities including Single Premium Group Annuities (SPGAs), the legacy Universal Life book, and Long-Term Care portfolios as Financial Assets.

Transamerica is taking in-force management actions on Financial Assets that are expected to reduce the capital employed together with the organic run-off of the portfolio to USD 2.2 billion by year-end 2027. On December 31, 2024, Financial Assets had USD 3.4 billion of capital employed, a decrease of USD 0.7 billion compared with December 31, 2022, which is the reference date for this target. Of this decrease, USD 0.5 billion was achieved in 2024. The decrease was mainly driven by favorable market impacts in the variable annuities portfolio, the run-off of the portfolios, and management actions such as the earlier expansion of the dynamic hedging program for the Variable Annuities guaranteed benefits to include the lapse and mortality margins, as well as the reinsurance of a universal life portfolio.

Universal Life

The legacy Universal Life portfolio includes universal life policies with and without secondary guarantees. In addition, Transamerica has reinsured a Universal Life portfolio from Transamerica Life Bermuda. The portfolio is in run-off with policies maturing or being surrendered over time. Consequently, the net face value of this portfolio – which reflects the face value of policies issued to policyholders adjusted for reinsurance coverage – decreased to USD 47 billion at the end of December 2024 compared with USD 51 billion at the end of 2023. Transamerica’s program to purchase institutionally owned policies has helped to reduce the exposure.

In the second half of 2024, Transamerica achieved its target to purchase at least 40% of the USD 7 billion face value of institutionally owned universal life policies that were in-force at the end of 2021, locking in claims cost and reducing the mortality risk of the overall portfolio. The program achieved the investment target at Aegon’s hurdle rates three years ahead of plan. At the same time, funding remains available for potential additional opportunistic purchases.

So far, Transamerica has terminated around two thirds of the purchased face value. Of this, one third was terminated in the second half of 2024 with a one-time unfavorable capital impact of around USD 300 million. The dedicated Transamerica entity that purchased these policies has returned part of its associated equity funding with a one-time favorable capital impact of USD 150 million. These actions had a combined unfavorable impact on the RBC ratio of 8%-points in the second half of 2024. The remaining universal life policies purchased from institutional owners will be terminated over time. Over time, the capital impacts are expected to be offset by avoiding a drag on future operating capital generation from these policies, as previously guided for at Aegon’s 2023 CMD.

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				February 20, 2025   2H24 results press release

Long-Term Care

Transamerica is actively managing its Long-Term Care business, primarily through premium rate increase programs. The company continues to work with state regulators to obtain approvals for pending and future actuarially justified rate increases. At its 2023 CMD, Aegon announced its intention to achieve approvals for an additional net present value of USD 700 million of premium rate increases. The total value of premium rate increases approved by state regulators since the beginning of 2023 amounts to USD 571 million, which is 82% of the target. Claims experience continues to track well with assumptions, with the actual-to-expected claim ratio – which includes reserve changes – being mildly unfavorable at 101% in the second half of 2024.

Variable Annuities

The portfolio of Variable Annuities with significant interest sensitive riders is a legacy block that will run off over time, and that has been de-risked by dynamically hedging the market risk associated with guaranteed benefit riders, including the statutory lapse and mortality margins. The hedge program was 99% effective in the second half of 2024, continuing its strong track record of managing the financial market risks embedded in the guarantees.

Net outflows in Variable Annuities amounted to USD 3.1 billion in the second half of 2024, compared with net outflows of USD 2.6 billion in the same period last year, in line with expectations. Gross deposits in Variable Annuities increased to USD 0.9 billion from USD 0.6 billion in the prior year period, mainly from growing sales in a variable annuity product with limited guarantees. This was more than offset by higher withdrawals and surrenders.

Fixed Annuities

The Fixed Annuities portfolio is a Financial Asset that will run off relatively quickly over time. Net outflows in the Fixed Annuities book amounted to USD 0.5 billion in the reporting period, compared with net outflows of USD 0.6 billion in the same period of last year, driven by surrenders and withdrawals. In addition, a portfolio of Single Premium Guaranteed Annuities (SPGAs) is managed as a Financial Asset and had net outflows of USD 0.1 billion in the second half of 2024, which was the same as compared with the prior year reporting period.

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				February 20, 2025   2H24 results press release

Business update United Kingdom

In the United Kingdom, Aegon aims to become the leading digital savings and retirement platform provider in the workplace and adviser markets.

Strategic developments

In April 2023, Aegon announced the sale of its UK individual protection book to Royal London, which supports Aegon’s strategy to focus on its core activities in the UK. The Part VII transfer of the individual protection policies was completed on July 1, 2024.

Business update

Net deposits

Net deposits in the Workplace platform amounted to GBP 2.0 billion in the second half of 2024, compared with net deposits of GBP 0.3 billion in the same period of 2023. The increase in net deposits benefited from continued growing levels of inflows due to the onboarding of new schemes and higher regular contributions from existing schemes, while the prior year period was negatively impacted by the departure of a large, low-margin scheme. For the Adviser platform, net outflows amounted to GBP 1.8 billion in the second half of 2024, compared with net outflows of GBP 1.9 billion in the prior year period. This reflected continued elevated levels of customer withdrawals, and ongoing consolidation and vertical integration in non-target adviser segments. As outlined at our June 2024 Teach-In, we have several initiatives in place that aim to return the Adviser platform to growth by 2028, including improving the platform experience and targeting of our top 500 financial advisers.

Net outflows in Traditional products amounted to GBP 1.0 billion, compared with net outflows of GBP 0.7 billion in the same period of 2023, as this book gradually runs off. For the Institutional business, net outflows amounted to GBP 1.4 billion in the second half of 2024, compared with GBP 0.5 billion net outflows in the same period of 2023.

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				February 20, 2025   2H24 results press release

Assets under administration

Total Platform Assets under Administration (AuA) consisting of the Workplace platform and the Adviser platform, increased by 11% to GBP 115 billion compared with December 31, 2023. During the same period, overall AuA, which also includes Traditional products and the Institutional business, increased by 8% to GBP 220 billion. The increase in AuA was mostly driven by market movements in the period.

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				February 20, 2025   2H24 results press release

Business update International

In Spain & Portugal, China, and Brazil, Aegon is investing in profitable growth. Aegon is maximizing Transamerica Life Bermuda’s (TLB) value, while continuing to make profitable sales on a selective basis. TLB’s closed block of universal life insurance liabilities is reinsured by Transamerica.

Business update

New life sales

New life sales decreased to EUR 126 million in the second half of 2024, down 9% compared with the second half of 2023.

New premium production for non-life business

New premium production for accident & health insurance amounted to EUR 35 million, which remained broadly stable compared with the second half of 2023.

New premium production for property & casualty insurance amounted to EUR 33 million, an increase of 5% compared with the second half of 2023, driven by higher unemployment protection sales linked to consumer loans in Spain.

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				February 20, 2025   2H24 results press release

Business update Asset Management

Aegon Asset Management (Aegon AM) aims to improve efficiency and drive growth through third-party assets, and by increasing the share of proprietary investment solutions in its affiliate business.

Strategic developments

Aegon AM continues to further simplify its activities in Global Platforms to improve efficiency and profitability. Its focus lies on three core competencies: alternative fixed income assets and real assets, being a recognized leader in responsible investing and helping partners with retirement and fiduciary solutions to build market leading retirement platforms. As a result, Aegon AM is rationalizing its product set and has taken cost reduction measures.

Business update

Net deposits

Third-party net deposits in Global Platforms amounted to EUR 4.1 billion in the second half of 2024, compared with net outflows of EUR 47 million in the same period of 2023. The net deposits in the second half of 2024 were mostly driven by strong fund performance of alternative fixed income, which also benefited from the asset management partnership with a.s.r. The other main contributors to net deposits were retirement funds in the UK and the Netherlands, both driven by fixed income.

Net deposits in Strategic Partnerships amounted to EUR 1.9 billion in the second half of 2024, compared with net outflows of EUR 2.1 billion in the same period last year, and were mainly driven by Aegon’s Chinese asset management joint venture, Aegon Industrial Fund Management Company (AIFMC). The net deposits were mostly from money market funds, mainly due to a collaboration with a consumer finance platform, and were partly offset by net outflows from mutual funds. Net deposits in La Banque Postale AM contributed to net deposits in Strategic Partnerships as well, despite the impact of continued withdrawals of low margin business from a former shareholder.

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				February 20, 2025   2H24 results press release

Net deposits from the General Account amounted to EUR 1.3 billion in the second half of 2024, compared with net deposits of EUR 1.9 billion in the prior year period.

Net outflows from Affiliate amounted to EUR 3.8 billion in the second half of 2024, compared with net outflows of EUR 0.4 billion in the same period of 2023. The increase in net outflows resulted mainly from a fund modernization effort in the UK, which led to terminating a lower margin fund. The modernization is expected to drive additional inflows in future years.

Annualized revenues gained / (lost) on net deposits

Annualized revenues gained on net deposits for Global Platforms amounted to EUR 8.7 million in the second half of 2024, mainly driven by third-party net deposits.

Assets under management

Assets under management increased by EUR 27 billion compared with December 31, 2023, to EUR 332 billion at the end of the second half of 2024. The increase was mainly driven by the impact of favorable markets and third-party net deposits. Favorable currency movements contributed as well.

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				February 20, 2025   2H24 results press release

Capital position

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				February 20, 2025   2H24 results press release

Maintaining a strong balance sheet is a prerequisite for Aegon to achieve its financial and strategic objectives. It allows the company to build leading, advantaged businesses that create value for its customers, shareholders, and other stakeholders. Aegon has a clear capital management framework in place that informs its capital deployment decisions. This framework is based on maintaining an adequate capitalization of its business units, Cash Capital at Holding, and gross financial leverage.

Capital ratios

US RBC ratio

The estimated RBC ratio in the US decreased from 446% on June 30, 2024, to 443% on December 31, 2024, remaining above the operating level of 400%. The decrease was driven by several factors. First, the termination of a portfolio of universal life policies that were previously purchased from institutional owners had a one-time unfavorable impact on the RBC ratio of 8%-points, taking into account the repayment of part of the equity funding used to acquire these policies. Second, one-time items and management actions reduced the RBC ratio by 8%-points in the reporting period. This mainly arose from restructuring expenses from the implementation of the new Individual Life operating model and a contribution to the own employee pension plan. Market movements had an 8%-points positive impact on the RBC ratio in the second half of 2024. Operating capital generation from operating entities applying the RBC framework had a positive contribution of 21%-points to the RBC ratio, which was partly offset by remittances to the Holding, which had a 16%-points impact.

At the end of 2024, the US RBC ratio has become more sensitive to market movements driven by flooring of reserves on Variable Annuities and inadmissibility of deferred tax assets.

UK SE solvency II ratio

The estimated UK solvency II ratio for Scottish Equitable plc decreased from 189% on June 30, 2024, to 186% on December 31, 2024, and remained above the operating level of 150%. The positive impacts from operating capital generation and the annual assumption updates were more than offset by the negative impacts from remittances, a previously announced model refinement and some smaller one-time items, including investments to improve the business.

Group solvency ratio

The estimated group solvency ratio decreased from 190% on June 30, 2024, to 188% on December 31, 2024. This reflected the proposed 2024 final dividend, the new EUR 150 million share buyback program, and a fungibility haircut on the own funds of the Chinese insurance joint venture, Aegon THTF Life Insurance Company. Total capital generation after holding funding and operating expenses amounted to EUR 590 million. This included market movements with a positive impact of EUR 147 million, mostly driven by the US. Furthermore, one-time items were unfavorable at EUR 67 million, and notably included the unfavorable impact of management actions in the US in the third quarter, while also reflecting positive impacts from the a.s.r. stake.

Operating capital generation

Operating capital generation for Aegon amounted to EUR 658 million before holding funding and operating expenses in the second half of 2024, compared with EUR 660 million in the prior year period. Both periods were impacted by overall favorable items that increased operating capital generation.

Earnings on in-force amounted to EUR 793 million, a decrease of 1% compared with the second half of 2023. This included an increase in Aegon AM, reflecting business growth and the impact from favorable markets, and a decrease in the US.

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Release of required capital amounted to EUR 252 million, an increase of 18% compared with the prior year period.

This reflected the impact of elevated required capital releases in the US, partially offset by lower release of required in International, mainly from China.

New business strain amounted to EUR 388 million, an increase of EUR 37 million compared with the second half of last year. The increase in new business strain from the Americas as a consequence of continued business growth in Strategic Assets was partially offset by lower new business strain from International reflecting changes in product mix in TLB and a regulatory change in China.

The operating capital generation for Aegon before holding funding and operating expenses in the second half of 2024 contained some favorable items. In the US, higher new business strain, unfavorable claims experience, and some other variances amounted to around EUR 10 million, while, in the UK, lower new business strain, underwriting, and other variances benefited operating capital generation by around EUR 30 million. In International, the operating capital generation benefited by around EUR 12 million from favorable underwriting experience variance and lower new business strain.

Holding funding and operating expenses amounted to EUR 147 million in the second half of 2024, an increase of EUR 27 million as the prior year period benefited from an elevated cash position driven by the proceeds from the a.s.r. transaction.

Americas

In the Americas, operating capital generation decreased by 7% to USD 429 million in the second half of 2024. This compared with USD 464 million in the same period of last year, which included around USD 50 million of favorable non-recurring items. The second half of 2024 benefited from around USD 11 million favorable non-recurring items in aggregate.

New business strain, which constitutes a drag on operating capital generation, amounted to USD 404 million in the reporting period, compared with USD 309 million in the same period of 2023. Primarily, this was driven by continued growth of the Retirement Plans business, which had larger deposits into the General Account Stable Value allocation in the period. Secondly, the new business strain also increased in Protection Solutions, mainly from strong growth in RILA sales. The release of required capital increased to USD 219 million in the second half-year of 2024 from USD 142 million in the same period last year. The increase in the second half of 2024 was mainly the result of non-recurring required capital releases of around USD 40 million following actions to lower the investment and asset concentration risk.

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				February 20, 2025   2H24 results press release

Earnings on in-force decreased by 2% to USD 614 million in the second half of 2024, compared with USD 630 million in the same period of last year. While the prior year period saw unfavorable claims experience of USD 79 million largely from mortality claims, claims experience was USD 60 million unfavorable in the second half of 2024. Mortality claims experience was USD 50 million unfavorable and morbidity claims experience was USD 10 million unfavorable.

In summary, Strategic Assets contributed USD 302 million of operating capital generation in the second half of 2024 compared with USD 349 million in the prior year period. The decrease was on balance mainly driven by a higher new business strain, partly offset by higher earnings on in-force. Financial Assets reported USD 128 million of operating capital generation in the period, compared with USD 115 million in the second half of 2023. The increase was mainly driven by higher release of required from lower investment risk and a more favorable claims experience, partly offset by lower other earnings on in-force.

Cash Capital at Holding and free cash flow

Aegon’s Cash Capital at Holding decreased during the second half of 2024 from EUR 2,090 million to EUR 1,725 million. This decrease was largely due to EUR 728 million of capital returns to shareholders, consisting of the 2023 final dividend, the 2024 interim dividend and EUR 207 million of share buybacks. Free cash flow during the second half of 2024 amounted to EUR 385 million and included the 2024 interim dividend from a.s.r. and Aegon’s participation in a share buyback program by a.s.r. Other items combined had a negative impact of EUR 23 million, mainly driven by capital injections in the business units of EUR 18 million.

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				February 20, 2025   2H24 results press release

2024 final dividend

Aegon aims to pay a sustainable dividend to allow equity investors to participate in the company’s performance, which can grow over time if Aegon’s performance so allows. At its 2023 CMD, Aegon set a target for dividend growth to around EUR 0.40 per common share over 2025. The Board of Directors will, in the absence of unforeseen circumstances, propose a final dividend for 2024 of EUR 0.19 per common share at the Annual General Meeting of Shareholders to be held on June 12, 2025. If approved, and in combination with the interim dividend of EUR 0.16 per share paid over the first half of 2024, Aegon’s total dividend over 2024 will amount to EUR 0.35 per common share. This represents an increase of EUR 0.05 or 17% compared with the total dividend per common share over 2023.

If the proposed dividend is approved by shareholders, Aegon’s shares will be quoted ex-dividend on June 16, 2025. The record date for the dividend will be June 17, 2025, and the dividend will be payable as of July 7, 2025.

Share buyback programs

On May 16, 2024, Aegon announced the beginning of a EUR 200 million share buyback program. The share buyback program commenced on July 8, 2024, and was completed on December 13, 2024.

On November 15, 2024, Aegon announced a new EUR 150 million share buyback program, consistent with its policy to return excess Cash Capital at Holding to shareholders in the absence of value-creating opportunities. The share buyback program commenced on January 13, 2025, and is expected to be completed by June 30, 2025, barring unforeseen circumstances.

In line with its previously announced intention, Aegon has canceled 71 million of common shares (consisting of both common and common shares B) in December 2024. As a consequence, Aegon has a total of 2,006,185,232 shares issued on the date of this press release consisting of 1,652,797,432 common shares and 353,387,800 common shares B.

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				February 20, 2025   2H24 results press release

Results overview

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