Aegon shifts to US-focused model, boosts 2025 profits and dividends amid UK unit sale

Aegon Ltd. is transforming into a US-centric, capital-light financial services company by selling its UK unit and relocating its headquarters to the US by 2028. The company reported a 15% rise in 2025 operating profits to €1.7 billion, driven by strong US life insurance and pension businesses, enabling a 14% dividend increase to €0.40 per share with a 5.8% yield. Despite these improvements, Aegon trades at a discount to peers with a forward P/E of 9.6x and faces risks including US market concentration, interest rate sensitivity, UK sale execution, and relocation costs. This strategic shift positions Aegon for growth but requires careful execution of its US-focused transformation.