v3.26.1
Income tax
 12 Months Ended
Dec. 31, 2025
Disclosure of income tax expense benefits [line items]  
Income tax
15 Income tax
 
     
    2025
         2024         2023  
Current year
      (58 )      (19 )      (4 ) 
Adjustments to prior years      16       20       9  
Total current tax
   
 
(42
) 
  
 
1
 
  
 
5
 
(Origination) / reversal of temporary differences
      12       31       247  
Changes in tax rates / bases
      (3 )      -       (1 ) 
Changes in deferred tax assets
1
      9       -       (9 ) 
Non-recognition
of deferred tax assets
      (61 )      13       (61 ) 
Adjustments to prior years
      20       (29 )      27  
Total deferred tax (note 34)
   
 
(22
) 
  
 
15
 
  
 
204
 
Income tax benefit / (charge) for the year ended December 31
   
 
(65
) 
  
 
16
 
  
 
209
 
 
1
 
Changes due to recognition / write off of previously not recognized / recognized tax losses, tax credits, and deductible temporary differences.
 
Reconciliation between standard and effective income tax
   
    2025
         2024         2023  
Result before tax from continuing operations
   
 
1,045
 
  
 
660
 
  
 
(391
) 
Income tax calculated using weighted average applicable statutory tax rates
      (187 )      (119 )      94  
Differences due to the effects of:
       
Non-taxable
income
      76       44       39  
Non-tax-deductible
expenses
      (9 )      (12 )      (12 ) 
Changes in tax rate/base
      (3 )      -       (1 ) 
Different tax rates on overseas earnings
      (3 )      (4 )      (3 ) 
Tax credits
      36       41       34  
Other taxes
      (31 )      (9 )      -  
Adjustments to prior years
      35       (9 )      36  
Changes in deferred tax assets as a result of recognition /
write-off
of previously not recognized / recognized tax losses, tax credits and deductible temporary differences		      10       1       (9 ) 
Non-recognition
of deferred tax assets
      (61 )      (28 )      (20 ) 
Tax effect of profit / (losses) from joint ventures and associates
      75       110       47  
Other
      (2 )      1       3  
Total differences
   
 
123
 
  
 
135
 
  
 
115
 
Income tax benefit / (charge) for the year ended December 31
   
 
(65
) 
  
 
16
 
  
 
209
 
In September 2023, the legal seat of Aegon N.V. was redomiciled to Bermuda. Headquarters remained in the Netherlands and the company remained a Dutch tax resident.
Aegon is within the scope of the OECD Pillar Two model rules. Aegon has performed an assessment of its potential exposure to Pillar Two income taxes based on the 2025 financial information for the constituent entities in the Group. Based on the performed analysis, applying both the temporary safe harbors and detailed calculations, Aegon expects no
top-up
tax for 2025. Aegon continues to monitor Pillar Two legislative developments, as additional guidance may be released, to evaluate the potential future impact on its consolidated results of operations and financial position.
The weighted average applicable statutory tax rate for 2025 is 17.9% (2024: 18.0%). The lower weighted average applicable statutory tax rate compared to the statutory tax rate is mainly due to the relatively high contribution of income before tax in the equity accounted joint ventures and associates in 2025 which is presented net of tax in the consolidated income statement. The weighted average applicable statutory tax rate is driven by the mix of profits and losses in each jurisdiction and the relevant statutory tax rate. Including the income tax on equity accounted joint ventures and associates, the weighted average applicable statutory tax rate for 2025 is 23.7% (2024: 24.9%).
Non-taxable
income in 2025 is comprised of the regular
non-taxable
items such as the dividend received deduction in the United States and the participation exemption in the Netherlands.
Tax credits mainly include tax benefits from United States investments that provide affordable housing to individuals and families that meet median household income requirements.
Other taxes mainly relate to policyholder taxes in the United Kingdom and state taxes in the United States.
In 2025, adjustments to prior years mainly relate to the release of tax provisions.
 
 
 
 
 
Non-recognition
of deferred tax assets in 2025 includes the valuation allowance for state tax losses in the United States, and interest expenses and tax losses in The Netherlands.
The following tables present income tax related to components of other comprehensive income and retained earnings.
 
Income tax related to items of other comprehensive income
   
    2025
         2024         2023  
Remeasurements of defined benefit plans
      (4 )      1       17  
Items that will not be reclassified to profit or loss
   
 
(4
) 
  
 
1
 
  
 
17
 
Unrealized (Gains) / losses on revaluation of FVOCI investments
      (419 )      237       (487 ) 
Revaluation reserve - Insurance contracts
      174       (530 )      397  
Revaluation reserve - Reinsurance contracts
      (22 )      177       (126 ) 
Changes in cash flow hedging reserve
      49       45       42  
Movement in foreign currency translation and net foreign investment hedging reserve
      -       7       3  
Items that may be reclassified subsequently to profit or loss
   
 
(218
) 
  
 
(64
) 
  
 
(171
) 
Total
   
 
(222
) 
  
 
(63
) 
  
 
(154
) 
 
Income tax related to items recognized in retained earnings
   
    2025
         2024         2023  
Equity instruments
      15        (8 )      17   
Other
      1       7       1  
Total
   
 
16
 
  
 
(1
) 
  
 
18
 
Aegon Ltd. [member]  
Disclosure of income tax expense benefits [line items]  
Income tax
7 Income tax
 
    
 
     2025
 
          2024  
Current tax
      10       19  
Income tax benefit/(charge) for the period
   
 
10
 
  
 
19
 
Reconciliation between standard and effective tax
     
Result before tax
      (217 )      (137 ) 
Tax on result at Dutch corporate result tax rate
      56       35  
Differences due to the effect of:
     
Prior year adjustments
      11       1  
Non-tax-deductible
expenses
      (4 )      (7 ) 
Non-recognition
of deferred tax assets
      (53 )      (11 ) 
Total
   
 
10
 
  
 
19
 
The applicable corporate income tax rate for 2025 is 25.8% (2024: 25.8%). The effective tax rate for 2025 is 5% (2024: 14%).