Cash and cash equivalents

12 Months Ended

Dec. 31, 2025

18 Cash and cash equivalents



	2025		2024		2023

Cash at bank and in hand		1,165		1,478		1,614

Short-term deposits		315		152		340

Money market investments		1,253		1,838		2,120

On December 31		2,733		3,469		4,074

Cash collateral related to securities lending, repurchase agreements and margins on derivatives transactions		1,972		2,240		3,416

Income from security lending programs		3		4		7

Weighted effective interest rate on short-term deposits		2.13%		3.17%		3.90%

Average maturity on short-term deposits (in days)		2		5		11

The disclosed carrying amounts reasonably approximate fair values at

year-end.

See note

40 Transfers of financial assets

for details on collateral received and paid. For cash collateral received related to securities lending, repurchase agreements, and margins on derivatives transactions, a corresponding liability to repay the cash is recognized in other liabilities (see note

35 Other liabilities

Cash and cash equivalent balances that are not available for use by the group is EUR 158 million (2024: EUR 141 million, 2023: EUR 98 million).



Summary cash flow statement	2025			2024			2023

Net cash flows from operating activities		434			762			864

Net cash flows from investing activities		1,010			300			(1,996	)

Net cash flows from financing activities		(2,035	)		(1,755	)		(3,241	)

Net increase / (decrease) in cash and cash equivalents		(591	)		(694	)		(4,373	)

Net cash and cash equivalents on December 31, are impacted by:

Positive (negative) effects of changes in exchange rates		(144	)		88			(38	)

Analysis of cash flows

2025 compared to 2024

Total net cash flow from operating activities decreased by EUR 328 million to an EUR 434 million inflow (2024: EUR 762 million inflow). The decrease is mainly driven by a lower cash result (result before tax adjusted for

non-cash

items), and by changes in accruals (see note

36 Accruals

Net cash flows from investing activities increased by EUR 710 million to an EUR 1,010 million inflow (2024: EUR 300 million inflow). The increase mainly reflects proceeds from reducing the investment in associate ASR Netherland N.V.(see note

21 Investments in joint ventures and associates

Net cash flows from financing activities increased

by EUR 280 million to an EUR 2,035 million outflow(2024: EUR 1,755 million outflow).

The increase is mainly driven by a higher net repayment from borrowings (refer to the table below ‘Reconciliation of liabilities arising from financing activities’), partially offset by a lower cash outflow from share repurchases following Aegon’s share buy back programs (see note 25.3 Treasury shares).

Reconciliation of liabilities arising from financing activities

The table below presents a reconciliation of liabilities arising from financing activities, split between changes from financing cash flows and

non-cash

changes, as reported in the consolidated statement of financial position



				Financing cash flows					Non-cash changes

2025	On January 1			Addition		Repayment			Realized gains / (losses)			Fair value hedge movements			Amortization			Net exchange difference			On December 31

Subordinated borrowings		1,653			-		-			-			-			3			(195	)		1,461

Trust pass-through securities		113			-		-			-			-			(1	)		(13	)		99

Borrowings		3,013			946		(1,707	)		-			-			2			(272	)		1,982

Assets held to hedge Trust pass-through securities		(20	)		-		-			-			-			-			2			(17	)

2024

Subordinated borrowings		2,244			-		(700	)		-			-			5			104			1,653

Trust pass-through securities		111			-		-			-			(5	)		(1	)		7			113

Borrowings		2,356			700		(209	)		-			-			3			162			3,013

Assets held to hedge Trust pass-through securities		(14	)		-		-			(5	)		-			-			(1	)		(20	)