Amortization through income statement is included in note

13 Other operating expenses

. None of the intangible assets has titles that are restricted or has been pledged as security for liabilities.

With the exception of goodwill, all intangible assets within the Americas have a finite useful life and are amortized accordingly. Future servicing rights are amortized over the term of the related insurance contracts, which can vary significantly depending on the maturity of the acquired portfolio and range between 10 and 30 years. As at December 31, 2025 10 years remain (2024: 11 years). Software is generally depreciated over an average period of three to five years (no changes compared to 2024).

The economic assumptions underlying all calculations are based on observable market data and projections of future trends. All cash-generating units tested showed that their recoverable amounts exceeded their carrying values, including goodwill. A reasonably possible change in any key assumption is not expected to cause the carrying value of the cash-generating units to exceed their recoverable amount.

The goodwill balance has been allocated to the cash-generating units expected to benefit from the synergies inherent in the goodwill. Goodwill is tested for impairment both annually and when there are specific indicators of a potential impairment. The recoverable amount of cash-generating unit is the higher of its value in use and its fair value less costs of disposal. The operating assumptions used in all the calculations are best estimate assumptions and based on historical data where available.

Within the Americas, Transamerica’s goodwill is allocated to groups of cash-generating units, including variable annuities, fixed annuities, and the retirement plans and single premium group annuities (SPGAs). Transamerica uses the value in use concept to determine the recoverable amount and it is calculated annually in the fourth quarter. Transamerica reviewed the recoverable amount of the retirement plans and SPGA cash-generating units under the Economic Available Capital (EAC) approach. This approach measures the difference between the market value of assets assigned to a block of business and the market value of liabilities. The EAC is reflective of market conditions where a

pre-tax

benchmark discount rate ranged from approximately 3.46% to 4.17% from the

one-month

30-year

tenors.

Transamerica reviewed the recoverable amount of the annuities’ cash-generating units under the Contractual Service Margin (CSM) approach. The CSM is a component of the asset or liability for the group of insurance contracts that represents the unearned profit the entity will recognize as it provides future services. Based on the

value-in-use

tests, Transamerica’s goodwill for the group of annuities cash-generating units (2025: EUR 121 million; 2024: EUR 137 million) remains unchanged from the prior period, except for the impact of currency translation adjustments. Transamerica’s goodwill for the retirement plans and SPGA cash-generating units (2025: EUR 68 million; 2024: EUR 77 million) remains unchanged from the prior period except for the impact of currency translation adjustments.

In the United Kingdom, the cash-generating unit for the Cofunds goodwill impairment assessment is Aegon UK. For the Nationwide (Origen) goodwill and the Barrington Hamilton (Origen) goodwill, the cash-generating unit is Origen Financial Services Limited.

For the Cofunds goodwill, the value in use of Scottish Equitable plc is the most material part of the Aegon UK

value-in-use

calculation. The value in use of SE plc was determined using SE plc’s Solvency II own funds value with adjustments for contract boundaries and risk margin. An allowance has also been made for the present value of profits from expected new business in the next four years. A key variable is the present value of profits from expected new business in the next four years, which, if this does not arise, would reduce the value in use by EUR 108 million; however there would still be over EUR 1,375 million headroom.

For Nationwide (Origen) and Barrington Hamilton (Origen) goodwill, this relies on the underlying value in use calculation for Origen Financial Services limited (OFSL). The

value-in-use

calculation employs a standard model. The headroom at

year-end

was EUR 103 million for Nationwide and EUR 228 million for Barrington Hamilton.

These primarily reflect Aegon Asset Management mandates added in 2023. These rights have a remaining amortization period of 7.5 years and a carrying amount of EUR 93 million on December 31, 2025 (2024: EUR 104 million).