v3.26.1
Shareholders' equity
 12 Months Ended
Dec. 31, 2025
Disclosure of shareholders equity [line items]  
Shareholders' equity
25 Shareholders’ equity
Issued share capital and reserves attributable to shareholders of Aegon Ltd.
 
    
 
Note 
 
   
 
    2025
 
         2024           2023  
Share capital - par value
   
 
25.1 
 
      229       241       265  
Share premium
   
 
25.2 
 
      6,853       6,853       6,853  
Total share capital
      
 
7,082
 
  
 
7,094
 
  
 
7,118
 
Retained earnings
         4,238       4,347       5,099  
Treasury shares
   
 
25.3 
 
      (447 )      (398 )      (346 ) 
Total retained earnings
      
 
3,792
 
  
 
3,949
 
  
 
4,753
 
Revaluation reserves
   
 
25.4 
 
      (2,519 )      (3,706 )      (3,770 ) 
Remeasurement of defined benefit plans
   
 
25.5 
 
      (966 )      (1,072 )      (1,006 ) 
Other reserves
   
 
25.6 
 
      43       951       379  
Total shareholders’ equity
            
 
7,432
 
  
 
7,215
 
  
 
7,475
 
25.1 Share capital – par value
 
    
 
     2025
 
          2024           2023  
Common shares
      189         198        218   
Common shares B
      40        42       47  
On December 31
   
 
229
 
   
 
241
 
  
 
265
 
 
     Common shares      Common shares B  
    
 
   2025
 
         2024           2023     
 
   2025
 
         2024           2023  
Authorized share capital
      480        480        480        240        240        240  
Number of authorized shares (in million)
      4,000        4,000        4,000        2,000        2,000        2,000  
Par value in cents per share
      12        12        12        12        12        12  
 
     Common shares     Common shares B  
      
  Number of shares
(thousands)
  
 
       Total amount      
  Number of shares
(thousands)
  
 
       Total amount  
On January 1
   
 
1,652,797
 
  
 
198
 
  
 
353,388
 
  
 
42
 
Shares withdrawn
      (79,678 )      (10 )      (17,557 )      (2 ) 
On December 31, 2025
   
 
1,573,120
 
  
 
189
 
  
 
335,831
 
  
 
40
 
On January 1
   
 
1,814,727
 
  
 
218
 
  
 
389,759
 
  
 
47
 
Shares withdrawn
      (161,929 )      (19 )      (36,371 )      (4 ) 
On December 31, 2024
   
 
1,652,797
 
  
 
198
 
  
 
353,388
 
  
 
42
 
On January 1
   
 
2,109,430
 
  
 
253
 
  
 
546,196
 
  
 
66
 
Shares withdrawn
      (294,703 )      (35 )      (156,437 )      (19 ) 
On December 31, 2023
   
 
1,814,727
 
  
 
218
 
  
 
389,759
 
  
 
47
 
During 2025, common shares were withdrawn in two transactions. In December 2025, 79,677,562 common shares were cancelled, and 17,557,160 common shares B were cancelled.
During 2024, common shares were withdrawn in two transactions. In July 2024, 126,960,718 common shares were cancelled, while in December 2024, 34,968,762 common shares and 36,371,440 common shares B were cancelled.
The withdrawal of common shares was executed in two transactions during 2023. In July 2023, 79,703,317 common shares and 43,817,400 common shares B cancelled, while in December 2023, 215,000,000 common shares and 112,619,440 common shares B were cancelled.
The purpose of the share cancellations is to reduce the number of treasury shares that are not used to cover obligations arising from share-based incentive plans or other obligations.
The table below represents the weighted average number of common shares, including treasury shares, attributable to Aegon Ltd.:
 
     Common shares      Common shares B  
    
 
    2025
 
          2024            2023     
 
    2025
 
          2024            2023  
Weighted average number (thousands)
      1,649,305        1,753,162        2,067,119        352,618        388,169        523,149  
 
 
 
 
All issued common shares and common shares B have a nominal value of EUR 0.12 and have been fully paid up. The Board is authorized, subject to certain restrictions of Bermuda law and the
Bye-Laws,
to repurchase Aegon Ltd. shares. Vereniging Aegon, based in Haarlemmermeer, the Netherlands, holds all the issued and outstanding common shares B.
For detailed information on the transaction between Aegon Ltd. and Vereniging Aegon, see note
44 Related party transactions
in the consolidated financial statements.
25.2 Share premium
 
    
 
     2025
 
           2024             2023  
On January 1
   
 
6,853
 
   
 
6,853
 
   
 
6,853
 
On December 31
   
 
6,853
 
   
 
6,853
 
   
 
6,853
 
- Common shares
      5,200        5,200        5,200  
- Common shares B
      1,653        1,653        1,653  
Total share premium
   
 
6,853
 
   
 
6,853
 
   
 
6,853
 
The share premium account reflects the balance of
paid-in
amounts above par value at issuance of new shares less the amounts charged for share dividends.
25.3 Treasury shares
On the reporting date, Aegon Ltd. held 68,791,547 (2024: 68,934,478, 2023: 72,319,889) of its own treasury common shares and 7,945,440 (2024: 7,945,440, 2023: 7,945,440) own treasury common shares B with a par value of EUR 0.12 each.
Share repurchases
On December 15, 2025, Aegon completed its share buyback program, which initially began on July 1, 2025, as a EUR 200 million initiative and was later expanded, on August 25, 2025, by an additional EUR 200 million, bringing the total to EUR 400 million. Between July 1, 2025, and December 15, 2025, 61,197,437 common shares were repurchased at an average price of EUR 6.4772 per share. Vereniging Aegon participated in this program for EUR 71 million.
On June 30, 2025, Aegon completed its share buyback program, as announced on November 15, 2024, returning EUR 150 million to shareholders. Between January 13, 2025, and June 30, 2025, a total of 25,200,170 common shares were repurchased at an average price of EUR 5.9641 per share. The EUR 150 million share buyback program included approximately EUR 40 million to meet Aegon’s obligations arising from share-based compen
sation plans for senior manage
ment. Vereniging Aegon participated in this buyback for EUR 20 million.
In 2025, Aegon repurchased 17,557,160 common shares B at an average price of EUR 0.16.
On December 13, 2024, Aegon completed its share buyback program, as announced on May 16, 2024, returning EUR 200 million to shareholders. Between July 8, 2024 and Dece
mber 13
, 2024, a total of 34,968,762 common shares were repurchased at an average price of EUR 5.7049 per share.
In 2024, Aegon repurchased 36,371,440 commo
n shar
es B at a
n averag
e price of EUR 0.15.
On July 6, 2023, Aegon announced the beginning of a EUR 1.5 billion share buyback program. This followed the completion of the combination of its Dutch pension, life and
non-life
insurance, banking, and mortgage origination activities with a.s.r. on July 4, 2023. On April 9, 2024, Aegon announced that this share buyback was increased by EUR 35 million in relation to the share-based compensation plans for senior management. The share buyback program was completed during 2024 (EUR 1.535 billion in total, of which EUR 815 million in 2023 and EUR 720 million in 2024). Between July 6, 2023, and June 28, 2024, a total of 301,105,806 common shares were repurchased at
an average price of
EUR 5.0966 per share.
On June 2, 2023, Aegon completed its share buyback program, as announced on February 9, 2023, aimed at returning EUR 200 million of surplus cash capital to shareholders. Between February 10, 2023, and June 2, 2023, a total of 46,797,567 common shares were repurchased at an average rate of 4.2737 per share.
On January 30, 2023, Aegon repurchased 8,516,263 common shares at an average price of EUR 5.0014 per share, to fulfill the obligation in connection with the share-based compensation plans for senior management.
In 2023, Aegon repurchased 112,619,400 common shares B at an average price of EUR 0.13.
 
 
 
 
Sales of shares
In 2025, in total 6,862,976 common shares were sold at an average price of EUR 5.7516 per share, in connection with Aegon’s obligations resulting from the share-based compensation plans for senior management (2024: 6,649,353 common shares at an average price of EUR 4.7678 per share, 2023: 4,993,117 com
mon shares at an average price
of EUR 4.4602 per share).
Shares withdrawals
During 2025, common shares were withdrawn in one transaction, following the Company’s repurchases under its share buyback programs. In December 2025, 79,677,562 common shares were cancelled at an average price of EUR 5.8066, and 17,557,160 common shares B were cancelled at an average price of EUR 0.16.
During 2024, common shares were withdrawn in two transactions, following the Company’s repurchases under its share buyback programs. In July 2024, 126,960,718 common shares at an average price of EUR 5.0635 per share, while in December 2024, 34,968,762 common shares at an average price of EUR 5.5143 per share, and 36,371,440 common sha
res B were cancelled at an average pri
ce of EUR 0.15.
During 2023, common shares were withdrawn in two transactions, following the Company’s repurchases under its share buyback programs. In July 2023, 79,703,317 shares were cancelled at an average price of EUR 4.5917 per share, and 43,817,400 common shares B were cancelled at an average price of 0.11. In December 2023, 215,000,000 common shares were cancelled at an average price of EUR 4.5860 per share, and 112,619,400 common shares B were c
ancelled at an average pr
ice of EUR 0.13.
 
     Common shares      Common shares B  
Treasury shares
   
 
   2025
 
         2024           2023     
 
   2025
 
         2024           2023  
Weighted average number (thousands)
      96,602        123,431        188,403        7,945        7,945        33,035  
25.4 Revaluation reserves
 
      Investments
(FVOCI)		     Real estate
held for own
use		      Cash flow
hedging
reserve		      Insurance
contracts		     Reinsurance
contracts
held		     Total  
On January 1, 2025
   
 
(4,426
) 
  
 
9
 
  
 
724
 
  
 
2,795
 
  
 
(2,808
) 
  
 
(3,706
) 
Gross revaluation
      1,605       1       (97 )      (833 )      119       795  
Net (gains) / losses transferred to income statement
      342       -       (127 )      -       -       215  
Movements in foreign currency translation and net foreign investment hedging reserves      464       (1 )      (79 )      (297 )      326       413  
Tax effect      (419 )      -       49       174       (22 )      (218 ) 
Disposal of group assets      -       (1 )      -       -       -       (1 ) 
Other
      -       -       -       (17 )      -       (17 )
On December 31, 2025
   
 
(2,434
) 
  
 
8
 
  
 
469
 
  
 
1,821
 
  
 
(2,384
) 
  
 
(2,519
) 
On January 1, 2024
   
 
(3,300
) 
  
 
9
 
  
 
842
 
  
 
939
 
  
 
(2,261
) 
  
 
(3,770
) 
Gross revaluation
      (1,187 )      (1 )      (88 )      2,250       (556 )      418  
Net (gains) / losses transferred to income statement
      82       -       (124 )      -       -       (42 ) 
Movements in foreign currency translation and net foreign investment hedging reserves      (259 )      1       49       136       (168 )      (242 ) 
Tax effect
      237       -       45       (530 )      177       (71 ) 
On December 31, 2024
   
 
(4,426
) 
  
 
9
 
  
 
724
 
  
 
2,795
 
  
 
(2,808
) 
  
 
(3,706
) 
On January 1, 2023
   
 
(5,251
) 
  
 
15
 
  
 
1,024
 
  
 
2,215
 
  
 
(2,566
) 
  
 
(4,563
) 
Gross revaluation
      1,552       (2 )      (62 )      (1,626 )      349       211  
Net (gains) / losses transferred to income statement
      706       -       (130 )      -       -       577  
Movements in foreign currency translation and net foreign investment hedging reserves      138       -       (31 )      (47 )      82       142  
Tax effect
      (487 )      -       42       397       (126 )      (174 ) 
Disposal of group assets
      42       (3 )      -       -       -       38  
On December 31, 2023
   
 
(3,300
) 
  
 
9
 
  
 
842
 
  
 
939
 
  
 
(2,261
) 
  
 
(3,770
) 
The revaluation of both investments measured at FVOCI and real estate held for own use includes unrealized gains and losses on these investments, net of tax. Upon sale, the amounts realized are recognized in the income statement (for FVOCI investments with recycling) or transferred to retained earnings (for real estate held for own use). The revaluation reserve also includes the loss allowance recognized for financial assets measured at FVOCI.
The closing balances of the revaluation reserve for investments
measured
at FVOCI relate to the following instruments:
 
 
 
 
    
 
   2025
 
  
 
   2024
 
        2023  
Shares
      3       3       2  
Debt securities
      (2,431 )      (4,425 )      (3,297 ) 
Money market and other short-term investments
      (6 )      (5 )      (5 ) 
Revaluation reserve for investments measured at FVOCI
   
 
(2,434
) 
  
 
(4,426
) 
  
 
(3,300
) 
The cash flow hedging reserve includes (un)realized gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the hedged cash flow. No amounts have been released from equity for inclusion in the initial measurement of
non-financial
assets or liabilities.
25.5 Remeasurement of defined benefit plans
 
    
 
   2025
 
  
 
   2024
 
        2023  
On January 1
   
 
(1,072
) 
  
 
(1,006
) 
  
 
(1,565
) 
Remeasurements of defined benefit plans
      9       (6 )      (110 ) 
Tax effect
      (4 )      1       17  
Net exchange differences
      101       (60 )      14  
Disposal of a business
      -       -       638  
Total remeasurement of defined benefit plans
   
 
(966
) 
  
 
(1,072
) 
  
 
(1,006
) 
25.6 Other reserves
 
      

 		 Foreign
currency
 translation
reserve		  
 
 
 		    

 		  Net foreign
investment
hedging
reserve		  
 
 
 		    

 		 Equity
movements of
joint ventures
and associates		  
 
 
 		        Total  
On January 1, 2025
   
 
1,381
 
  
 
(383
) 
  
 
(48
) 
  
 
951
 
Movements in foreign currency translation and net foreign investment hedging reserves      (998 )      51       -       (947 ) 
Disposal of a business
      (2 )      -       -       (2 ) 
Disposal
      -       -       (17 )      (17 ) 
Equity movements of joint ventures
      -       -       3       3  
Equity movements of associates
      -       -       56       56  
On December 31, 2025
   
 
380
 
  
 
(331
) 
  
 
(5
) 
  
 
43
 
On January 1, 2024
   
 
798
 
  
 
(324
) 
  
 
(95
) 
  
 
379
 
Movements in foreign currency translation and net foreign investment hedging reserves      581       (63 )      -       518  
Disposal of a business
      (5 )      4       (11 )      (12 ) 
Tax effect
      7       -       -       7  
Equity movements of joint ventures
      -       -       (27 )      (27 ) 
Equity movements of associates
      -       -       85       85  
Other
      -       -       (1 )      (1 ) 
On December 31, 2024
   
 
1,381
 
  
 
(383
) 
  
 
(48
) 
  
 
951
 
On January 1, 2023
   
 
1,108
 
  
 
(371
) 
  
 
(68
) 
  
 
669
 
Movements in foreign currency translation and net foreign investment hedging reserves
      (290 )      54       -       (236 ) 
Disposal of a business
      (29 )      -       (15 )      (45 ) 
Tax effect
      10       (6 )      -       3  
Equity movements of joint ventures
      -       -       (2 )      (2 ) 
Equity movements of associates
      -       -       (9 )      (9 ) 
On December 31, 2023
   
 
798
 
  
 
(324
) 
  
 
(95
) 
  
 
379
 
The foreign currency translation reserve includes the currency results from investments in
non-euro-denominated
subsidiaries. The amounts are released to the income statement upon the sale of the subsidiary.
The net foreign investment hedging reserve comprises of gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the net foreign investment.
 
 
 
 
The equity movements of joint
ventures
and associates reflect Aegon’s share of changes recognized directly in the joint ventures’ and associates’ equity.
Parent [member]  
Disclosure of shareholders equity [line items]  
Shareholders' equity
14 Shareholders’ equity
 
      Share
capital		     Share
premium		      Revaluation
account		     Legal
reserves
revaluation
account		     Legal
reserves
FCTR		     Legal
reserves
group
companies		     Retained
earnings		     Remeasurement
of defined
benefit plans of
group
companies		     Treasury
shares		     Net
result		     Total  
On January 1, 2025
   
 
241
 
  
 
6,853
 
   
 
(6,022
) 
  
 
2,326
 
  
 
999
 
  
 
1,367
 
  
 
2,233
 
  
 
(1,072
) 
  
 
(398
) 
  
 
688
 
  
 
7,215
 
Net result 2024 retained      -       -        -       -       -       -       688       -       -       (688 )      -  
Net result 2025 recognized in the income statement      -       -        -       -       -       -       -       -       -       977       977  
Total net result
   
 
-
 
  
 
-
 
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
688
 
  
 
-
 
  
 
-
 
  
 
289
 
  
 
977
 
                          -  
Foreign currency translation differences and movement in foreign investment hedging reserves      -       -        -       -       (950 )      -       -       101       -       -       (849 ) 
Changes in revaluation in subsidiaries      -       -        1,709       (504 )      -       -       -       -       -       -       1,205  
Remeasurement of defined benefit plans of group companies      -       -        -       -       -       -       -       5       -       -       5  
Changes and transfer to legal reserve      -       -        (8 )      -       -       (129 )      196       -       -       -       59  
Other      -       -        (17 )      -       -       -       23       -       -       -       6  
Total other comprehensive income/(loss)
   
 
-
 
  
 
-
 
   
 
1,683
 
  
 
(504
) 
  
 
(950
) 
  
 
(129
) 
  
 
219
 
  
 
106
 
  
 
-
 
  
 
-
 
  
 
425
 
                          -  
Shares withdrawn      (12 )      -        -       -       -       -       12       -       -       -       -  
Issuance and purchase of treasury shares      -       -        -       -       -       -       (461 )      -       (49 )      -       (510 ) 
Dividends paid on common shares      -       -        -       -       -       -       (596 )      -       -       -       (596 ) 
Dividend withholding tax reduction                   1             1  
Coupons on perpetual securities                   (53 )            (53 ) 
Incentive plans
      -       -        -       -       -       -       (28 )      -       -       -       (28 ) 
                       
On December 31, 2025
   
 
229
 
  
 
6,853
 
   
 
(4,338
) 
  
 
1,821
 
  
 
49
 
  
 
1,239
 
  
 
2,015
 
  
 
(966
) 
  
 
(447
) 
  
 
977
 
  
 
7,432
 
 
 
 
 
 
 
      Share
capital		     Share
premium		      Revaluation
account		     Legal
reserves
revaluation
account		      Legal
reserves
FCTR		      Legal
reserves
group
companies		      Retained
earnings		     Remeasurement
of defined
benefit plans of
group
companies		     Treasury
shares		     Net
result		     Total  
On January 1, 2024
   
 
265
 
  
 
6,853
 
   
 
(5,157
) 
  
 
1,398
 
   
 
474
 
   
 
1,134
 
   
 
4,039
 
  
 
(1,006
) 
  
 
(346
) 
  
 
(179
) 
  
 
7,475
 
Net result 2023 retained      -       -        -       -        -        -        (179 )      -       -       179       -  
Net result 2024 recognized in the income statement      -       -        -       -        -        -        -       -       -       688       688  
Total net result
   
 
-
 
  
 
-
 
   
 
-
 
  
 
-
 
   
 
-
 
   
 
-
 
   
 
(179
) 
  
 
-
 
  
 
-
 
  
 
867
 
  
 
688
 
Foreign currency translation differences and movement in foreign investment hedging reserves      -       -        -       -        524        -        -       (60 )      -       -       464  
Changes in revaluation in subsidiaries      -       -        (863 )      928        -        -        -       -       -       -       65  
Changes in revaluation reserve real estate held for own use      -       -        (1 )      -        -        -        -       -       -       -       (1 ) 
Remeasurement of defined benefit plans of group companies      -       -        -       -        -        -        -       (5 )      -       -       (5 ) 
Changes and transfer to legal reserve      -       -        -       -        -        233        (186 )      -       -       -       47  
Other      -       -        -       -        -        -        (5 )      -       -       -       (5 ) 
Total other comprehensive income/(loss)
   
 
-
 
  
 
-
 
   
 
(865
) 
  
 
928
 
   
 
524
 
   
 
233
 
   
 
(191
) 
  
 
(66
) 
  
 
-
 
  
 
-
 
  
 
564
 
Shares withdrawn      (24 )      -        -       -        -        -        24       -       -       -       -  
Issuance and purchase of treasury shares      -       -        -       -        -        -        (835 )      -       (52 )      -       (887 ) 
Dividends paid on common shares      -       -        -       -        -        -        (521 )      -       -       -       (521 ) 
Dividend withholding tax reduction      -       -        -       -        -        -        3       -       -       -       3  
Coupons on perpetual securities                      (77 )            (77 ) 
Incentive plans      -       -        -       -        -        -        (31 )      -       -       -       (31 ) 
                       
On December 31, 2024
   
 
241
 
  
 
6,853
 
   
 
(6,022
) 
  
 
2,326
 
   
 
999
 
   
 
1,367
 
   
 
2,233
 
  
 
(1,072
) 
  
 
(398
) 
  
 
688
 
  
 
7,215
 
In accordance with Dutch GAAP requirements, the balance of the revaluation account includes a legal reserve for positive revaluation amounts on financial assets classified as fair value through other comprehensive income (FVOCI) and cash flow hedging reserves. This takes into account the reducing effect of unrealized gains on insurance contract liabilities, which amounts to EUR 1,047 million (2024: EUR 1,491 million). Revaluation linked to cash flow hedging is identified on individual cash flow hedge positions. Additionally, a legal reserve exists for unrealized gains on investments accounted for at fair value through profit or loss (FVPL) with no frequent market listing, amounting to EUR 775 million (2024: EUR 834 million). Both amounts are reflected under legal reserves - revaluation account.
For details on distributable reserves, see note
37 Capital management and solvency
to the consolidated financial statements.
For the movements in the number of treasury common shares and common shares B by Aegon Ltd. reference is made to note
25.3 Treasury shares
to the consolidated financial statements of the Group.