v3.26.1
Discontinued operations
 6 Months Ended
Jun. 30, 2026
Disclosure of analysis of single amount of discontinued operations [abstract]  
Discontinued operations
19 Discontinued operations
On April 15, 2026, Aegon announced it has reached an agreement on the sale of Aegon UK plc (’’Aegon UK”), containing Aegon’s UK insurance and pensions operations, to Standard Life Plc (’’Standard Life”), a publicly traded company on the London stock exchange. In connection with such sale, Aegon will receive GBP 750 million in gross cash proceeds and a 15.3% shareholding in Standard Life ordinary shares, with associated governance rights. Any remittances taken out of Aegon UK between the signing and closing of the transaction will be deducted from the GBP 750 million cash amount. The transaction is expected to close around the end of 2026, subject to customary conditions, including regulatory approvals.
Aegon’s asset management activities in the UK will remain part of Aegon’s global asset manager and will be an important asset management partner for the new combined business.
This note presents the disclosures related to Aegon UK, which is reported as United Kingdom segment in note
3 Segment information
, qualified as held for sale and discontinued operations as from the date of the agreement of the sale. In addition, the impact of this transaction on Aegon’s risk profile and capital position can be referred to note
15 Financial risks
and note
16 Capital management and solvency
. Risk free yield curves in GBP and illiquidity premiums for Aegon UK’s significant portfolios can be referred to note
12.3
Critical judgements and estimates
.
 
 
 
 
 
 
19.1 Condensed income statement
 
 Amounts in EUR millions (except per share data)
   
     1H 2026
          1H 2025  
Discontinued operations
     
Insurance revenue
      212       211  
Insurance service expenses
      (78 )      (86 ) 
Insurance service result
   
 
134
 
  
 
125
 
Interest revenue on financial instruments calculated using the effective interest method
      13       14  
Interest income from instruments measured at FVPL
      117       173  
Other investment income
      732       820  
Results from financial transactions
      4,224       1,011  
Insurance finance income / (expenses)
      (5,136 )      (2,024 ) 
Net reinsurance finance income / (expenses) on reinsurance held
      (2 )      (1 ) 
Insurance net investment result
   
 
(52
) 
  
 
(7
) 
Interest revenue on financial instruments calculated using the effective interest method
      17       19  
Interest income from instruments measured at FVPL
      31       58  
Other investment income
      560       600  
Results from financial transactions
      5,029       366  
Investment contract income / (expenses)
      (5,633 )      (1,028 ) 
Interest expenses
      -       1  
Other net investment result
   
 
4
 
  
 
15
 
Total net investment result
   
 
(48
) 
  
 
8
 
Fees and commission income
      167       149  
Other operating expenses
      (187 )      (179 ) 
Other income / (charges)
      4       5  
Other result
   
 
(17
) 
  
 
(26
) 
Result before tax from discontinued operations
   
 
69
 
  
 
107
 
Income tax (expense) / benefit
      (17 )      (22 ) 
Result after tax from discontinued operations
   
 
52
 
  
 
86
 
Impairment loss on remeasurement of the disposal group
      -       -  
Net result from discontinued operations
1
  
 
52
 
  
 
86
 
Earnings per share from discontinued operations
     
Basic earnings per common share
      0.03       0.05  
Basic earnings per common share B
      0.00       0.00  
Diluted earnings per common share
      0.03       0.05  
Diluted earnings per common share B
      0.00       0.00  
 
1
 
Net result from discontinued operations equals to the sum of Net result of Aegon UK (third party result) and the Inter-segment result (
intercompany
result), both under
3.1 Segment results
.
19.2 Condensed statement of comprehensive income
 
     
     1H 2026
          1H 2025  
Net result from discontinued operations
   
 
52
 
  
 
86
 
Items that will not be reclassified to profit or loss:
     
Remeasurements of defined benefit plans
      (27 )      6  
Items that may be reclassified subsequently to profit or loss:
     
Movement in foreign currency translation and net foreign investment hedging reserves
      16       (52 ) 
Total other comprehensive income / (loss) from discontinued operations
   
 
(11
) 
  
 
(45
) 
Total comprehensive income / (loss) from discontinued operations
   
 
41
 
  
 
40
 
 
 
 
 
 
 
19.3 Condensed held for sale assets and liabilities 
 
     
   June 30, 2026
  
Assets
   
Cash and cash equivalents
      250  
Investments
      136,640  
Derivatives
      53  
Reinsurance contract assets
      1  
Deferred tax assets
      74  
Deferred expenses
      13  
Other assets and receivables
      1,084  
Intangible assets
      131  
Total assets held for sale
   
 
138,246
 
Liabilities
   
Reinsurance contract liabilities
      5  
Insurance contract liabilities
      46,857  
Investment contract liabilities with discretionary participation features
      21,777  
Investment contracts without discretionary participation features
      67,438  
Derivatives
      196  
Other liabilities
      797  
Total liabilities held for sale
   
 
137,070
 
19.4 Condensed cash flow statement 
 
     
     1H 2026
          1H 2025  
Net cash inflow (outflow) from operating activities
      114       81  
Net cash inflow (outflow) from investing activities
      (2 )      (6 ) 
Net cash inflow (outflow) from financing activities
      (76 )      (69 ) 
Net cash inflow (outflow) from discontinued operations
   
 
35
 
  
 
5
 
19.5 Impairment assessment
Upon classification as held for sale, as per June 30, 2026, the carrying amount of Aegon UK has been compared to the fair value less cost to sell, which is estimated by reference to the fair value of the consideration to which Aegon Ltd. is entitled under the terms and conditions of the sales agreement. The fair value less cost to sell is higher than the carrying value and thus an impairment loss is not applicable.
 
Proceeds
     Number       Share price         GBP         EUR  
Cash (in million)
            750        871  
Shares
      181,080,690        8.33        1,508        1,752  
Total consideration
         
 
2,258
 
   
 
2,622
 
Cost to sell
               (44 ) 
Dividend
                                 (59 ) 
Fair value less cost to sell
            
 
2,519
 
Carrying amount of Aegon UK
                              
 
1,183
 
The impairment assessment takes into account contingent payables and receivables between Aegon Ltd. and Aegon UK that
are
recognized prior to the closing date. These are included in the carrying amount of Aegon UK.
The fair value less cost to sell is level I of the fair value hierarchy, as it includes the share price of Standard Life, which is quoted on the London Stock Exchange and the cash consideration.
 
 
 
 
 
 
19.6 Fair value
The following table sets out the fair values of financial instruments by the level of the fair value hierarchy into which each fair value measurement is categorized. It does not include fair value information for cash and cash equivalents, receivables, and payables, whose carrying amounts are a reasonable approximation of fair value, or for lease liabilities.
 
     Fair value hierarchy  
June 30, 2026
         Level I           Level II           Level III           Total  
Shares
      -        13        -        13  
Debt securities
      255        308        -        563  
Money market and other short-term investments
      -        126        -        126  
Other investments at fair value
      -        659        -        659  
Derivatives
      10        35        8        53  
Investments - Policyholder risk
      16,743        117,758        332        134,832  
Total financial assets measured at FVPL
   
 
17,008
 
   
 
118,899
 
   
 
340
 
   
 
136,248
 
Investment contracts without DPF - Policyholder risk
      -        67,408        -        67,408  
Derivatives
      15        180        -        196  
Total financial liabilities measured at fair value
   
 
15
 
   
 
67,588
 
   
 
-
 
   
 
67,603
 
Movements in Level III financial instruments measured at fair value
The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level III), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period.
 
      Transfers
to disposal
groups		       
Total gains /
(losses) in
income
statement
1
      Purch-
ases		      Sales      Settle-
ments		     
Net ex-
change
difference
     
On

June 30,

2026
     
Total URGL
for the
period 
2
  
Derivatives
      10          (1)        -        (1)        -        -        8        1  
Investments - Policyholder risk
      307          3        38        (17)        -        2        332        2  
Total financial assets (FVPL)
   
 
316
 
     
 
2
 
   
 
38
 
   
 
(18)
 
   
 
-
 
   
 
2
 
   
 
340
 
   
 
2
 
 
1
 
Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement.
2
 
Total unrealized gains / (losses) for the period recorded in the P&L during which the financial instrument was in Level III.
There were no transfers to or from level I and level II in the first half year of 2026.
19.7 Insurance contracts and investment contracts with discretionary participation features
 
1H 2026
   
Insurance contracts (Non-PAA)
     Investment contracts with DPF  
 
Movement schedules by type of liability
      LFRC       LC       LFIC       Total       LFRC       LC       LFIC       Total  
 
Net opening balance
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
 
Transfers to disposal groups
   
 
42,936
 
  
 
11
 
  
 
29
 
  
 
42,977
 
  
 
20,194
 
  
 
1
 
  
 
-
 
  
 
20,196
 
 
Insurance revenue
   
 
(94
) 
  
 
-
 
  
 
-
 
  
 
(94
) 
  
 
(21
) 
  
 
-
 
  
 
-
 
  
 
(21
) 
 
Incurred claims and expenses
      -       -       35       35       -       -       6       6  
 
Onerous contract losses (and reversals)
      -       (4 )      -       (4 )      -       (1 )      -       (1 ) 
 
Insurance service expenses
   
 
-
 
  
 
(4
) 
  
 
35
 
  
 
31
 
  
 
-
 
  
 
(1
) 
  
 
6
 
  
 
5
 
 
Investment components
      (1,362 )      -       1,362       -       (746 )      -       746       -  
 
Insurance service result
   
 
(1,456
) 
  
 
(4
) 
  
 
1,397
 
  
 
(62
) 
  
 
(767
) 
  
 
(1
) 
  
 
752
 
  
 
(16
) 
 
Insurance finance (income) / expenses
      4,390       -       -       4,390       2,110       -       -       2,110  
 
Cash flows
      621       -       (1,398 )      (777 )      86       -       (752 )      (666 ) 
 
Net exchange differences
      329       -       -       330       153       -       -       153  
 
Net closing balance
   
 
46,821
 
  
 
7
 
  
 
29
 
  
 
46,857
 
  
 
21,776
 
  
 
-
 
  
 
-
 
  
 
21,777
 
 
 
 
 
 
 
1H 2026
    Insurance contracts (Non-PAA)     Investment contracts with DPF  
 
Movement schedules by measurement component
       BEL       RA       CSM       Total        BEL       RA       CSM       Total  
 
Net opening balance
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
 
Transfers to disposal groups
   
 
41,515
 
  
 
218
 
  
 
1,244
 
  
 
42,977
 
  
 
19,891
 
  
 
90
 
  
 
214
 
  
 
20,196
 
 
Changes in estimates that adjust CSM
      (171 )      23       149       -       (92 )      11       81       -  
 
Changes in estimates that adjust onerous contracts
      (4 )      -       -       (4 )      (1 )      -       -       (1 ) 
 
Changes that relate to future service
   
 
(176
) 
  
 
23
 
  
 
149
 
  
 
(4
) 
  
 
(93
) 
  
 
11
 
  
 
81
 
  
 
(1
) 
 
Earnings released from CSM
      -       -       (43 )      (43 )      -       -       (12 )      (12 ) 
 
Release of risk adjustment
      -       (6 )      -       (6 )      -       (3 )      -       (3 ) 
 
Revenue from policyholder tax expenses incurred
      (10 )      -       -       (10 )      -       -       -       -  
 
Changes that relate to current service
   
 
(10
) 
  
 
(6
) 
  
 
(43
) 
  
 
(59
) 
  
 
-
 
  
 
(3
) 
  
 
(12
) 
  
 
(15
) 
 
Insurance service result
   
 
(185
) 
  
 
17
 
  
 
105
 
  
 
(62
) 
  
 
(93
) 
  
 
8
 
  
 
70
 
  
 
(16
) 
 
General model
                   
 
Interest accreted to insurance contracts
      4       -       1       6       -       -       -       -  
 
Variable fee approach
                   
 
Change in fair value of the underlying assets
      4,385       -       -       4,385       2,110       -       -       2,110  
 
Change in fulfilment value - risk mitigation option
      (1 )      -       -       (1 )      -       -       -       -  
 
Insurance finance (income) / expenses
   
 
4,389
 
  
 
-
 
  
 
1
 
  
 
4,390
 
  
 
2,110
 
  
 
-
 
  
 
-
 
  
 
2,110
 
 
Premiums received
      620       -       -       620       90       -       -       90  
 
Claims, benefits and expenses paid
      (1,397 )      -       -       (1,397 )      (756 )      -       -       (756 ) 
 
Cash flows
   
 
(777
) 
  
 
-
 
  
 
-
 
  
 
(777
) 
  
 
(666
) 
  
 
-
 
  
 
-
 
  
 
(666
) 
 
Net exchange differences
      318       2       10       330       150       1       2       153  
 
Net closing balance
   
 
45,260
 
  
 
237
 
  
 
1,361
 
  
 
46,857
 
  
 
21,393
 
  
 
98
 
  
 
286
 
  
 
21,777
 
19.8 Investment contracts without discretionary participation features
 
    
1H 2026
  
Movement schedule
       Aegon risk      Policyholder risk  
Opening balance
   
 
-
 
  
 
-
 
Transfers to disposal groups
      31       59,035  
Deposits
      1       2,637  
Withdrawals
      (2 )      (1,572 ) 
Interest credited
      -       6,882  
Fund charges released
      -       (48 ) 
Net exchange differences
      -       474  
Closing balance
   
 
31
 
  
 
67,408