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Aegon earns most of its revenue through Transamerica, its US insurance and retirement business. Transamerica serves middle-income and mass-affluent families and medium-sized employers, selling protection and retirement products through World Financial Group (WFG) agents and other distributors. Customers pay premiums for insurance and place savings into retirement and investment products. Aegon invests funds to meet future claims, benefits and withdrawals, earns investment income, and charges fees for managing investments and administering retirement plans. Insurance is its largest revenue line.
Outside this main business, Aegon UK provides savings and retirement platforms through employers and financial advisers. Aegon Asset Management manages investments for group companies and outside clients, adding fee income. Aegon also operates international insurance businesses and partnerships.
Insurance profits depend on investment earnings covering promised benefits and on claims and customer behavior matching pricing assumptions. Investment and administration fees also depend on the value of customer assets. At the parent company, cash depends on funds sent up by operating businesses; local capital and legal equity requirements can restrict or prevent those transfers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Aegon's results depend chiefly on Transamerica's US insurance and retirement businesses, but also on earnings and capital distributions from its substantial stake in Dutch insurer a.s.r., which is missing from this list.
Prudential Financial challenges Aegon on two fronts: it competes with Transamerica for individual life insurance, annuities and workplace group insurance customers, while PGIM competes with Aegon AM to manage client investments. PGIM's ability to attract and retain client money is worth watching for pressure on Aegon AM's fee business.
Lincoln National competes with Aegon's Transamerica for life insurance and annuity buyers, workplace protection and employer retirement plans. Its retirement-plan business, focused mainly on employer-sponsored defined-contribution plans, offers a useful comparison for Transamerica's plan administration and recordkeeping business.
Principal Financial Group competes with Aegon's Transamerica for employers buying retirement-plan and workplace protection services, and with Aegon AM for investment-management clients. Its employer retirement-plan wins and retention are the clearest comparison for Transamerica's access to workplace retirement savings.
Voya Financial competes with Aegon's Transamerica to administer employers' retirement plans and provide employee benefits, while its investment managers compete with Aegon AM for institutional and individual clients. Watch retirement participants' net deposits and retained assets: these help explain the asset base supporting plan administration and advisory fees.
Corebridge Financial competes with Aegon's Transamerica for individual and group retirement customers and life insurance buyers. Its investment spread income is especially worth watching: in 2025 it accounted for 60% of the combined spread income, fee income and underwriting margin, offering a comparison for the investment-income side of Transamerica's retirement business.
Equitable Holdings, Inc. competes with Aegon's Transamerica for customers buying retirement and protection products, while AllianceBernstein competes with Aegon AM to manage investments. Watch Equitable's retirement-product sales and net flows, where its advice, asset management and distribution businesses come together.
MetLife competes with Aegon's Transamerica for workplace insurance and institutional retirement customers, as well as investment-management business. Its Group Benefits and Retirement and Income Solutions results provide focused comparisons for Transamerica's employee insurance and employer retirement offerings.
Manulife Financial's John Hancock businesses compete with Aegon's Transamerica for US life insurance buyers and employers seeking workplace retirement services. Manulife also overlaps with Aegon in Asian insurance and in managing investments for clients globally.
PRIMERICA, INC. competes with Aegon's Transamerica and WFG for ordinary households buying life insurance and investment products through independent agents. Watch its agent recruitment and productivity: those agents sell Primerica's own term life insurance and distribute investment products mainly for other providers.
Jackson Financial competes with Aegon's Transamerica for savers buying variable and registered index-linked annuities, and both must manage guarantees on older annuity contracts. Watch Jackson's annuity risk management alongside sales: Transamerica still manages older guarantees even though it stopped selling variable annuities with significant interest-rate-sensitive benefits in 2021.
Brighthouse Financial competes with Aegon's Transamerica for US customers buying annuities and life insurance through independent intermediaries. Its annuity and life sales through those partners offer a comparison for demand in the outside distribution channels Transamerica also uses.
F&G Annuities & Life, Inc. competes with Aegon's Transamerica for indexed universal life and registered index-linked annuity customers. Sales of these two core F&G products are worth watching, especially indexed universal life, whose higher WFG sales helped Transamerica's individual life sales grow in 2025.
Globe Life competes with Aegon's Transamerica for middle-income Americans buying life insurance and extra health coverage to supplement existing insurance. Its direct-to-consumer life and supplemental-health sales offer a view of household protection demand outside Transamerica's workplace channels.
Sun Life Financial competes with Aegon's Transamerica for US employee-benefit business and with Aegon AM to manage institutional clients' investments. The overlap spans employers seeking insurance for workers and institutions choosing investment managers.
Principal Financial Group, Inc. earningsPFG
Principal Financial Group’s report will show whether employers are still placing retirement plans with providers, a read on demand for Transamerica’s workplace retirement business.
Look at employer-plan deposits alongside retention: together they show whether providers are adding and keeping assets to administer. Strong flows and retention suggest Transamerica can sustain the asset base behind workplace-plan administration fees; weaker flows or losses point to tougher competition for employer plans.
Fed Interest Rate Decision
The Fed’s decision on its policy rate, which influences borrowing costs across the economy, can change the value and hedging costs of Transamerica’s legacy annuity guarantees, affecting Aegon’s insurance costs and earnings.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher-than-expected rates could increase interest-rate-sensitive guarantee exposure and change hedge results in Transamerica’s legacy annuity book, raising or lowering Aegon’s insurance costs and earnings depending on how effectively hedges offset the change.
If it comes in below expectations
Lower-than-expected rates could reduce interest-rate-sensitive guarantee exposure but also change hedge results in Transamerica’s legacy annuity book, with the net effect on Aegon’s insurance costs and earnings depending on how effectively hedges offset the change.
