Aegon reported a 49% drop in second-half net profit to €375 million, as realized losses from a life insurance restructuring deal and charges tied to relocating its headquarters to the United States overwhelmed a double-digit rise in operating earnings. The Dutch insurer's net profit before tax fell 50% to €421 million, weighed down by €193 million in realized investment losses from a reinsurance transaction on Transamerica's Secondary Guarantee Universal Life block, €75 million in fair value losses, and €110 million in other charges including legal reserves and relocation costs.

Operating profit, which Aegon uses as its primary performance measure and strips out market volatility and one-time items, rose 11% to €858 million, beating analyst consensus of €842 million. The divergence between the two figures underscores the cost of a transformation Aegon outlined at its December Capital Markets Day, when it announced plans to move its legal seat and head office to the United States by January 2028 and rename the holding company Transamerica Inc. Chief Executive Lard Friese said, "We have met or exceeded all the financial targets that we set out at our Capital Markets Day in 2023."

Capital generation figures told a similarly split story. Operating capital generation before holding costs came in at €372 million for the fourth quarter, a 19% beat to consensus. However, adjusted for favorable one-off items, the underlying figure fell to approximately €294 million, a 6% miss against consensus and below Aegon's own guided quarterly run-rate of 300 million to €330 million, according to BofA Securities. Full-year operating capital generation of €1.3 billion surpassed Aegon's €1.2 billion target.