Aegon and Standard Life A win-win transaction - we double-upgrade Standard Life to OW and reiterate OW on Aegon

Research evidence excerpt

Aegon and Standard Life A win-win transaction - we double-upgrade Standard Life to OW and reiterate OW on Aegon

J P M O R G A N Europe Equity Research

15 May 2026

Aegon and Standard Life

A win-win transaction - we double-upgrade Standard

Life to OW and reiterate OW on Aegon

We believe the sale of Aegon UK to Standard LIfe is highly likely to receive regulatory European Insurance

ACapproval, and view this as very positive for both Standard Life and Aegon. The deal Farooq Hanif

eliminates our previous concerns about Standard Life’s balance sheet, is accretive (44 207) 742-8091

with the potential to beat consensus, with further upside from SDLF’s track-record of farooq.hanif@jpmorgan.com

exceeding acquisition synergy guidance. Aegon has sold this business for a higher Bingdi Fan, CFA

price than we expected, may benefit from future synergies as a ~15% shareholder in (44-20) 7742-5336

Standard Life, and has a clearer SOTP with attractive valuation upside potential. We bingdi.fan@jpmorgan.com

upgrade Standard Life to Overweight (from Underweight) with a price target of Kamran M Hossain

950p (from 620p). We reiterate our Overweight rating on Aegon, with a price (44-20) 3493-3780

kamran.hossain@jpmorgan.com

target of €9.45 (from €8.40).

Nadia Claressa

• Standard Life is now an attractive capital-light growth story, with upside (44-20) 7134-7613

risk to our forecasts based on synergy guidance. Standard Life’s earnings nadia.claressa@jpmorgan.com

mix is now shifting towards ~60% capital-light, with a #2 in the workplace J.P. Morgan Securities plc

pensions market, and becoming one of the largest retail savings players in the Specialist Sales contact details:

UK. The Aegon UK platform could create significant revenue synergies and

Gigi Sparling - Specialist Sales -