Aegon 1H26 Preview: expecting operating profit and OCG at upper-end of guidance

Research evidence excerpt

Aegon 1H26 Preview: expecting operating profit and OCG at upper-end of guidance

J P M O R G A N Europe Equity Research

23 July 2026

Aegon Overweight

AEGN.AS, AGN NA

1H26 Preview: expecting operating profit and OCG at Price (22 Jul 26):€8.07

upper-end of guidance Price Target (Dec-27):€9.45

We are updating our estimates for Aegon ahead of their 1H26 results on 20 August European Insurance

AC2026, with changes to our estimates summarised in Figure 1Aegon-sumaryofchangestoourestimates. Many of our changes Farooq Hanif

relate to a structural change to reporting, with the Aegon UK now moved to a non- (44 207) 742-8091

operating line, and no longer included in OCG (operational capital generation). We farooq.hanif@jpmorgan.com

include a contribution from Aegon UK in our adjusted EPS. On this basis, we are Bingdi Fan, CFA

reducing our adjusted EPS estimates by ~2.5% in 2026E, mainly reflecting an (44-20) 7742-5336

adjustment to our earnings expectations in the International business, but making bingdi.fan@jpmorgan.com

more minor adjustments to our EPS forecasts from 2027E onwards. Kamran M Hossain

(44-20) 3493-3780

Our forecasts remain ahead of guidance for both earnings and OCG. Excluding the kamran.hossain@jpmorgan.com

UK, Aegon is guiding to €650mn-€750mn of IFRS operating profit per half year. Nadia Claressa

Our 1H26E and FY26E profit forecasts are at the upper-end of this guidance. OCG (44-20) 7134-7613

nadia.claressa@jpmorgan.com

guidance (net of holding expenses), excluding the UK, is €0.7bn-€0.75bn per year. J.P. Morgan Securities plc

We are above this guidance for FY26E and at the upper-end over 1H26E.

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This reflects the positive impact of markets, with positive US and global equity Gigi Sparling - Specialist Sales -