European Insurance News & Views: Read-across from latest Unum LTC deal for Aegon

研报英文原文证据摘录

European Insurance News & Views: Read-across from latest Unum LTC deal for Aegon

Global Research

9 July 2026ab

European Insurance News & Views Equities

Europe including UKRead-across from latest Unum LTC deal for

Aegon Financial

Nasib Ahmed, FIA

Analyst

nasib-za.ahmed@ubs.com

Headline: Read-across from latest Unum LTC deal for Aegon +44-20-7568 8231

Will Hardcastle, CFA

Unum executed on a further Individual Long-term Care (LTC) deal (see here). We provide Analyst

comparisons against the Aegon block below, where Aegon’s LTC block remains a will.hardcastle@ubs.com

Financial Asset (where management have a bias to exit). We see more deals and capacity +44-20-7567 9763

in this market as potentially positive for a transaction at Aegon. Qian Lu

UBS Summary: qian-za.lu@ubs.com

+44-20-7567 4657

Chloe RyanWe note that the average attained age for the Unum block was 76 years versus c.70

Associate Analyst

years for the Aegon LTC block in aggregate. The Aegon block will reach peak reserves by

chloe.ryan@ubs.com

2033 as policyholders continue to pay premiums, therefore, it is unlikely the full block +44-20-7567 3505

will be transacted. Notwithstanding this, assuming the same multiple of best estimate

reserves as the Unum block, Aegon’s LTC block could be de-risked with a potential 1bn

USD payment. Our previous analysis on Unum’s 2025 deal is here.

FigureSource:Company1: LTC data,portfolioLTCUBS estimates

We also note a $125m PLA volatility cover on the latest deal over a duration of 5 years.

This allows a mechanism for payment in case long term assumptions turn out to be

different than assumed. We believe that there can be significant variability in the pricing

and assumptions on LTC deals and the mechanism may be used on further potential

deals.

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