Aegon: A Hidden U.S. Financial Services Re-Rating Opportunity

Aegon Ltd. is transforming into a US-focused, capital-light business, highlighted by the sale of its UK unit and headquarters move to the US by 2028. 2025 operating profits rose 15% to €1.7B, driven by strong US life insurance and pension segments, supporting a 14% dividend hike to €0.40 per share (5.8% yield). AEG trades at 11.7x TTM P/E and 1.38x P/B, still at a discount to peers, with a forward P/E of 9.6x and robust cash flow generation post-UK exit.