Aegon Ltd.

- As of the first half of 2025, Aegon reported strong commercial momentum with higher new life sales and net deposits across key markets (Page 2). - In the U.S., noted as the largest market (~70% of business), there was growth in new life sales by 13% in the Individual Life business (Page 2). - Retirement plans business showed solid net deposits, partly supported by onboarding a large pooled plan (approx. EUR 1.9 billion) (Pages 2 and 10). - Workplace platform deposits in the U.K. saw lumpy but notable inflows due to the onboarding of larger schemes (Page 5). - Joint ventures in International markets (Brazil, China, Spain, Portugal) reported higher new life sales (Page 5). - Overall, the business growth and strong net deposits suggest a robust order book and increasing pending orders, particularly in the U.S. retirement and life insurance segments.

- The call does not indicate any immediate plans or announcements regarding new fundraising through debt or equity. - Cash capital at holding remains strong at over EUR 2 billion as of June 2025. - Aegon increased its ongoing share buyback program by EUR 200 million, bringing the total to EUR 400 million for H2 2025, indicating capital return rather than raising. - The company aims to reduce cash capital at holding to around EUR 1 billion by end of 2026, which may influence future capital management decisions but no explicit fundraising plans are mentioned. - No specific mention of new debt issuances or equity offerings was made during the call.

- No specific details on current or future capital expenditure (capex) or strategic investments were explicitly mentioned in the provided transcript. - The focus is on ongoing operational investments, such as growth in strategic assets, higher new business strain (especially in U.S. strategic assets), and investments in business growth. - Notable capital management activities include share buybacks totaling EUR 400 million in the second half of 2025 and a plan to reduce cash capital at holding to around EUR 1 billion by end of 2026. - The company is executing variable annuity fee hedging to stabilize capital and earnings. - A key upcoming strategic move under review is the potential relocation of Aegon's legal domicile and head office to the U.S. along with the implementation of U.S. GAAP reporting, expected to take 2 to 3 years. - No new large-scale capex or strategic investment projects detailed.

- Americas: Continued growth in strategic assets at Transamerica; 14% increase in licensed agents at World Financial Group contributing to higher productivity and 13% increase in new life sales in Individual Life business. - Brokerage channel: Strong new life sales driven by launch of fully digital whole life final expense product. - RILA product: Net deposits nearly doubled compared with last year, indicating strong growth. - Savings and investments segment: Solid net deposits in retirement plans, driven by midsized and large pooled plans; growth in general accounts stable value products and IRAs to diversify revenue streams. - U.K.: Progress on strategy with onboarding of larger workplace schemes, though adviser platform impacted by market consolidation. - International segment: Higher new life sales in Brazil, China, Spain, and Portugal driven by joint ventures and partnerships. - Asset Management: Solid third-party net deposits, particularly in alternative fixed income products. - Overall commercial momentum remains strong across key markets, supporting higher new life sales and net deposits.

- Operating result increased by 19% year-on-year in H1 2025, reaching EUR 845 million, driven mainly by profitable business growth and less unfavorable claims experience in the U.S., U.K., and International segments. - U.S. operating result guidance increased by USD 50 million to a range of USD 700 million to USD 800 million for the full year 2025. - Group operating result guidance maintained at EUR 750 million to EUR 850 million for 2025, reflecting current exchange rates. - Operating capital generation (OCG) expected to be around EUR 1.2 billion in 2025 before holding, funding, and operating expenses. - Strong commercial momentum with higher new life sales and net deposits supporting future growth. - Interim dividend increased by EUR 0.03 to EUR 0.19 per common share, indicating confidence in earnings growth. - Capital position remains robust, enabling share buybacks and dividend increases, signaling solid earnings outlook.