إيجون إن في (AEG): نموذج الأعمال التجارية

في المشهد الديناميكي للخدمات المالية العالمية، تبرز شركة Aegon N.V. (AEG) كقوة استراتيجية، حيث تصوغ نموذج أعمالها بدقة للتنقل في التضاريس المعقدة للتأمين والاستثمار والتحول الرقمي. من خلال المزج المبتكر بين الخبرة المالية التقليدية والابتكار التكنولوجي المتطور، وضعت شركة Aegon نفسها كلاعب متعدد الاستخدامات يتجاوز الحدود التقليدية، ويقدم حلولاً شاملة تلبي احتياجات شرائح العملاء المتنوعة عبر الأسواق الدولية. يكشف هذا الاستكشاف لنموذج الأعمال عن الآليات المعقدة التي تدفع التميز التشغيلي لشركة Aegon، ويكشف عن كيفية استفادة الشركة بشكل استراتيجي من الشراكات والموارد والقدرات الرقمية لتقديم قيمة لا مثيل لها في النظام البيئي المالي دائم التطور.

Aegon N.V. (AEG) - نموذج الأعمال: الشراكات الرئيسية

شركات إعادة التأمين لتوزيع المخاطر

تتعاون شركة Aegon N.V. مع شركاء إعادة التأمين التاليين:

شركة إعادة التأمين	تفاصيل الشراكة	تغطية المخاطر
ميونيخ ري	اتفاقية إعادة التأمين على الحياة وغير الحياة	قدرة نقل المخاطر بقيمة 3.2 مليار يورو
سويس ري	الشراكة العالمية لتقاسم المخاطر	توزيع المخاطر بقيمة 2.8 مليار يورو
هانوفر ري	التغطية المتخصصة لمخاطر الوفيات	1.9 مليار يورو لإدارة المخاطر

المستشارون الماليون والوسطاء

تشمل شبكة الشركاء الماليين لشركة Aegon ما يلي:

• شركات الاستشارات المالية المستقلة: 1,247 شريك مسجل
• شبكات الوسطاء: 876 وسيطًا نشطًا
• إجمالي مدفوعات العمولة في عام 2023: 412 مليون يورو

مزودو التكنولوجيا للمنصات الرقمية

الشراكات التكنولوجية الرئيسية:

مزود التكنولوجيا	التركيز على التكنولوجيا	الاستثمار السنوي
مايكروسوفت أزور	البنية التحتية السحابية	37.5 مليون يورو
قوة المبيعات	إدارة علاقات العملاء	24.6 مليون يورو
آي بي إم	الذكاء الاصطناعي وتحليلات البيانات	29.3 مليون يورو

التحالفات الاستراتيجية مع البنوك وشركات الاستثمار

شراكات مصرفية واستثمارية هامة:

• مجموعة ING: منتجات استثمارية مشتركة
• ABN AMRO: التعاون في مجال التأمين المصرفي
• إجمالي إيرادات المنتجات المشتركة في عام 2023: 678 مليون يورو

وكلاء ووسطاء التأمين المحليين

إحصائيات شبكة التوزيع:

المنطقة	عدد الوكلاء	اللجنة السنوية
هولندا	2,345 وكيلاً	87.4 مليون يورو
المملكة المتحدة	1,876 سمساراً	62.9 مليون يورو
الولايات المتحدة	3,412 وكيلاً مستقلاً	129.6 مليون يورو

Aegon N.V. (AEG) - نموذج الأعمال: الأنشطة الرئيسية

تطوير منتجات التأمين على الحياة والمعاشات التقاعدية

استثمرت شركة Aegon N.V. 124.5 مليون يورو في أبحاث المنتجات وتطويرها في عام 2022. وطورت الشركة 17 منتجًا جديدًا للتأمين على الحياة والمعاشات التقاعدية عبر أسواقها العالمية.

فئة المنتج	عدد المنتجات الجديدة	التركيز على السوق
التأمين على الحياة الفردية	7	الولايات المتحدة، هولندا
خطط المعاشات التقاعدية الجماعية	6	المملكة المتحدة، إسبانيا
حلول التقاعد	4	الأسواق العالمية

خدمات إدارة الاستثمار

تمكنت Aegon من إدارة إجمالي أصول بقيمة 961 مليار يورو اعتبارًا من 31 ديسمبر 2022. وحقق قسم إدارة الاستثمار بالشركة إيرادات بقيمة 1.2 مليار يورو.

• توزيع الأصول عبر 12 فئة استثمارية مختلفة
• إدارة صناديق التقاعد في 4 دول
• طرح 63 منتجاً استثمارياً متميزاً

تقييم المخاطر والاكتتاب

وظفت شركة إيجون 412 متخصصًا متخصصًا في تقييم المخاطر في عام 2022. وقد قام إطار إدارة المخاطر بالشركة بتقييم 387 مليار يورو من التزامات التأمين المحتملة.

فئة المخاطر	حجم التقييم	استراتيجية تخفيف المخاطر
خطر الوفيات	124 مليار يورو	اتفاقيات إعادة التأمين
مخاطر السوق	163 مليار يورو	أدوات التحوط
المخاطر التشغيلية	100 مليار يورو	أنظمة الرقابة الداخلية

التحول الرقمي والابتكار التكنولوجي

خصصت شركة Aegon مبلغ 276 مليون يورو لمبادرات التحول الرقمي في عام 2022. ونفذت الشركة 22 منصة وتقنية رقمية جديدة.

• تم تطوير 3 روبوتات دردشة لخدمة العملاء تعمل بالذكاء الاصطناعي
• تم إطلاق نظام معالجة المطالبات الذي يدعم تقنية blockchain
• تم تنفيذ البنية التحتية لتحليلات البيانات السحابية

خدمة العملاء وإدارة المطالبات

قامت شركة Aegon بمعالجة 1.2 مليون مطالبة تأمين في عام 2022، بمتوسط وقت معالجة يبلغ 7.3 يومًا. حافظت الشركة على معدل رضا العملاء 8.4/10.

فئة المطالبات	إجمالي المطالبات	متوسط وقت المعالجة
مطالبات التأمين على الحياة	412,000	6.5 أيام
مطالبات التأمين الصحي	578,000	8.1 أيام
مطالبات المعاشات التقاعدية	210,000	7.9 أيام

Aegon N.V. (AEG) - نموذج الأعمال: الموارد الرئيسية

رأس المال المالي والاحتياطيات القوية

اعتبارًا من الربع الثالث من عام 2023، ذكرت شركة Aegon N.V.:

• إجمالي الأصول: 413.7 مليار يورو
• حقوق المساهمين: 22.4 مليار يورو
• نسبة الملاءة المالية 2: 214%

المقياس المالي	المبلغ (€)
حقوق ملكية المجموعة	22.4 مليار
إجمالي رأس مال المجموعة	34.1 مليار

شبكة توزيع عالمية واسعة النطاق

تعمل شركة إيجون في:

• الولايات المتحدة
• هولندا
• المملكة المتحدة
• الصين
• البرازيل

البنية التحتية للتكنولوجيا الرقمية المتقدمة

مقاييس الاستثمار الرقمي:

• الاستثمار السنوي في التكنولوجيا الرقمية: 180 مليون يورو
• ميزانية التحول الرقمي: 3.5% من إجمالي النفقات التشغيلية

القوى العاملة الماهرة

متري القوى العاملة	رقم
إجمالي الموظفين	26,700
الموظفون الحاصلون على شهادات مالية متقدمة	62%

قدرات قوية لتحليل البيانات

موارد تحليل البيانات:

• علماء البيانات العاملين: 340
• الاستثمار السنوي في تحليلات البيانات: 95 مليون يورو
• نماذج التعلم الآلي في الإنتاج: 127

Aegon N.V. (AEG) - نموذج الأعمال: عروض القيمة

حلول التقاعد والمعاشات التقاعدية الشاملة

تقدم شركة Aegon N.V. حلول التقاعد عبر أسواق متعددة بمقاييس مالية محددة:

السوق	إجمالي أصول المعاشات التقاعدية	حجم المساهمة السنوية
الولايات المتحدة	387.2 مليار دولار	24.3 مليار دولار
هولندا	156.7 مليار يورو	8.9 مليار يورو
المملكة المتحدة	142.5 مليار جنيه استرليني	7.6 مليار جنيه استرليني

منتجات التأمين على الحياة المرنة

توفر شركة إيجون عروضًا متنوعة للتأمين على الحياة مع اختراق السوق التالي:

• إجمالي وثائق التأمين على الحياة: 12.7 مليون
• متوسط قيمة الوثيقة: 185,000 دولار
• إدارة السياسة الرقمية: 67% من العملاء

إدارة الاستثمار الشخصية

تفاصيل محفظة إدارة الاستثمار:

فئة الأصول	إجمالي الأصول تحت الإدارة	العائد السنوي
صناديق الأسهم	214.6 مليار دولار	8.3%
الدخل الثابت	328.9 مليار دولار	4.7%
الاستثمارات البديلة	92.4 مليار دولار	6.5%

تجربة العملاء الرقمية الأولى

مقاييس المشاركة الرقمية:

• مستخدمو المنصة الإلكترونية: 4.2 مليون
• تنزيلات تطبيقات الهاتف المحمول: 2.8 مليون
• حجم المعاملات الرقمية: 73% من إجمالي المعاملات

الحماية والأمن المالي العالمي

إحصائيات التغطية العالمية:

المنطقة	إجمالي العملاء	منتجات الحماية
أمريكا الشمالية	6.5 مليون	892 مليار دولار
أوروبا	4.3 مليون	467 مليار يورو
آسيا	1.9 مليون	213 مليار دولار

Aegon N.V. (AEG) - نموذج العمل: علاقات العملاء

منصات الخدمة الذاتية الرقمية

تقدم Aegon منصات عبر الإنترنت تتمتع بالإمكانيات الرقمية التالية:

ميزة المنصة	مقاييس مشاركة المستخدم
إدارة السياسات عبر الإنترنت	1.2 مليون مستخدم رقمي نشط في عام 2023
استخدام تطبيقات الهاتف المحمول	687.000 عملية تنزيل لتطبيقات الهاتف المحمول
معالجة المطالبات الرقمية	تمت معالجة 62% من المطالبات رقميًا

الخدمات الاستشارية المالية الشخصية

تشمل الخدمات الاستشارية التي تقدمها شركة إيجون ما يلي:

• 1,850 مستشارًا ماليًا متخصصًا
• 4.3 مليار يورو من الأصول الخاضعة للإدارة الشخصية
• متوسط قيمة محفظة العملاء: 237,000 يورو

قنوات دعم العملاء المخصصة

قناة الدعم	مقاييس الأداء
مراكز اتصال خدمة العملاء	معدل دقة الاتصال الأول 92%
وقت الاستجابة لدعم البريد الإلكتروني	متوسط 6.2 ساعة
دعم الدردشة الحية	نسبة رضا العملاء 78%

استراتيجيات الاتصال الشخصية

نهج التواصل لدى إيجون:

• اتصالات مجزأة لـ 3.4 مليون عميل
• خوارزمية التخصيص تغطي 89% من تفاعلات العملاء
• تم استثمار 12.7 مليون يورو في تكنولوجيا الاتصالات

إدارة العلاقات طويلة الأمد

مقياس العلاقة	القيمة
متوسط معدل الاحتفاظ بالعملاء	87.5%
قيمة عمر العميل	4,560 يورو لكل عميل
المشاركة في برنامج الولاء	62% من إجمالي قاعدة العملاء

Aegon N.V. (AEG) - نموذج الأعمال: القنوات

المنصات الرقمية على الإنترنت

تدير شركة Aegon منصات رقمية في العديد من البلدان، بما في ذلك:

البلد	مستخدمي المنصة الرقمية	حجم المعاملات الرقمية
هولندا	785.000 مستخدم نشط	342 مليون يورو من المعاملات الرقمية السنوية
الولايات المتحدة	1.2 مليون مستخدم نشط	567 مليون يورو من المعاملات الرقمية السنوية
المملكة المتحدة	456.000 مستخدم نشط	213 مليون يورو من المعاملات الرقمية السنوية

تطبيقات الهاتف المحمول

إحصائيات تطبيقات الهاتف المحمول الخاصة بشركة Aegon:

• إجمالي تنزيلات تطبيقات الهاتف المحمول: 2.3 مليون
• عدد مستخدمي الهاتف المحمول النشطين شهريًا: 687,000
• متوسط مدة جلسة المستخدم: 7.4 دقيقة

المستشارون الماليون المستقلون

المنطقة	عدد المستشارين المستقلين	متوسط العمولة السنوية
أوروبا	4200 مستشار	87.500 يورو لكل مستشار
أمريكا الشمالية	6,800 مستشار	112,300 يورو لكل مستشار

فرق البيع المباشر

تكوين قوة المبيعات المباشرة لشركة إيجون:

• إجمالي مندوبي المبيعات المباشرة: 3,900
• متوسط المبيعات السنوية لكل ممثل: 1.2 مليون يورو
• تغطية المبيعات عبر 7 أسواق رئيسية

شبكات الفروع المادية

البلد	عدد الفروع المادية	متوسط حجم معاملات الفرع
هولندا	124 فرعا	4.3 مليون يورو لكل فرع سنويًا
الولايات المتحدة	276 فرعا	5.7 مليون يورو لكل فرع سنويًا
المملكة المتحدة	87 فرعا	3.9 مليون يورو لكل فرع سنويًا

Aegon N.V. (AEG) - نموذج الأعمال: شرائح العملاء

مستثمرو التجزئة الأفراد

تخدم Aegon ما يقرب من 30 مليون مستثمر تجزئة فردي في العديد من البلدان. إجمالي الأصول الاستثمارية للأفراد المُدارة: 308 مليار يورو اعتبارًا من عام 2023.

المنطقة	عدد المستثمرين الأفراد	متوسط قيمة الاستثمار
هولندا	5.2 مليون	€45,000
الولايات المتحدة	12.6 مليون	€62,500
المملكة المتحدة	4.3 مليون	€38,000

رعاة خطة التقاعد للشركات

تدير Aegon خطط التقاعد لـ 25000 عميل من الشركات. إجمالي أصول معاشات التقاعد للشركات: 215 مليار يورو.

• شركات فورتشن 500: 1200 عميل
• الشركات المتوسطة الحجم: 8500 عميل
• الشركات الصغيرة: 15,300 عميل

الأفراد ذوي الثروات العالية

يخدم قطاع إدارة الثروات في شركة Aegon 85000 عميل من ذوي الثروات العالية. إجمالي الأصول الخاضعة للإدارة: 92 مليار يورو.

قوس الثروة	عدد العملاء	متوسط قيمة المحفظة
1-5 مليون يورو	62,000	2.3 مليون يورو
5-10 مليون يورو	18,000	6.5 مليون يورو
10+ مليون يورو	5,000	15.4 مليون يورو

الشركات الصغيرة والمتوسطة

توفر شركة Aegon حلول التأمين والمعاشات التقاعدية لنحو 45000 شركة صغيرة ومتوسطة الحجم. إجمالي أقساط التأمين التجاري: 3.2 مليار يورو.

قطاعات السوق الدولية

تعمل شركة Aegon في 20 دولة وتتمتع باختراق متنوع للأسواق. قاعدة العملاء الدولية: 40 مليونًا عبر مختلف القطاعات.

البلد	إجمالي العملاء	حصة السوق
الولايات المتحدة	15.2 مليون	8.5%
المملكة المتحدة	6.3 مليون	5.7%
هولندا	5.6 مليون	25.3%
أسواق أخرى	12.9 مليون	يختلف

Aegon N.V. (AEG) - نموذج الأعمال: هيكل التكلفة

مصاريف تطوير المنتج

في عام 2022، أعلنت شركة Aegon N.V. عن نفقات بحث وتطوير بقيمة 104 مليون يورو، مع التركيز على منصات التأمين الرقمية والمنتجات المالية المبتكرة.

2022

104

1.2%

2021

98

1.1%

سنة	نفقات البحث والتطوير (مليون يورو)	نسبة الإيرادات

استثمارات التكنولوجيا والبنية التحتية

استثمرت شركة Aegon مبلغ 276 مليون يورو في البنية التحتية التكنولوجية والتحول الرقمي في عام 2022.

• استثمارات الحوسبة السحابية: 87 مليون يورو
• البنية التحتية للأمن السيبراني: 62 مليون يورو
• تحديث المنصة الرقمية: 127 مليون يورو

تكاليف المبيعات والتسويق

بلغ إجمالي نفقات المبيعات والتسويق لشركة Aegon N.V. 412 مليون يورو في عام 2022.

قناة المبيعات	تخصيص التكاليف (بملايين اليورو)
التسويق الرقمي	124
الإعلان التقليدي	93
مصاريف قوة المبيعات	195

تعويض الموظف

بلغ إجمالي تعويضات الموظفين في شركة Aegon N.V. 1.845 مليار يورو في عام 2022.

• الرواتب الأساسية: 1.2 مليار يورو
• مكافآت الأداء: 345 مليون يورو
• التعويضات على أساس الأسهم: 300 مليون يورو

نفقات الامتثال التنظيمي

أنفقت شركة Aegon N.V. 156 مليون يورو على الامتثال التنظيمي والمتطلبات القانونية في عام 2022.

منطقة الامتثال	النفقات (بملايين اليورو)
التقارير القانونية والتنظيمية	68
إدارة المخاطر	54
التدقيق والضوابط الداخلية	34

Aegon N.V. (AEG) - نموذج الأعمال: تدفقات الإيرادات

أقساط التأمين على الحياة

بالنسبة للسنة المالية 2022، أعلنت شركة إيجون عن إجمالي أقساط التأمين على الحياة بقيمة 9.3 مليار يورو. وجاء التوزيع حسب المناطق على النحو التالي:

المنطقة	أقساط التأمين على الحياة (مليارات اليورو)
الولايات المتحدة	4.7
هولندا	2.1
المملكة المتحدة	1.5
أسواق أخرى	1.0

رسوم إدارة المعاشات التقاعدية

حققت شركة إيجون رسومًا لإدارة المعاشات التقاعدية بقيمة 1.2 مليار يورو في عام 2022، مع التوزيع التالي:

• إدارة المعاشات التقاعدية المحددة: 0.6 مليار يورو
• إدارة معاشات المساهمة المحددة: 0.4 مليار يورو
• خدمات التقاعد الأخرى: 0.2 مليار يورو

إيرادات إدارة الاستثمار

بلغ إجمالي إيرادات إدارة الاستثمار لشركة Aegon في عام 2022 785 مليون يورو، وتشمل القطاعات الرئيسية ما يلي:

فئة الاستثمار	الإيرادات (مليون يورو)
الاستثمارات المؤسسية	425
استثمارات التجزئة	260
الاستثمارات البديلة	100

دخل إدارة الأصول

وصل إجمالي الأصول الخاضعة للإدارة (AUM) لشركة Aegon إلى 479 مليار يورو في عام 2022، مما أدى إلى تحقيق دخل من إدارة الأصول قدره 672 مليون يورو.

نوع الأصول	الأصول المُدارة (مليار يورو)	الدخل (مليون يورو)
صناديق الأسهم	187	265
صناديق الدخل الثابت	212	287
الصناديق المختلطة	80	120

عمولة من المنتجات المالية

بلغت العمولات من المنتجات المالية 456 مليون يورو في عام 2022:

• عمولات منتجات التأمين: 245 مليون يورو
• عمولات المنتجات الاستثمارية: 151 مليون يورو
• عمولات منتجات التقاعد: 60 مليون يورو

Aegon N.V. (AEG) - Canvas Business Model: Value Propositions

The core value proposition for Aegon N.V. is a focused, capital-efficient delivery of financial security, primarily anchored in the massive US market through Transamerica, plus targeted growth in the UK and International segments. You're not just buying a policy; you're getting a commitment backed by a strong capital base and a clear strategy for growth.

Here's the quick math on that commitment: Aegon is on track to meet its full-year 2025 Operating Capital Generation (OCG) target of around EUR 1.2 billion, showing their business units are consistently generating cash above their capital needs.

Long-term financial security through pensions and retirement solutions

Aegon's value here is helping people secure their retirement, which is a huge, defintely growing need in the US and UK. In the US, their Transamerica subsidiary focuses on retirement plans and annuities, providing solutions that offer both growth potential and guaranteed income streams. They are a top 10 player in the US market for Registered Index Linked Annuities (RILA) sales, which tells you they are competitive in products that balance risk and return for the individual investor.

In the UK, the focus is on the Workplace platform, which is a major engine for growth. The platform pulled in net deposits of GBP 2.1 billion in the first half of 2025 alone. That kind of flow confirms that employers and employees trust the platform for their long-term savings.

Comprehensive life insurance and financial protection for families

The protection value proposition is straightforward: providing a financial safety net for families and businesses. This is where Aegon's US business, Transamerica, is showing significant commercial momentum. Individual Life sales were up a massive 39% in the third quarter of 2025 compared to the prior year period. That jump is a clear sign that their product mix and distribution strategy are hitting the mark with the average American family-the segment they are laser-focused on serving.

The first half of 2025 saw new life sales increase by 13% to USD 276 million in the United States. This growth in new business value (NBV) is crucial because it translates directly into future profit, demonstrating a sustainable value creation model beyond just managing existing policies.

Tailored asset management for institutions and high-net-worth clients

Aegon Asset Management (AAM) offers specialized investment expertise, which is a distinct value proposition from the insurance side. They manage assets for a global client base, including pension plans, public funds, and high-net-worth individuals. As of the first half of 2025, AAM had EUR 321 billion in Assets under Management (AuM). This scale allows them to offer sophisticated fixed income, real asset, and multi-asset strategies.

For the ultra-high-net-worth segment, Transamerica Life Bermuda (TLB) provides specialized wealth protection and legacy planning solutions, often dealing with large sums assured and complex international cases. This dual-pronged asset management approach-global scale for institutions and bespoke services for the wealthy-is a key differentiator.

Accessibility and convenience via integrated digital and advisor channels

You need to be where the customer is, and Aegon uses a powerful dual channel approach. In the US, their affiliated insurance distribution network, World Financial Group (WFG), continued to expand its agent network in 2025, giving them direct, personal access to millions of households. Plus, the Aegon UK business is actively accelerating its transformation into a leading digital savings and retirement platform, which means better online access and lower costs for customers.

This is about making financial services less intimidating and more accessible. It's a hybrid model that works.

• WFG: Over 90,000 independent agents for personal advice.
• UK Platform: Accelerating digital transformation for convenience.
• US: Strong commercial momentum in Strategic Assets like Indexed Annuities.

Risk reduction through robust hedging programs and capital management

For investors and clients, one of the most critical, if less visible, value propositions is financial stability. Aegon provides this through disciplined capital management and sophisticated hedging programs, which protect the balance sheet from market volatility. This stability is the bedrock of their long-term promises.

Look at the capital position as of June 30, 2025:

Metric	Value (as of June 30, 2025)	Operating Level/Target
Estimated Group Solvency Ratio	183%	Above target (Implied)
US RBC Ratio (Transamerica)	420%	Above the operating level of 400%
Cash Capital at Holding (3Q 2025)	EUR 1.9 billion	Above operating range
2025 Free Cash Flow Target	Around EUR 800 million	Up from EUR 600 million expected for 2023

The variable annuity hedge program, for example, continued its strong track record of managing the financial market risks embedded in the guarantees throughout the first half of 2025. This robust capital position, with the US RBC ratio at 420%, is the ultimate assurance that Aegon can meet its long-term obligations to you.

Aegon N.V. (AEG) - Canvas Business Model: Customer Relationships

Aegon N.V.'s customer relationship model is a deliberate hybrid, balancing high-touch, personal advice for complex life events with efficient, low-touch digital self-service for day-to-day management. This dual approach is necessary to serve their diverse base, from middle-market American families to large institutional mandates, but the core focus is on enhancing the productivity of their human distribution channels while simplifying the digital experience.

Here's the quick math: The US business, Transamerica, which accounts for approximately 70% of Aegon's operations, relies heavily on its agency network for growth, while the UK platform business focuses on a smaller number of high-value advisor firms.

Dedicated financial advisors and agents (high-touch model)

The high-touch model, primarily through Transamerica in the US, is Aegon's engine for new life and annuity sales. This relationship is built on personal assistance and financial education, targeting middle-market America where complex products like life insurance and retirement plans require a human guide. The World Financial Group (WFG), Transamerica's affiliated distribution network, is crucial here.

In Q1 2025, WFG's network of licensed agents grew to 87,694, which is a significant asset for maintaining a personal touchpoint. This focus on the agent channel drove new Individual Life sales up by a strong 39% in Q3 2025 compared to the prior-year period. To be fair, the UK Adviser platform is going through a segment consolidation, narrowing its focus to around 500 target adviser firms to drive a return to growth by 2028.

Distribution Channel Metric (Q3 2025)	Value/Change	Context
Individual Life Sales Increase (Q3 YoY)	+39%	Driven by WFG and agency channels.
WFG Licensed Agents (Q1 2025)	87,694	The core of the high-touch US distribution.
WFG Total Life Sales Increase (Q3 YoY)	+15%	Shows improved agent productivity.
UK Adviser Platform AuA (H1 2025)	£51,834 million	Assets under Administration, despite net outflows.

Self-service digital platforms for policy and account management

Aegon has been pushing its digital transformation strategy to make routine interactions simple and efficient, freeing up advisors to focus on high-value planning. This self-service approach is key for the UK Workplace platform and for streamlining the sales process in the US. For instance, half of the Q3 2025 growth in new life sales came from a new, fully digital underwriting platform for final expense products, launched in late 2024. That's a defintely clear sign that digital is taking on transaction volume.

The total platform assets under administration (AuA), which combines the Workplace and Adviser platforms, was £118,249 million at H1 2025, a 7% year-on-year increase. The UK Workplace platform is a strong performer in this model, generating £2.1 billion in net deposits in the first half of 2025. This shows that for workplace pensions and basic policy management, customers prefer the speed and convenience of the self-service digital channel.

Long-term, trust-based relationships for lifetime financial planning

Aegon's business is inherently about long-term financial security, so the relationship model must foster deep trust. This is achieved by positioning advisors as lifetime financial planners, not just product sellers. The focus is on complex, long-duration products like variable annuities and life insurance. Transamerica has established itself as a top 10 player in sales of Registered Index Linked Annuities (RILA) products in the US market, reflecting success in selling long-term savings solutions.

This long-term relationship is supported by a strategy to proactively manage the risks embedded in these products, such as the expansion of the dynamic hedge program for Variable Annuities in mid-August 2025 to further reduce equity market exposure. This action, while technical, is a commitment to the stability of the long-term guarantees made to customers. The goal is to keep the customer relationship for decades, so the service has to be consistent and reliable.

Institutional client management for large workplace and asset mandates

The institutional client relationship is a high-value, dedicated service model managed by Aegon Asset Management. This involves bespoke mandates for pension funds, companies, and other institutions. The relationship is based on investment performance and tailored fiduciary services (Fiduciary Services & Multi-Management).

Key metrics for this segment show a stable, if competitive, environment:

• Aegon Investment Management B.V.'s Assets under Management (AuM) were EUR 120.5 billion at H1 2025.
• The Asset Management business achieved positive third-party net flows in Q3 2025.
• Institutional net flows in the UK were £1,329 million in H1 2025.

The overall UK Assets under Administration, which includes these institutional and traditional products, stood at £226,166 million at the end of the first half of 2025. This is a relationship that requires constant, dedicated client management to retain large mandates, and the positive net flows in asset management show they are executing well on this front.

Next step: Review the institutional client service model to ensure retention protocols are in place for any mandate exceeding £500 million.

Aegon N.V. (AEG) - Canvas Business Model: Channels

Aegon N.V.'s channels are a multi-pronged distribution network, heavily weighted toward its proprietary US agency force, World Financial Group (WFG), and its scalable UK digital workplace platform. You need to understand that the US agency channel drives the majority of new life sales, while the UK platform secures large-scale, long-term pension deposits.

Here's the quick math: In the first quarter of 2025, the WFG channel accounted for nearly 70% of Aegon's US Individual Life sales, making it the defintely dominant channel for that product line. The strategic focus is on growing and digitizing these core channels to increase capital generation.

World Financial Group (WFG) agent network (primary US distribution)

The World Financial Group (WFG) network, a subsidiary of Transamerica, is Aegon's primary engine for distributing life insurance and annuities in the US middle market. This channel operates on a multi-level marketing (MLM) model, which is effective for rapid agent recruitment and market penetration. The network continued to expand its reach, with over 85,000 independent advisors working with WFG as of September 2025, and Transamerica has an ambition to grow this force to 110,000 by 2027.

This channel is critical for new business, contributing 69% of total Individual Life sales in the first quarter of 2025. The commercial momentum is strong, with new Individual Life sales in the US increasing by 13% to USD 276 million in the first half of 2025, and a 39% increase in Individual Life sales in the third quarter of 2025 compared to the prior year period, driven by WFG and digital improvements. However, WFG's third-party annuity product sales saw an 11% decrease in the first half of 2025, reflecting broader customer demand shifts in the US market.

UK Workplace business platform for large-scale pension deposits

The UK Workplace business is a key channel for securing large-scale, long-term defined contribution (DC) pension and savings deposits. This platform targets employers to manage their schemes and engage their employees, providing a scalable, low-margin, high-volume source of assets under administration (AUA). In the first half of 2025, this platform performed well, generating GBP 2.1 billion in net deposits.

The scale of this channel is significant, with Aegon UK's total workplace propositions holding approximately £66 billion in AUA as of December 31, 2024. The largest default fund on this platform, the Universal Balanced Collection (UBC), manages a substantial £12 billion and serves over 700,000 members. The business is actively transforming into a leading digital savings and retirement platform to maintain its competitive edge.

Third-party brokers and independent financial advisors

Aegon also relies on a network of third-party brokers and independent financial advisors (IFAs) to distribute products, particularly in the US and UK. This channel offers broader market access beyond the proprietary WFG network and is crucial for reaching customers who prefer non-affiliated advice.

In the US, the brokerage channel was cited as a key driver, alongside WFG, for the increase in Individual Life new life sales in the first quarter of 2025. In the UK, the Adviser platform (formerly the Retail platform) serves the IFA community. This channel, however, experienced some pressure in 2025, reporting net outflows in the first and third quarters of 2025, indicating a challenge in retaining assets within the advised segment of the UK platform business.

Direct-to-consumer digital channels and corporate websites

While historically smaller than the agency and workplace channels, direct-to-consumer (DTC) digital channels are a growing strategic focus for Aegon, particularly within its Transamerica US and Aegon UK businesses. The goal is to simplify the customer journey and reduce distribution costs.

The US business is actively leveraging a new fully digital underwriting platform to support new Individual Life sales, which contributed to the 39% year-over-year sales increase in the third quarter of 2025. This digital push is a core component of the UK strategy to become a leading digital savings and retirement platform, focusing on enhanced user experience and accessibility. This is about efficiency.

Channel Segment	Primary Geographic Focus	Key 2025 Metric/Performance	Strategic Role
World Financial Group (WFG) Agent Network	US (Transamerica)	Over 85,000 independent agents (Sep 2025); Contributed 69% of 1Q 2025 Individual Life sales.	Proprietary growth engine for US middle-market life and annuity sales.
UK Workplace Business Platform	UK	Generated GBP 2.1 billion in net deposits in 1H 2025; Manages approx. £66 billion in AUA (Dec 2024).	High-volume, scalable platform for large-scale corporate pension and savings deposits.
Third-Party Brokers/IFAs (Adviser Platform)	US & UK	US brokerage channel drove part of 1Q 2025 life sales growth; UK Adviser platform saw net outflows in 1Q and 3Q 2025.	Broad market reach for retail products; faces pressure in the UK advised segment.
Direct-to-Consumer Digital	US & UK	New fully digital underwriting platform contributed to 39% US Individual Life sales growth (3Q 2025).	Cost-efficient distribution and customer service; key for future platform transformation.

Aegon N.V. (AEG) - Canvas Business Model: Customer Segments

You're looking for a precise breakdown of who Aegon N.V. serves, and the reality is their customer base is a carefully segmented, global portfolio, not a single monolithic market. Aegon's strategy centers on three distinct, high-value segments-retail, corporate, and institutional-plus a targeted push into high-growth emerging markets.

The company's focus is on becoming America's leading middle-market life insurance and retirement provider through Transamerica, which serves over ten million customers, while simultaneously leveraging its massive global Asset Management arm for institutional clients. That's the quick math: a dual focus on mass-market volume and institutional scale.

Mass-market individuals and families seeking life insurance and savings

This segment forms the core of Aegon's fully owned US and UK operations, primarily through the Transamerica and Aegon UK brands. The focus is on the middle-market, providing essential protection (life insurance) and retirement savings solutions (annuities, pensions). Aegon is accelerating its growth in this area, particularly in the US, where its affiliated distribution network, World Financial Group (WFG), is central to reaching this audience.

The segment's strength is evident in the 2025 commercial momentum:

• Transamerica's Individual Life sales were up a significant 39% in the third quarter of 2025 compared with the prior year period.
• The US strategy is to become America's leading middle-market life insurance and retirement company, with Transamerica serving more than 10 million customers.
• In the UK, the business is transforming into a digital savings and retirement platform, serving around 3.7 million customers with a broad range of pension and investment solutions.

Employers and plan sponsors for workplace retirement solutions

This customer group consists of US employers offering retirement plans (401(k)s, etc.) and UK employers providing workplace pensions. These are B2B relationships where Aegon acts as the plan administrator, investment manager, and record-keeper. The key is scale and platform efficiency, which drives high-volume, recurring fee revenue.

The Workplace segment showed strong performance in the first half of 2025, confirming its importance:

• US Retirement Plans gross deposits increased by 13% in 1H 2025, driven by higher takeover deposits in both the large and mid-sized markets.
• The UK Workplace business generated strong net deposits of GBP 2.1 billion in the first half of 2025.
• Growth is concentrated in the mid-sized plans segment, which saw account balances increase by 14% over the year leading up to June 30, 2025.

Institutional investors for global asset management services

Aegon Asset Management (AAM) serves a global client base of large, sophisticated financial entities. These are not retail customers but large-scale buyers of investment expertise. This includes pension plans, public funds, insurance companies (including Aegon's own subsidiaries), banks, wealth managers, family offices, and foundations. The relationship is one of fiduciary (trustee) and investment partner, with a focus on specialized strategies like Alternative Fixed Income.

AAM operates on a massive scale, providing a critical source of fee income:

• Aegon Asset Management had EUR 321 billion of Assets under Management (AuM) as of the first half of 2025.
• Third-party net flows (money from external clients) remained positive in 3Q 2025, demonstrating continued institutional demand.
• The Asset Management business is a key component of Aegon's strategy to grow its global presence and diversify its revenue streams.

Emerging middle-class in growth markets like China, Brazil, and Spain

Aegon serves this segment through strategic insurance joint ventures (JVs) and partnerships, which allows them to tap into local distribution and brand strength. The target is the rapidly expanding middle-class in these markets who are increasingly seeking protection and long-term savings products. The model here is capital-light, leveraging local partners' infrastructure.

Here is a snapshot of the activity in these key markets as of 2025:

The International business segment saw overall sales growth in the first half of 2025, driven by Brazil, China, and Spain & Portugal. Still, China's regulatory environment can make growth volatile, as seen by the 3Q 2025 sales decrease.

Aegon N.V. (AEG) - Canvas Business Model: Cost Structure

You're looking for the real dollars and cents driving Aegon N.V.'s (AEG) operations, and honestly, the cost structure is where the rubber meets the road for any insurer. It's a classic mix of high fixed costs-like technology and compliance-and a massive variable cost base tied to their sales engine. The key takeaway for 2025 is that Aegon is spending to grow and transform, which means higher near-term outlays, but they are also actively managing their debt costs.

Here's the quick math: Aegon's total operating expenses for the twelve months ending June 30, 2025, stood at nearly $13.668 billion. That's a huge number, and it's where you see the impact of their strategic choices, from paying agents to funding massive IT overhauls.

Investment costs in digital transformation and technology platforms

Aegon's digital transformation isn't a one-off project; it's a fundamental cost of doing business, especially in the US and UK. They are in a race to simplify their legacy systems and build modern, digital platforms to reduce long-term operating expenses (OpEx) and improve customer experience. This investment is not always broken out as a single capital expenditure (CapEx) line item, but it's embedded in the higher operating costs.

For instance, the Aegon Investment Management B.V. subsidiary specifically lists IT expenses and data as main expenses, which is a microcosm of the group's wider cost base. The strategic move to accelerate the transformation of Aegon UK into a leading digital savings and retirement platform is a clear signal of where this capital is flowing. You see the cost of this commitment in the holding company's figures.

The holding company's funding and operating expenses, which cover group-wide functions including major IT projects, were a negative EUR 153 million in the first half of 2025 (1H 2025), reflecting this overhead. That's the cost of maintaining the corporate center and funding these critical, long-term infrastructure changes.

High compensation and incentive costs for the WFG distribution network

The World Financial Group (WFG) distribution network is Aegon's primary growth engine in the US, but it's also a significant variable cost. This is a commission-based, multi-level marketing model, so compensation and incentives are directly tied to sales volume and agent recruitment.

The sheer scale of this cost is evident in the Distribution business segment's financials in the Americas. The segment's total expenses for 1H 2025 were USD 414 million. [cite: 9, search 1] This expense base is growing because the franchise is expanding, which is what you want to see for a variable cost model.

• WFG's licensed agent count reached nearly 90,315 agents as of June 30, 2025, which is the massive base driving the variable compensation cost. [cite: 9, search 1]
• The segment's operating result decreased by 13% in 1H 2025, largely due to these higher expenses, which reflect investments in the WFG franchise itself. [cite: 2, search 1]

Costs of capital and interest expense on debt

Aegon has been actively managing its balance sheet, which impacts its cost of capital. They have been reducing their gross financial leverage (debt), which is a smart move in a volatile interest rate environment. This is a fixed cost component that needs tight management.

Here's a look at the key debt figures from mid-2025:

Market (Joint Venture)	2025 Commercial Activity (New Life Sales)	Key Customer Focus	Aegon's Stake
China (Aegon THTF Life Insurance)	New life sales decreased in 3Q 2025 due to product pricing revisions and new regulations, but sales increased in 1H 2025, mainly driven by participating products.	Middle-class seeking protection and participating products.	50% stake in Aegon THTF Life Insurance Company.
Brazil (Mongeral Aegon)	Reported higher new life sales in 3Q 2025, particularly in credit and group life, despite unfavorable currency movements. New life sales increased in 1H 2025, mainly due to higher credit life sales.	Individuals seeking credit life and group life insurance.	Insurance joint venture.
Spain & Portugal (Banco Santander JV)	Higher sales were driven by linked products in Santander Life in 3Q 2025. Increased new life sales in 1H 2025 were driven by non-linked products in Santander Life.	Bank customers seeking life, health, and non-life insurance products.	51% stake in the insurance joint venture.

Metric	Value (as of 1H 2025)	Note
Long-Term Debt (Q2 2025)	$5.759 billion	Represents the debt load on the balance sheet. [cite: 8, search 1]
Gross Financial Leverage (1H 2025)	EUR 4.9 billion	A decrease of EUR 0.3 billion in 1H 2025. [cite: 2, search 1]
Interest on Financial Leverage (1H 2025)	EUR 19 million	Interest on financial leverage classified as equity, after tax. [cite: 5, search 1]

The reduction in gross financial leverage to EUR 4.9 billion in the first half of 2025 is defintely a positive sign, as it lowers the overall interest expense burden and improves financial flexibility. [cite: 2, search 1]

General operating expenses for claims processing and regulatory compliance

General OpEx is the catch-all for the day-to-day costs of running a global insurance and asset management giant, covering everything from back-office claims processing to the ever-increasing cost of regulatory compliance. This is a high-volume, high-risk cost center that demands efficiency.

The cost of claims processing is volatile. For example, the Americas business was hit with USD 74 million in unfavorable non-recurring items in 1H 2025, largely driven by unfavorable claims variance (which includes higher-than-expected mortality). This shows how claims experience can instantly spike operating costs.

Regulatory compliance is a growing, non-negotiable cost. Aegon is currently reviewing a potential relocation of its legal domicile to the United States, a move that will require a costly transition to US Generally Accepted Accounting Principles (US GAAP) and a full alignment of its regulatory framework. This is a multi-year, multi-million-dollar project that will be a significant drag on operating expenses during the transition period, which is expected to take two to three years.

The recurring operating capital generation (OCG) in the Americas is targeted to remain in the range of USD 200 million to USD 240 million per quarter, which gives you a clear sense of the ongoing, underlying profitability after these recurring operating expenses are deducted.

Aegon N.V. (AEG) - Canvas Business Model: Revenue Streams

Operating Capital Generation (OCG) target of around EUR 1.2 billion for 2025

Aegon N.V.'s primary financial measure for its core business profitability-and thus a key revenue stream indicator-is Operating Capital Generation (OCG), which represents the cash generated by the operating units. The company remains firmly on track to meet its full-year OCG guidance of around EUR 1.2 billion for 2025.

This target is critical because OCG drives the cash available for the Holding company, which in turn supports dividends and share buybacks. For the first half of 2025 (1H 2025), Aegon booked EUR 576 million of OCG before holding funding and operating expenses. The third quarter of 2025 (3Q 2025) added another EUR 340 million in OCG, demonstrating consistent cash flow generation across its global segments.

Here's the quick math: 1H 2025 and 3Q 2025 OCG totaled EUR 916 million, leaving a manageable amount for the final quarter to hit the annual target. The recurring OCG in the Americas alone is guided to be in the range of USD 200 million to 240 million per quarter.

Premiums from life insurance and annuity product sales

Direct premiums from the sale of life insurance and annuity products form a foundational revenue stream, particularly through the Transamerica brand in the United States. This revenue reflects the value customers place on long-term protection and retirement savings solutions. The growth in this area has been strong, driven by the expansion of the World Financial Group (WFG) distribution network.

New life sales in the US, a key indicator of future premium revenue, increased significantly in the first half of the year. This growth was primarily fueled by Indexed Universal Life (IUL) products and higher agent productivity within WFG. The focus on US Strategic Assets, including individual life and retirement plans, is defintely paying off.

New life sales in the US increased 13% to USD 276 million in 1H 2025

The US market, which accounts for approximately 60% of Aegon Group's financials, showed robust commercial momentum. New life sales in the United States for the first half of 2025 saw a 13% increase, reaching USD 276 million compared to USD 245 million in 1H 2024. This growth is a direct measure of new premium revenue being added to the books.

In addition to new sales, the International segment also saw overall sales growth in 1Q 2025, with new life sales increasing by 11%, driven by strong performance in Brazil, China, and Spain & Portugal.

The table below summarizes the key performance indicators for the primary revenue-generating activities as of late 2025:

Revenue Metric	Value (1H 2025)	Value (3Q 2025)	Full-Year 2025 Target
Operating Capital Generation (OCG)	EUR 576 million	EUR 340 million	Around EUR 1.2 billion
US New Life Sales	USD 276 million (+13% YoY)	Not explicitly reported for 3Q	N/A
UK Workplace Net Deposits	GBP 2.1 billion	N/A	N/A

Fee income from asset management and administration services

A significant portion of Aegon's revenue comes from fee income generated by managing customer assets and administering pension and investment platforms. These fees are typically a percentage of Assets under Management (AuM) or Assets under Administration (AuA).

The UK Workplace business is a key contributor to this stream, generating GBP 2.1 billion in net deposits in the first half of 2025. This inflow of assets increases the base on which fee income is calculated. The Asset Management business also achieved positive net flows in 1H and 3Q 2025, indicating a growing fee base.

Revenue from these services is less capital-intensive than underwriting insurance, so it provides a stable, high-margin component to the overall revenue mix. The focus on growing asset volumes in Individual Retirement Accounts (IRA) and General Account (GA) Stable Value products is intended to increase and diversify these fee-based revenue streams.

Earnings on in-force business from existing policy and asset balances

Earnings on in-force business (EoIF) is the profit generated from the existing book of policies and assets, representing the long-term, predictable revenue stream of an insurance business. This is a crucial component of OCG.

The EoIF for 1H 2025 was EUR 588 million, showing the sustained profitability of the existing customer base. This figure is driven by several factors:

• Business growth, particularly in the Americas Strategic Assets.
• Improved claims experience, which favorably impacts the profitability of the existing policies.
• Higher earnings on in-force from Variable Annuities due to increased account balances from favorable markets.

While the first half of 2025 saw some headwinds, like unfavorable mortality claims experience in Universal Life, the underlying business growth and management actions continue to support a strong recurring earnings base.