Aegon N.V. (AEG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros globales, Aegon N.V. (AEG) surge como una potencia estratégica, elaborando meticulosamente su modelo de negocio para navegar por los complejos terrenos de seguros, inversiones y transformación digital. Al combinar ingeniosamente la experiencia financiera tradicional con la innovación tecnológica de vanguardia, Aegon se ha posicionado como un jugador versátil que trasciende los límites convencionales, ofreciendo soluciones integrales que atienden a diversos segmentos de clientes en los mercados internacionales. Esta exploración de lienzo de modelo de negocio presenta los intrincados mecanismos que impulsan la excelencia operativa de Aegon, revelando cómo la compañía aprovecha estratégicamente las asociaciones, los recursos y las capacidades digitales para ofrecer un valor incomparable en el ecosistema financiero en constante evolución.

AEGON N.V. (AEG) - Modelo de negocios: asociaciones clave

Empresas de reaseguro para la distribución de riesgos

Aegon N.V. colabora con los siguientes socios de reaseguro:

Compañía de reaseguros	Detalles de la asociación	Cobertura de riesgo
Munich re	Acuerdo de reaseguro de vida y no vida	Capacidad de transferencia de riesgos de 3.200 millones de euros
Swiss RE	Asociación global de riesgo compartido	Distribución de riesgos de 2.800 millones de euros
Hannover re	Cobertura de riesgo de mortalidad especializada	€ 1.9 mil millones de gestión de riesgos

Asesores e intermediarios financieros

La red de socios financieros de Aegon incluye:

• Firma de asesoramiento financiero independiente: 1.247 socios registrados
• Redes de corredor: 876 intermediarios activos
• Pagos de comisión total en 2023: € 412 millones

Proveedores de tecnología para plataformas digitales

Asociaciones de tecnología clave:

Proveedor de tecnología	Enfoque tecnológico	Inversión anual
Microsoft Azure	Infraestructura en la nube	37,5 millones de euros
Salesforce	Gestión de la relación con el cliente	24,6 millones de euros
IBM	AI y análisis de datos	29,3 millones de euros

Alianzas estratégicas con bancos y empresas de inversión

Asociaciones bancarias y de inversión significativas:

• Grupo ING: productos de inversión conjunta
• ABN AMRO: colaboración de bancassurance
• Ingresos totales del producto conjunto en 2023: € 678 millones

Agentes y corredores de seguros locales

Estadísticas de red de distribución:

Región	Número de agentes	Comisión anual
Países Bajos	2,345 agentes	€ 87.4 millones
Reino Unido	1.876 corredores	62.9 millones de euros
Estados Unidos	3.412 agentes independientes	129,6 millones de euros

AEGON N.V. (AEG) - Modelo de negocio: actividades clave

Desarrollo de productos de seguros de vida y pensión

Aegon N.V. invirtió € 124.5 millones en investigación y desarrollo de productos en 2022. La compañía desarrolló 17 nuevos productos de seguros de vida y pensiones en sus mercados globales.

Categoría de productos	Número de nuevos productos	Enfoque del mercado
Seguro de vida individual	7	Estados Unidos, Países Bajos
Planes de pensiones grupales	6	Reino Unido, España
Soluciones de jubilación	4	Mercados globales

Servicios de gestión de inversiones

Aegon administró activos totales de € 961 mil millones al 31 de diciembre de 2022. La división de gestión de inversiones de la Compañía generó € 1.2 mil millones en ingresos.

• Asignación de activos en 12 categorías de inversión diferentes
• Fondos de pensiones administrados en 4 países
• Ofreció 63 productos de inversión distintos

Evaluación de riesgos y suscripción

Aegon empleó a 412 profesionales de evaluación de riesgos dedicados en 2022. El marco de gestión de riesgos de la Compañía evaluó 387 mil millones de euros en posibles pasivos de seguro.

Categoría de riesgo	Volumen de evaluación	Estrategia de mitigación de riesgos
Riesgo de mortalidad	124 mil millones de euros	Acuerdos de reaseguro
Riesgo de mercado	163 mil millones de euros	Instrumentos de cobertura
Riesgo operativo	100 mil millones de euros	Sistemas de control interno

Transformación digital e innovación tecnológica

Aegon asignó € 276 millones a iniciativas de transformación digital en 2022. La compañía implementó 22 nuevas plataformas y tecnologías digitales.

• Desarrollado 3 chatbots de servicio al cliente con IA
• Sistema de procesamiento de reclamos habilitado para blockchain lanzado
• Infraestructura de análisis de datos implementada basada en la nube

Servicio al cliente y gestión de reclamos

Aegon procesó 1.2 millones de reclamos de seguro en 2022, con un tiempo de procesamiento promedio de 7.3 días. La compañía mantuvo una calificación de satisfacción del cliente de 8.4/10.

Categoría de reclamos	Reclamaciones totales	Tiempo de procesamiento promedio
Reclamaciones de seguro de vida	412,000	6.5 días
Reclamaciones de seguro de salud	578,000	8.1 días
Reclamos de pensiones	210,000	7.9 días

AEGON N.V. (AEG) - Modelo de negocio: recursos clave

Capital financiero fuerte y reservas

A partir del tercer trimestre de 2023, Aegon N.V. informó:

• Activos totales: € 413.7 mil millones
• Equidad de los accionistas: € 22.4 mil millones
• Relación de solvencia II: 214%

Métrica financiera	Cantidad (€)
Equidad grupal	22.4 mil millones
Capital grupal total	34.1 mil millones

Red de distribución global extensa

Aegon opera en:

• Estados Unidos
• Países Bajos
• Reino Unido
• Porcelana
• Brasil

Infraestructura de tecnología digital avanzada

Métricas de inversión digital:

• Inversión anual de tecnología digital: 180 millones de euros
• Presupuesto de transformación digital: 3.5% de los gastos operativos totales

Fuerza laboral hábil

Métrica de la fuerza laboral	Número
Total de empleados	26,700
Empleados con certificaciones financieras avanzadas	62%

Capacidades de análisis de datos robustos

Recursos de análisis de datos:

• Científicos de datos empleados: 340
• Inversión anual de análisis de datos: € 95 millones
• Modelos de aprendizaje automático en producción: 127

AEGON N.V. (AEG) - Modelo de negocio: propuestas de valor

Soluciones integrales de jubilación y pensiones

Aegon N.V. ofrece soluciones de jubilación en múltiples mercados con métricas financieras específicas:

Mercado	Activos de pensiones totales	Volumen de contribución anual
Estados Unidos	$ 387.2 mil millones	$ 24.3 mil millones
Países Bajos	€ 156.7 mil millones	8,9 mil millones de euros
Reino Unido	£ 142.5 mil millones	£ 7.6 mil millones

Productos de seguro de vida flexibles

AEGON ofrece diversas ofertas de seguros de vida con la siguiente penetración en el mercado:

• Pólizas de seguro de vida total: 12.7 millones
• Valor de la póliza promedio: $ 185,000
• Gestión de políticas digitales: 67% de los clientes

Gestión de inversiones personalizada

Detalles de la cartera de gestión de inversiones:

Categoría de activos	Activos totales bajo administración	Retorno anual
Fondos de capital	$ 214.6 mil millones	8.3%
Ingreso fijo	$ 328.9 mil millones	4.7%
Inversiones alternativas	$ 92.4 mil millones	6.5%

Experiencia digital del cliente

Métricas de compromiso digital:

• Usuarios de la plataforma en línea: 4.2 millones
• Descargas de aplicaciones móviles: 2.8 millones
• Volumen de transacción digital: 73% de las transacciones totales

Protección y seguridad financiera global

Estadísticas de cobertura global:

Región	Total de clientes	Productos de protección
América del norte	6.5 millones	$ 892 mil millones
Europa	4.3 millones	467 mil millones de euros
Asia	1.9 millones	$ 213 mil millones

Aegon N.V. (AEG) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

AEGON ofrece plataformas en línea con las siguientes capacidades digitales:

Característica de la plataforma	Métricas de participación del usuario
Gestión de políticas en línea	1.2 millones de usuarios digitales activos en 2023
Uso de aplicaciones móviles	687,000 descargas de aplicaciones móviles
Procesamiento de reclamos digitales	62% de las reclamaciones procesadas digitalmente

Servicios de asesoramiento financiero personal

Los servicios de asesoramiento de Aegon incluyen:

• 1.850 asesores financieros dedicados
• 4.300 millones de euros en activos bajo gestión personalizada
• Valor promedio de la cartera del cliente: € 237,000

Canales de atención al cliente dedicados

Canal de soporte	Métricas de rendimiento
Centros de llamadas de servicio al cliente	Tasa de resolución de primer contacto del 92%
Tiempo de respuesta de soporte por correo electrónico	Promedio de 6.2 horas
Soporte de chat en vivo	78% de calificación de satisfacción del cliente

Estrategias de comunicación personalizadas

Enfoque de comunicación de Aegon:

• Comunicación segmentada para 3.4 millones de clientes
• Algoritmo de personalización que cubre el 89% de las interacciones del cliente
• € 12.7 millones invertidos en tecnología de comunicación

Gestión de relaciones a largo plazo

Métrica de relación	Valor
Tasa promedio de retención de clientes	87.5%
Valor de por vida del cliente	€ 4.560 por cliente
Participación del programa de fidelización	62% de la base total de clientes

AEGON N.V. (AEG) - Modelo de negocio: canales

Plataformas digitales en línea

AEGON opera plataformas digitales en múltiples países, incluidos:

País	Usuarios de plataforma digital	Volumen de transacción digital
Países Bajos	785,000 usuarios activos	342 millones de € transacciones digitales anuales
Estados Unidos	1.2 millones de usuarios activos	567 millones de € transacciones digitales anuales
Reino Unido	456,000 usuarios activos	213 millones de € transacciones digitales anuales

Aplicaciones móviles

Estadísticas de aplicaciones móviles de Aegon:

• Descargas totales de aplicaciones móviles: 2.3 millones
• Usuarios móviles activos mensuales: 687,000
• Duración promedio de la sesión del usuario: 7.4 minutos

Asesores financieros independientes

Región	Número de asesores independientes	Comisión anual promedio
Europa	4.200 asesores	€ 87,500 por asesor
América del norte	6.800 asesores	€ 112,300 por asesor

Equipos de ventas directos

Composición directa de la fuerza de ventas de Aegon:

• Representantes de ventas directas totales: 3.900
• Ventas anuales promedio por representante: € 1.2 millones
• Cobertura de ventas en 7 mercados primarios

Redes de sucursales físicas

País	Número de ramas físicas	Volumen de transacción de rama promedio
Países Bajos	124 ramas	€ 4.3 millones por rama anualmente
Estados Unidos	276 ramas	€ 5.7 millones por rama anualmente
Reino Unido	87 ramas	€ 3.9 millones por rama anualmente

AEGON N.V. (AEG) - Modelo de negocio: segmentos de clientes

Inversores minoristas individuales

Aegon atiende a aproximadamente 30 millones de inversores minoristas individuales en múltiples países. Activos de inversión minorista total gestionados: € 308 mil millones a partir de 2023.

Región	Número de inversores minoristas	Valor de inversión promedio
Países Bajos	5.2 millones	€45,000
Estados Unidos	12.6 millones	€62,500
Reino Unido	4.3 millones	€38,000

Patrocinadores del plan de jubilación corporativa

Aegon administra planes de jubilación para 25,000 clientes corporativos. Activos de pensiones corporativos totales: € 215 mil millones.

• Fortune 500 Companies: 1.200 clientes
• Empresas de tamaño mediano: 8.500 clientes
• Pequeñas empresas: 15.300 clientes

Individuos de alto nivel de red

El segmento de gestión de patrimonio de AEGON atiende a 85,000 clientes de alto patrimonio. Activos totales bajo administración: € 92 mil millones.

Riqueza	Número de clientes	Valor de cartera promedio
1-5 millones de euros	62,000	€ 2.3 millones
5-10 millones de euros	18,000	6.5 millones de euros
€ 10+ millones	5,000	€ 15.4 millones

Empresas pequeñas a medianas

AEGON proporciona soluciones de seguros y pensiones a 45,000 pequeñas y medianas empresas. Prima total de seguro comercial: 3.200 millones de euros.

Segmentos del mercado internacional

Aegon opera en 20 países con diversa penetración del mercado. Base de clientes internacionales: 40 millones en varios segmentos.

País	Total de clientes	Cuota de mercado
Estados Unidos	15.2 millones	8.5%
Reino Unido	6.3 millones	5.7%
Países Bajos	5.6 millones	25.3%
Otros mercados	12.9 millones	Varía

Aegon N.V. (AEG) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de productos

En 2022, Aegon N.V. informó gastos de investigación y desarrollo de € 104 millones, centrándose en plataformas de seguros digitales y productos financieros innovadores.

2022

104

1.2%

2021

98

1.1%

Año	Gastos de I + D (millones de euros)	Porcentaje de ingresos

Inversiones de tecnología e infraestructura

Aegon invirtió 276 millones de euros en infraestructura tecnológica y transformación digital en 2022.

• Inversiones en la computación en la nube: € 87 millones
• Infraestructura de ciberseguridad: 62 millones de euros
• Modernización de la plataforma digital: € 127 millones

Costos de ventas y marketing

Los gastos de ventas y marketing para Aegon N.V. totalizaron € 412 millones en 2022.

Canal de ventas	Asignación de costos (millones de euros)
Marketing digital	124
Publicidad tradicional	93
Gastos de la fuerza de ventas	195

Compensación de empleados

La compensación total de los empleados para Aegon N.V. alcanzó € 1.845 mil millones en 2022.

• SALARIOS BASE: 1.200 millones de euros
• Bonos de rendimiento: 345 millones de euros
• Compensación basada en acciones: € 300 millones

Gastos de cumplimiento regulatorio

Aegon N.V. gastó € 156 millones en cumplimiento regulatorio y requisitos legales en 2022.

Área de cumplimiento	Gasto (millones de euros)
Informes legales y regulatorios	68
Gestión de riesgos	54
Auditoría y controles internos	34

AEGON N.V. (AEG) - Modelo de negocios: flujos de ingresos

Primas de seguro de vida

Para el año fiscal 2022, AEGON reportó primas de seguro de vida total de € 9.3 mil millones. El desglose por región fue el siguiente:

Región	Primas de seguro de vida (miles de millones)
Estados Unidos	4.7
Países Bajos	2.1
Reino Unido	1.5
Otros mercados	1.0

Tarifas de gestión de pensiones

Aegon generó tarifas de gestión de pensiones de € 1.2 mil millones en 2022, con la siguiente distribución:

• Gestión de pensiones de beneficios definidos: € 0.6 mil millones
• Gestión de pensiones de contribución definida: € 0.4 mil millones
• Otros servicios de pensión: € 0.2 mil millones

Ingresos de gestión de inversiones

Los ingresos de gestión de inversiones para Aegon en 2022 totalizaron € 785 millones, con segmentos clave que incluyen:

Categoría de inversión	Ingresos (millones de euros)
Inversiones institucionales	425
Inversiones minoristas	260
Inversiones alternativas	100

Ingresos de gestión de activos

Los activos totales de Aegon bajo administración (AUM) llegaron a 479 mil millones de euros en 2022, generando ingresos de gestión de activos de € 672 millones.

Tipo de activo	Aum (miles de millones de euros)	Ingresos (millones de euros)
Fondos de capital	187	265
Fondos de renta fija	212	287
Fondos mixtos	80	120

Comisión de productos financieros

Las comisiones de productos financieros ascendieron a 456 millones de euros en 2022:

• Comisiones de productos de seguro: € 245 millones
• Comisiones de productos de inversión: € 151 millones
• Comisiones de productos de pensión: 60 millones de euros

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.