Aegon N.V. (AEG): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique des services financiers mondiaux, Aegon N.V. (AEG) apparaît comme une puissance stratégique, fabriquant méticuleusement son modèle commercial pour naviguer dans les terrains complexes de l'assurance, de l'investissement et de la transformation numérique. En mélangeant ingénieusement l'expertise financière traditionnelle avec l'innovation technologique de pointe, Aegon s'est positionné comme un acteur polyvalent qui transcende les frontières conventionnelles, offrant des solutions complètes qui s'adressent à divers segments de clients sur les marchés internationaux. Cette exploration de toile de modèle commercial dévoile les mécanismes complexes qui stimulent l'excellence opérationnelle d'Aegon, révélant comment l'entreprise exploite stratégiquement les partenariats, les ressources et les capacités numériques pour offrir une valeur inégalée dans l'écosystème financier en constante évolution.

Aegon N.V. (AEG) - Modèle d'entreprise: partenariats clés

Sociétés de réassurance pour la distribution des risques

Aegon N.V. collabore avec les partenaires de réassurance suivants:

Entreprise de réassurance	Détails du partenariat	Couverture des risques
Munich re	Accord de réassurance de la vie et non-vie	3,2 milliards d'euros de capacité de transfert de risque
Suisse re	Partenariat mondial de partage des risques	2,8 milliards d'euros de distribution des risques
Hanover re	Couverture des risques de mortalité spécialisée	1,9 milliard d'euros de gestion des risques

Conseillers financiers et intermédiaires

Le réseau de partenaires financiers d'Aegon comprend:

• Sociétés de conseil financier indépendants: 1 247 partenaires enregistrés
• Réseaux de courtiers: 876 intermédiaires actifs
• Paiements totaux de commission en 2023: 412 millions d'euros

Fournisseurs de technologies pour les plateformes numériques

Partenariats technologiques clés:

Fournisseur de technologie	Focus technologique	Investissement annuel
Microsoft Azure	Infrastructure cloud	37,5 millions d'euros
Salesforce	Gestion de la relation client	24,6 millions d'euros
Ibm	IA et analyse de données	29,3 millions d'euros

Alliances stratégiques avec les banques et les sociétés d'investissement

Partenariats bancaires et investissements importants:

• Groupe ing: produits d'investissement conjoints
• ABN AMRO: collaboration Bancassurance
• Revenu total des produits conjoints en 2023: 678 millions d'euros

Agents et courtiers d'assurance locaux

Statistiques du réseau de distribution:

Région	Nombre d'agents	Commission annuelle
Pays-Bas	2 345 agents	87,4 millions d'euros
Royaume-Uni	1 876 courtiers	62,9 millions d'euros
États-Unis	3 412 agents indépendants	129,6 millions d'euros

Aegon N.V. (AEG) - Modèle d'entreprise: Activités clés

Développement de produits d'assurance-vie et de pension

Aegon N.V.

Catégorie de produits	Nombre de nouveaux produits	Focus du marché
Assurance-vie individuelle	7	États-Unis, Pays-Bas
Régimes de retraite en groupe	6	Royaume-Uni, Espagne
Solutions de retraite	4	Marchés mondiaux

Services de gestion des investissements

Aegon a géré un actif total de 961 milliards d'euros au 31 décembre 2022. La division de gestion des investissements de la société a généré 1,2 milliard d'euros de revenus.

• Allocation d'actifs dans 12 catégories d'investissement différentes
• Fonds de pension gérés dans 4 pays
• Offert 63 produits d'investissement distincts

Évaluation des risques et souscription

Aegon a employé 412 professionnels dédiés à l'évaluation des risques en 2022. Le cadre de gestion des risques de l'entreprise a évalué 387 milliards d'euros de responsabilités d'assurance potentielles.

Catégorie de risque	Volume d'évaluation	Stratégie d'atténuation des risques
Risque de mortalité	124 milliards d'euros	Accords de réassurance
Risque de marché	163 milliards d'euros	Instruments de couverture
Risque opérationnel	100 milliards d'euros	Systèmes de contrôle interne

Transformation numérique et innovation technologique

Aegon a alloué 276 millions d'euros aux initiatives de transformation numérique en 2022. La société a mis en œuvre 22 nouvelles plateformes et technologies numériques.

• Développé 3 chatbots de service à la clientèle alimentés en AI
• Système de traitement des réclamations compatibles lancée
• Implémentation de l'infrastructure d'analyse de données basée sur le cloud

Service client et gestion des réclamations

Aegon a traité 1,2 million de réclamations d'assurance en 2022, avec un temps de traitement moyen de 7,3 jours. L'entreprise a maintenu une cote de satisfaction client de 8,4 / 10.

Catégorie des réclamations	Réclamations totales	Temps de traitement moyen
Réclamations d'assurance-vie	412,000	6,5 jours
Réclamations d'assurance maladie	578,000	8,1 jours
Réclamations de retraite	210,000	7,9 jours

Aegon N.V. (AEG) - Modèle d'entreprise: Ressources clés

Capital financier solide et réserves

Au troisième trimestre 2023, Aegon N.V. a rapporté:

• Actif total: 413,7 milliards d'euros
• Équité des actionnaires: 22,4 milliards d'euros
• Ratio de solvabilité II: 214%

Métrique financière	Montant (€)
Actions de groupe	22,4 milliards
Capital total du groupe	34,1 milliards

Réseau de distribution mondial étendu

Aegon fonctionne dans:

• États-Unis
• Pays-Bas
• Royaume-Uni
• Chine
• Brésil

Infrastructure de technologie numérique avancée

Métriques d'investissement numériques:

• Investissement annuel de technologie numérique: 180 millions d'euros
• Budget de transformation numérique: 3,5% du total des dépenses opérationnelles

Main-d'œuvre qualifiée

Métrique de la main-d'œuvre	Nombre
Total des employés	26,700
Employés avec des certifications financières avancées	62%

Capacités d'analyse de données robustes

Ressources d'analyse des données:

• Data Scientists employés: 340
• Investissement annuel d'analyse de données: 95 millions d'euros
• Modèles d'apprentissage automatique en production: 127

Aegon N.V. (AEG) - Modèle d'entreprise: propositions de valeur

Solutions complètes de retraite et de pension

Aegon N.V. propose des solutions de retraite sur plusieurs marchés avec des mesures financières spécifiques:

Marché	Actif total de pension	Volume de contribution annuel
États-Unis	387,2 milliards de dollars	24,3 milliards de dollars
Pays-Bas	156,7 milliards d'euros	8,9 milliards d'euros
Royaume-Uni	142,5 milliards de livres sterling	7,6 milliards de livres sterling

Produits d'assurance-vie flexibles

Aegon offre diverses offres d'assurance-vie avec la pénétration du marché suivante:

• Politiques totales d'assurance-vie: 12,7 millions
• Valeur moyenne de la politique: 185 000 $
• Gestion des politiques numériques: 67% des clients

Gestion des investissements personnalisés

Détails du portefeuille de gestion des investissements:

Catégorie d'actifs	Total des actifs sous gestion	Retour annuel
Fonds de capitaux propres	214,6 milliards de dollars	8.3%
Revenu fixe	328,9 milliards de dollars	4.7%
Investissements alternatifs	92,4 milliards de dollars	6.5%

Expérience client d'abord numérique

Métriques d'engagement numérique:

• Utilisateurs de plate-forme en ligne: 4,2 millions
• Téléchargements d'applications mobiles: 2,8 millions
• Volume des transactions numériques: 73% du total des transactions

Protection et sécurité financières mondiales

Statistiques de la couverture globale:

Région	Total des clients	Produits de protection
Amérique du Nord	6,5 millions	892 milliards de dollars
Europe	4,3 millions	467 milliards d'euros
Asie	1,9 million	213 milliards de dollars

Aegon N.V. (AEG) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

Aegon propose des plateformes en ligne avec les capacités numériques suivantes:

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs
Gestion des politiques en ligne	1,2 million d'utilisateurs numériques actifs en 2023
Utilisation des applications mobiles	687 000 téléchargements d'applications mobiles
Traitement des réclamations numériques	62% des réclamations traitées numériquement

Services de conseil financier personnel

Les services consultatifs d'Aegon comprennent:

• 1 850 conseillers financiers dédiés
• 4,3 milliards d'euros d'actifs sous gestion personnalisée
• Valeur moyenne du portefeuille des clients: 237 000 €

Canaux de support client dédiés

Canal de support	Métriques de performance
Centres d'appels de service client	Taux de résolution de 92%
Temps de réponse de la prise en charge de l'e-mail	Moyenne de 6,2 heures
Support de chat en direct	Note de satisfaction du client de 78%

Stratégies de communication personnalisées

Approche de communication d'Aegon:

• Communication segmentée pour 3,4 millions de clients
• Algorithme de personnalisation couvrant 89% des interactions du client
• 12,7 millions d'euros investis dans les technologies de la communication

Gestion des relations à long terme

Métrique relationnelle	Valeur
Taux de rétention de clientèle moyen	87.5%
Valeur à vie du client	4 560 € par client
Participation du programme de fidélité	62% de la clientèle totale

Aegon N.V. (AEG) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

Aegon exploite des plateformes numériques dans plusieurs pays, notamment:

Pays	Utilisateurs de plate-forme numérique	Volume de transaction numérique
Pays-Bas	785 000 utilisateurs actifs	342 millions de transactions numériques annuelles
États-Unis	1,2 million d'utilisateurs actifs	567 millions de transactions numériques annuelles
Royaume-Uni	456 000 utilisateurs actifs	213 millions de transactions numériques annuelles

Applications mobiles

Statistiques des applications mobiles d'Aegon:

• Téléchargements totaux d'applications mobiles: 2,3 millions
• Utilisateurs mobiles actifs mensuels: 687 000
• Durée moyenne de la session utilisateur: 7,4 minutes

Conseillers financiers indépendants

Région	Nombre de conseillers indépendants	Commission annuelle moyenne
Europe	4 200 conseillers	87 500 € par conseiller
Amérique du Nord	6 800 conseillers	112 300 € par conseiller

Équipes de vente directes

Composition de la force de vente directe d'Aegon:

• Représentants totaux directs directs: 3 900
• Ventes annuelles moyennes par représentant: 1,2 million d'euros
• Couverture des ventes sur 7 marchés primaires

Réseaux de succursale physiques

Pays	Nombre de branches physiques	Volume de transaction de succursale moyen
Pays-Bas	124 branches	4,3 millions d'euros par branche par an
États-Unis	276 branches	5,7 millions d'euros par branche par an
Royaume-Uni	87 branches	3,9 millions d'euros par branche par an

Aegon N.V. (AEG) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail individuels

Aegon dessert environ 30 millions d'investisseurs de détail individuels dans plusieurs pays. Les actifs d'investissement total de détail gérés: 308 milliards d'euros en 2023.

Région	Nombre d'investisseurs de détail	Valeur d'investissement moyenne
Pays-Bas	5,2 millions	€45,000
États-Unis	12,6 millions	€62,500
Royaume-Uni	4,3 millions	€38,000

Sponsors du plan de retraite d'entreprise

Aegon gère des plans de retraite pour 25 000 clients d'entreprise. Total des actifs de retraite des entreprises: 215 milliards d'euros.

• Fortune 500 Compagnies: 1 200 clients
• Entreprises de taille moyenne: 8 500 clients
• Petites entreprises: 15 300 clients

Individus à haute nette

Le segment de la gestion de patrimoine d'Aegon dessert 85 000 clients à haute teneur en noue. Total des actifs sous gestion: 92 milliards d'euros.

Support de richesse	Nombre de clients	Valeur de portefeuille moyenne
1 à 5 millions d'euros	62,000	2,3 millions d'euros
5 à 10 millions d'euros	18,000	6,5 millions d'euros
10 € + million	5,000	15,4 millions d'euros

Petites et moyennes entreprises

Aegon fournit des solutions d'assurance et de pension à 45 000 petites et moyennes entreprises. Prime d'assurance commerciale totale: 3,2 milliards d'euros.

Segments de marché internationaux

Aegon opère dans 20 pays avec une pénétration diversifiée du marché. Base de clientèle internationale: 40 millions sur divers segments.

Pays	Total des clients	Part de marché
États-Unis	15,2 millions	8.5%
Royaume-Uni	6,3 millions	5.7%
Pays-Bas	5,6 millions	25.3%
Autres marchés	12,9 millions	Varie

Aegon N.V. (AEG) - Modèle d'entreprise: Structure des coûts

Dépenses de développement de produits

En 2022, Aegon N.V.

2022

104

1.2%

2021

98

1.1%

Année	Dépenses de R&D (millions d'euros)	Pourcentage de revenus

Investissements technologiques et infrastructures

Aegon a investi 276 millions d'euros dans l'infrastructure technologique et la transformation numérique en 2022.

• Investissements en cloud computing: 87 millions d'euros
• Infrastructure de cybersécurité: 62 millions d'euros
• Modernisation de la plate-forme numérique: 127 millions d'euros

Coûts de vente et de marketing

Les dépenses de vente et de marketing pour Aegon N.V. ont totalisé 412 millions d'euros en 2022.

Canal de vente	Répartition des coûts (millions d'euros)
Marketing numérique	124
Publicité traditionnelle	93
Dépenses de force de vente	195

Compensation des employés

La rémunération totale des employés pour Aegon N.V. a atteint 1,845 milliard d'euros en 2022.

• Salaires de base: 1,2 milliard d'euros
• Bonus de performance: 345 millions d'euros
• Compensation à base d'actions: 300 millions d'euros

Dépenses de conformité réglementaire

Aegon N.V. a dépensé 156 millions d'euros en conformité réglementaire et en exigences légales en 2022.

Zone de conformité	Dépenses (millions d'euros)
Représentation juridique et réglementaire	68
Gestion des risques	54
Audit et commandes internes	34

Aegon N.V. (AEG) - Modèle d'entreprise: Strots de revenus

Primes d'assurance-vie

Pour l'exercice 2022, Aegon a déclaré des primes d'assurance-vie totales de 9,3 milliards d'euros. La rupture de la région était la suivante:

Région	Primes d'assurance-vie (milliards d'euros)
États-Unis	4.7
Pays-Bas	2.1
Royaume-Uni	1.5
Autres marchés	1.0

Frais de gestion des pensions

Aegon a généré des frais de gestion des pensions de 1,2 milliard d'euros en 2022, avec la distribution suivante:

• Gestion définie de la retraite des avantages: 0,6 milliard d'euros
• Contribution définie Gestion des pensions: 0,4 milliard d'euros
• Autres services de retraite: 0,2 milliard d'euros

Revenus de gestion des investissements

Les revenus de la gestion des investissements pour Aegon en 2022 ont totalisé 785 millions d'euros, avec des segments clés, notamment:

Catégorie d'investissement	Revenus (millions d'euros)
Investissements institutionnels	425
Investissements de détail	260
Investissements alternatifs	100

Revenu de gestion des actifs

Les actifs totaux de l'AEGON sous gestion (AUM) ont atteint 479 milliards d'euros en 2022, générant des revenus de gestion d'actifs de 672 millions d'euros.

Type d'actif	Aum (€ milliards)	Revenus (millions d'euros)
Fonds de capitaux propres	187	265
Fonds à revenu fixe	212	287
Fonds mixtes	80	120

Commission des produits financiers

Les commissions des produits financiers s'élevaient à 456 millions d'euros en 2022:

• Commissions de produits d'assurance: 245 millions d'euros
• Commissions de produits d'investissement: 151 millions d'euros
• Commissions de produits de retraite: 60 millions d'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.