AEGON N.V. (AEG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos Serviços Financeiros Globais, Aegon N.V. (AEG) surge como uma potência estratégica, elaborando meticulosamente seu modelo de negócios para navegar nos terrenos complexos de seguros, investimentos e transformação digital. Ao misturar engenhosamente a experiência financeira tradicional com a inovação tecnológica de ponta, Aegon se posicionou como um jogador versátil que transcende os limites convencionais, oferecendo soluções abrangentes que atendem a diversos segmentos de clientes em mercados internacionais. Esse modelo de negócios Exploration revela os intrincados mecanismos que conduzem a excelência operacional de Aegon, revelando como a empresa aproveita estrategicamente parcerias, recursos e recursos digitais para oferecer valor incomparável no ecossistema financeiro em constante evolução.

AEGON N.V. (AEG) - Modelo de negócios: Parcerias -chave

Empresas de resseguro para distribuição de riscos

Aegon N.V. colabora com os seguintes parceiros de resseguros:

Empresa de resseguros	Detalhes da parceria	Cobertura de risco
Munique re	Contrato de resseguro de vida e não vida	Capacidade de transferência de risco de 3,2 bilhões de euros
Swiss Re	Parceria de compartilhamento de risco global	Distribuição de risco de 2,8 bilhões de euros
Hannover re	Cobertura de risco de mortalidade especializada	Gestão de riscos de 1,9 bilhão de euros

Consultores financeiros e intermediários

A rede de parceiros financeiros de Aegon inclui:

• Empresas de consultoria financeira independentes: 1.247 parceiros registrados
• Redes de corretor: 876 intermediários ativos
• Pagamentos totais da comissão em 2023: € 412 milhões

Provedores de tecnologia para plataformas digitais

Principais parcerias de tecnologia:

Provedor de tecnologia	Foco em tecnologia	Investimento anual
Microsoft Azure	Infraestrutura em nuvem	€ 37,5 milhões
Salesforce	Gerenciamento de relacionamento com o cliente	€ 24,6 milhões
IBM	AI e análise de dados	€ 29,3 milhões

Alianças estratégicas com bancos e empresas de investimento

Parcerias bancárias e de investimento significativas:

• Grupo: produtos de investimento conjunto
• ABN AMRO: Colaboração de Bancassurance
• Receita total de produtos conjuntos em 2023: € 678 milhões

Agentes de seguros locais e corretores

Estatísticas de rede de distribuição:

Região	Número de agentes	Comissão Anual
Holanda	2.345 agentes	€ 87,4 milhões
Reino Unido	1.876 corretores	€ 62,9 milhões
Estados Unidos	3.412 agentes independentes	€ 129,6 milhões

AEGON N.V. (AEG) - Modelo de negócios: Atividades -chave

Desenvolvimento de produtos de seguro de vida e pensão

A Aegon N.V. investiu 124,5 milhões de euros em pesquisa e desenvolvimento de produtos em 2022. A Companhia desenvolveu 17 novos produtos de seguro de vida e pensão em seus mercados globais.

Categoria de produto	Número de novos produtos	Foco no mercado
Seguro de vida individual	7	Estados Unidos, Holanda
Planos de pensão em grupo	6	Reino Unido, Espanha
Soluções de aposentadoria	4	Mercados globais

Serviços de Gerenciamento de Investimentos

A AEGON administrou ativos totais de € 961 bilhões em 31 de dezembro de 2022. A divisão de gerenciamento de investimentos da empresa gerou 1,2 bilhão de euros em receita.

• Alocação de ativos em 12 categorias de investimento diferentes
• Fundos de pensão gerenciados em 4 países
• Oferecidos 63 produtos de investimento distintos

Avaliação de risco e subscrição

A Aegon empregou 412 profissionais de avaliação de risco dedicados em 2022. A estrutura de gerenciamento de riscos da empresa avaliou 387 bilhões de euros em possíveis passivos de seguro.

Categoria de risco	Volume de avaliação	Estratégia de mitigação de risco
Risco de mortalidade	€ 124 bilhões	Acordos de resseguro
Risco de mercado	€ 163 bilhões	Instrumentos de hedge
Risco operacional	€ 100 bilhões	Sistemas de controle interno

Transformação digital e inovação tecnológica

A AEGON alocou 276 milhões de euros para iniciativas de transformação digital em 2022. A empresa implementou 22 novas plataformas e tecnologias digitais.

• Desenvolvido 3 Chatbots de Atendimento ao Cliente de AI
• Sistema de processamento de reivindicações habilitado para blockchain lançado
• Implementou a infraestrutura de análise de dados baseada em nuvem

Atendimento ao cliente e gerenciamento de reivindicações

A AEGON processou 1,2 milhão de reivindicações de seguro em 2022, com um tempo médio de processamento de 7,3 dias. A empresa manteve uma classificação de satisfação do cliente de 8.4/10.

Categoria de reivindicações	Total de reivindicações	Tempo médio de processamento
Reivindicações de seguro de vida	412,000	6,5 dias
Reivindicações de seguro de saúde	578,000	8,1 dias
Reivindicações de pensão	210,000	7,9 dias

AEGON N.V. (AEG) - Modelo de negócios: Recursos -chave

Capital financeiro forte e reservas

A partir do terceiro trimestre de 2023, Aegon N.V. relatou:

• Total de ativos: € 413,7 bilhões
• Equidade dos acionistas: 22,4 bilhões de euros
• Solvência II Ratio: 214%

Métrica financeira	Valor (€)
Patrimônio líquido do grupo	22,4 bilhões
Capital total do grupo	34,1 bilhões

Extensa rede de distribuição global

Aegon opera em:

• Estados Unidos
• Holanda
• Reino Unido
• China
• Brasil

Infraestrutura de tecnologia digital avançada

Métricas de investimento digital:

• Investimento anual de tecnologia digital: € 180 milhões
• Orçamento de transformação digital: 3,5% do total de despesas operacionais

Força de trabalho qualificada

Métrica da força de trabalho	Número
Total de funcionários	26,700
Funcionários com certificações financeiras avançadas	62%

Recursos robustos de análise de dados

Recursos de análise de dados:

• Cientistas de dados empregados: 340
• Investimento anual de análise de dados: 95 milhões de euros
• Modelos de aprendizado de máquina em produção: 127

AEGON N.V. (AEG) - Modelo de negócios: proposições de valor

Soluções abrangentes de aposentadoria e pensão

Aegon N.V. oferece soluções de aposentadoria em vários mercados com métricas financeiras específicas:

Mercado	Total de ativos de pensão	Volume de contribuição anual
Estados Unidos	US $ 387,2 bilhões	US $ 24,3 bilhões
Holanda	€ 156,7 bilhões	€ 8,9 bilhões
Reino Unido	£ 142,5 bilhões	£ 7,6 bilhões

Produtos flexíveis de seguro de vida

Aegon fornece diversas ofertas de seguros de vida com a penetração do mercado seguinte:

• Total de apólices de seguro de vida: 12,7 milhões
• Valor médio da política: US $ 185.000
• Gerenciamento de políticas digitais: 67% dos clientes

Gestão personalizada de investimentos

Detalhes do portfólio de gerenciamento de investimentos:

Categoria de ativos	Total de ativos sob gestão	Retorno anual
Fundos de ações	US $ 214,6 bilhões	8.3%
Renda fixa	US $ 328,9 bilhões	4.7%
Investimentos alternativos	US $ 92,4 bilhões	6.5%

Experiência digital-primeiro do cliente

Métricas de engajamento digital:

• Usuários da plataforma on -line: 4,2 milhões
• Downloads de aplicativos móveis: 2,8 milhões
• Volume da transação digital: 73% do total de transações

Proteção financeira global e segurança

Estatísticas de cobertura global:

Região	Total de clientes	Produtos de proteção
América do Norte	6,5 milhões	US $ 892 bilhões
Europa	4,3 milhões	€ 467 bilhões
Ásia	1,9 milhão	US $ 213 bilhões

AEGON N.V. (AEG) - Modelo de negócios: Relacionamentos do cliente

Plataformas de autoatendimento digital

Aegon oferece plataformas on -line com os seguintes recursos digitais:

Recurso da plataforma	Métricas de engajamento do usuário
Gerenciamento de políticas on -line	1,2 milhão de usuários digitais ativos em 2023
Uso de aplicativos móveis	687.000 downloads de aplicativos móveis
Processamento de reivindicações digitais	62% das reivindicações processadas digitalmente

Serviços de Consultoria Financeira Pessoal

Os serviços de consultoria de Aegon incluem:

• 1.850 consultores financeiros dedicados
• 4,3 bilhões de euros em ativos sob gerenciamento personalizado
• Valor médio do portfólio de clientes: € 237.000

Canais dedicados de suporte ao cliente

Canal de suporte	Métricas de desempenho
Centros de atendimento ao cliente	92% Taxa de resolução de primeiro contato
Tempo de resposta de suporte por e -mail	Média 6,2 horas
Suporte ao bate -papo ao vivo	78% Classificação de satisfação do cliente

Estratégias de comunicação personalizadas

Abordagem de comunicação de Aegon:

• Comunicação segmentada para 3,4 milhões de clientes
• Algoritmo de personalização, cobrindo 89% das interações com os clientes
• € 12,7 milhões investidos em tecnologia de comunicação

Gerenciamento de relacionamento de longo prazo

Métrica de relacionamento	Valor
Taxa média de retenção de clientes	87.5%
Valor da vida útil do cliente	€ 4.560 por cliente
Participação do programa de fidelidade	62% da base total de clientes

AEGON N.V. (AEG) - Modelo de Negócios: Canais

Plataformas digitais online

Aegon opera plataformas digitais em vários países, incluindo:

País	Usuários da plataforma digital	Volume de transação digital
Holanda	785.000 usuários ativos	€ 342 milhões de transações digitais anuais
Estados Unidos	1,2 milhão de usuários ativos	€ 567 milhões de transações digitais anuais
Reino Unido	456.000 usuários ativos	€ 213 milhões de transações digitais anuais

Aplicativos móveis

Estatísticas de aplicativos móveis da Aegon:

• Downloads de aplicativos móveis totais: 2,3 milhões
• Usuários móveis ativos mensais: 687.000
• Duração média da sessão do usuário: 7,4 minutos

Consultores financeiros independentes

Região	Número de consultores independentes	Comissão Anual Média
Europa	4.200 consultores	€ 87.500 por consultor
América do Norte	6.800 consultores	€ 112.300 por consultor

Equipes de vendas diretas

Composição direta da força de vendas do Aegon:

• Representantes de vendas diretas totais: 3.900
• Vendas anuais médias por representante: € 1,2 milhão
• Cobertura de vendas em 7 mercados primários

Redes de ramificação física

País	Número de galhos físicos	Volume médio de transação de ramificação
Holanda	124 ramificações	€ 4,3 milhões por filial anualmente
Estados Unidos	276 ramos	5,7 milhões de euros por filial anualmente
Reino Unido	87 ramos	€ 3,9 milhões por filial anualmente

Aegon N.V. (AEG) - Modelo de negócios: segmentos de clientes

Investidores de varejo individuais

Aegon atende a aproximadamente 30 milhões de investidores de varejo individuais em vários países. Total de ativos de investimento de varejo gerenciados: 308 bilhões de euros a partir de 2023.

Região	Número de investidores de varejo	Valor médio de investimento
Holanda	5,2 milhões	€45,000
Estados Unidos	12,6 milhões	€62,500
Reino Unido	4,3 milhões	€38,000

Patrocinadores do plano de aposentadoria corporativa

Aegon gerencia planos de aposentadoria para 25.000 clientes corporativos. Total de ativos de pensão corporativa: € 215 bilhões.

• Fortune 500 Empresas: 1.200 clientes
• Empresas de médio porte: 8.500 clientes
• Pequenas empresas: 15.300 clientes

Indivíduos de alta rede

O segmento de gerenciamento de patrimônio da Aegon atende a 85.000 clientes de alta rede. Total de ativos sob gestão: € 92 bilhões.

Suporte de riqueza	Número de clientes	Valor médio do portfólio
€ 1-5 milhões	62,000	2,3 milhões de euros
€ 5 a 10 milhões	18,000	6,5 milhões de euros
€ 10 milhões	5,000	€ 15,4 milhões

Pequenas e médias empresas

A Aegon fornece soluções de seguro e pensão para 45.000 empresas pequenas e médias. Premium de seguro comercial total: € 3,2 bilhões.

Segmentos de mercado internacional

Aegon opera em 20 países com diversas penetrações no mercado. Base internacional de clientes: 40 milhões em vários segmentos.

País	Total de clientes	Quota de mercado
Estados Unidos	15,2 milhões	8.5%
Reino Unido	6,3 milhões	5.7%
Holanda	5,6 milhões	25.3%
Outros mercados	12,9 milhões	Varia

AEGON N.V. (AEG) - Modelo de negócios: estrutura de custos

Despesas de desenvolvimento de produtos

Em 2022, a Aegon N.V. relatou despesas de pesquisa e desenvolvimento de € 104 milhões, concentrando -se em plataformas de seguro digital e produtos financeiros inovadores.

2022

104

1.2%

2021

98

1.1%

Ano	Despesas de P&D (milhões de euros)	Porcentagem de receita

Investimentos de tecnologia e infraestrutura

Aegon investiu 276 milhões de euros em infraestrutura tecnológica e transformação digital em 2022.

• Investimentos de computação em nuvem: € 87 milhões
• Infraestrutura de segurança cibernética: € 62 milhões
• Modernização da plataforma digital: 127 milhões de euros

Custos de vendas e marketing

As despesas de vendas e marketing para Aegon N.V. totalizaram 412 milhões de euros em 2022.

Canal de vendas	Alocação de custos (milhões de euros)
Marketing digital	124
Publicidade tradicional	93
Despesas da força de vendas	195

Compensação dos funcionários

A compensação total dos funcionários da Aegon N.V. atingiu 1,845 bilhão de euros em 2022.

• Salários da base: € 1,2 bilhão
• Bônus de desempenho: € 345 milhões
• Remuneração baseada em ações: € 300 milhões

Despesas de conformidade regulatória

Aegon N.V. gastou € 156 milhões em conformidade regulatória e requisitos legais em 2022.

Área de conformidade	Despesas (milhões de euros)
Relatórios legais e regulatórios	68
Gerenciamento de riscos	54
Auditoria e controles internos	34

AEGON N.V. (AEG) - Modelo de negócios: fluxos de receita

Prêmios de seguro de vida

Para o ano fiscal de 2022, Aegon registrou prêmios totais de seguro de vida de 9,3 bilhões de euros. O colapso da região foi o seguinte:

Região	Prêmios de seguro de vida (bilhões de euros)
Estados Unidos	4.7
Holanda	2.1
Reino Unido	1.5
Outros mercados	1.0

Taxas de gerenciamento de pensões

Aegon gerou taxas de gerenciamento de pensões de 1,2 bilhão de euros em 2022, com a seguinte distribuição:

• Gerenciamento de pensões de benefícios definido: 0,6 bilhão de euros
• Gerenciamento de pensões de contribuição definida: € 0,4 bilhão
• Outros serviços de pensão: € 0,2 bilhão

Receita de gerenciamento de investimentos

As receitas de gerenciamento de investimentos para a Aegon em 2022 totalizaram 785 milhões de euros, com os principais segmentos, incluindo:

Categoria de investimento	Receita (milhões de euros)
Investimentos institucionais	425
Investimentos de varejo	260
Investimentos alternativos	100

Receita de gerenciamento de ativos

O total de ativos do Aegon sob gestão (AUM) atingiu € 479 bilhões em 2022, gerando receita de gerenciamento de ativos de € 672 milhões.

Tipo de ativo	AUM (€ bilhões)	Renda (milhões de euros)
Fundos de ações	187	265
Fundos de renda fixa	212	287
Fundos mistos	80	120

Comissão de produtos financeiros

As comissões de produtos financeiros totalizaram 456 milhões de euros em 2022:

• Comissões de produtos de seguro: € 245 milhões
• Comissões de produtos de investimento: € 151 milhões
• Comissões de produtos de pensão: € 60 milhões

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.