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Aegon Boosts Stock Buyback After Higher First-half Profit; CFO to Leave Amid US Relocation Plans

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Aegon Boosts Stock Buyback After Higher First-half Profit; CFO to Leave Amid US Relocation Plans

Aegon (AGN.AS) on Thursday reported higher first-half net income and raised the size of its stock buyback program as the Netherlands-based insurer advances its planned relocation to the US.

Attributable net income for the six months ended June 30 rose to 614 million euros from 584 million euros a year earlier, while insurance revenue declined to 4.25 billion euros from 4.56 billion euros.

The company raised the size of its ongoing second-half share buyback program to 350 million euros from 150 million euros, and said it remains on track to "meet or exceed" its full-year targets.

"We made significant progress in preparing for our future in the US. We selected New York City as the future location of our head office and announced changes to our leadership team," Chief Executive Lard Friese said. As part of the relocation plan, Chief Financial Officer Duncan Russell will depart in April 2027, with the search for his successor already underway.

The company, which is currently headquartered in the Netherlands and domiciled in Bermuda, disclosed relocation plans in December 2025. At the time, Friese said, "We are ready for the next frontier: to fully capture the opportunities in the largest life insurance market in the world: the US. With Transamerica, which now represents around 70% of our operations, we are strongly positioned to serve a large and underserved segment: Main Street American families, and medium-sized companies."

The relocation, which is targeted for completion by Jan. 1, 2028, is subject to shareholder approval at an extraordinary general meeting on Oct. 8, 2026.

Aegon's shares were down more than 3% during early trading in Amsterdam.

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