The company's capital structure appears strained, with shareholder equity declining to $7.5 billion against $309.5 billion in total liabilities as of 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 317.1B | 327.39B | 301.58B | 401.79B | 468.25B | 443.81B | 440.35B | 392.63B | 396.29B | 425.94B | 415.42B | 424.9B | 353.62B | 366.12B | 345.58B | 332.3B | 298.63B | 287.26B | 314.12B | 314.81B | 311.2B | 238.5B | 233.98B | 238.21B | 264.06B | 244.22B | 228.81B | 130.35B | 123.76B | 82.76B |
| Asset Growth % | -3.14% | 8.56% | -24.94% | -14.19% | 5.51% | 0.79% | 12.15% | -0.92% | -6.96% | 2.53% | -2.23% | 20.16% | -3.41% | 5.94% | 3.99% | 11.27% | 3.96% | -8.55% | -0.22% | 1.16% | 30.48% | 1.93% | -1.78% | -9.79% | 8.13% | 6.73% | 75.53% | 5.32% | 49.55% | 20.74% |
| Total Investment Assets | 289.76B | 352.54B | 186.91B | 316.76B | 263.61B | 259.13B | 239.88B | 339.9B | 336.22B | 367.67B | 373.4B | 371.83B | 312.86B | 241.76B | 302.85B | 733M | 696M | 595M | 22.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 289.76B | 297.83B | 186.91B | 255.85B | 162.24B | 158.5B | 148.67B | 138B | 149.85B | 173.91B | 182.24B | 181.62B | 162.17B | 185.85B | 144.82B | 733M | 696M | 595M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 54.72B | 0 | 60.91B | 101.37B | 100.63B | 91.21B | 86.25B | 90.51B | 111.09B | 116.32B | 111.02B | 96.48B | 109.01B | 144.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 20.79B | 30.33B | 7.64B | 73.19B | 113.88B | 115.83B | 110.12B | 101.01B | 109.37B | 130.97B | 130.64B | 127B | 107.44B | 124.21B | 159.97B | 13.14B | 11.14B | 14.9B | 10.78B | 13.14B | 7.31B | 3.94B | 4.51B | 3.81B | 6.33B | 5.54B | 4.55B | 1.04B | 1.01B | 739.11M |
| Cash & Equivalents | 3.19B | 3.47B | 4.07B | 3.41B | 6.89B | 8.37B | 12.25B | 8.74B | 10.77B | 11.35B | 9.13B | 10.61B | 5.69B | 9.65B | 8.1B | 5.23B | 4.31B | 10.22B | 8.43B | 13.14B | 7.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 17.6B | 3.83B | 3.57B | 7.86B | 5.62B | 6.83B | 6.66B | 6.02B | 0 | 0 | 5.2B | 5.37B | 5.26B | 5.55B | 7.79B | 7.91B | 6.82B | 4.67B | 2.35B | 0 | 0 | 3.94B | 4.51B | 3.81B | 6.33B | 5.54B | 4.55B | 1.04B | 1.01B | 740.05M |
| Other Current Assets | 0 | -31.69B | 0 | 108.67B | 18.79B | 0 | 25.69B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 518.78M | 575M | 504M | 1.24B | 1.33B | 1.39B | 1.56B | 1.73B | 1.63B | 1.82B | 1.9B | 2.07B | 2.25B | 2.95B | 3.29B | 4.36B | 4.61B | 5.42B | 4.89B | 4.34B | 4.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 312.87M | 345M | 291M | 316M | 392M | 376M | 392M | 385M | 293M | 294M | 299M | 216M | 211M | 638M | 882M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 205.91M | 230M | 213M | 924M | 941M | 1.01B | 1.17B | 1.34B | 1.34B | 1.53B | 1.6B | 1.86B | 2.04B | 2.31B | 2.4B | 4.36B | 4.61B | 5.42B | 4.89B | 4.34B | 4.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 280.88M | 400M | 150M | 158M | 199M | 211M | 255M | 235M | 530M | 572M | 575M | 216M | 199M | 526M | 0 | 0 | 0 | 540M | 201.77M | 235.85M | 271.29M | 460M | 319M | 393M | 358M | 254M | 161M | 121.77M | 122.55M | 98.5M |
| Other Assets | 3.85B | 28.59B | 77.17B | -169.4B | -131M | -101M | -193M | -360M | -79M | -87M | -25M | -183.91B | -164.61B | -189.32B | -148.11B | -5.09B | -5.3B | -6.56B | -5.1B | -4.57B | -4.95B | -460M | -319M | -393M | -358M | -254M | -161M | -121.77M | -122.55M | -98.5M |
| Total Liabilities | 309.48B | 318.08B | 292.03B | 387.6B | 441.88B | 419.15B | 415.91B | 370.07B | 371.9B | 401.2B | 389.17B | 396.77B | 328.63B | 336.42B | 319.84B | 308.88B | 279.75B | 273.5B | 298.95B | 295.66B | 288.53B | 224.09B | 219.84B | 223.97B | 248.77B | 231.37B | 215.26B | 122.47B | 115.52B | 77.66B |
| Total Debt | 5.6B | 5B | 4.92B | 6.67B | 12.23B | 11.07B | 12.02B | 13.66B | 14.53B | 14.08B | 13.49B | 15.05B | 12.2B | 12.97B | 10.16B | 8.52B | 7.49B | 5.38B | 6.02B | 4.99B | 5.53B | 2.23B | 3.09B | 4.88B | 3.9B | 2.73B | 5.32B | 1.49B | 1.72B | 4.74B |
| Net Debt | 2.42B | 1.53B | 843M | 3.27B | 5.34B | 2.71B | -234M | 4.92B | 3.76B | 2.73B | 4.36B | 4.44B | 6.51B | 3.32B | 2.06B | 3.29B | 3.17B | -4.84B | -2.41B | -8.15B | -1.77B | 2.23B | 3.09B | 4.88B | 3.9B | 2.73B | 5.32B | 1.49B | 1.72B | 4.74B |
| Long-Term Debt | 5.41B | 4.74B | 4.68B | 6.46B | 11.98B | 10.73B | 11.65B | 13.58B | 14.53B | 14.08B | 13.36B | 15.05B | 12.01B | 13.42B | 10.16B | 8.52B | 7.49B | 5.38B | 3.34B | 4.06B | 4.47B | 254M | 452M | 616M | 670M | 683M | 703M | 684M | 1.72B | 1.75B |
| Short-Term Debt | 40.98M | 37M | 32M | 0 | 0 | 72M | 58M | 82M | 0 | 0 | 125M | 0 | 0 | 506M | 0 | 0 | 0 | 0 | 2.68B | 832.67M | 1.36B | 1.97B | 2.64B | 4.26B | 3.23B | 2.05B | 4.62B | 0 | 0 | 813.17M |
| Total Current Liabilities | 0 | 7.32B | 9.2B | 2.17B | 3.08B | 2.82B | 3.31B | 2.95B | 4.65B | 5.34B | 2.66B | 3.75B | 3.56B | 4.9B | 0 | 0 | 0 | 0 | 2.68B | 832.67M | 1.36B | 1.97B | 2.64B | 4.26B | 3.23B | 9.69B | 4.62B | 0 | 0 | 813.17M |
| Accounts Payable | 0 | 1.32B | 2.11B | 1.14B | 3.08B | 2.75B | 3.26B | 2.87B | 4.58B | 4.21B | 2.54B | 3.62B | 3.38B | 4.4B | 3.45B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.65B | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 9M | 9M | 10M | 11M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -40.98M | 5.63B | 6.73B | -2.23B | -2.71B | -4.18B | -3.52B | -3.45B | -51M | -7.64B | -2.93B | -6.68B | -2.18B | -7.87B | -5.7B | 0 | 0 | 0 | -2.68B | -832.67M | -1.36B | -7.31B | -6.84B | -6.49B | -6.12B | -454.81M | -6.22B | -5.99B | 0 | -813.17M |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 303.9B | 313.33B | 280.01B | 364.24B | 118.88B | 0 | 0 | -13.6B | -14.53B | -16.28B | -13.36B | -15.05B | -12.01B | -442M | -12.76B | -10.42B | -8.47B | -5.85B | -5B | 103.14M | -303.27M | -254M | -452M | -616M | -670M | -683M | -703M | -684M | -1.72B | -1.75B |
| Total Equity | 7.61B | 9.31B | 9.43B | 14.19B | 26.37B | 24.66B | 24.44B | 22.57B | 24.39B | 24.73B | 26.25B | 28.13B | 24.99B | 29.7B | 25.73B | 23.43B | 18.88B | 13.76B | 15.17B | 19.15B | 22.67B | 14.41B | 14.13B | 14.23B | 15.29B | 12.84B | 13.54B | 7.88B | 8.24B | 5.1B |
| Equity Growth % | -18.24% | -1.2% | -33.57% | -46.19% | 6.94% | 0.9% | 8.3% | -7.46% | -1.41% | -5.78% | -6.68% | 12.56% | -15.86% | 15.41% | 9.86% | 24.05% | 37.23% | -9.28% | -20.81% | -15.51% | 57.29% | 1.99% | -0.7% | -6.94% | 19.06% | -5.16% | 71.8% | -4.3% | 61.53% | 37.1% |
| Shareholders Equity | 7.53B | 9.19B | 7.55B | 10.76B | 26.18B | 24.59B | 24.42B | 22.55B | 24.37B | 24.72B | 26.24B | 28.12B | 24.98B | 29.69B | 25.72B | 23.41B | 18.87B | 13.75B | 15.15B | 19.14B | 22.66B | 14.41B | 14.13B | 14.23B | 15.29B | 12.84B | 13.54B | 7.88B | 8.23B | 5.1B |
| Minority Interest | 84.96M | 126M | 129M | 176M | 196M | 75M | 20M | 22M | 20M | 16M | 9M | 9M | 10M | 13M | 14M | 11M | 10M | 6M | 16M | 16M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.02M | 0 |
| Retained Earnings | 4.23B | 4.35B | 5.1B | 7.77B | 12.17B | 10.33B | 10.67B | 9.99B | 9.7B | 7.61B | 8.1B | 9.06B | 11.13B | 10.75B | 9.65B | 9.42B | 8B | 8.82B | 12.39B | 11.46B | 9.35B | 3.93B | 4.97B | 5.37B | 4.65B | 6.2B | 778.21M | 654.94M | 529.99M | 3.47B |
| Common Stock | 228.9M | 241M | 265M | 319M | 321M | 320M | 323M | 321M | 20.57B | 20.91B | 328M | 24.29B | 19.97B | 24.67B | 229M | 208M | 8.11B | 189M | 195.62M | 255.56M | 6.83B | 242.05M | 181.55M | 173.43M | 170.71M | 162.97M | 152.65M | 0 | 0 | 0 |
| Accumulated OCI | -3.33B | -3.83B | -4.4B | -3.52B | 6.93B | 4.39B | 3.93B | 1.76B | 2.86B | 4.91B | 6.22B | 6.62B | 516M | 5.03B | 0 | -395M | 0 | 0 | -1.76B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.06B | 0 | 0 | 0 |
| Return on Equity (ROE) | 11.54% | 7.34% | -1.52% | -2.81% | 7.76% | 0.18% | 5.27% | 3.02% | 9.61% | 2.3% | -1.59% | 4.47% | 3.09% | 5.66% | 3.54% | 8.32% | 1.25% | -7.48% | 14.87% | 13.34% | 14.72% | 11.65% | 12.64% | 10.48% | 17.04% | 15.66% | 14.66% | 14.63% | 15.02% | 16.6% |
| Return on Assets (ROA) | 0.3% | 0.22% | -0.05% | -0.13% | 0.43% | 0.01% | 0.3% | 0.18% | 0.57% | 0.14% | -0.1% | 0.3% | 0.24% | 0.44% | 0.26% | 0.56% | 0.07% | -0.36% | 0.81% | 0.89% | 0.99% | 0.7% | 0.76% | 0.62% | 0.94% | 0.87% | 0.87% | 0.93% | 0.97% | 0.97% |
| Equity / Assets | 2.4% | 2.84% | 3.13% | 3.53% | 5.63% | 5.56% | 5.55% | 5.75% | 6.15% | 5.81% | 6.32% | 6.62% | 7.07% | 8.11% | 7.45% | 7.05% | 6.32% | 4.79% | 4.83% | 6.08% | 7.28% | 6.04% | 6.04% | 5.97% | 5.79% | 5.26% | 5.92% | 6.05% | 6.66% | 6.16% |
| Debt / Equity | 0.74x | 0.54x | 0.52x | 0.47x | 0.46x | 0.45x | 0.49x | 0.61x | 0.60x | 0.57x | 0.51x | 0.53x | 0.49x | 0.44x | 0.39x | 0.36x | 0.40x | 0.39x | 0.40x | 0.26x | 0.24x | 0.15x | 0.22x | 0.34x | 0.26x | 0.21x | 0.39x | 0.19x | 0.21x | 0.93x |
| Book Value per Share | 4.88 | 4.63 | 4.98 | 7.01 | 12.82 | 11.98 | 11.89 | 8.66 | 9.32 | 9.43 | 9.78 | 10.52 | 10.41 | 15.57 | 13.90 | 13.72 | 11.90 | 9.13 | 9.71 | 11.24 | 13.20 | 8.75 | 8.76 | 9.57 | 10.73 | 9.27 | 10.70 | 6.55 | 7.47 | 4.58 |
| Tangible BV per Share | 4.54 | 4.35 | 4.72 | 6.40 | 12.17 | 11.31 | 11.13 | 7.99 | 8.69 | 8.74 | 9.07 | 9.74 | 9.47 | 14.03 | 12.12 | 11.17 | 8.99 | 5.53 | 6.57 | 8.70 | 10.48 | 8.75 | 8.76 | 9.57 | 10.73 | 9.27 | 10.70 | 6.55 | 7.47 | 4.58 |
Capital adequacy and leverage
As reported in financial statements, Aegon's total assets have declined from $424.5 billion in 2022Q3 to $317.1 billion by 2025Q4, reflecting a deliberate strategic contraction as the company offloads legacy insurance operations to pivot toward a more capital-light, fee-based business model in the US and UK.
The reduction in total assets and liabilities suggests a successful execution of the company's simplification strategy, though the shrinking scale warrants monitoring for potential loss of economies of scale. Investors should consider whether the remaining asset base is sufficient to support long-term growth in fee-based retirement services.
Based on the company's reported figures, shareholder equity has experienced significant volatility, falling from $15.1 billion in 2022Q3 to $7.5 billion in 2025Q4, which may indicate that capital returns and restructuring costs are outpacing the internal generation of capital within the new organizational structure.
The decline in equity relative to total liabilities suggests a tightening of the capital buffer, which may limit the company's future capacity for aggressive share buybacks. This trend appears to reflect the impact of the Dutch divestment and the subsequent shift in the company's risk-bearing profile.
According to recent balance sheet data, Aegon maintains a high ratio of liabilities to equity, with $309.5 billion in total liabilities against only $7.5 billion in equity as of 2025Q4, highlighting a structural vulnerability that could be exacerbated by adverse market movements or unexpected insurance claims.
While the company is pivoting to a fee-based model, the sheer size of the remaining liability book relative to the thin equity cushion suggests that the balance sheet remains sensitive to volatility. This leverage profile warrants further investigation into the quality of the underlying assets backing these long-dated obligations.
Quick answers to the most common questions about buying AEG stock.
As of 2025, Aegon Ltd. (AEG) had total assets of $317.10B including $20.79B in current assets.
Aegon Ltd. (AEG) carries total debt of $5.60B, offset by $3.19B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aegon Ltd. (AEG) has total shareholders' equity (book value) of $7.53B ($4.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.