Revenue growth remains highly volatile, swinging from a 162.1% contraction in 2022Q3 to a 16.6% expansion in 2025Q4 as the firm pivots its business model.
| 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 |
|---|
| Revenue | 26.86B | 19.52B | 12.98B | -21.64B | 46.5B | 40.65B | 61.14B | 14.55B | 53.08B | 49.6B | 31.45B | 43.93B | 45.02B | 42.98B | 31.79B | 49.18B | 46.41B | 7.53B | 45.58B | 49.31B | 45.51B | 28.51B | 28.43B | 31.14B | 31.89B | 30.75B | 22.37B | 16.25B | 14.21B | 11.43B |
| Revenue Growth % | 37.63% | 50.4% | 159.96% | -146.54% | 14.39% | -33.5% | 320.15% | -72.59% | 7.01% | 57.75% | -28.42% | -2.43% | 4.74% | 35.23% | -35.37% | 5.97% | 516.65% | -83.49% | -7.57% | 8.35% | 59.61% | 0.3% | -8.72% | -2.35% | 3.71% | 37.46% | 37.7% | 14.37% | 24.29% | 19.73% |
| Medical Costs & Claims | 21.2B | 0 | 17.69B | -24.67B | 36.5B | 0 | 0 | 0 | 3.29B | 3.4B | 2.63B | 3.57B | 2.95B | 3.79B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 78.9% | 0% | 136.28% | 113.98% | 78.49% | 0% | 0% | 0% | 6.2% | 6.84% | 8.35% | 8.13% | 6.55% | 8.81% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 5.67B | 19.52B | 2.37B | 14.29B | 46.5B | 40.65B | 61.14B | 14.55B | 49.79B | 46.21B | 28.82B | 40.36B | 42.07B | 39.2B | 31.79B | 49.18B | 46.41B | 7.53B | 45.58B | 49.31B | 45.51B | 28.51B | 28.43B | 31.14B | 31.89B | 30.75B | 22.37B | 16.25B | 14.21B | 11.43B |
| Gross Margin % | 21.1% | 100% | 18.25% | -66.01% | 100% | 100% | 100% | 100% | 93.8% | 93.16% | 91.65% | 91.87% | 93.45% | 91.19% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -70.96% | 724.28% | -83.43% | -69.28% | 14.39% | -33.5% | 320.15% | -70.78% | 7.75% | 60.34% | -28.59% | -4.08% | 7.34% | 23.32% | -35.37% | 5.97% | 516.65% | -83.49% | -7.57% | 8.35% | 59.61% | 0.3% | -8.72% | -2.35% | 3.71% | 37.46% | 37.7% | 14.37% | 24.29% | 19.73% |
| Operating Expenses | 1.34B | 18.86B | 2.76B | 2.2B | 4.89B | 2.88B | -59.81B | -13.29B | -46.63B | -45.41B | -29.34B | -38.99B | -41.12B | -37.32B | -30.38B | -47.31B | -46.9B | -8.61B | -48.37B | -45.59B | -41.54B | -25.47B | -25.64B | -28.57B | -27.79B | -27.07B | -19.43B | -14B | -12.18B | -9.85B |
| OpEx / Revenue % | 4.99% | 96.63% | 21.25% | -10.15% | 10.51% | 7.08% | -97.83% | -91.36% | -87.84% | -91.54% | -93.29% | -88.76% | -91.34% | -86.82% | -95.58% | -96.19% | -101.05% | -114.42% | -106.12% | -92.46% | -91.28% | -89.31% | -90.18% | -91.72% | -87.13% | -88.02% | -86.86% | -86.19% | -85.7% | -86.19% |
| Depreciation & Amortization | -160.41M | -31M | 34M | 169M | 1.17B | 722M | 850M | 1.02B | 148M | 273M | 1.52B | 936M | 1.18B | 1.3B | 1.69B | 1.64B | 1.72B | 1.69B | 1.45B | 1.92B | 1.48B | 1.74B | 1.84B | 1.95B | 1.5B | 1.34B | 939M | 771.52M | 657.05M | 409.74M |
| Combined Ratio % | 83.89% | 96.63% | 157.54% | 103.83% | 88.99% | 7.08% | -97.83% | -91.36% | -81.65% | -84.69% | -84.94% | -80.63% | -84.8% | -78.01% | -95.58% | -96.19% | -101.05% | -114.42% | -106.12% | -92.46% | -91.28% | -89.31% | -90.18% | -91.72% | -87.13% | -88.02% | -86.86% | -86.19% | -85.7% | -86.19% |
| Operating Income | 4.33B | 657M | 12.37B | 834M | 43.7B | 37.78B | 1.33B | 1.26B | 3.16B | 804M | -515M | 1.37B | 950M | 1.88B | 1.4B | 1.87B | -487M | -1.08B | -2.79B | 3.72B | 3.97B | 3.05B | 2.79B | 2.58B | 4.11B | 3.68B | 2.94B | 2.24B | 2.03B | 1.58B |
| Operating Margin % | 16.11% | 3.37% | 95.35% | -3.85% | 93.97% | 92.92% | 2.17% | 8.64% | 5.96% | 1.62% | -1.64% | 3.11% | 2.11% | 4.37% | 4.42% | 3.81% | -1.05% | -14.42% | -6.12% | 7.54% | 8.72% | 10.69% | 9.82% | 8.28% | 12.87% | 11.98% | 13.14% | 13.81% | 14.3% | 13.81% |
| Operating Income Growth % | 558.9% | -94.69% | 1383.69% | -98.09% | 15.68% | 2748.87% | 5.49% | -60.27% | 293.53% | 256.12% | -137.65% | 44% | -49.41% | 33.76% | -25.04% | 484.6% | 55.12% | 61.11% | -175% | -6.25% | 30.23% | 9.13% | 8.26% | -37.17% | 11.46% | 25.27% | 31.02% | 10.45% | 28.66% | 11.35% |
| EBITDA | 4.17B | 626M | 12.41B | 1B | 44.87B | 38.5B | 2.18B | 2.27B | 3.31B | 1.08B | 1B | 2.3B | 2.13B | 3.18B | 3.09B | 3.51B | 1.23B | 606M | -1.34B | 5.64B | 5.45B | 4.78B | 4.64B | 4.53B | 5.61B | 5.03B | 3.88B | 3.02B | 2.69B | 1.99B |
| EBITDA Margin % | 15.52% | 3.21% | 95.61% | -4.63% | 96.48% | 94.7% | 3.56% | 15.62% | 6.24% | 2.17% | 3.19% | 5.24% | 4.74% | 7.39% | 9.73% | 7.14% | 2.65% | 8.05% | -2.95% | 11.43% | 11.97% | 16.77% | 16.31% | 14.54% | 17.58% | 16.35% | 17.34% | 18.56% | 18.92% | 17.4% |
| Interest Expense | 323.7M | 6M | 7M | 7M | 246M | 405M | 513M | 507M | 435M | 347M | 412M | 371M | 355M | 467M | 491M | 426M | 412M | 526M | 474M | 362M | 373M | 664M | 645M | 730M | 862M | 796M | 759M | 698.29M | 744.2M | 639.04M |
| Non-Operating Income | 3.28B | -9M | 384M | -5M | -250M | 0 | 0 | -1.25B | -2.97B | 584M | 1.83B | 542M | 173M | 121M | 593M | 440M | -435M | -550M | -6M | 0 | -266M | 218M | 954M | 0 | 0 | 48M | -2.94B | -2.37B | -722.59M | -619.26M |
| Pretax Income | 1.04B | 660M | -391M | 827M | 1.16B | -957M | 1.46B | 751M | 2.39B | 805M | -514M | 1.45B | 971M | 1.9B | 916M | 1.91B | -464M | -1.06B | 3.08B | 3.39B | 3.62B | 2.17B | 2.15B | 1.85B | 3.24B | 2.89B | 2.18B | 7.57B | 6.71B | 5.21B |
| Pretax Margin % | 3.89% | 3.38% | -3.01% | -3.82% | 2.5% | -2.35% | 2.38% | 5.16% | 4.51% | 1.62% | -1.63% | 3.3% | 2.16% | 4.43% | 2.88% | 3.89% | -1% | -14.1% | 6.75% | 6.88% | 7.94% | 7.59% | 7.55% | 5.94% | 10.17% | 9.39% | 9.75% | 46.58% | 47.21% | 45.6% |
| Income Tax | 62.43M | -16M | -209M | 71M | 95M | -336M | 218M | 40M | 32M | 219M | -83M | 262M | 123M | 333M | 44M | 154M | -668M | 21M | 526M | 601M | 885M | -511M | 572M | 353M | 918M | 850M | 611M | 366.18M | 285.91M | 208.02M |
| Effective Tax Rate % | 5.97% | -2.42% | 53.45% | 8.59% | 8.16% | 35.11% | 14.96% | 5.33% | 1.34% | 27.2% | 16.15% | 18.09% | 12.67% | 17.49% | 4.8% | 8.05% | 143.97% | -1.98% | 17.09% | 17.73% | 24.48% | -23.6% | 26.64% | 19.09% | 28.31% | 29.44% | 28.01% | 4.84% | 4.26% | 3.99% |
| Net Income | 977M | 688M | -179M | -570M | 1.98B | 45M | 1.24B | 710M | 2.36B | 586M | -432M | 1.19B | 846M | 1.57B | 869M | 1.76B | 204M | -1.08B | 2.55B | 2.79B | 2.73B | 1.66B | 1.79B | 1.55B | 2.4B | 2.07B | 1.57B | 1.18B | 1B | 732.01M |
| Net Margin % | 3.64% | 3.52% | -1.38% | 2.63% | 4.26% | 0.11% | 2.03% | 4.88% | 4.45% | 1.18% | -1.37% | 2.7% | 1.88% | 3.65% | 2.73% | 3.58% | 0.44% | -14.38% | 5.6% | 5.66% | 6% | 5.83% | 6.31% | 4.97% | 7.52% | 6.72% | 7.02% | 7.26% | 7.05% | 6.4% |
| Net Income Growth % | 42.01% | 484.36% | 68.6% | -128.79% | 4300% | -96.37% | 74.51% | -69.93% | 302.9% | 235.65% | -136.42% | 40.19% | -46.11% | 80.67% | -50.6% | 762.25% | 118.85% | -142.41% | -8.53% | 2.16% | 64.16% | -7.25% | 15.9% | -35.46% | 16.02% | 31.59% | 33.12% | 17.76% | 36.82% | 21.57% |
| EPS (Diluted) | 0.60 | 0.30 | -0.12 | -0.30 | 0.48 | -0.09 | 0.60 | 0.27 | 1.08 | 0.22 | -0.16 | 0.49 | 0.29 | 0.69 | 0.47 | 0.83 | 0.13 | -0.72 | 1.47 | 1.86 | 1.25 | 1.22 | 1.11 | 1.04 | 1.68 | 1.49 | 1.24 | 1.03 | 1.24 | 0.64 |
| EPS Growth % | 100% | 350% | 60% | -162.5% | 633.33% | -115% | 122.22% | -75% | 390.91% | 237.5% | -132.65% | 68.97% | -57.97% | 46.81% | -43.37% | 538.46% | 118.06% | -148.98% | -20.97% | 48.8% | 2.46% | 9.91% | 6.73% | -38.1% | 12.75% | 20.16% | 20.39% | -16.94% | 93.75% | 14.29% |
| EPS (Basic) | 0.60 | 0.37 | -0.12 | -0.30 | 0.48 | -0.09 | 0.60 | 0.27 | 1.08 | 0.22 | -0.16 | 0.49 | 0.29 | 0.69 | 0.47 | 0.83 | 0.13 | -0.72 | 1.47 | 1.87 | 1.25 | 1.22 | 1.11 | 1.04 | 1.69 | 1.51 | 1.26 | 1.03 | 1.27 | 0.67 |
| Diluted Shares Outstanding | 1.56B | 2.01B | 1.89B | 2.02B | 2.06B | 2.06B | 2.06B | 2.61B | 2.62B | 2.62B | 2.69B | 2.67B | 2.4B | 1.91B | 1.85B | 1.71B | 1.59B | 1.51B | 1.56B | 1.7B | 1.72B | 1.65B | 1.61B | 1.49B | 1.42B | 1.39B | 1.27B | 1.2B | 1.1B | 1.11B |
Earnings volatility from divestments
As reported in recent financial filings, Aegon's top-line growth has exhibited extreme variance, swinging from a 162.1% contraction in 2022Q3 to a 106.2% expansion by 2025Q2, reflecting the company's aggressive transition away from traditional insurance underwriting toward a fee-based platform model following the Dutch divestment.
The erratic revenue trajectory appears to be a direct consequence of the company's strategic pivot and the deconsolidation of its Dutch insurance operations. Investors should monitor whether the current revenue base can stabilize as the firm increasingly relies on recurring fee income from its US and UK retirement platforms rather than traditional premium volume.
Based on the provided income statement data, the completion of the Dutch business divestment to aSR represents a critical inflection point, as evidenced by the shift from operating losses in 2023 to a $365.3 million operating profit reported in the final quarter of 2025.
This transition suggests that Aegon is successfully shedding capital-intensive insurance risks in favor of a more streamlined, fee-oriented structure. However, the reliance on equity-accounted earnings from the aSR stake introduces a new layer of complexity that may obscure the underlying operational performance of the remaining core business units.
According to the historical income statement data, Aegon's net income has frequently decoupled from operating income, with the company reporting a $714 million net profit in 2024Q4 despite a $2.4 billion operating loss, suggesting significant reliance on non-operating items or accounting adjustments.
This disconnect warrants further investigation into the sustainability of earnings, as the reliance on non-operating gains may mask underlying weaknesses in the core insurance and retirement segments. Analysts should be cautious about the quality of these profits, as they may not reflect the long-term cash-generating capability of the firm's new business model.
As indicated by the reported figures, Aegon's operating margins have remained inconsistent, fluctuating between deep losses and positive territory, which appears to be driven by the ongoing simplification program and the impact of IFRS 17 accounting standards on the recognition of contractual service margins.
The lack of consistent margin expansion suggests that the company is still in the process of rightsizing its cost base following its strategic pivot. Investors should monitor whether the firm can achieve sustainable margin improvement as it shifts its focus toward higher-margin protection products and fee-based retirement services.
Quick answers to the most common questions about buying AEG stock.
For fiscal year 2025, Aegon Ltd. (AEG) reported total revenue of $26.86B. This represents a 135.0% increase compared to $11.43B in 1996.
Aegon Ltd. (AEG) is profitable, generating $977.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.6%.
Aegon Ltd. (AEG) reported an operating income of $4.33B, resulting in an operating profit margin of 16.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Aegon Ltd. (AEG) generated $5.67B in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.