
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of &#34;a+&#34; (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) (NYSE:AEG). Aegon Ltd.&#39;s

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a+" (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AEG">AEG</a>). Aegon Ltd.'s U.S. L/H companies are Transamerica Life Insurance Company (Cedar Rapids, IA) and Transamerica Financial Life Insurance Company (Harrison, NY) both referred to as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings (ratings) is stable.


The ratings reflect Aegon USA's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.


AM Best expects Aegon USA to maintain its very strong balance sheet strength assessment in the near term, with strong to very strong levels of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). Aegon USA has additional access to liquidity as a member of the Federal Home Loan Bank, which together with its access to capital markets provides substantial financial flexibility and borrowing capacity. While the asset allocation within Aegon USA's investment portfolio is typical for the U.S. life insurance industry, there is some continued exposure to higher risk assets, as allocations have continued to decline in recent years. Aegon USA retains some interest rate sensitivity risk on the balance sheet and has significant usage of reinsurance to manage its liabilities.


Aegon USA's pretax operating earnings have been positive over the longer term with double-digit returns on equity and diversified earnings across different product lines. Aegon USA's overall top-line premiums increased in 2024, and remained level through the first three quarters of 2025.


Aegon USA's overall business profile remains favorable. Aegon Ltd. announced plans to relocate its head office and legal seat to the United States, a transition it aims to complete by 2028. Following the completion of the re-domiciliation process, Aegon Ltd., will be renamed Transamerica Inc., and plans to prioritize resources toward building a leading U.S. life insurance and retirement company. Aegon USA has had a long-term strategy toward building a less capital-intensive book of business, driven by targeted growth and strategic exits and buyouts in certain lines, as well as competitive market positions across an array of product lines. The company's diverse lines of traditional life, indexed universal life, variable annuities (VA) without interest-sensitive living and death benefit riders, mutual funds, retirement plans and accident and health insurance contribute to operating earnings. AM Best continues to view the group's VAs with living benefit riders as displaying some of the highest risk characteristics, though Aegon USA has taken actions to manage and mitigate these risks through increased hedging, as well as closing this product line for new business.


This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=dc828d5ee958ac507f261532a43ba950" shape="rect">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1866&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=6342c3ceceff9bc1fdba30892a36da57" shape="rect">Guide to Best&#39;s Credit Ratings</a>. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=992e8b8b42b98560734bfce7ea190a4a" shape="rect">Guide to Proper Use of Best's Ratings &amp; Assessments</a>.


AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=237a807f37b39c56b258eef323c5895f" shape="rect">www.ambest.com</a>.


Copyright &#xA9; 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260213665353r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260213665353/en/" rel="nofollow">https://www.businesswire.com/news/home/20260213665353/en/</a>
Louis Silvers 
 Senior Financial Analyst 
 +1 908 882 2316 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:louis.silvers@ambest.com" shape="rect">louis.silvers@ambest.com</a>


Wayne Kaminski 
 Associate Director 
 +1 908 882 1916 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:wayne.kaminski@ambest.com" shape="rect">wayne.kaminski@ambest.com</a>


Christopher Sharkey 
 Associate Director, Public Relations 
 +1 908 882 2310 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:christopher.sharkey@ambest.com" shape="rect">christopher.sharkey@ambest.com</a>


Al Slavin 
 Senior Public Relations Specialist 
 +1 908 882 2318 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:al.slavin@ambest.com" shape="rect">al.slavin@ambest.com</a>

AM Best Affirms Credit Ratings of Members of Aegon Ltd.'s U.S. Subsidiaries

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of &amp;#34;a+&amp;#34; (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) (NYSE:AEG). Aegon Ltd.&amp;#39;s
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 AM Best has affirmed Aegon USA&#039;s strong Financial Strength Rating and positive operating performance. The company&#039;s planned relocation to the U.S. aims to establish a stronger market position in life insurance and retirement, potentially enhancing its competitive advantage moving forward.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>AM Best affirms Aegon USA&#039;s Financial Strength Rating of A.</li><li>Aegon USA maintains a very strong balance sheet strength assessment.</li><li>Positive operating earnings with double-digit returns on equity reported.</li><li>Aegon plans to relocate headquarters to the U.S. by 2028.</li><li>Stable outlook for ratings reflects favorable business profile.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Aegon Ltd. (AEG): Positive ratings boost investor trust in AEG.</li><li>Transamerica Life Insurance Company (not publicly listed): Operates under Aegon USA, leveraging strong ratings.</li></ul>
 </section>

 <section data-block="category">
 <h3>Corporate Developments</h3>
 This falls under &#039;Corporate Developments&#039; as Aegon&#039;s planned U.S. relocation and strong ratings showcase its strategic direction toward growth and sustainability in the life insurance sector.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>AM Best&#039;s affirmation indicates reliability crucial for investor confidence.</li><li>Relocation to the U.S. may attract new investment and client bases.</li><li>Positive earnings trends support potential for stock appreciation.</li><li>Strong capital adequacy enhances investor protection against market volatility.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>Aegon USA&#039;s Financial Strength Rating is A (Excellent).</li><li>The Long-Term Issuer Credit Ratings is &#039;a+&#039; (Excellent).</li><li>Expected balance sheet strength remains very strong in the near term.</li><li>Top-line premiums increased in 2024, stable through Q3 2025.</li><li>Aegon plans to complete re-domiciliation by 2028.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Investment in AEG is favorably positioned for medium-term growth as ratings remain solid.
 </section>
</section>



AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a+" (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AEG">AEG</a>). Aegon Ltd.'s U.S. L/H companies are Transamerica Life Insurance Company (Cedar Rapids, IA) and Transamerica Financial Life Insurance Company (Harrison, NY) both referred to as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings (ratings) is stable.


The ratings reflect Aegon USA's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.


AM Best expects Aegon USA to maintain its very strong balance sheet strength assessment in the near term, with strong to very strong levels of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). Aegon USA has additional access to liquidity as a member of the Federal Home Loan Bank, which together with its access to capital markets provides substantial financial flexibility and borrowing capacity. While the asset allocation within Aegon USA's investment portfolio is typical for the U.S. life insurance industry, there is some continued exposure to higher risk assets, as allocations have continued to decline in recent years. Aegon USA retains some interest rate sensitivity risk on the balance sheet and has significant usage of reinsurance to manage its liabilities.


Aegon USA's pretax operating earnings have been positive over the longer term with double-digit returns on equity and diversified earnings across different product lines. Aegon USA's overall top-line premiums increased in 2024, and remained level through the first three quarters of 2025.


Aegon USA's overall business profile remains favorable. Aegon Ltd. announced plans to relocate its head office and legal seat to the United States, a transition it aims to complete by 2028. Following the completion of the re-domiciliation process, Aegon Ltd., will be renamed Transamerica Inc., and plans to prioritize resources toward building a leading U.S. life insurance and retirement company. Aegon USA has had a long-term strategy toward building a less capital-intensive book of business, driven by targeted growth and strategic exits and buyouts in certain lines, as well as competitive market positions across an array of product lines. The company's diverse lines of traditional life, indexed universal life, variable annuities (VA) without interest-sensitive living and death benefit riders, mutual funds, retirement plans and accident and health insurance contribute to operating earnings. AM Best continues to view the group's VAs with living benefit riders as displaying some of the highest risk characteristics, though Aegon USA has taken actions to manage and mitigate these risks through increased hedging, as well as closing this product line for new business.


This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=dc828d5ee958ac507f261532a43ba950" shape="rect">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1866&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=6342c3ceceff9bc1fdba30892a36da57" shape="rect">Guide to Best&#39;s Credit Ratings</a>. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=992e8b8b42b98560734bfce7ea190a4a" shape="rect">Guide to Proper Use of Best's Ratings &amp; Assessments</a>.


AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54424411&amp;newsitemid=20260213665353&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=237a807f37b39c56b258eef323c5895f" shape="rect">www.ambest.com</a>.


Copyright &#xA9; 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260213665353r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260213665353/en/" rel="nofollow">https://www.businesswire.com/news/home/20260213665353/en/</a>
Louis Silvers 
 Senior Financial Analyst 
 +1 908 882 2316 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:louis.silvers@ambest.com" shape="rect">louis.silvers@ambest.com</a>


Wayne Kaminski 
 Associate Director 
 +1 908 882 1916 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:wayne.kaminski@ambest.com" shape="rect">wayne.kaminski@ambest.com</a>


Christopher Sharkey 
 Associate Director, Public Relations 
 +1 908 882 2310 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:christopher.sharkey@ambest.com" shape="rect">christopher.sharkey@ambest.com</a>


Al Slavin 
 Senior Public Relations Specialist 
 +1 908 882 2318 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:al.slavin@ambest.com" shape="rect">al.slavin@ambest.com</a>

AM Best has affirmed Aegon USA's strong Financial Strength Rating and positive operating performance. The company's planned relocation to the U.S. aims to establish a stronger market position in life insurance and retirement, potentially enhancing its competitive advantage moving forward.

AM Best Affirms Credit Ratings of Members of Aegon Ltd.'s U.S. Subsidiaries

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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