AEGON Amends 20-F to Include ASR Nederland's Audited Financials

Ticker: AEG · Form: 20-F/A · Filed: Apr 1, 2026 · CIK: 0000769218

Sentiment: neutral

Topics: SEC Filing, 20-F/A, Financial Reporting, Equity Method, Insurance, Netherlands, Regulatory Compliance

Related Tickers: AEG, AG48, AEFC

TL;DR

**AEGON's 20-F/A is a technical filing, but the inclusion of ASR's financials is a positive for transparency, giving investors a clearer look at a key equity method investment.**

AI Summary

AEGON LTD. (AEG) filed an Amendment No. 1 to its 2025 Form 20-F on April 1, 2026, primarily to include the audited financial statements of ASR Nederland N.V. for the fiscal year ended December 31, 2025. This inclusion was mandated by Rule 3-09 of Regulation S-X because ASR, despite not meeting the significant subsidiary test for 2025, did meet it for the year ended December 31, 2024. AEGON holds a less than 50% non-controlling interest in ASR and accounts for it using the equity method. The amendment provides ASR's audited financial statements, prepared under IFRS as adopted by the European Union, along with comparative financial information for 2024, and the audit report from KPMG Accountants N.V. The filing also includes certifications from AEGON's CEO, Lard Friese, and CFO, Duncan Russell, as well as KPMG's consent. No other information from the original 2025 Form 20-F was revised or updated by this amendment.

Why It Matters

This amendment provides crucial transparency for investors by incorporating ASR Nederland N.V.'s audited financial statements, which were deemed significant for the prior year. While AEGON holds a non-controlling interest, ASR's performance can still materially impact AEGON's equity method accounting and overall financial health, offering a clearer picture of the broader competitive landscape in the European insurance sector. For employees and customers, the stability and performance of key affiliates like ASR can indirectly signal the strength of AEGON's strategic partnerships and market position. The inclusion of these financials allows for a more comprehensive assessment of AEGON's investment portfolio and its exposure to the Dutch market.

Risk Assessment

Risk Level: low — The risk level is low because this 20-F/A is a procedural amendment to include required financial statements for ASR Nederland N.V., not a restatement due to errors or a significant change in AEGON's core business. The filing explicitly states it does not revise or update other information from the original 2025 Form 20-F, indicating no new material risks have emerged from AEGON's direct operations.

Analyst Insight

Investors should review ASR Nederland N.V.'s newly included audited financial statements to understand the performance and financial health of this significant equity method investment. This information can help refine valuations of AEGON, especially considering its non-controlling interest, and provide insights into the broader European insurance market dynamics.

Key Numbers

Key Players & Entities

FAQ

Why did AEGON LTD. file an Amendment No. 1 to its 2025 Form 20-F?

AEGON LTD. filed Amendment No. 1 to its 2025 Form 20-F to include the audited financial statements and related notes of ASR Nederland N.V. for the fiscal year ended December 31, 2025, as required by Rule 3-09 of Regulation S-X.

What is the relationship between AEGON LTD. and ASR Nederland N.V.?

AEGON LTD. owns a less than 50% non-controlling interest in ASR Nederland N.V. and accounts for this investment using the equity method of accounting.

Which fiscal year's financial statements for ASR Nederland N.V. are included in this AEGON filing?

This Amendment No. 1 includes ASR Nederland N.V.'s audited financial statements for the fiscal year ended December 31, 2025, which also contain comparative financial information for the year ended December 31, 2024.

Who audited the financial statements of ASR Nederland N.V. included in AEGON's 20-F/A?

KPMG Accountants N.V. served as the independent auditors for ASR Nederland N.V., and their audit report is included in AEGON's Amendment No. 1.

Did ASR Nederland N.V. meet the significant subsidiary test for 2025?

No, ASR Nederland N.V. did not meet the significant subsidiary test for the year ended December 31, 2025, but it did meet the significant subsidiary test for the year ended December 31, 2024, necessitating its inclusion.

What accounting standards were used to prepare ASR Nederland N.V.'s financial statements?

ASR Nederland N.V.'s audited financial statements for the year ended December 31, 2025, were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

Who are the executive officers of AEGON LTD. whose certifications are included in this amendment?

The certifications included in this amendment are from Lard Friese, the Chief Executive Officer, and Duncan Russell, the Chief Financial Officer of Aegon Ltd.

Does this Amendment No. 1 change any other information in AEGON's original 2025 Form 20-F?

No, this Amendment No. 1 explicitly states that it does not revise, update, amend, or restate any other information presented in, or any exhibits to, the original 2025 Form 20-F.

What is the filing date of AEGON's Amendment No. 1 to the 2025 Form 20-F?

AEGON LTD. filed this Amendment No. 1 to its Annual Report on Form 20-F on April 1, 2026.

What are the trading symbols for AEGON LTD.'s securities registered on the New York Stock Exchange?

AEGON LTD.'s securities registered on the New York Stock Exchange include Common shares (AEG), 5.500% Fixed-to-Floating Rate Subordinated Notes due 2048 (AG48), and 5.100% Subordinated Notes due 2049 (AEFC).

Industry Context

The insurance and financial services industry is highly regulated and competitive, with companies like Aegon offering a range of products including life insurance, pensions, and asset management. Key trends include a shift towards digital services, evolving customer expectations, and the impact of macroeconomic factors such as interest rates and inflation on investment returns and solvency.

Regulatory Implications

The filing highlights the importance of compliance with SEC regulations, particularly Regulation S-X regarding the disclosure of significant subsidiaries. Failure to meet these requirements can lead to amended filings and potential scrutiny from regulators.

What Investors Should Do

  1. Review ASR Nederland N.V. financial statements
  2. Understand the equity method accounting for ASR
  3. Monitor Aegon's compliance with SEC reporting

Key Dates

Glossary

Form 20-F/A
An amendment to the annual report (Form 20-F) filed by foreign private issuers with the U.S. Securities and Exchange Commission (SEC). It is used to correct or supplement information previously filed. (This filing is an amendment to Aegon's 2025 annual report, specifically to include required subsidiary financial statements.)
Rule 3-09 of Regulation S-X
A U.S. SEC regulation that requires separate financial statements of a significant subsidiary to be filed with the parent company's report if certain financial thresholds are met. (This rule mandated the inclusion of ASR Nederland N.V.'s financial statements in Aegon's filing because ASR met the significant subsidiary test in the prior year (2024).)
Significant Subsidiary Test
A financial test used by the SEC to determine if a subsidiary's financial contribution is significant enough to warrant separate disclosure in the parent company's filings. (ASR met this test for 2024, necessitating its financial statements in Aegon's 2025 Form 20-F/A.)
Equity Method of Accounting
An accounting method where an investment in another company is initially recorded at cost and then adjusted to recognize the investor's share of the investee's net income or loss. (Aegon uses this method to account for its less than 50% non-controlling interest in ASR.)
IFRS as adopted by the European Union
International Financial Reporting Standards that have been endorsed for use by companies within the European Union. (The financial statements of ASR Nederland N.V. included in this amendment are prepared under these standards.)

Year-Over-Year Comparison

This filing is an amendment to the original 2025 Form 20-F, not a comparison to a prior year's full filing. The primary purpose is to add the audited financial statements of ASR Nederland N.V. for the year ended December 31, 2025, which were not part of the initial filing. Therefore, direct year-over-year comparisons of Aegon's consolidated metrics are not the focus of this amendment, but rather the detailed financial picture of ASR.

Filing Stats: 1,279 words · 5 min read · ~4 pages · Grade level 12.3 · Accepted 2026-04-01 06:03:30

Filing Documents

SIGNATURES

SIGNATURES The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the Annual Report on Form 20-F on its behalf. Schiphol, the Netherlands, April 1, 2026 /s/ Duncan Russell Duncan Russell Chief Financial Officer Aegon Ltd. 5

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