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Die britische Finanzindustrie begrüßt die Ernennung von John Healey zum Schatzmeister, hoffend auf eine stabile Führung. Die Yields der UK-10-Jahres-Anleihen erreichten zwei-Monats-Höchststände am Montag, in Reaktion auf globale Unsicherheit und die Risiken wirtschaftlicher Hürden zu Hause.

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Die Analystenmeinungen zu Standard Life haben sich geändert. Einige Banken haben ihre Kursziele erhöht, während andere eine neutrale Meinung haben. Die Integration von Aegon UK bleibt ein wichtiger Faktor für die Zukunft des Unternehmens.

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Pensionbetrug beginnt oft mit unerwarteten E-Mails, Anrufen oder Nachrichten. Der Anrufer bietet einen guten Deal an und empfiehlt es, das Geld in einem neuen Scheme im Ausland anzulegen, um die Erbschaftsteuer zu vermeiden. Tatsächlich gibt es jedoch keinen solchen Plan. Die Betrüger nutzen die Unsicherheit der Betroffenen aus, da ab April 2027 alle Pensionsfonds in den Erbschaftssteuern enthalten sein werden.

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Shot of a happy older woman relaxing on the sofa with her digital tablet at home

In times of geopolitical volatility, pension annuities take on a whole new appeal. Free from the stress of market dips that can affect retirees on drawdown income, annuities provide a fixed income for life.

Rates are also more competitive than they have been in years. At the end of 2025, the average annuity rate was around 7.5pc for a healthy 65-year-old, according to Standard Life – this is compared to an average rate of 4.71pc in July 2020.

Annuities have grown in popularity as a result. Last year, the Association of British Insurers (ABI) revealed the total value of premiums paid into individual pension annuities rose 4pc in 2025, to £7.4bn.

However, this must be weighed up against the range of other, more flexible ways to withdraw funds – plus, amid the prospect of interest rates falling in future, the income provided from annuities may start to become less appealing.

Here is what you need to know about annuity rates:

What are annuity rates? The best annuity rates of April 2026 What impacts annuity rates?

What are annuity rates?

Simply put, an annuity rate tells you how much you will get per year from the annuity you buy. For example, if you spent £100,000 on an annuity and the rate was 2pc, you would receive £2,000 a year. If it was 5pc, you would receive £5,000 a year.

Annuities were once the go-to product for retirees before pension freedom rules were introduced in 2015.

From age 55 (rising to 57 in 2028), you can use the value of your pension pot to purchase a fixed income for life from dedicated providers through an annuity. Many people appreciate the financial security this provides, as you’ll know how much you will receive on a regular basis and can therefore plan ahead.

However, it can also be restrictive because once you purchase the annuity, you are stuck with the rate you received. This is unlike pension drawdown, where you can alter how much you withdraw and the rest stays invested.

David Cooper, director of retirement specialist Just Group, said: “An annuity converts retirement savings into a guaranteed stream of regular income that is payable for life, just like a monthly or weekly salary that never stops.

“Retirees can use some or all of a defined contribution pension pot to buy an annuity. The income is not affected by financial market fluctuations, so can enhance financial security in retirement.”

The best annuity rates of April 2026

The best annuity rate will vary depending on the value of your pension pot, the provider and your own personal information.

We asked retirement broker HUB Financial Solutions to crunch some numbers to get an idea of how much someone aged 65, 70 and 75 could generate from a £100,000 pension pot when purchasing an annuity. The quotes are based on someone living in the HD6 postcode in England.

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A 65-year-old could turn a £100,000 pension pot into an annual income of £7,700.64 by purchasing a single annuity from Canada Life. This changes to £8,960.52 from Aviva if they have a medical condition, such as lifelong asthma in this scenario.

Older people can often access higher annuity rates. For example, that same £100,000 pot could generate an annual income of £9,623.04 from an annuity for a 75-year old with Legal and General, or £10,935.36 with Aviva if there is a disclosed medical issue.

However, note that rates can vary and will change regularly.

What impacts annuity rates?

Rates are impacted by a range of factors, such as:

Your age Where you live Your health and lifestyle Any medical conditions The size of your pension pot.

There is no set rate, so what you are offered will depend on your individual circumstances. There are also different types of annuities and they can determine the rate you receive. These include single life annuities, which only pays you. Alternatively, a joint life policy will provide an income for a spouse, civil partner or dependant after you die – but it will either pay less or cost you more to buy.

There are also level annuities, which always pay the same regardless of how long you live, or more expensive versions that rise with inflation to protect your income.

Annuity rates tend to rise – and fall – in line with interest rates and gilts. This has benefited retirees taking out annuities over the past couple of years as Bank Rate rose to a peak of 5.25pc in 2023. While the Bank Rate has fallen since then, the process is happening gradually, as shown in the chart below.

Matt Sheach, financial consultant at Lumin Wealth, said annuity rates had risen substantially from the lows seen between 2016 and 2021. He said: “This has made them a more appealing proposition for retirees who wish to benefit from the safety net of a guaranteed income during their retirement.

“With annuity rates offering good value for money over the past couple of years, savers may opt to lock into an annuity, with the anticipation that rates will fall over the coming months and years, in light of expected interest rate drops.”

As with any financial product, it is important to shop around and to not just accept the quote on offer from your pension provider.

Mr Cooper added: “Rates vary between annuity companies, so it is important to shop around for the best deal yourself or to use an independent annuity broker or regulated financial adviser to advise on the options available.”

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A woman cooking in a kitchen while speaking on a phone

After a lifetime of working, many of us dream of putting down tools as soon as we can to enjoy a well-earned retirement. But it doesn’t always go to plan.

One in six retirees has either already decided to return to work or is considering it, according to pension firm Standard Life.

Mike Ambery, of Standard Life, said: “For some, this is about staying active and connected. But for others, it reflects the reality that retirement isn’t always turning out as expected, particularly as rising costs put pressure on incomes.”

Generally speaking, returning to work after you have already retired will be good for your finances and possibly your wellbeing.

Becky O’Connor, of PensionBee, said: “It will give you a chance to keep contributing and allowing investment growth to boost your pot for the time when you do really need it.

“But there are some things to be aware of if, say, you want to pause your pension income – or contribute to a pension you have already accessed.”

Here, Telegraph Money explains the financial implications of “unretiring”.

1. Boosting your pension could be tricky

If you’ve already accessed your pension flexibly, you will usually have triggered the money purchase annual allowance (MPAA). This means the amount you can contribute to your pension – and on which you still receive tax relief – is reduced to £10,000 per year.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “This could be important if you have returned to work specifically to rebuild your pension.”

The MPAA is triggered if you access your defined contribution (DC) pension flexibly. Ms Morrissey added: “This doesn’t include taking tax-free cash, but will kick in if you start drawing a taxable income via income drawdown, for instance.”

Once triggered, the MPAA is permanent. You cannot revert to the standard pension allowance in future tax years.

While the MPAA doesn’t apply to defined benefit (DB) schemes, returning to work after receiving DB payments can cause other issues.

Returning to employment while drawing a DB pension can trigger abatement rules, particularly in public sector schemes.

Adam Cole, retirement specialist at Quilter, said: “These cap total pension and salary against previous pay and, if not managed properly, can lead to pension overpayments that later have to be repaid.”

2. You only get one chance to defer your state pension

If you’ve started drawing your state pension but then return to work, you can choose to stop receiving it.

Ms O’Connor said: “This means you can build up extra state pension for when you start claiming it again at a rate of around 1pc for every nine weeks deferred.”

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This works out as just under 5.8pc for every 52 weeks deferred, in addition to your existing payments. The extra amount you receive will increase in line with the Consumer Prices Index (CPI) inflation rather than the triple lock.

The crucial need-to-know is that you only get one stab at this.

Mr Cole said: “You must be careful with state pension deferral, as this option can only be used once. If you later decide to restart it, you cannot defer it again, so timing is important. For those temporarily unretiring or managing income around tax thresholds, this lack of flexibility can catch people out.”

3. Your tax bill might be higher than you expected

If you’re contemplating heading back to employment in your later years, you need to think about the tax implications of working while receiving the state pension.

“The state pension itself is not taxed at source, but it is taxable, so combining it with salary can lead to tax being collected through PAYE on employment income. For many retirees – particularly where the state pension already sits close to the personal allowance – that can come as a surprise,” said Mr Cole.

For 2026-27, the full new state pension is £241.30 a week, or £12,547.60 a year – very close to the £12,570 tax-free personal allowance. This means that almost all income you earn from employment will be taxed, so your payslip could look quite different from when you were working before retirement.

4. You risk moving into a higher tax bracket

Paying tax on your earnings is one thing, but you’ll also need to watch out for the threat of moving into a higher tax band as a result of returning to work.

Ms Morrissey said: “For instance, taking into account your wages, any income from [private] pensions and state pension might mean you cross a threshold into paying a higher rate of tax.”

This can have all sorts of implications, including the potential reduction or loss of tax-free allowances – such as the savings allowance.

The key here is to keep a close eye on earnings and to take steps to minimise your bill.

You might look to reduce your pension income, for example. Those with DC pensions can usually reduce or stop drawdown payments by contacting their provider, but this isn’t possible for those with DB schemes. Ms O’Connor said: “Generally speaking, with a DB pension, once you have started to take an income, you cannot switch it off again. So, if you think you might want to resume work but have a DB pension, think carefully before you start taking the income payments.”

The situation can also be complicated for self-employed workers or those with an irregular salary. Ms O’Connor added: “If you possibly can, you want to avoid going into a higher tax bracket. This is especially a risk if your income is from self-employment and is ‘lumpy’.

“In this instance, it could be worth thinking about setting up a limited company to enable control of the payments that you receive.”

You could also consider using the marriage allowance and charitable donations to your advantage.

5. Protected pension allowances could be lost

This is particularly relevant for people who hold what is known as fixed or enhanced protection. This was designed to preserve higher lifetime allowance limits under previous rules. Since the lifetime allowance was abolished in 2024, they may also allow you to have a higher tax-free pension commencement lump sum when you retire.

The rules around protected allowances are complicated, but making new savings in a pension scheme and enrolling in a new workplace pension scheme are among the ways HMRC says you can lose these protections.

Mr Cole said: “If someone applied for these after March 15, 2023, those protections come with strict conditions. Rejoining a new pension scheme or building up further benefits can breach them.

“Where that happens, the protection is lost permanently, potentially exposing a much larger portion of someone’s retirement savings to tax than they had planned for.”

If you lose protection, you’ll also need to inform HMRC in writing.

To avoid these issues, you may be able to ask your employer not to automatically enrol you in a workplace pension.

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Richard McIntyre joins the firm to support enterprise scale and continued growth

TORONTO, April 21, 2026--(BUSINESS WIRE)--Harbourfront Wealth Group (Harbourfront Wealth), announces the appointment of Richard McIntyre as Chief Executive Officer, effective April 20, 2026.

The appointment reflects Harbourfront Wealth’s continued growth and the need to further scale the firm’s leadership structure to support its next phase of enterprise expansion.

McIntyre joins Harbourfront Wealth from Manulife Wealth, where he served as President & Chief Executive Officer since 2022. He brings 30+ years of experience, with leadership roles at Dundee Corporation, Scotia Private Client Group, Dundee Wealth and Standard Life in both the UK and Canada. In his new role, McIntyre will lead Harbourfront Wealth’s growth strategy, further strengthening its advisor-first platform and expanding the firm’s presence among high-performing independent advisors across Canada.

Founder and current CEO, Danny Popescu, will assume the role of Executive Chair of Harbourfront Wealth Group. In this role, Popescu will remain actively involved in shaping the firm’s long-term strategy, continue to lead the firm’s M&A initiatives, while continuing to work closely with the firm’s senior leadership team to ensure long-term enterprise value creation.

"In the last three years we’ve seen extensive growth, more than quadrupling the size of the firm through advisor recruiting, organic growth and acquisition. We’ve completed four strategic acquisitions and are on track to end the year at $25 billion in AUA," said Popescu. "That pace of continued growth requires the leadership structure to scale alongside the enterprise. Bringing in a CEO with Richard’s experience allows us to deepen leadership capacity, further strengthen execution, and continue pursuing our long-term growth and M&A strategy."

"Harbourfront Wealth is one of the most exciting and fastest growing platforms in Canadian wealth management," said McIntyre. "We’re at a moment where top advisors are rethinking where and how they build their businesses—and independence is winning. Harbourfront Wealth is built for that future. I’m excited to work with the team to scale the platform, attract the best advisors in the country, and deliver exceptional outcomes for clients."

About Harbourfront Wealth Group

Founded in 2013, Harbourfront Wealth is an independent wealth advisory and investment management group of companies with a rapidly growing network of over 60 locations across Canada. Harbourfront Wealth includes two registered securities dealer/investment advisory firms servicing established advisors and their high-net-worth clients, an investment council portfolio manager, an asset management firm, and a U.S. SEC Registered Investment Advisory (RIA). Learn more: www.harbourfrontwealth.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20260421445602/en/

Contacts

Magnolia Marketing Communications Nikky Saini Email: nikky@magnoliamc.com

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Standard Life has agreed to buy rival Aegon’s UK business for £2 billion in a move set to create a pension and savings giant with 16 million customers and £480 million assets under administration.

The deal will see Standard Life – recently rebranded from Phoenix Group – pay £750 million in cash, part-funded through debt, and issue 181.1 million new shares to Dutch financial firm Aegon.

Aegon will own a 15.3% stake in FTSE 100 listed Standard Life following the acquisition and can appoint one non-executive director to the combined group’s board.

Andy Briggs, Standard Life chief executive, said: “Our agreement to acquire Aegon UK significantly accelerates our vision to be the UK’s leading retirement savings and income business.

“Together, we will not only be stronger, we will be better.”

Standard Life is understood to have seen off rival bidders such as Lloyds Banking Group and Barclays to secure the deal.Aegon put its UK arm up for sale last year (Alamy/PA)

Amsterdam-listed Aegon, which is based in Schiphol in the Netherlands, put its UK arm up for sale at the end of last year as part of a group-wide overhaul that will see it move its headquarters to the US and be renamed as Transamerica.

Standard Life said the deal – set to complete around the end of 2026 – will catapult it to second place in Britain’s retail pensions and savings market and in the same position for workplace pensions, adding Aegon UK’s 3.8 million customers and £160 billion in assets under management.

It is aiming to drive savings of £110 million a year after the deal, with over half delivered by the end of 2029 and the rest by the end of 2031, driven by cuts made across combined group and head office operations and as the pair integrate their platforms.

Lard Friese, Aegon chief executive, said: “The businesses are complementary and the combination offers an excellent outcome for Aegon UK’s customers and colleagues.

“Aegon’s shareholding will provide an opportunity to participate in the future success of the enlarged group.”

Phoenix Group bought Standard Life’s insurance business from the then Standard Life Aberdeen in 2018 and announced plans to rebrand as Standard Life last year.

It also has brands including SunLife, Phoenix Life, ReAssure and Phoenix Wealth.

Panmure Liberum analyst Abid Hussain said: “Overall, this looks like a good deal, although there will be questions on why the expense and capital synergies take five years to fully realise; we would ordinarily expect this to be achieved in three years.”

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Transamerica owner Aegon agreed to sell its U.K. insurance arm to Standard Life for 2.0 billion pounds ($2.71 billion) as it doubles down on the U.S.’s booming life and retirement market and offloads its European businesses. The disposal follows a strategic review of Aegon U.K. and supports the group’s ambition to focus on its operations stateside, where the Dutch insurer and asset manager makes around 70% of its business. Aegon will receive a 15.3% stake in U.K. savings and retirement firm Standard Life and 750 million pounds in cash as part of the transaction, it said Wednesday.

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Aegon Ltd.

Schiphol, April 15, 2026

Transaction marks the completion of the strategic review of Aegon UK, further supporting Aegon in its ambition to become a leading US life insurance and retirement group The proceeds are valued at GBP 2.0 billion and consist of a shareholding of 15.3% (181.1 million shares) in Standard Life plc (Standard Life)1 and a cash amount of GBP 0.75 billion. Any remittances taken out of Aegon UK between the signing and closing of the transaction will be deducted from the GBP 0.75 billion cash amount Total consideration equivalent to 14.2x 2025 operating result after tax and 1.9x 2025 IFRS Shareholder’s equity2 The cash received from the transaction, minus the value of the remittances that were expected to be received from Aegon UK between the signing and the closing of the transaction, is expected to be used for a combination of deleveraging and share buybacks, once the transaction is completed Aegon’s group financial ambitions for 2026 and 2027, as communicated at its Capital Markets Day 2025, will be updated to reflect the transaction announced today, with target growth rates unchanged but starting from an adjusted base level Aegon’s asset management activities in the UK will remain part of Aegon’s global asset manager and will be an important asset management partner for the new combined business The transaction is expected to close around the end of 2026, subject to customary conditions, including regulatory approvals The relationship agreement with Standard Life entitles Aegon to appoint one non-Executive Director on the Board of Standard Life.

Lard Friese, Aegon CEO, commented: “The transaction represents an important step in our ambition to become a leading US life insurance and retirement group. The terms reflect our commitment to creating value for shareholders, and through our shareholding we will benefit from further value creation in the combined business. Standard Life is the right owner for Aegon UK and a good home for our employees: we share the same values and a strong commitment to customers, and together the businesses will create the UK’s largest retirement savings and income provider. Aegon’s asset management business in the UK will remain an important asset management partner to the new combined business.”

Andy Briggs, Standard Life CEO, said: “With financial wellbeing at the heart of everything it does, Aegon UK’s values and culture are aligned with our own. Together, we will not only be stronger, we will be better - helping our customers achieve better outcomes and greater financial security in later life. I look forward to welcoming everyone in Aegon UK to Standard Life in due course and working together to capture the huge potential in front of us.”

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Use of proceeds and financial implications The cash received from the transaction, minus the value of remittances that were expected to be received from Aegon UK between the signing and the closing of the transaction, is expected to be used for a combination of deleveraging and share buy-backs, once the transaction is completed.

Following the completion of the transaction, Aegon’s group financial guidance for 2026 and 2027 will be updated to reflect the divestment of Aegon UK:

The group operating result run-rate is expected to grow by around 5% per annum between 2025 and 2027, from a proforma 2025 run-rate of EUR 1.3 – 1.5 billion OCG after holding funding and operating expenses is expected to grow between 0% and 5% per annum over the same timeframe, from a proforma 2025 run-rate of EUR 0.7-0.75 billion Free cash flow run rate is expected to increase at around 5% per annum between 2025 and 2027. The free cash flow run-rate will be adjusted by removing the UK contribution (EUR 120 million in 2025 terms) from 2026 onwards and incorporating the free cash flow attributable to the equity stake received as part of the disposal structure post-closing Dividend per share is expected to grow in excess of 5% per annum, which remains unchanged from the CMD 2025 guidance

*The proforma 2025 run-rate figures reflect the run-rate communicated at the CMD 2025, updated to reflect the Aegon UK transaction announced today.

On a pro-forma 2025 basis, and prior to any deleveraging or share buyback initiatives, the transaction is expected to result in a 5%-point reduction in the Group Solvency ratio. At the same time, it is expected to have a positive impact of EUR 1.1 billion on Group shareholders’ equity and a negative impact of EUR 0.1 billion on Group Valuation Equity, as the loss of CSM exceeds the positive shareholders’ equity effect. The positive impact on the Group’s net result is expected to be EUR 0.6 billion.

As per Aegon’s accounting policies and until the completion of the transaction, Aegon UK will no longer contribute to the Group Operating result and Operating Capital Generation, and its IFRS result will be reported under “Other income/(charges)”.

The transaction is expected to close around the end of 2026, subject to customary conditions, including regulatory approvals. Following the completion of the transaction, Aegon will enter into a lock-up period with respect to the shares received as part of the transaction. This period will last until the earliest of 18 months following the transaction completion date or the completion of the redomiciliation of Aegon Ltd to the United States.

Contacts

Media relations Investor relations Carolien van der Giessen Yves Cormier +31(0) 6 11953367 +44 782 337 1511 Carolien.vandergiessen@aegon.com yves.cormier@aegon.com

About Aegon Aegon is an international financial services holding company. Aegon’s ambition is to become a leading US life insurance and retirement group. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues. Aegon is headquartered in Schiphol, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

About Standard Life Standard Life is a retirement specialist focused entirely on retirement saving and income. Standard Life is proud to manage around c£317bn in assets on behalf of its 12 million customers, and champions the belief that everyone's journey to and through retirement can be better. With its focus entirely on retirement savings and income Standard Life wants to be the business that people trust to guide their retirement journey, helping its customers achieve better outcomes and greater financial security in later life.

As a FTSE 100-listed group Standard Life is using its size, expertise and influence to shape the world Standard’s Life customers will retire into, and are committed to helping three million customers by 2035, take action towards a better retirement. Standard Life is a responsible investor with a clear commitment to supporting a more sustainable future. The company has achieved its net zero goal across its emissions for 2025 and is working towards net zero investment portfolios by 2050 or sooner. Standard Life is recognised as a leading employer, with long-standing accreditation as a Living Wage Employer, Living Pension Employer and Carer Positive Exemplary Employer and in 2025 became one of Britain’s Most Admired Companies in 2025.

Forward-looking statements The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, focus, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect the company’s expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:

Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and, in relation to Aegon’s shareholding in ASR Nederland N.V., and Aegon’s asset management business, the Netherlands. Civil unrest, (geo-) political tensions, military action or other instability in countries or geographic regions that affect our operations or that affect global markets. Changes in the performance of financial markets, including emerging markets, such as:

The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios. The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds. The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds. The impact from volatility in credit, equity, and interest rates. Changes in the performance of Aegon’s investment portfolio and a decline in the ratings of Aegon’s counterparties. The effect of tariffs and potential trade wars on trading markets and on economic growth, both globally and in the markets where Aegon operates. The lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition. The lowering of one or more insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries. The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends. Changes in the European Commission’s or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda. Changes affecting interest rate levels and low or rapidly changing interest rate levels. Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates. The effects of global inflation, or inflation in the markets where Aegon operates. Changes in the availability of, and costs associated with, liquidity sources, such as bank and capital markets funding, as well as conditions in the credit markets in general, such as changes in borrower and counterparty creditworthiness. Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and, in relation to Aegon’s shareholding in ASR Nederland N.V. and Aegon’s asset management business, the Netherlands. Catastrophic events, either manmade or by nature – including, for example, acts of God, acts of terrorism, acts of war and pandemics – could result in material losses and significantly interrupt Aegon’s business. The frequency and severity of insured loss events. Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives. Aegon’s projected results, which are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems that are subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect or should errors in those models escape the controls in place to detect them, future performance will vary from projected results. Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations. Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations. Customer responsiveness to both new products and distribution channels. Third-party information used by Aegon, which may prove to be inaccurate and/or change over time (as methodologies and data availability and quality continue to evolve) and therefore impact our results and disclosures. Operational risks (such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business) which may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows. Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies. The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures. In particular, there is no certainty or guarantee what the manner, timing, and potential impacts of the planned relocation of the company’s legal domicile and head office to the United States will be, and if such a relocation can be completed successfully. Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow. Changes in the policies of central banks and/or governments. Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business. Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of, or demand for, Aegon’s products. The consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or any further consequences of the exit of the United Kingdom from the European Union, and the potential consequences of other European Union countries leaving the European Union. Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting, for example, the ability of Aegon’s operations to hire and retain key personnel, the taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property. Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates. Standard setting initiatives of supranational standard setting bodies, such as the Financial Stability Board and the International Association of Insurance Supervisors, or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon. Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels. Rapid changes in the landscape for ESG responsibilities, which lead to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, that may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management. Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws. Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon's discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes, even if we use words such as "material" or "materiality" in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.

This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are included in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2024 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

1 Value of 15.3% stake is based on the closing price of Standard Life’s shares on Tuesday April 14, 2026, and 181,080,690 shares to be received by Aegon upon closing of the transaction as per the agreement. 2 Based on the following 2025 figures for Aegon UK: operating result after tax of GBP 143 million and shareholders equity of GBP 1,077 million.

Attachment

20260415_PR_Aegon to sell Aegon UK to Standard Life for a total consideration of GBP 2.0 billion

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Zusammenfassung

Dieser Artikel von Simply Wall St bietet eine Analyse des Aktienkurses von Standard Life (SDLF.L), der sich auf den anhaltenden Streit zwischen bullishen und bärischen Perspektiven innerhalb der Anlegerschaft konzentriert. Der Kernpunkt ist, dass der “Fair Value” von Standard Life bei £7,58 pro Aktie bleibt – ein Wert, der durch Analysten aufgrund der jüngsten Neubewertung des Lebens- und Pensionssektors, vor allem aufgrund von Forschungsergebnissen über Phoenix Group, unterstützt wird.

Die Analyse beleuchtet den Einfluss externer Faktoren. Die Forschung von JPMorgan und Berenberg zu Phoenix Group – insbesondere höhere Kurszielen und „Hold“-Ratings – hat die Argumentation für die Aufrechterhaltung des Fair Value von Standard Life gestärkt. Diese Firmen’s Handlungen deuten auf ein anhaltendes Interesse am Potenzial für Gewinne und Kapitalrenditen im Sektor hin, was Investoren bei der Bewertung der aktuellen Bewertung von Standard Life berücksichtigen. Darüber hinaus, abweichende Ansichten innerhalb der Abdeckung von Phoenix Group, einschließlich einer Senkung der Bewertung durch Deutsche Bank, dämpfen die Begeisterung und legen nahe, dass Investoren sich nicht ausschließlich auf die £7,58-Zahlung verlassen sollten, als Signal einer starken erwarteten Leistung.

Der Artikel beschreibt eine Verschiebung der Erzählung rund um Standard Life. Die Neupositionierung des Unternehmens von Phoenix Group zu Standard Life plc, zusammen mit einem neuen London Stock Exchange-Tickern (SDLF), erfordert eine Änderung der Verfolgungsmethoden. Zukünftige Analysen und Kommentare werden zunehmend Standard Life anstelle von Phoenix Group erwähnen.

Zentral ist die Untersuchung der zugrunde liegenden Finanzannahmen, die den Fair-Value-Berechnung treiben. Obwohl die Annahme für das Umsatzwachstum leicht gesunken ist, bleiben der Nettogewinnaufschlag und das zukünftige KGV relativ stabil. Die Abzinsungsrate hat eine geringfügige Anpassung erfahren. Diese stabile Basis von Finanzannahmen trägt zur anhaltenden Unterstützung des £7,58-Werts bei.

Simply Wall St betont die Bedeutung von „Erzählungen“ bei der Investitionsanalyse. Dieser Ansatz verbindet tägliche Nachrichten und Geschäftsentscheidungen mit Finanzprognosen und Fair-Value-Schätzungen, um sicherzustellen, dass die Informationen auf dem neuesten Stand sind und die sich entwickelnde Geschichte rund um das Unternehmen widerspiegeln. Der Artikel hebt insbesondere wichtige Erzählpunkte hervor: wie die Expansion in Renten und betriebliche Altersvorsorge sich auf die Betriebsgewinne und Umsatzmöglichkeiten in langfristigen Alterslösungen auswirkt, den Plan zur Reduzierung der Verschuldung und Anpassung der Kapitalstruktur sowie die damit verbundenen Risiken, die mit hoher Verschuldung, komplexer Absicherung im Rahmen von IFRS 17 und potenziellen Kostendrucken aufgrund regulatorischer und ESG-bezogener Anforderungen verbunden sind.

Der Artikel schließt mit der Wiederholung der Disclaimer: die Informationen dienen dem allgemeinen Wissen und stellen keine Finanzberatung dar. Simply Wall St hält keine Position in der Aktie und zielt darauf ab, auf der Grundlage verfügbarer Daten langfristige, fundamentale Analysen zu liefern.

I hope this is helpful!