AlphaValue has confirmed its "buy" recommendation on Aegon shares, with an unchanged target price of €7.76.

The analyst believes that H1 2025 results were slightly above expectations, with operating income of €845m, up 19% y-o-y, supported by less unfavorable impacts from onerous contracts and experience variances.

AlphaValue says that net income came in at €606m, miles better than a loss of €65m a year earlier, notably thanks to €154m in gains from hedging. The broker also points out that management has raised its guidance for US operations by $50m, now targeting $700m to $800m in H2.

The broker now anticipates operating income of €838m and net income of €841m for H2 2025.