Interest Rate and Market Risk: Adverse movements in interest rates, equity markets, or credit spreads can negatively impact Aegon's investment portfolio, profitability, and solvency position.

Regulatory and Compliance Risk: Increased regulatory scrutiny, new capital requirements (e.g., Solvency II), or changes in consumer protection laws can increase operational costs, limit product offerings, or result in fines.

Longevity and Mortality Risk: Unexpected changes in policyholder longevity (living longer than expected, impacting annuity payouts) or mortality rates (dying sooner than expected, impacting life insurance payouts) can lead to higher than anticipated claims.