Aegon used its Capital Markets Day 2025 to lay out plans to become a leading US life insurance and retirement group and to shift its head office and legal seat to the United States, a transition it aims to complete by January 1, 2028.
The firm noted that its decision to relocate its head office and legal domicile, which follows the review announced in August 2025, supports its commitment to prioritising resources toward building a leading US life insurance and retirement group.
Aegon said that it intends to convene an Extraordinary General Meeting in Q4 2026 to seek shareholder approval for the move.
Vereniging Aegon, the firm’s largest shareholder, reportedly considers the decision to relocate Aegon Ltd. to the US an important and positive step for Aegon.
With this in mind, Vereniging Aegon has indicated that it will review and constructively consider any forthcoming proposals in relation to the impact on Vereniging of the proposed relocation to the US.
Aegon explained that the transition is expected to have an estimated one-time implementation cost of around €350 million to be incurred between H2 2025 and H1 2028.
To facilitate the transition, Aegon observed that it will stop publishing trading updates in 2026 and 2027, limiting disclosures to comprehensive half-year reporting.
After the relocation, Transamerica Inc.’s common stock will remain listed on Euronext and NYSE.
Aegon CEO Lard Friese commented, “Today marks a historical moment in the transformation of our company. Over the past five years, we have successfully transformed Aegon into a strong, focused, well-performing group.
“Now, we are ready for the next frontier: to fully capture the opportunities in the largest life insurance market in the world: the US. With Transamerica, which now represents around 70% of our operations, we are strongly positioned to serve a large and underserved segment: Main Street American families, and medium-sized companies. Aegon’s ambition is clear: we want to become a leading US life insurance and retirement group.”
Friese added, “The organizational implications of our decision to relocate to the US are profound and defining for our identity. I realize this decision will, ultimately, result in a significant impact for colleagues at our head office in the Netherlands. We will work to support our colleagues throughout the process.
“While this was not an easy decision to make, it fully embraces the reality of our business and prioritizes resources to build a leading franchise in the US. Once the re-domiciliation is completed, Aegon will change its name to Transamerica Inc. and become an American life insurance, annuity, and retirement group with international insurance and asset management subsidiaries.”
Aegon also announced at its 2025 Capital Markets Day that, in line with its strategy to reduce capital employed in legacy Financial Assets, it has chosen to reinsure a block of Secondary Guarantee Universal Life (SGUL) contracts.
The transaction covers 30% of the face value of Transamerica’s SGUL business, bringing the total value addressed to 80% of the total SGUL portfolio in combination with previously executed management actions.
It decreases the total capital employed by $0.3 billion to $2.7 billion, well ahead of the targeted reduction in 2025.
“The transaction occurs at a price consistent with Aegon’s best estimate assumptions, resulting in a minimal impact on the company’s IFRS valuation equity and operating profit, while removing potential variances and risks associated with mortality and policyholder behaviour in the future,” the firm explained.
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