Aegon to Re-domicile in US, Focusing on Life Insurance and Retirement Growth

Aegon announced plans during its Capital Markets Day 2025 to relocate its head office and legal domicile to the United States by January 1, 2028, aiming to position itself as a leading US life insurance and retirement group. Upon completion of the re-domiciliation, Aegon Ltd. will be renamed Transamerica Inc., while its business units will continue operating under their existing brand names. This strategic move reflects Aegon's commitment to focusing resources on expanding its presence within the US market, where Transamerica currently represents about 70% of its operations. The company plans to hold an Extraordinary General Meeting in Q4 2026 to seek shareholder approval for the relocation. Vereniging Aegon, the company’s largest shareholder, regards the move positively and will review proposals related to its impact. The transition is anticipated to incur a one-time implementation cost of approximately €350 million between the second half of 2025 and the first half of 2028. Aegon will discontinue quarterly trading updates in 2026 and 2027, opting instead for comprehensive half-year reporting during the transition period. Post-relocation, Transamerica Inc. will maintain listings on both Euronext and the NYSE. CEO Lard Friese emphasized that the re-domiciliation aligns with the company’s strategy to fully capitalize on opportunities in the US life insurance market, particularly serving middle-market American families and medium-sized businesses. Additionally, Aegon unveiled a reinsurance transaction involving its Secondary Guarantee Universal Life (SGUL) portfolio. The deal reinsures 30% of the face value of Transamerica’s SGUL contracts, raising the total portion reinsured to 80%, which reduces capital employed in this segment by $0.3 billion to $2.7 billion, surpassing the targeted capital reduction for 2025. This transaction stabilizes the company's IFRS valuation equity and operating profit while mitigating mortality and policyholder behavior risks. The company acknowledged the organizational impact of relocating its legal domicile, particularly for employees at its Netherlands head office, and committed to supporting staff throughout the transition. This change also signals a shift in Aegon's corporate identity, transforming it into an American-based insurance and retirement group with international operations. The re-domiciliation and strategic refocusing underline Aegon's intent to prioritize growth in the US, expected to remain its primary market moving forward.