Aegon to Relocate Headquarters to US, Rebrand as Transamerica Focusing on Life Insurance Growth

Dutch insurer Aegon has announced plans to relocate its headquarters and legal domicile to the United States by 1 January 2028. This move is part of a strategic focus on expanding its life insurance and retirement operations within the US market, which represents a significant portion of its business. The relocation follows a review initiated in August 2025 and was detailed during Aegon's recent capital markets day. As part of this transition, Aegon will adopt US Generally Accepted Accounting Principles (GAAP) for financial reporting from the full-year 2027 results onward. Between 2026 and 2027, the company will cease issuing quarterly trading updates, providing only half-year reports. Post-relocation, the holding company will be rebranded as Transamerica, with its common stock expected to maintain listings on both Euronext and the New York Stock Exchange. Aegon intends to retain the branding of its existing business units under the new corporate structure. Ahead of the relocation, a shareholder meeting is scheduled for Q4 2026 to approve the legal domicile change. Concurrently, the company will reinsure approximately 30% of its secondary guarantee universal life (SGUL) contracts, adding to an 80% total portfolio coverage through similar arrangements aimed at reducing capital tied to older business blocks. Financially, the restructuring will incur certain tax implications and realized losses impacting the risk-based capital (RBC) ratio. To mitigate these effects, an $800 million investment in Transamerica is planned, alongside initiatives to enhance operating capital and remittances. Growth targets include a 14% annual increase in life sales through its World Financial Group (WFG) network and a 7% annual rise in annuity sales, aiming for $900 million and $5 billion respectively by 2027. Additional growth is expected in the Protection Solutions business, targeting a 15% annual life sales increase to approximately $720 million by 2027. Aegon has also announced a €400 million share buyback programme scheduled to commence in January 2026, aiming to return €1 billion to shareholders by the end of 2026. Operating results are forecasted to grow by about 5% annually from €1.5 billion in 2025 to €1.7 billion in 2027, largely driven by US-focused assets. This strategic shift positions Aegon, through Transamerica, to capitalize on the expansive US life insurance market, focusing on serving Main Street American families and medium-sized enterprises. This move aligns with Aegon's broader transformation to become a leading life insurance and retirement services provider in the US.