Aegon Appoints Will Fuller as COO Amid Headquarters Move to the U.S.
Aegon has appointed Will Fuller as president and chief operating officer, effective January 1, 2027, as it prepares to relocate its headquarters to the United States. The new office will be established in New York City, expected to open by mid-2027.
Fuller, who has been leading Transamerica—Aegon's main U.S. business—as president and CEO since March 2021, will take on broader responsibilities in his new position. These will include the oversight of Transamerica, Aegon's international operations, and Aegon Asset Management. He will report to Lard Friese, Aegon's CEO, to ensure alignment with strategic objectives.
Before joining Aegon, Fuller held senior roles at both Lincoln Financial Group and Merrill Lynch, where he managed Global Wealth Management, including asset management and insurance solutions across global markets. His extensive experience in these areas will be instrumental in navigating Aegon's strategic restructuring in the U.S.
Strategic Transition and Cost Management
Friese will continue to guide the company’s strategic direction and overall performance, maintaining full leadership authority. He plans to relocate to the United States in early 2027 to facilitate the company’s operational transition, a move that reflects the company's regulatory compliance requirements.
This appointment is part of Aegon's strategic restructuring aimed at supporting the firm’s transition to the U.S., with Fuller focused on the daily execution of this transition. Announced on June 17, this strategy includes a plan to rebrand Aegon as Transamerica Inc. and complete its relocation to Delaware by January 1, 2028.
The expected one-time costs for this transition are approximately €350 million, with expenses distributed from the second half of 2025 through the first half of 2028. From 2027 onward, Aegon will report its financial results under US GAAP, aligning with industry standards and enhancing transparency for stakeholders.
Transamerica currently represents about 70% of Aegon's total operations, highlighting recent portfolio adjustments. In 2023, Aegon sold its Dutch domestic insurance business to ASR Nederland for €4.9 billion and later moved its legal domicile to Bermuda before choosing the U.S. as its next base.
Shareholder Approval and Market Impact
Finalizing this move requires shareholder approval. Aegon secured a governance agreement with its largest shareholder, Vereniging Aegon, in May 2026, and a binding vote is scheduled for Q4 2026. The legal headquarters will relocate to Delaware, aligning with many U.S. public companies.
Aegon, listed on the New York Stock Exchange under the ticker AEG, had a market capitalization of approximately $13 billion as of June 2026. This move aligns with a period of robust annuity sales in the U.S., with 2025 sales reaching $464.1 billion, a 7% increase from 2024. The first quarter of 2026 saw $104.6 billion in sales, sustaining a trend of quarterly sales exceeding $100 billion. Transamerica's focus is on life, health, and retirement products, which have been driving this annuity growth, reinforcing its standing in the insurance industry.