Aegon, the Dutch insurer whose American operations now underpin the majority of its earnings, is weighing a plan to relocate its corporate headquarters and legal base to the United States. The review underscores the growing dominance of Transamerica, its Baltimore-based subsidiary, within the group’s global strategy.
The move would align Aegon’s legal and financial framework with the geography that already accounts for about 70% of its business. Transamerica specializes in life insurance, retirement plans and investment products, with a particular focus on middle-income families. This market segment has long been described by Aegon executives as underserved, offering room for growth in both traditional cover and long-term savings solutions.
Chief executive Lard Friese said: “A relocation of Aegon’s legal domicile and head office to the United States is expected to simplify Aegon’s corporate structure as it would align its legal domicile, tax residency, accounting standard and regulatory framework with the geography where it conducts the majority of its business.”
Aegon traces its history back nearly two centuries in the Netherlands, but its transformation into a transatlantic insurer was cemented in 1999 with the acquisition of Transamerica Corporation.
Founded in San Francisco in 1928, Transamerica brought with it a nationally recognized brand and a nationwide distribution footprint. Today, its main offices are located in Baltimore, Cedar Rapids and Denver, with thousands of employees supporting millions of policyholders and retirement savers.
The company has spent the last two years reshaping its portfolio. In 2023, Aegon sold its domestic insurance operations to ASR Nederland for €4.9 billion, later transferring its legal domicile to Bermuda because it no longer had a regulated business in its home market. A US headquarters would be the next step in this repositioning.
If the relocation goes ahead, the group intends to designate the New York Stock Exchange as an additional primary listing, complementing its existing presence on Euronext Amsterdam. The process, which could take up to three years, will also involve a full transition to US GAAP accounting standards - a change that has already begun.
The Netherlands remains the home of some 600 Aegon staff, with approximately 250 roles most directly at risk if the headquarters shift is approved. Details of how the transition would affect those employees are expected later this year.
The announcement was released alongside first-half financial results. Aegon reported net profit of $667 million, a sharp recovery from the €65 million loss recorded in the same period last year. Operating profit rose 19 percent to $930 million, driven largely by improved claims experience and stronger business flows in the United States.
The company will update investors at its capital markets day in December, with the outcome of the headquarters review set to be a defining moment. For Aegon, the question is no longer whether the US matters most - but whether its legal and operational center should finally follow the business reality that has already taken shape.
