Aegon stocks plummet after announcing headquarters move to U.S., name change
Aegon is relocating its headquarters and legal seat to the United States and will change its name to Transamerica Inc. once this process is complete, the insurer announced on Wednesday. Its business units will continue under their current brands. Shares in Aegon fell by 10 percent right off the bat at the opening bell of the Euronext Amsterdam stock exchange, then recovered some losses.
“We are ready for the next frontier: to fully capture the opportunities in the largest life insurance market in the world: the US,” Aegon CEO Lard Friese said. “Aegon’s ambition is clear: we want to become a leading US life insurance and retirement group.”
The relocation will affect around 250 employees. “I realize this decision will, ultimately, result in a significant impact for colleagues at our head office in the Netherlands,” Friese said. “We will work to support our colleagues throughout the process.”
Globally, Aegon employs roughly 15,600 people, including those working on its behalf at various joint ventures, according to the company’s 2024 year-end report. Just a few years ago, Aegon was responsible for 3,500 jobs in the Netherlands, though the company has been reducing its workforce during that time.
Aegon hopes to complete the move by January 2028. “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.” Transamerica is currently the name of Aegon’s largest subsidiary, covering around 70 percent of Aegon’s operations.
The insurer announced earlier this year that it was investigating a possible relocation to the U.S., where the majority of the company’s operations are located. After selling its Dutch insurance operations to industry Peer in 2023, Aegon relocated its legal seat to Bermuda, but the headquarters remained in the Netherlands.
The transaction will cost an estimated 350 million over the coming years. Transamerica Inc.’s shares will remain listed in Amsterdam.
It was also announced on Wednesday that Friese will step down from the supervisory board of ASR to fully concentrate on his work at Aegon.
