Aegon NV (AEG,AGN.AS), a Dutch life insurance company, said on Wednesday that it has decided to move its head office and legal seat to the U.S. to become a major American life insurance and retirement group.
Lard Friese, CEO of Aegon, said: "The organizational implications of our decision to relocate to the US are profound and defining for our identity. I realize this decision will, ultimately, result in a significant impact for colleagues at our head office in the Netherlands. We will work to support our colleagues throughout the process."
Post re-domiciliation process, which the company aims to conclude by January 1, 2028, the holding company, Aegon Ltd., will be renamed as Transamerica Inc., while the business units will continue to operate under their current brands.
Post relocation, Transamerica Inc.'s shares will remain listed on Euronext and NYSE.
Aegon aims to begin to report under the U.S. GAAP for the first time at its full-year 2027 results.
The transition is expected to have an estimated one-time implementation cost of around EUR 350 million to be incurred between the second half of 2025 and first half of 2028.
To support shareholder returns and reach the targeted level of EUR 1 billion at the end of 2026, Aegon has announced a new EUR 400 million share repurchase program. The share buyback program will begin in January 2026.
The insurance service provider has also announced new financial ambitions for the transition period, including dividend growth of over 5% per annum from around EUR 0.40 per share for 2025.
The company projects its operating result to grow by around 5% per annum between 2025 and 2027 from EUR 1.5 billion to EUR 1.7 billion, driven by growth of Aegon's U.S. strategic assets.
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