The Shift to the U.S.: Strategic and Financial Drivers

Aegon N.V., a financial powerhouse with roots stretching back almost two centuries in the Netherlands, is weighing a move that would fundamentally reshape its global structure: relocating its corporate headquarters and legal base to the United States. The contemplated shift follows years of strategic portfolio adjustments and highlights the growing financial dominance of its American subsidiary, Transamerica, in the group’s overall business.

Transamerica, headquartered in Baltimore with additional operations centers in Cedar Rapids and Denver, now accounts for approximately 70% of Aegon’s group earnings. The realignment is being considered as part of Aegon’s commitment to adapt its operating, tax, and regulatory framework to the realities of its income sources and growth markets – a move that mirrors a broader trend among European multinationals pivoting toward their largest revenue centers.

CEO Lard Friese emphasized that, “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.”

The Growing Dominance of Transamerica

Transamerica, established in 1928 and now a household name in U.S. insurance, specializes in life insurance, retirement solutions, and investment products targeted at middle-income Americans—a segment repeatedly described by management as underserved and ripe with potential for organic growth. With approximately 11 million policies in force and a nationwide financial advisor network, Transamerica’s contribution has become the keystone of Aegon’s financial health and strategic future.

In recent years, Transamerica has pursued product innovations, digitization, and expanded its retirement product suite, all of which contributed to a 19% rise in operating profit this year. Industry analysts note that a U.S. base would help Aegon tap deeper into the American capital and talent markets, as well as align with U.S. regulatory realities, which are often more conducive to large-scale insurance and asset management operations compared to Europe’s fragmented regulatory landscape.

Recent Portfolio Reshaping and Financial Results

Aegon’s transformation into a transatlantic operator accelerated in 2023 with the sale of its domestic insurance business to ASR Nederland for €4.9 billion, all but concluding its insurance operations in the Dutch market. With direct operations now focused heavily in the U.S., the company transferred its legal domicile to Bermuda, a traditional insurance hub. However, a prospective U.S. headquarters would represent a much deeper commitment, signaling where the group sees its long-term future.

The company’s recent financial performance underpins the rationale for this pivot. In the six months ended June 2025, Aegon delivered a net profit of $667 million, a sharp turnaround from a €65 million loss in the prior-year period. This rebound was fueled by stronger performance in its U.S. business lines, improved claims experience, and higher new business flows across life and retirement segments.

As of 2024, Aegon managed over $425 billion in assets globally—with the vast majority now under the stewardship of its U.S.-centered teams. The firm retains substantial real estate and legacy employee presence in the Netherlands, where around 600 staff are still based. Should the move proceed, up to 250 Dutch roles could be directly affected, with transition plans expected to be clarified by year’s end.

Regulatory and Accounting Implications

A headquarters relocation to the United States involves far-reaching regulatory, accounting, and market implications. The group plans to transition fully to U.S. GAAP accounting standards, moving away from International Financial Reporting Standards (IFRS)—a process already underway. In addition, Aegon intends to pursue a primary listing on the New York Stock Exchange (NYSE), complementing its existing Euronext Amsterdam listing and boosting its profile among U.S. institutional investors.

Analysts suggest the dual-listing strategy could provide Aegon with greater access to American capital, broaden its shareholder base, and potentially unlock value currently constrained by jurisdictional regulatory complexities. This move could also serve as a template for other global insurers seeking efficiency and improved investor communication through operational alignment with their largest business geographies.

Industry Context and Strategic Imperatives

The insurance industry is witnessing a historic shift in global power centers, with North America—especially the U.S.—becoming the epicenter of market growth, product innovation, and capital deployment. According to McKinsey & Company, the U.S. life insurance market alone generated over $1 trillion in direct premiums in 2024, with sustained demand from middle-income consumers and increased focus on retirement security fueling expansion for providers like Transamerica.

Aegon’s recalibration follows similar restructurings by major industry players, including Prudential plc’s move of its legal domicile to Hong Kong from the UK and AXA’s North American consolidations. The convergence of regulatory, accounting, and tax regimes with the location of principal business activities is now seen as a key differentiator in global finance.

What’s Next? Timeline and Impact

The company expects the review and possible relocation to take up to three years, with a detailed update scheduled for its December capital markets day. The outcome is set to define Aegon’s identity and operational future, with ripple effects for employees in the Netherlands, U.S. investors, and policyholders worldwide.

Ultimately, Aegon’s strategic pivot toward America is less a break with its storied European past than an acknowledgement of where the insurance industry’s center of gravity now lies. For stakeholders, the question is no longer whether the U.S. is Aegon’s main growth engine—but whether its legal and operational headquarters should finally follow where the business already leads.