Senior Director - Intermediary Markets

Aegon shareholders back US move as company prepares to become Transamerica. The vote clears Aegon to become Transamerica Inc., with the group's capital and ratings moving to the entity-level approach US carriers use Oct 08, 2026 Aegon shareholders have approved the company's plan to redomicile in the US, clearing the main hurdle for the Dutch-founded group to reincorporate in Delaware and rebrand as Transamerica Inc. At an extraordinary general meeting, shareholders backed the redomiciliation and an omnibus incentive plan. That gives Aegon the mandate to move its legal seat from Bermuda to Delaware and its head office from the Netherlands to New York. Aegon said it expects to repurchase all Common Shares B held by its largest shareholder, Vereniging Aegon, on October 15, in exchange for common shares with equal voting rights on a 40-to-1 basis. Interim bye-laws approved at the meeting will take effect at that point. Vereniging Aegon will be renamed Vereniging Aegon Americas and will keep a stake of about 18.4%. Its charitable activities in the Netherlands will continue through a newly established foundation, Stichting Aegon Fonds Nederland. Why Aegon is moving. The company first announced the plan at its Capital Markets Day in December 2025, describing it as a way to sharpen its focus on the US life insurance and retirement market. According to Aegon's shareholder materials, Transamerica accounts for about 80% of its operations. The group has also been narrowing its footprint outside the US. In April, Aegon agreed to sell Aegon UK to Standard Life, following a strategic review launched when the US move was first announced. Aegon Asset Management is not part of that sale and will remain in the group. Under the plan, Aegon will continue into Transamerica Inc. as a Delaware corporation, keeping its legal personality and converting its existing common shares into Transamerica stock. The New York Stock Exchange is expected to become the primary listing, with a listing retained on Euronext Amsterdam for the time being, and the shares are expected to trade under the symbol "TA." Aegon also plans to become a US tax resident and to switch from IFRS to US GAAP reporting, with its final IFRS period in the first half of 2027 and US GAAP reporting starting with full-year 2027 results. It has said the transition should be completed by January 2028. In June, Aegon chose New York City for its corporate headquarters and announced leadership changes to support the move. Chief executive Lard Friese will relocate to the US at the beginning of 2027. The move will change how the group is regulated. Aegon has said the lead and scope of group supervision will be reassessed by the relevant regulators at the time of the redomiciliation. It has also said it will move from a consolidated solvency view to entity-based capital ratios and ratings, the approach US insurers typically use. What it means for agents and advisors. For producers and distributors placing Transamerica's life, annuity and retirement products, day-to-day business should continue unchanged. The insurance companies and policies themselves are not affected by the holding company's change of domicile. The longer-term effect may be strategic. A US-domiciled, US-listed parent named Transamerica will be judged by investors against US peers, and its capital and growth decisions will focus more heavily on the US market. Distribution is central to that plan. Transamerica's World Financial Group network has grown to more than 95,000 licensed agents, and Transamerica recorded a 30% increase in individual new life sales in 2025, as Insurance Business has reported. Producers may see the group's sharper US focus reflected in product development and in further investment in the distribution channels where Transamerica competes. The move from group solvency to entity-based capital and ratings is also worth watching. Agents and advisors who rely on carrier financial strength when recommending products should keep an eye on how rating agencies assess Transamerica's operating companies after the transition.

Aegon Asset Management appoints Partnership Director. Edinburgh-based Aegon Asset Management, which manages and advises on £336 billion of assets, has appointed Iain McGowan as Partnership Director. In a new role for the business, McGowan will strengthen and grow relationships with some of Aegon Asset Management's key UK-based institutional partners. Based in Edinburgh, McGowan will report into Aegon AM's Head of UK Client Group Adrian Hull. "McGowan has over 30 years' industry experience," said Aegon Asset Management. "Prior to joining Aegon AM, McGowan was Director of Investments at Scottish Widows for six years where he was responsible for the firm's investments on behalf of its customers and its relationship with its major asset management partners. "He has also led a number of major investment transformation programmes in this role. Additionally, McGowan was a member of the Scottish Widows Independent Governance Committee and chaired an overseas fund board. "McGowan joined Scottish Widows in 1999, with previous positions including Head of Fund Development and Analysis, Head of Mutual Funds, Savings and Investments, and Head of Retirement Income and Planning. "He is a qualified Actuary and has a background in product ownership prior to focussing on investments." Hull said: "Iain brings a wealth of experience to Aegon Asset Management and we're thrilled to have him join our team. "His understanding of investment propositions, investments and the asset management industry in general will ensure we are well-positioned to offer all our clients access to the best of our broad and successful array of strategies."