Dec 10 (Reuters) - Insurer Aegon said on Wednesday it would move its legal domicile and head office to the United States, as it continues to restructure its business with a central focus on U.S.
Aegon to Shift Headquarters to US, Become Transamerica
Dec 10 (Reuters) - Insurer Aegon said on Wednesday it would move its legal domicile and head office to the United States, as it continues to restructure its business with a central focus on U.S. growth.
It aims to complete the move by January 1, 2028, at which time the whole group will be renamed Transamerica Inc, after Aegon's U.S. brand which accounts for about 70% of its operations.
The company has zoomed in on the U.S. ever since the 2023 sale of its Dutch business to ASR Nederland in a deal which also saw it gain an around 30% stake in its domestic peer.
Aegon CEO Lard Friese told Reuters that the company's shares listed on the New York Stock Exchange were expected to overtake the trading volumes on Euronext Amsterdam, making it the de facto primary listing.
BUYBACK DISAPPOINTS
In a statement published ahead of its investor day, Aegon announced a 400-million-euro ($465 million) share buyback for 2026, which will be complemented by yearly dividend increases of more than 5%.
Shares in the company fell around 8% in early morning trading, with J.P.Morgan analysts saying the buyback was "disappointing" in a note to investors.
The group also aims to grow its annual operating result and free cash flow by around 5% in 2026 and 2027. Its operating capital generation is expected to be flat or grow by up to 5% per year in the same period, it said.
DIVESTMENTS
At the beginning of 2025, Aegon's finance chief Duncan Russel said the group was not in a hurry to sell its ASR stake anytime soon. However, in September it reduced the holding to 24%.
"We will hold stock until such time as we believe the intrinsic value of the company is properly reflected in stock price or if we can use the capital to put to work other opportunities," Friese said in the interview.
The company also said on Wednesday that as part of the U.S. move, it was reviewing its business in Britain, a process that might lead to divestment. The review is expected to be concluded in the first half of 2026.
Friese said a possible sale would not include the UK asset management business.
($1 = 0.8600 euros)
(Reporting by Mateusz Rabiega and Jakob Van Calster in Gdansk, editing by Milla Nissi-Prussak)
