Aegon, the Dutch insurance group with nearly two centuries of history and a strong foothold in the UK market, is reviewing whether to shift its corporate headquarters and legal domicile to the United States. The move, which the Wall Street Journal says is under active consideration, underscores the insurer’s reliance on its American subsidiary, Transamerica, which generates about 70% of its business.
Although the decision is driven by Aegon’s US scale, the insurer’s UK presence is both long-standing and significant. Aegon’s British operations trace back to 1831, when Scottish Equitable was established in Edinburgh. Acquired in stages by Aegon N.V. from 1994 and fully absorbed by 1998, the company rebranded to Aegon UK in 2009.
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From its headquarters in Edinburgh and offices across London, Lytham St Annes, Peterborough and Witham, Aegon UK now serves almost four million customers and manages more than £200 billion in pensions, workplace savings and investments. It is a familiar name to UK advisers and employers alike, with its Master Trust schemes and investment platforms forming a substantial part of the nation’s long-term savings infrastructure.
Chief executive Lard Friese said that the move would simplify governance. “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,” he explained.
Under the plan, Aegon would continue to trade its shares on Amsterdam’s Euronext, while making the New York Stock Exchange an additional primary listing. The shift to US GAAP accounting has already begun, with the transition expected to take two to three years if approved.
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The potential loss of Aegon’s head office is likely to reverberate in the Netherlands. Around 600 staff are employed there, with approximately 250 roles most exposed to the changes. Political scrutiny and union reaction are expected once details emerge.
The review follows the €4.9 billion merger of Aegon’s Dutch insurance operations with ASR Nederland in 2023. That deal left the group without a regulated insurance base in its homeland, leading it to temporarily move its legal domicile to Bermuda. A US relocation would represent the latest stage in repositioning Aegon more firmly around its transatlantic growth strategy.
The company reported a marked improvement in results for the first half of 2025, recording net profit of €606 million against a €65 million loss the previous year. Operating earnings rose 19% to €845 million, reflecting stronger business flows and favourable claims experience in the US market.
Aegon is expected to provide further details of the review at its capital markets day in December. Any relocation would represent one of the most profound changes in its history, symbolising a shift from its European heritage towards its dominant American market.
For the UK, however, Aegon remains a pivotal player in retirement and savings provision. Its brand, deeply rooted in Scottish financial services and still servicing millions of Britons, continues to anchor the group’s presence on this side of the Atlantic — even as its corporate identity looks increasingly American.
