Aegon to become Transamerica and relocate to the U.S. The stock dives.

By Steve Goldstein Aegon to move to the U.S. East Coast Aegon is moving to the U.S., but not San Francisco, home to the Transamerica Pyramid skyscraper. The insurer Aegon on Wednesday said it's relocating its headquarters from the Netherlands to the U.S. and renaming itself Transamerica, as part of its ambition to become a leading U.S. life insurance and retirement company. It didn't identify which city it will locate its headquarters in, but it won't be San Francisco despite the skyscraper there that bears Transamerica's name. Instead, it'll be "somewhere on the East Coast," while Delaware will be the legal domicile. The decision, announced at a London capital markets event, will need shareholder approval, and Aegon is planning a vote for the fourth quarter of next year. Vereniging Aegon, Aegon's largest shareholder with a 17% stake according to FactSet, "considers the decision to relocate Aegon Ltd. to the U.S. an important and positive step for Aegon" though it will still review any proposals. Transamerica already represents about 70% of its operations. The insurer said it will start reporting its results under U.S. GAAP, rather than international, accounting rules starting in 2027. It already has stock market listings on the New York Stock Exchange and Euronext, but it will make the NYSE the primary one in a bid to get included in U.S.-focused indices. The relocation in total will cost EUR350 million before tax, spread between 2025 and 2028. Aegon also said it may sell its U.K. arm, announced a EUR400 million stock buyback and a $10 billion reinsurance transaction. The stock (NL:AGN) (AEG) dived 8% in Amsterdam trade, with investors focusing on the company's capital generation and free cash flow targets, which were about 5% to 8% below expectations according to UBS calculations. -Steve Goldstein This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires 12-10-25 0444ET