Aegon is a major international financial services provider focused on helping people achieve long-term financial security through protection, savings, and investment solutions. The company operates globally, offering products for life insurance, retirement planning, and asset management for individuals, groups, and institutions. Aegon’s business model is built on providing financial products tailored to local market needs while leveraging the expertise of a multinational holding structure.
The Identity and Structure of Aegon
Aegon N.V. is a multinational holding company formed in 1983 through the merger of two major Dutch insurance holding companies. It is listed on the Euronext Amsterdam and the New York Stock Exchange. Aegon utilizes a multi-brand, multi-channel distribution approach that grants a high degree of autonomy to the management of individual business units. This decentralized structure allows local entities to tailor products and services to the specific needs of their respective markets.
A significant strategic shift occurred in July 2023 when Aegon completed the combination of its Dutch insurance activities with a.s.r., retaining a strategic shareholding. This move focused the corporate structure toward its primary markets in the Americas and the United Kingdom. Aegon is currently examining the possibility of moving its legal domicile and primary stock market listing to the United States, reflecting the importance of its North American operations.
Core Offerings: Life Insurance and Retirement Solutions
Aegon’s offerings provide individuals and groups with protection against financial risk and vehicles for long-term savings. Life insurance products are designed to offer financial security and income replacement for beneficiaries upon the policyholder’s death. These products typically include term life insurance, which covers a specific period, and whole life insurance, which offers permanent coverage with a cash value component.
The company also offers a suite of retirement solutions aimed at helping customers save for and generate income during their non-working years. Annuities form a significant part of this offering, providing a guaranteed stream of income through fixed or variable options. For employers, Aegon provides workplace savings solutions, such as defined contribution and defined benefit pension plans, which often include record-keeping and advisory services.
Asset Management and Investment Services
Beyond insurance and retirement planning, Aegon operates a global investment business known as Aegon Asset Management. This division manages and advises on investment capital for both external clients and the internal reserves of Aegon’s insurance companies. Assets under management span a wide range of asset classes, serving pension plans, public funds, banks, and wealth managers.
Investment solutions are delivered through four main platforms: Fixed Income, Real Assets, Equities, and Multi-Asset & Solutions. Aegon Asset Management offers products such as mutual funds and separate accounts, allowing clients to invest in strategies like sustainable diversified growth and core fixed income. The investment process emphasizes fundamental research and effective risk management across public and private markets. For instance, the Real Assets platform offers investments in commercial mortgage loans and real estate equity.
Global Footprint and Key Operating Brands
Aegon maintains a focused global presence, with core operations centered in the Americas and the United Kingdom. The largest operating brand is Transamerica, which serves as the primary vehicle for Aegon’s operations in the United States, providing a broad range of life insurance, retirement, and investment solutions.
In the United Kingdom, the company operates under the Aegon UK brand, focusing on being a leading digital platform for retirement savings and investment solutions. This UK entity serves both the workplace and retail markets, offering a comprehensive range of solutions for individuals and financial advisors. Aegon also utilizes the affiliated distribution network, World Financial Group (WFG), primarily in the US and Canada, which distributes Transamerica products.
To maintain an international footprint, Aegon has strategic partnerships, including joint ventures for insurance distribution in regions like Spain and Portugal with Banco Santander, and in China and Brazil. The company has recently divested non-core businesses to streamline its operations and enhance capital allocation toward its most promising growth segments.