Aegon is considering a divestment strategy outside of the US as part of a review aimed at sharpening business focus on its largest market, reported Bloomberg, citing sources.  

The Dutch insurer, which generates most of its earnings from US operations, is working with financial advisers to assess which international units could be sold, the source said. 

Aegon UK, responsible for administering retirement accounts, is among the divisions being examined for a potential sale.  

Additionally, the possibility of selling Aegon’s 51% stake in a joint venture (JV) with Banco Santander was raised. This JV distributes insurance products in Portugal and Spain. 

Representatives for both Aegon and Banco Santander did not provide comment to Bloomberg regarding the review.  

These considerations follow an announcement made in August regarding an evaluation to move Aegon’s primary listing and legal domicile to the US.  

Further information on these plans is expected during Aegon’s capital markets day scheduled for 10 December 2025. 

In 2022, Aegon combined its Dutch business with ASR Nederland for €4.9bn ($5.7bn), enhancing its presence in the Dutch market. 

Following this deal, Aegon changed its legal domicile to Bermuda as it no longer operated a regulated insurance business in the Netherlands. 

By September this year, Aegon further reduced its involvement in ASR Nederland by reducing its stake from 30% to around 24% through a share sale.  

Transamerica continues as Aegon’s largest business segment, providing insurance, investment and retirement services in the US market.  

Aegon also owns World Financial Group, which distributes Transamerica’s products. 

In an analyst call this month, Aegon CEO Lard Friese said: “Our aim is to build Transamerica into America’s leading middle-market life insurance and retirement company.”