Aegon, the Bermudian-domiciled insurance giant, has reported a strong first-half profit while launching a review on whether to shift its headquarters from Europe to the United States.

The company said it earned a net profit of €606 million (about $704 million) for the first six months of 2025, compared with a loss of €65 million in the same period last year. Operating profit rose 19 per cent to €845 million, helped by growth in the US, where new life sales increased 13 per cent to $276 million.

Lard Friese, the chief executive, said the results showed “strong commercial momentum” across Aegon’s main markets.

“Today we are announcing an important step for our company, as we will begin a review on a potential relocation of Aegon’s head office to the United States,” he said. “In recent years, Aegon’s business in the United States — which accounts for approximately 70 per cent of Aegon’s operations — has become Aegon’s primary market and central to the company’s strategy and long-term growth.”

The review will look at aligning Aegon’s legal domicile, tax residency, accounting standards and regulation with the country where most of its business is based. A decision is expected this year, with any move taking two to three years.

The latest announcement comes less than two years after Aegon shifted its legal domicile to Bermuda. In October 2023, shareholders approved the change from a Dutch company into Aegon Ltd, a Bermuda entity, supervised by the Bermuda Monetary Authority. At the time, the group emphasised that the move allowed it to remain a Dutch tax resident, keep its Netherlands headquarters and maintain both Euronext and New York Stock Exchange listings.

The company expects to provide more details on the review at its Capital Markets Day on December 10.