Aegon has formally called a shareholder meeting to seek approval to move its legal home from Bermuda to the United States.

The international financial services group said its extraordinary general meeting will be held virtually on October 8. Shareholders will vote on the proposed redomiciliation, related governance documents and an incentive plan.

If approved, Aegon plans to transfer its legal seat to Delaware and rename the parent company Transamerica Inc. The company has said it aims to complete the move by 2028, as it focuses on becoming a leading American life insurance, annuity and retirement group.

The move would end a relatively brief period in which Aegon has been domiciled in Bermuda. The company transferred its legal seat from the Netherlands to Bermuda in 2023, with the Bermuda Monetary Authority becoming its group supervisor.

Aegon has said that Transamerica, its American insurance subsidiary, is now its largest business and the main contributor to group profit and cashflow.

Aegon had made progress on the planned US relocation while reporting first-half net income of €608 million (about $704 million). The company also recently agreed to sell its United Kingdom insurance platform as it sharpens its focus on the American market.

Aegon has a Bermuda office and owns Transamerica Life (Bermuda) Ltd, a Bermudian-incorporated insurer serving high-net-worth clients internationally. The subsidiary, which has more than $6.3 billion in assets, has branches in Hong Kong and Singapore and an office in Dubai.

Aegon had previously said its Bermuda office was expanding, from one employee in 2023 to six by March last year, with hopes of reaching ten staff by the end of 2025.

The Royal Gazette has asked Aegon what effect the proposed move would have on its Bermuda office, local employment, community investment programme and the BMA’s supervisory role, and whether Transamerica Life (Bermuda) will remain unchanged.