London, March 27, 2026, 11:08 GMT
- Aegon reported a 15% jump in its 2025 operating result, reaching 1.7 billion euros, and confirmed it’s still set on relocating its head office and legal seat to the United States.
- Michael Reynolds will take over as AXA XL’s head of marine for the UK & Lloyd’s, and global chief underwriting officer for hull, starting in the third quarter.
- Aegon has put forward Marco Keim as its pick to take over from Chief Executive Lard Friese on the supervisory board at Dutch insurer a.s.r.
Aegon posted a 15% jump in its 2025 operating result, reaching 1.7 billion euros, and deepened its U.S.-centric approach. Over at AXA XL, the firm brought in seasoned underwriter Michael Reynolds to give its London marine segment some added heft.
These shifts highlight insurers’ focus: scale, and growth where they can still find it. About 70% of Aegon’s business ties back to Transamerica. Over at AXA XL, the global hull insurance market—covering ships themselves—climbed 3.5% to $9.67 billion in 2024, despite tougher risk.
Aegon reported operating capital generation before holding and funding costs climbed to 1.3 billion euros—topping the target it set for itself. Free cash flow landed at 829 million euros. The company bumped its dividend up 14% to 0.40 euro a share, and by 2025 had wrapped up 550 million euros in share buybacks.
The group is sticking with its plan to relocate its head office and legal seat to the U.S., with a rebrand to Transamerica Inc. lined up for after the move. Starting in 2027, it expects to adopt U.S. GAAP, aligning with American accounting standards, and will also pursue inclusion in U.S.-centered stock indices. Friese’s stated goal: to shape “a leading US life insurance and retirement group.” Insurance Business
It’s been in the works for a while. Back in December, Reuters said Aegon aimed to wrap up the shift by Jan. 1, 2028, following its 2023 sale of the Dutch unit to a.s.r. That deal left Aegon holding roughly a 30% stake in its local rival, but it’s since trimmed that down to about 24%. Now, just this week, the company put forward Marco Keim—currently in charge of its international business—to replace Friese on a.s.r.’s board, pending a shareholder vote slated for May 20.
Britain is still the trouble spot. Back in February, Reuters said Aegon was working on a summer update for its UK business review. J.P. Morgan analysts, reacting to the results at the time, described them as a “messy set of results” since Aegon didn’t provide any new information on the review. Reuters
AXA XL has tapped Reynolds—bringing over four decades of London market experience—to take on two roles starting in the third quarter: head of marine, UK & Lloyd’s, and global chief underwriting officer for hull. Reynolds makes the move from Lockton, having earlier worked as deputy head of marine at Chubb.
Louise Nevill, chief underwriting officer for specialty at AXA XL in the UK & Lloyd’s, said Reynolds brings the right mix of skills for “thoughtful and profitable growth” in the marine segment. Neil Cole, who oversees global marine underwriting for the group, pointed to a market that’s still in expansion mode, though he flagged “challenging dynamics” linked to bigger ships, decarbonization efforts, and growing exposure to high-risk regions. AXAXL
For both sides, the challenge is getting it done, not wanting to do it. Aegon’s annual report flagged questions about whether the redomiciliation will actually deliver as promised, citing concerns over staff sticking around, costs, taxes, and reporting snags. In marine, gains in premium can vanish fast if bigger vessels and global hotspots drive up losses.
Aegon is targeting roughly 5% annual growth in operating profit, free cash flow, and dividends through 2027. CEO Friese described 2025 as “a turning point.” Shares of Aegon traded in the U.S. slipped about 1% to $7.00. Insurance Business
