(Updates with additional details on the relocation throughout)

Aegon (AEG) said Wednesday it plans to relocate its head office to the US and change its name to Transamerica.

The planned changes, which are expected to be completed by Jan. 1, 2028, will cost 350 million euros ($407.8 million) incurred between the second half of 2025 and the first half of 2028.

The company said it intends to report its financial results under US GAAP standards from its full-year 2027 earnings report. It added that it will not publish trading updates in 2026 and 2027, limiting earnings disclosures to half-year and full-year reports.

Aegon's common stock will continue to trade on the New York Stock Exchange and Euronext after the transition.

The company said it will conduct an extraordinary general meeting in Q4 2026 to seek shareholder approval for the relocation to the US.

Additionally, Aegon announced a new 400 million-euro share buyback program, effective January 2026.

Meanwhile, the company said it will launch a strategic review of Aegon UK and will assess a potential divestment, among other options, for the business.

Aegon shares were down over 7% in recent Wednesday premarket activity.

Price: 7.31, Change: -0.57, Percent Change: -7.22