Transamerica offers life insurance, retirement solutions, asset management services and accident and supplemental health products.
Operating under the prominent Transamerica brand, the US is our largest market, generating almost two-thirds of our earnings. Transamerica is among the top ten largest providers of pensions, variable annuities, individual universal life and individual term life in the US.
Over the past few years, Transamerica has been significantly reorganizing operations to allow our business to be more responsive to customer needs, reduce complexity, implement new technologies to improve customer interaction, and achieve a lower cost base. This program continued throughout 2016 and included a review of Transamerica’s location strategy and additional operational improvements.
I look back on 2016 with certainty that we did the right thing for our current and future customers, as well as for the future of our company.Mark Mullin, Transamerica President and CEO Aegon Americas
"Transamerica’s strategy reflects Aegon’s priorities at an international level, namely to deliver a singular customer experience, reduce complexity and lower our operational costs. It became clear that we needed to organize further our operations according to the essential functions necessary to achieving these strategic objectives.
"During the past year, this has meant taking additional steps to simplify our operations, reduce duplication, as well as our geographic footprint in the US. Change, and saying goodbye to valued colleagues, is always difficult. But we are taking the necessary steps to be a stronger, more focused organization – able to better respond to the diverse and changing needs of our customers."
- Mark Mullin, Transamerica President and CEO Aegon Americas
A thorough review of our businesses resulted in further steps to become one, functionally-organized company. Transamerica exited the Affinity and Direct Marketing channels, as well as part of its Accident & Health business lines given that these are no lo longer seen as a strategic fit. This led to the net reduction of over 500 positions and the announced exit of three office locations.
One-stop customer service via One Recordkeeping
Transamerica is examining every part of its businesses to achieve a greater level of operational excellence. For example, in 2016 Transamerica simplified transaction handling with the ‘One Recordkeeping’ project. This meant bringing together the systems and the processes of three record keeping systems into one.
Transamerica serves 13 million customers in the US
In 2016, underlying earnings in the US were €1.2 billion
Average Retirement Readiness Score in 2016 for the US and Brazil
As a result of the acquisition of Mercer’s defined contribution business in the US the number of retirement plan participants serviced by Transamerica increased by 917,000 to approximately five million.
Transamerica also became the preferred defined contribution record keeping provider for Mercer’s total benefit outsourcing and total retirement outsourcing clients.
Robotics help us to provide a better customer experience
Transamerica adopted a robotics software trial to automate manual data entry tasks. It has the potential of automating around 160,000 transactions a year.
Longevity on the development agenda in Brazil
Aegon has a 50% stake in independent life insurer, Mongeral Aegon. In 2016, Mongeral Aegon launched the third center of research of the Group with the non-profit Instituto de Longevidade Mongeral Aegon.