Transamerica

Transamerica is one of the largest life insurance and retirement companies in the United States, offering insurance, investment, and retirement solutions. Headquartered in Cedar Rapids, Iowa, Transamerica is a subsidiary of Aegon N.V., the Netherlands-based international insurance group. The company manages a general account investment portfolio of approximately $60 billion supporting its life insurance, annuity, and retirement product obligations.

Investment Strategy

Transamerica’s general account portfolio is managed by Aegon Asset Management, providing access to a global investment platform with significant scale and expertise. The portfolio is primarily invested in investment-grade fixed income securities, including corporate bonds, US government securities, mortgage-backed and asset-backed securities, and private placements. Duration management is a core discipline, with asset cash flows carefully matched to the company’s long-duration life insurance and annuity liabilities.

The investment approach combines Aegon Asset Management’s global research capabilities with a focus on the specific needs of Transamerica’s US insurance operations. The fixed income portfolio benefits from deep credit research across sectors and strong sourcing of private placement securities, which offer yield premiums and structural protections not available in public markets. Transamerica’s portfolio construction also considers the regulatory capital implications under US risk-based capital requirements.

Private Markets Approach

Transamerica allocates approximately 9% of its general account to alternative investments, including private equity, real estate, private credit, and infrastructure. The alternatives program benefits from Aegon Asset Management’s global platform, which manages private market investments across the Aegon group’s worldwide insurance operations.

Real estate is the most established component of Transamerica’s alternatives allocation. The company’s mortgage loan portfolio is one of the larger among US insurers, with direct origination capabilities across commercial property types. Aegon Asset Management’s real estate equity platform provides access to direct investments, joint ventures, and fund opportunities across the Americas, Europe, and Asia.

Private equity investments are made through fund commitments to established managers across buyout, growth, and venture strategies. The company maintains diversification across vintage years and geographies, leveraging Aegon’s global relationships to access opportunities worldwide. Infrastructure investments provide long-dated, inflation-linked cash flows that complement the company’s liability profile, with investments across energy, transportation, and social infrastructure.

Private credit has become an increasingly important allocation, with Transamerica investing in direct lending, specialty finance, and structured credit through both Aegon Asset Management’s direct capabilities and external fund managers. The company’s scale and global platform position it well to source and evaluate private credit opportunities across the market.