The board of directors of Bermudian-domiciled Aegon Ltd is to nominate Lard Friese for re-election as executive director and chief executive for a further four years at the annual general meeting of shareholders on June 12.

Mr Friese began his tenure as the CEO of Aegon in 2020, after having worked in the insurance industry for more than 30 years.

The news came as Aegon reported a 2023 net loss of €199 million ($216 million).

The international financial services holding company became a Bermuda entity last October, having re-domiciled from The Netherlands.

The change of Aegon’s legal domicile to Bermuda will allow the company to maintain its headquarters in the Netherlands, remain a Dutch tax resident and maintain its Euronext and New York Stock Exchange listings.

Aegon’s portfolio of businesses includes fully owned subsidiaries in the United States, Britain and a global asset manager.