Transamerica Corporation
American financial-services brand and holding company providing life insurance, retirement plans, investments, annuities, and related financial services.
Last updated November 1, 2026
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Overview
Transamerica Corporation is an American financial-services holding company whose principal activities are conducted through life-insurance, retirement-services, investment, and related financial businesses. The organization is best known today as a provider of insurance and workplace-retirement solutions rather than as the diversified conglomerate it became during the twentieth century. Its principal corporate location is in Baltimore, Maryland, while Transamerica Life Insurance Company is headquartered in Cedar Rapids, Iowa. The broader operating network includes administrative and service locations in Denver, Harrison, Toronto, Philadelphia, Knoxville, and other communities. The company traces its institutional origins to A. P. Giannini, who founded the Bank of Italy in San Francisco in 1904. In 1928, Giannini established Transamerica Corporation as a holding company for a group of banking and financial interests, including Bank of America, Bank of Italy, Bancitaly Corporation, National Bankitaly Company, California Joint Stock Land Bank, and Banca d'America e d'Italia. The structure was designed to bring multiple forms of financial activity under common ownership. Transamerica expanded into insurance in 1930 by acquiring Occidental Life Insurance Company, a life insurer founded in 1906. The acquired business was renamed Transamerica Occidental Life Insurance Company, helping advance Giannini's ambition of building an integrated financial-services enterprise. Over subsequent decades, Transamerica broadened well beyond banking and insurance. Its portfolio at different times included entertainment businesses such as Liberty Records and United Artists, aviation through Trans International Airlines, and vehicle rental through Budget Rent a Car. The construction of the Transamerica Pyramid in San Francisco was completed in 1972. The building became a prominent corporate symbol and remains represented in Transamerica's branding even though the company no longer maintains offices there. Beginning in the 1980s, Transamerica reversed its conglomerate strategy and sold or separated non-core businesses. United Artists was sold in 1981 to Tracinda Corporation, associated with Kirk Kerkorian, and the company increasingly concentrated on insurance, investments, and retirement planning. In 1999, Dutch insurer Aegon announced an agreement to acquire Transamerica. The transaction made Transamerica an independent subsidiary within Aegon's international insurance group while preserving the Transamerica name and customer-facing operations. The modern business offers term, whole, universal, and variable-universal life insurance, accidental-death and final-expense coverage, supplemental health products, annuities, mutual funds, and employer-sponsored retirement programs. Retirement capabilities include defined-benefit and defined-contribution plans, 401(k), 403(b), 457, profit-sharing, money-purchase, cash-balance, Taft-Hartley, multiple-employer, pooled-employer, nonqualified-deferred-compensation, and rollover-IRA arrangements. Services also include recordkeeping, participant education, fiduciary-risk support, investment-platform design, compliance assistance, and regulatory guidance. Transamerica also supports research and public education through the Transamerica Institute and its Transamerica Center for Retirement Studies. These organizations examine retirement preparation, financial security, longevity, health, employment, and financial literacy. The company and affiliated foundations have supported community organizations, academic research, and public-interest initiatives. Its current positioning emphasizes long-term financial protection, retirement preparedness, and accessible solutions for individuals, employers, and institutional plan sponsors.
History
Transamerica's roots lie in the Bank of Italy, founded by A. P. Giannini in San Francisco in October 1904 to serve immigrant and working-class communities. Giannini later developed a broader financial group around the bank. In October 1928 he created Transamerica Corporation as a holding company for Bank of America, Bank of Italy, Bancitaly Corporation, National Bankitaly Company, California Joint Stock Land Bank, and Banca d'America e d'Italia. The early holding company combined banking and other financial interests and was headquartered at 4 Columbus Avenue in San Francisco. The Bank of Italy had merged with Bank of America, Los Angeles in 1928; the combined institution adopted the Bank of America name in 1930. In March 1930, Transamerica expanded into life insurance by acquiring Occidental Life Insurance Company, which had been established in 1906. The insurer was renamed Transamerica Occidental Life Insurance Company. Giannini described the move as part of a plan to offer or control a broad range of financial services. During the middle decades of the twentieth century, Transamerica became a diversified conglomerate. Its holdings included insurance and investment operations as well as Liberty Records, film distributor United Artists, Trans International Airlines, and Budget Rent a Car. The Transamerica Pyramid, completed in San Francisco in 1972, served as an important headquarters and corporate landmark. Its pyramid form later became a continuing element of the Transamerica visual identity. The company changed direction during the 1980s, divesting entertainment, transportation, and other non-financial assets to focus on insurance, investments, and retirement planning. United Artists was sold in 1981 to Tracinda Corporation, a company associated with Kirk Kerkorian. The refocused group was eventually organized around three principal areas: insurance, investments, and retirement services. In July 1999, Transamerica chief executive Frank C. Herringer announced that Aegon, the Netherlands-based insurer, would acquire the company. After the transaction, Transamerica operated as an independent Aegon subsidiary. The brand continued to be used for insurance, investment, and retirement products in the United States and related markets. Transamerica Occidental later merged into Transamerica Life Insurance Company on October 1, 2008. The company's contemporary activities center on life and supplemental health insurance, annuities, mutual funds, employer-sponsored retirement plans, individual retirement accounts, plan administration, recordkeeping, participant communications, fiduciary-risk services, and compliance support. In 2018, it entered a long-term technology arrangement with Tata Consultancy Services to consolidate and digitize policy systems, but the project was discontinued in 2023. The organization also maintains a public-interest role through Transamerica Institute and the Transamerica Center for Retirement Studies. These bodies conduct and disseminate research on retirement readiness, financial security, longevity, health, employment, and financial literacy. Associated foundations provide grants and employee volunteer support to community organizations. The company has additionally supported academic and nonprofit research partnerships, including work involving MIT AgeLab and other longevity, health, and aging organizations.
- 2023
Technology project discontinued
[1]The policy-digitization initiative announced in 2018 was abandoned.
- 2020
Selected annuity and long-term-care withdrawal
[1]The company announced that it would stop selling certain variable and fixed-index annuities and exit standalone long-term-care insurance.
- 2018
Policy digitization agreement
[1]Transamerica entered a long-term agreement with Tata Consultancy Services to digitize policies on a unified platform.
- 2008
Insurance-company merger
[1]Transamerica Occidental merged into Transamerica Life Insurance Company on October 1.
- 1999
Aegon acquisition
[1]Aegon acquired Transamerica, which thereafter operated as an independent subsidiary within the group.
- 1981
United Artists is divested
[1]Transamerica sold United Artists to Tracinda Corporation as part of its retreat from diversified conglomerate activities.
- 1972
Transamerica Pyramid is completed
[1]The San Francisco skyscraper was completed and became a major headquarters and visual symbol for the company.
- 1930
Entry into life insurance
[1]Transamerica acquired Occidental Life Insurance Company and renamed it Transamerica Occidental Life Insurance Company.
- 1928
Transamerica Corporation is established
[1]Giannini created Transamerica as a holding company for a portfolio of banking and financial interests.
- 1904
Bank of Italy is founded
[1]A. P. Giannini founded the Bank of Italy in San Francisco, establishing the institutional roots of the later Transamerica group.
Products and positioning
A long-term financial-protection and retirement-services provider serving individuals, employers, and institutional plan sponsors.
Insurance
Life insurance
Transamerica offers several forms of life insurance, including term, whole, universal, and variable universal policies. Its portfolio also includes accidental-death and final-expense coverage. These products are designed to provide death benefits, estate or family protection, and in some cases cash-value accumulation or flexible premium structures.
Retirement and investment
Annuities
Annuities form part of Transamerica's retirement and investment offering, supporting income planning and tax-deferred accumulation. The company announced in 2020 that it would no longer sell variable annuities with benefit riders or fixed-index annuities, so the precise current product mix should be verified by product and jurisdiction.
Retirement services
Employer-sponsored retirement plans
Transamerica administers a broad range of employer retirement arrangements, including 401(k), 403(b), 457, defined-benefit, profit-sharing, money-purchase, cash-balance, Taft-Hartley, multiple-employer, pooled-employer, and nonqualified plans. Services can include recordkeeping, participant communications, education, investment architecture, fiduciary-risk support, and compliance assistance.
Retirement and investment
Individual retirement accounts
The company provides rollover and other individual retirement-account services for people transferring or building retirement assets outside an employer plan. These offerings are positioned alongside investment and retirement-planning capabilities.
Investment management
Mutual funds and investment products
Transamerica-affiliated businesses offer mutual funds and other investment products used in individual and workplace retirement contexts. Availability, fund selection, and distribution arrangements vary by account type and market.
Controversies
2021
Transamerica settles 401(k) fiduciary-duty lawsuit for $5.4 million
Transamerica settled a lawsuit alleging that it breached fiduciary duties by choosing and retaining underperforming proprietary investments in its 401(k) plan. The settlement provides for a $5.4 million payout and independent investment consulting and fiduciary training; Transamerica denied liability and wrongdoing.
Marketing campaigns
- Zach Johnson golf sponsorship
United States
Transamerica has sponsored professional golfer Zach Johnson throughout his PGA TOUR career. The relationship has a particular connection to Cedar Rapids, Iowa, where Transamerica Life Insurance Company is headquartered and where Johnson grew up.
Outcome. Long-term sports sponsorship and brand association.
- Azahara Munoz sponsorship
United States · International golf markets
Transamerica has also maintained a sponsorship relationship with professional golfer Azahara Munoz, who was the LPGA Rookie of the Year in 2009.
Outcome. Extended the brand's presence in professional golf.
- Retirement research and public education
United States
Through Transamerica Institute and the Transamerica Center for Retirement Studies, the organization funds research and public education concerning retirement saving, financial security, longevity, health, employment, and financial literacy.
Outcome. Established a thought-leadership and public-interest platform around retirement preparedness.
Brand decisions
2020
Withdrawal from selected annuity and long-term-care productsStrategyBackground
Transamerica reassessed parts of its insurance and retirement-product portfolio.
Action taken
The company announced that it would no longer sell variable annuities with benefit riders or fixed-index annuities and would exit standalone long-term-care insurance.
Aftermath
The decision narrowed the scope of the affected product lines and shifted emphasis toward other insurance, investment, and retirement offerings.
2018
Policy-platform digitizationStrategyBackground
Transamerica sought to modernize and consolidate policy administration technology.
Action taken
It entered a ten-year technology agreement with Tata Consultancy Services to digitize policies on a single platform.
Aftermath
The project was discontinued in 2023.
Reported contract value. (2018 agreement; project discontinued in 2023)
1999
Sale to AegonM&ABackground
Aegon sought to expand its international insurance presence through the acquisition of Transamerica.
Action taken
Aegon agreed to acquire Transamerica, which became an independent subsidiary of the Dutch insurer.
Aftermath
The Transamerica brand continued under Aegon ownership in insurance, investment, and retirement services.
1980
Refocus on financial servicesStrategyBackground
During the 1980s, Transamerica began reducing its exposure to entertainment, transportation, and other non-financial activities.
Action taken
The company divested non-core holdings and concentrated its business around insurance, investments, and retirement planning.
Aftermath
Transamerica evolved from a diversified conglomerate into a more focused financial-services group.
Recent events
- Unconfirmed
Reported
Aegon shareholders back US move as company prepares to become Transamerica[3]
Aegon shareholders have backed the company's US move as Aegon prepares to become Transamerica, according to Insurance Business.
Reported
Transamerica settles 401(k) fiduciary-duty lawsuit for $5.4 million[2]
Transamerica settled a lawsuit alleging that it breached fiduciary duties by choosing and retaining underperforming proprietary investments in its 401(k) plan. The settlement provides for a $5.4 million payout and independent investment consulting and fiduciary training; Transamerica denied liability and wrongdoing.
Reported
Aegon appoints Will Fuller to lead Transamerica[4]
Aegon announced that Will Fuller would succeed Mark Mullin as President and CEO of Transamerica, effective March 31, 2021.
Reported
Benefitfocus and Transamerica expand partnership for retirement-plan enrollment[5]
Benefitfocus announced an enhanced partnership with Transamerica enabling employees to enroll in and manage Transamerica 401(k) and 403(b) plans directly through Benefitplace.
Reported
Transamerica reduces fees on two high-yield bond funds[6]
Transamerica announced fee reductions for the Transamerica High Yield Bond fund and Transamerica Aegon High Yield Bond VP, effective January 6, 2020. Depending on share class, the reductions total up to 12 basis points annually.
Sources7 sources
- 1Transamerica Corporationen.wikipedia.org
- 2Transamerica settles 401(k) fiduciary-duty lawsuit for $5.4 millionai-cio.com
- 3Aegon股东支持美国化举措，公司准备更名为Transamericanews.google.com
- 4Aegon任命Will Fuller领导Transamericafinanznachrichten.de
- 5Benefitfocus 与 Transamerica 扩大退休计划登记合作prnewswire.com
- 6Transamerica 下调两只高收益债券基金的费用prnewswire.com
- 7Transamerica Announces Fee Reductions on 26 Fund Share Classesprnewswire.com
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