The Front Office

Scouting report · AEG

Lard Friese

  • CEO, Chairman of the Executive Committee & Executive Director, AEG since 2020-05src

Ex-NN Group CEO; Aegon CEO since May 2020, taking it to the US as Transamerica

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design80fcf, strategic, roic, relative tsr · 0.36% of net income
Skin in the game—no holding or price on file
In the role
6 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Watch 5

  • Term extended in June 2026 to the end of the 2030 AGM, two years early, to carry the US redomiciliation. From 2027-01-01 Will Fuller becomes President & COO running Transamerica, International and Asset Management day to day, with Friese keeping strategy and overall performancesrc
  • His CFO of two years, Duncan Russell, will leave in April 2027 by agreement 'in connection with' the US move, with no successor named, while the group converts to US GAAPsrc
  • Aegon stopped publishing quarterly trading updates for 2026 and 2027 and reports only half-yearly during the transition, so there are fewer data points to hold him tosrc
  • Pay raised for 2026: base salary up 8% to EUR 1,474,000 and the LTI target up from 175% to 250% of salary. One-third of the 2026-2028 LTI pays on a 'transition expense' metric for the US GAAP and redomicile costssrc
  • Held 299,323 vested shares at 2025 year end, 146% of base salary, against a 400% requirement due by 2028 that can be met by keeping vested shares (no purchase required). No open-market purchases appear in his SEC filingssrc

In their favour 1

  • 2025 STI paid 137% of target: operating capital generation of EUR 1,287m against a EUR 1,187m target, commercial metric 132%. CEO-to-median pay ratio 40:1src

Career

  1. 2020 – now
    Aegon (Aegon N.V., since 2023-09-30 Aegon Ltd.)src
    CEO, Chairman of the Executive Committee, Executive Director
    Joined as CEO-designate 2020-03-01 and succeeded Alex Wynaendts at the 2020-05-15 AGM (PR-2019-08-12)
  2. 2014 – 2019
    NN Group N.V.src
    CEO and Chair of the Executive Board (from the July 2014 IPO)
    End date 2019-08-12 from a search summary of NN Group's release (WS-nn)
  3. 2013 – 2014
    ING Verzekeringen N.V.src
    Member and Vice-chair of the management board (2013-10-01 to the 2014-03-01 merger into NN Group)
  4. 2009 – 2014
    ING Insurance Beneluxsrc
    CEO (ING Insurance's Netherlands, Belgium and Luxembourg operations)
  5. 2008 – 2009
    Nationale-Nederlanden (ING)src
    CEO and Chair of the Dutch Intermediary Division, from 2008-09-01
    The 20-F confirms employment by ING from 2008
  6. 1993 – 2003
    Aegonsrc
    Various positions (ten years)
  7. 1986 – 1993
    Kammer Luhrmann Van Dien & Co (now PwC)src
    (Junior) tax consultant, Utrecht and Arnhem
    Start year from the search summary; end year not stated, bounded here by joining Aegon in 1993

Not located: 2019-08 to 2020-03 between NN Group and Aegon (no role; left NN the day the Aegon appointment was announced). 2003-2008 (between leaving Aegon and joining ING) not located in any source searched; his 1993-2003 Aegon titles are not given in any filing; pre-2008 lines and the ING titles come from a search summary of the company bio PDF (egress-blocked), not a filing

Achievements

  • Ran NN Group as CEO from its July 2014 IPO until August 2019, then was hired back to Aegon, where he had spent 1993-2003src
  • Under him Aegon sold its Dutch business to a.s.r. for cash and a ~30% stake (closed 2023) and moved its legal seat to Bermuda on 2023-09-30src
  • Announced at the December 2025 Capital Markets Day that Aegon will move its head office and legal seat to the US and be renamed Transamerica Inc., targeted by 2028-01-01src
  • Agreed in April 2026 to sell Aegon UK to Standard Life for GBP 2.0bn (a 15.3% Standard Life stake plus GBP 0.75bn cash)src
  • Net result attributable to owners went from EUR -179m (FY2023) to EUR 688m (FY2024) and EUR 977m (FY2025)src

Education

  • Utrecht University, LLM Lawsrc

Background

  • Family The FY2025 20-F carries no family-relationships statement for directors or officers, and none was located elsewhere; nothing on the record either waysrc
  • Boards Member of the Supervisory Board of Pon Holdings B.V. (non-listed)src
  • Boards Vice Chairman of the Board of The Geneva Association, the insurance industry think tanksrc
  • Boards Non-independent member of the Supervisory Board of ASR Nederland (a.s.r., ~24% owned by Aegon). Aegon said in December 2025 he would step down to focus on the US move, and nominated Marco Keim to replace him at a.s.r.'s 2026-05-20 AGMsrc
  • Other Legal name Eilard Friese (SEC Forms 3/4). Serves under a board agreement, not an employment contract: three months' notice from him, six from the board, and a termination payment of up to one year's fixed paysrc
  • Other Will relocate to the United States at the beginning of 2027 with the planned head-office move; New York City chosen as the future headquarterssrc

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

14
  1. Filing Aegon Ltd. 20-F for FY2025 (accession 0001193125-26-124987): Composition of the Executive Committee and Board, Remuneration Report, note 16, Interests held by the Executive Director · 2026-03-26
  2. Filing Aegon N.V. 6-K, press release 'Lard Friese to succeed Alex Wynaendts as Aegon's CEO' (0001193125-19-218517) · 2019-08-12
  3. Filing Aegon Ltd. 6-K, press release 'Aegon Capital Markets Day 2025 - The Next Frontier' (0001171843-25-007849) · 2025-12-10
  4. Filing Aegon Ltd. 6-K, 'Aegon nominates Marco Keim to succeed Lard Friese on the Supervisory Board of a.s.r.' (0001171843-26-001894) · 2026-03-25
  5. Filing Aegon Ltd. 6-K, 'Aegon to propose extension of the term of Lard Friese as CEO' (0001171843-26-002134) · 2026-04-01
  6. Filing Aegon Ltd. 6-K, 'Aegon to sell Aegon UK to Standard Life for a total consideration of GBP 2.0 billion' (0001171843-26-002455) · 2026-04-15
  7. Filing Aegon Ltd. 6-K, 'Aegon Annual General Meeting approves all resolutions' (0001171843-26-004032) · 2026-06-10
  8. Filing Aegon Ltd. 6-K, 'Aegon strengthens leadership team and selects New York as location for its future headquarters' (0001171843-26-004161) · 2026-06-17
  9. Filing Aegon Ltd. 6-K, 'Aegon announces Chief Financial Officer transition' (0001171843-26-005664) · 2026-08-20
  10. Filing Form 3, Eilard Friese (reporting CIK 2118235), Aegon Ltd. (0001493152-26-011331) · 2026-03-18
  11. Filing Form 4, Eilard Friese, shares withheld for tax on 2026-03-25 vesting (0001493152-26-013216) · 2026-03-27
  12. Web search result WebSearch: Lard Friese NN Group CEO stepped down 2019, education, ING / Nationale-Nederlanden career (summary of results incl. NN Group release 'David Knibbe to succeed Lard Friese as CEO of NN Group'; page itself egress-blocked) · 2026-09-24
  13. Web search result WebSearch: same query; result 'Biography Lard Friese' PDF on aegon.com (Utrecht LLM, 1986 start at a tax adviser, ING/Nationale-Nederlanden roles); PDF itself egress-blocked · 2026-09-24
  14. Web search result WebSearch: Aegon AGM 2026-06-10 voting results remuneration report advisory vote (no percentage in any result) · 2026-09-24