AMSTERDAM — Transamerica, a U.S. unit of Dutch insurer Aegon NV (AEG), has said it wants to save an additional $20 million a year by combining two administrative units.
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Transamerica plans to merge its Kansas City, Missouri-based administrative operations with those in Cedar Rapids, Iowa, it said in a statement Thursday.
The reorganization will result in about 500 job cuts, but the employees affected can relocate to other Transamerica locations or receive a severance package and job search assistance, the company said.
Aegon's Transamerica employs about 3,000 people in Cedar Rapids and Aegon NV about 27,000 worldwide.
