Is Transamerica Life different from Transamerica Occidental?
Yes and No. Historically, they were separate entities, but they are now one.
- Historically: Occidental Life Insurance Company was the original primary insurance arm of the Transamerica Corporation (acquired in 1930). It was renamed Transamerica Occidental Life in 1981.
- Current State: On October 1, 2008, Transamerica Occidental Life Insurance Company merged into Transamerica Life Insurance Company.
- Today, "Transamerica Occidental" no longer exists as a separate active issuer of new policies; all operations and obligations were absorbed by Transamerica Life Insurance Company.
Early History (1904–1956)
- 1904: Amadeo P. (A.P.) Giannini founds the Bank of Italy in San Francisco to serve immigrants and the working class who were denied service by traditional banks.
- 1906: Occidental Life Insurance Company is founded in California (this company would later become the core of Transamerica's insurance business).
- 1928: Giannini forms Transamerica Corporation as a holding company for his financial interests, which included the Bank of Italy (later Bank of America).
- 1930: Transamerica Corporation acquires Occidental Life Insurance Company.
- 1956: The Bank Holding Company Act of 1956 is passed, prohibiting companies from owning both banking and non-banking businesses.
- Strategic Split: Transamerica Corporation chooses to divest its banking operations (spinning off Bank of America) and keep its insurance and investment operations. This pivotal decision made Transamerica primarily an insurer.
Mergers, Acquisitions & Corporate Highlights (1960–Present)
Expansion & The Pyramid (1960s–1990s)
- 1972: The Transamerica Pyramid in San Francisco is completed. It serves as the company's headquarters and becomes an instant architectural icon.
- 1981: Occidental Life is officially renamed Transamerica Occidental Life Insurance Company to align with the parent brand.
- 1990s: Transamerica focuses heavily on acquiring other life insurance blocks and divesting unrelated businesses (in the 60s/70s, it was a conglomerate that owned everything from Budget Rent a Car to United Artists).
The Aegon Era (1999–Present)
- 1999: Aegon N.V. acquires Transamerica Corporation for approximately $9.7 billion.
- This acquisition made Aegon the third-largest life insurer in the U.S. at the time.
- 2001: PFL Life Insurance Company (another Aegon subsidiary) changes its name to Transamerica Life Insurance Company.
- Note: This is the legal entity that eventually survives all future mergers.
- 2008: Consolidation of Charters.
- October 1: Transamerica Occidental Life Insurance Company merges into Transamerica Life Insurance Company.
- Following this, Life Investors Insurance Company of America also merges into Transamerica Life Insurance Company.
- 2014: Monumental Life Insurance Company (another Aegon subsidiary) changes its name to Transamerica Premier Life Insurance Company.
- 2015: Transamerica shuts down its "LTC" (Long Term Care) new business sales to focus on other lines, though it continues to service existing policies.
- 2020: Transamerica Premier Life Insurance Company merges into Transamerica Life Insurance Company.
- This massive consolidation brought almost all of Aegon’s U.S. life insurance business under the single "Transamerica Life Insurance Company" charter.
Sources of Information
- Aegon N.V. Annual Reports & Investor Relations: For details on the 1999 acquisition and corporate structure.
- Iowa Insurance Division & California Department of Insurance: Regulatory filings confirming the dates of mergers (specifically the 2008 merger of Occidental into Transamerica Life).
- Transamerica Corporate History: Official company timelines regarding A.P. Giannini and the Bank of Italy connection.
- SEC Filings (EDGAR): For details on the renaming of PFL Life to Transamerica Life.
