Transamerica Corporation
Template:Short description {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | headquarters | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | subsidiaries | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }} Transamerica Corporation is an American holding company for various life insurance companies and investment firms operating primarily in the United States, offering life and supplemental health insurance, investments, and retirement services. The company is located in Baltimore, Maryland, with its subsidiary Transamerica Life Company headquartered in Cedar Rapids, Iowa; It has back offices Denver, Colorado; Harrison, New York; Toronto, Ontario; Philadelphia, Pennsylvania; and Knoxville, Tennessee. Additional affiliated offices are located throughout the United States. In 1999, it became an independent subsidiary of multinational company Aegon.<ref>Template:Cite news</ref>
Contributions from the Transamerica Life Insurance Company and its affiliates fund the Transamerica Institute, a nonprofit, private foundation. The Transamerica Center for Retirement Studies is an operating division of Transamerica Institute.<ref>Template:Cite web</ref>
History
In October 1904, A. P. Giannini founded the Bank of Italy in San Francisco.<ref name= madeamerica>Template:Cite episode</ref><ref name="Transamerica about">Template:Cite web</ref> In October 1928, Giannini created a holding company that he named the Transamerica Corporation, which owned Bank of America, Bank of Italy, Bancitaly Corporation, National Bankitaly Company, California Joint Stock Land Bank, and Template:Interlanguage link, which gave it assets in excess of $1.5Template:Nbspbillion (equivalent to $Template:InflationTemplate:Nbspbillion in Template:Inflation/year).<ref name=charter/>Template:Inflation/fn<ref name=charter>"Dover Charter Joins Giannini Corporations". Associated Press. The News Journal (Wilmington, Delaware). October 12, 1928. p. 26.</ref><ref>"Giant Giannini Corporation Being Formed". United Press International. The Times (San Mateo, California). October 12, 1928. p. 3.</ref><ref>Scott, H. S. (October 14, 1928). "Stocks Do Little in Short Session: Bank of America, Marchant, Dairydale B Show Gains List as Whole is Firm". Oakland Tribune (Oakland, California). p. 54.</ref><ref>"Gigantic Institution to Acquire Control of Giannini Enterprises: Transamerica Corporation Being Forms to Own Financial Firms". Associated Press. Los Angeles Evening Express. October 24, 1928. p. 27.</ref> The Transamerica Corporation original headquarters was located at 4 Columbus Avenue in San Francisco.<ref>Template:Cite web</ref> The Bank of Italy later merged with Bank of America, Los Angeles in 1928, which was then renamed Bank of America in 1930.<ref name= madeamerica/><ref>Template:Cite web</ref>
In March 1930, Transamerica acquired Occidental Life Insurance Company, founded in 1906.<ref name= bigfirm>"Transamerica Buys Big Firm". Los Angeles Evening Post-Record. March 25, 1930. p. 3.</ref> At the time, Occidental had over $25Template:Nbspmillion in assets and over $150Template:Nbspmillion in life insurance policies in force.<ref name= bigfirm/> Giannini said the purchase of the West Coast-based life insurance company was part of a plan for Transamerica to control every type of financial service.<ref name= bigfirm/> Following the acquisition, Occidental was renamed Transamerica Occidental Life Insurance Company.<ref>Template:Cite web</ref>
Over time, the company became a more diversified conglomerate that included the film distributor United Artists,<ref>Template:Cite book</ref> Trans International Airlines (bought from Kirk Kerkorian,<ref>Transamerica Signs For Airline Purchase Sacramento Bee, 12 March 1968</ref> later known as Transamerica Airlines)<ref>Template:Cite journal</ref> and Budget Rent a Car.<ref>Template:Cite web</ref>
In 1972, the company completed construction of the Transamerica Pyramid skyscraper in San Francisco which served as its headquarters for many years. Although the company currently retains no offices in the building, the pyramid is still depicted in the company's logo and marketing materials.<ref name="facts">Template:Cite web</ref><ref>Template:Cite web</ref>
In the 1980s, Transamerica began to divest and focused exclusively on financial services.<ref>Template:Cite news</ref> In 1981, Transamerica sold United Artists to Tracinda Corporation, a media company owned by Kirk Kerkorian which in turn also owned Metro-Goldwyn-Mayer.<ref>Template:Cite news</ref>Template:Efn Transamerica was eventually reduced to three main product divisions: insurance, investments, and retirement planning.<ref>Template:Cite news</ref> In July 1999, Transamerica CEO Frank C. Herringer announced that Aegon, the Netherlands-based insurer, would acquire the company.<ref>Template:Cite news</ref> Transamerica Occidental merged into Transamerica Life Insurance Company on October 1, 2008.<ref>Template:Cite web</ref>
In 2018, Transamerica entered a 10-year, $2 billion agreement with Tata Consultancy Services, an Indian technology company, to digitize their policies under a single platform. However, this project was abandoned in 2023.<ref>Template:Cite news</ref>
After Transamerica introduced the updated logo features the iconic Transamerica Pyramid Center rising boldly from the horizon in a striking red on January 14, 2025, the 1983 and 1989 Transamerica Corporation logos were discontinued.<ref>Template:Cite web</ref>
Products and services
Transamerica primarily offers insurance, retirement, and investment services. Types of life and health insurance policies offered include term life, whole life, universal life, variable universal life, accidental death, and final expense. Transamerica companies also offer a variety of mutual funds and annuities.<ref>Template:Cite web</ref>
Transamerica's retirement division offers defined benefit pension plans and defined contribution retirement plans,<ref>Template:Cite press release</ref> including 401(k) and 403(b), 457, profit sharing, money purchase, cash balance, Taft-Hartley, multiple employer plans, pooled employer plans, retirement plan exchanges, nonqualified deferred compensation, and rollover individual retirement accounts. Other services include plan-level record keeping and administrative services, participant communications and education services, fiduciary risk mitigation services, open investment architecture, and compliance guidance and regulatory support.<ref>Template:Cite web</ref>
In December 2020, Transamerica announced it would no longer sell variable annuities with benefit riders and fixed index annuities and is also exiting the standalone long-term care market.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>
Partnerships
Transamerica has a long history of supporting third-party research and thought leadership, including Massachusetts Institute of Technology AgeLab. Previous work includes American Heart Association, Stanford's Center on Longevity, Georgetown's AgingWell Hub, and Alzheimer's Association.
Transamerica has sponsored Zach Johnson his entire PGA TOUR career. The 2023 US Ryder Cup team captain and 12-time PGA TOUR winner, including the 2007 Masters and 2015 Open Championship, Johnson grew up in the Cedar Rapids community, home to many Transamerica employees. Transamerica is also a longtime sponsor of Azahara Munoz, 2009 LPGA Rookie of the Year.<ref>Template:Cite web</ref>
Foundations
Transamerica funds two foundations: the Aegon Transamerica Foundation and the Transamerica Institute. It created the Aegon Transamerica Foundation in 1994 to provide financial grants to community nonprofits. Transamerica employees also volunteer services to these organizations.<ref>Template:Cite web</ref> The foundation received the Corporate Citizenship Award in 2013 for creating the first urban farm in Iowa.<ref name=gazette>Template:Cite news</ref>
Transamerica Institute is a nonprofit, private foundation dedicated to identifying, researching, and educating the public about health and wellness, employment, financial literacy, longevity, and retirement. The Transamerica Center for Retirement Studies (TCRS), an operating division of Transamerica Institute, focuses on trends, issues, and opportunities related to saving and planning for retirement and achieving financial security in retirement.<ref>Template:Cite web</ref>
See also
Notes
References
External links
- Pages with broken file links
- Holding companies of the United States
- Life insurance companies of the United States
- Investment companies of the United States
- Companies based in Baltimore
- History of San Francisco
- Holding companies established in 1928
- Financial services companies established in 1928
- American companies established in 1928
- 1999 mergers and acquisitions
- American subsidiaries of foreign companies
- Holding companies disestablished in 1999
- Companies formerly listed on the New York Stock Exchange