Aegon chief executive Otto Thoresen is to step down, according to the Scotland on Sunday.
The paper reports that Thoresen is likely to be replaced by Aegon chief operating officer Adrian Grace as part of an upcoming management reshuffle.
The firm announced last year it would reduce operating costs by 25 per cent by 2011, closing six of its 12 regional sales centres. In February it announced losses of £6m in the final quarter of 2010.
Aegon says it does not comment on market speculation.