The new business will be headed by director of life and pension operations Feilim Mackle, who joined in 2007 from Royal Bank of Scotland.
Finance director Mark Laidlaw takes on increased responsibility for strategy development and delivery across the business. He will also have responsibility for group strategic services including legal affairs.
Director of corporate business Maurice Brunet will become director of strategy development and delivery, reporting to Laidlaw.
Chief executive Otto Thoresen says: “The new structure will put renewed focus on developing our strategy for the future and on delivering our strategic objectives. Bringing together our corporate and individual life and pension businesses will allow us to develop and improve our approach to customer service, product development and marketing. It will ensure Aegon is well positioned to achieve our ambitions.”