Aegon chief executive Otto Thoresen is rumoured to be planning to leave the life company by the end of the week.
Thoresen (pictured) could resign as early as Friday 11 March. He has held the position since 2005.
A spokesperson for Aegon says the provider cannot comment on market speculation, but did not deny the rumours.
The Scotland on Sunday reports Thoresen is likely to be replaced by current chief operating officer Adrian Grace, who oversaw the provider's £33m cost cutting programme during 2010.
Thoresen has been instrumental in setting the agenda for the UK insurance industry. His 2007 Review of Generic Financial Advice called for a national service providing basic advice for people that is not linked to product sales.
He has also repeatedly called for the industry and the FSA to do more to tackle the protection, pensions and long-term care gap.
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