Aegon Returns to Net Profit in Third Quarter, Shares Up 8%
November 10 2016 - 4:02AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--Insurance company Aegon NV Thursday said it returned
to a net profit in the third quarter as its results were buoyed in
part by investment gains, sending its shares higher.
The Dutch owner of U.S. insurer Transamerica said net profit was
358 million euros ($396 million) in the three months to the end of
September, up from a net loss of EUR551 million a year earlier when
new actuarial assumptions on life expectancy and other items hit
earnings.
Shares in Aegon rallied after the Amsterdam stock market opened,
trading up 8%.
Underlying pretax profit, which strips out exceptional items,
fell 7% to EUR461 million as cost-savings and higher stock markets
were offset by higher-than-expected claims in the U.S.
Overall sales rose 13% to EUR2.9 billion, which Aegon attributed
to the strong performance of its fee business. New life insurance
sales, however, declined by 15% to EUR219 million.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
November 10, 2016 03:47 ET (08:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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