By Maarten van Tartwijk
Aegon NV on Thursday posted a 75% rise in net profit for the
first three months of 2014, as the Dutch life insurance and pension
company benefited from strong sales growth and rising equity
markets.
Aegon, which generates more than half of its income through
U.S.-based insurer Transamerica, said net profit was EUR392 million
($537.6 million) compared to EUR224 million in the same period a
year earlier, when earnings were hit by losses on equity
hedges.
Underlying profit, which strips out investment results and other
special items, came in at EUR498 million, a 7% increase compared to
last year.
Chief Executive Alex Wynaendts, who steered Aegon through the
financial crisis and oversaw a deep restructuring after the company
received a bailout, said sales were boosted by a strong performance
of its pension, variable annuities and asset-management
operations.
He also said Aegon is making progress with its plans to reduce
debt.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
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