AEG Aegon Ltd

By Maarten van Tartwijk

AMSTERDAM--Dutch life insurer and pension company Aegon NV (AGN.AE) on Wednesday reported a decline in first-quarter earnings, driven by higher claims in the U.S.

The Dutch insurer, which generates most of its revenue in the U.S. through its Transamerica unit, said net profit was 316 million euros ($354 million) in the first three months of 2015, down from a EUR399 million a year earlier.

Underlying pretax profit, which strips out the impact from investments, fell 17% to EUR469 million. Aegon attributed the fall in profits to higher claims in the U.S. and the low interest rate environment.

Chief Executive Officer Alex Wynaendts described underlying earnings as "disappointing."

Write to Maarten van Tartwijk at Maarten van Tartwijk@wsj.com

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