AMSTERDAM (AP) â€" Dutch insurer Aegon NV reported a 59 percent rise in first quarter earnings on Thursday thanks to fewer impairment charges and a turnaround at its British operations.
Aegon does around two thirds of its business in the U.S., where it is the owner of the Transamerica brand. It reported better U.S. sales, but worse earnings from operations as people live longer.
Net profit was €521 million ($ 674 million), up from €327 million in the same period a year ago. The biggest reason behind the increase was the quarterly reappraisal of the "fair value" of Aegon's assets, which led to a €156 million gain versus a loss of €85 million the same period a year ago. However, lower taxes and a better operating performance also contributed slightly.
The company said "underlying earnings" â€" a nonstandard measure which seeks to strip out investment impacts â€" rose 3 percent to €425 million, as cost-cutting in Britain paid off. Underlying earnings there rose to €29 million from €12 million a year earlier. The company's underlying earnings in developing markets rose 29 percent to €88 million.
Aegon noted that its costs from impaired assets have fallen to €41 million, the lowest level since the start of the 2008 financial crisis. Most impairments were still linked to mortgage-backed securities, however.
ForexNews.com
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