Aegon 2Q Underlying Earnings Rise on Improved Claims

By Razak Musah Baba Features Dow Jones Newswires

Aegon N.V. (AEG) on Thursday reported a 23% rise in underlying earnings and also announced the sale of its Irish business to help increase financial flexibility.

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The Dutch insurer said for the second quarter, underlying pretax earnings rose to 535 million euros ($609.6 million) from EUR435 million a year earlier, growth that it attributed to improved claims experience and higher fee income from favorable equity markets. As a result, return on equity increased to 8.4%, Aegon added.

For the second quarter, Aegon reported a 42% rise in sales to EUR3.94 billion from EUR2.77 billion. This was mainly due to an increase in gross deposits by 52% to EUR34.8 billion, it said, adding that the increase was primarily driven by strong institutional platform sales in the U.K., which can fluctuate. In addition, asset management gross deposits increased as a result of higher gross inflows in the Americas and the Netherlands.

Also Thursday, Aegon said it agreed to sell Aegon Ireland PLC to AGER Bermuda Holding Ltd., the holding company of the European operations of Athene Holding Ltd.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

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August 10, 2017 02:07 ET (06:07 GMT)