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Thursday, November 12, 2009
Aegon Swings To 3rd-qtr Profit; Impairments Down
By Robert Daniel
MarketWatch Pulse
TEL AVIV -- Aegon, the Hague insurance giant, swung to net income of 145 million euros from a year-earlier loss, reflecting lower impairments and faster-than-forecast cost cuts. In the year-earlier quarter, Aegon had a loss of 329 million euros. Underlying pretax earnings fell 30% to 351 million euros from 500 million. Sales of new life insurance fell 22% from a year earlier to 484 million euros. They rose 3% from the second quarter. Impairments totaled 285 million euros against 407 million a year earlier. And through the first nine months, the company reached its cost-savings target for the year of 150 million euros. At the end of this month, the company is scheduled to repay 1 billion euros to the Dutch government, "an important first step toward full repayment of the capital support Aegon received last year," Chief Executive Alex Wynaendts said in a statement on Thursday.
Copyright © 2009 MarketWatch, Inc.
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