Aegon Q2 earnings cut in half by charge

AP News
Posted: Aug 09, 2012 2:58 AM

AMSTERDAM (AP) — Aegon NV, the Dutch insurer that does most of its business in the US, said second quarter net profit fell by more than 50 percent, due to a charge on its Dutch life insurance business.

Net profit was €254 million ($314 million), down from €521 million in the same period a year ago, including the €265 million charge to bring Dutch "unit-linked" plans into line with their current value.

The company said Thursday "underlying earnings" — a measure that seeks to strip out asset value reassessments, investment gains and other adjustments to give a clearer picture of the company's operational performance — was up 2.7 percent to €337 million.

CEO Alex Wynaendts said in a statement the company, which owns the Transamerica brand, continued to see strong demand in the US.