Insurer Aegon third quarter profits rise

AP News
Posted: Nov 08, 2012 2:23 AM

AMSTERDAM (AP) — Aegon NV, the Dutch insurer that does most of its business in the U.S. under the Transamerica brand, has reported an increase in third quarter profits on better investment returns and fewer charges.

Net profit was €373 million ($476 million), up from €60 million in the same period a year ago, when the company had weak investment gains, wrote down the value of some businesses and gave a gloomy forecast for future profitability of its portfolio.

The company said its "underlying" earnings — a nonstandard measure it uses to indicate operating performance of its insurance business — rose 31 percent on a mix of growth and cost-cutting.

The company noted it is seeing strong sales of retirement-linked products in the U.S. as the baby boomers hit pension age.