Cedar Rapids, Iowa News, Sports, and Weather
AEGON Earnings Rise on Investment Returns, Fewer Charges
CEDAR RAPIDS, Iowa AEGON, the Netherlands-based corporate parent of Transamerica with operations in Cedar Rapids, on Thursday reported a higher third-quarter net profit on realized gains on investments, more favorable results on fair value items and lower impairments.
Net income for the quarter that ended on Sept. 30 was $476.3 million, up sharply from $76.4 million in the same quarter of 2011 when AEGON had weak investment gains and wrote down the value of some businesses.
AEGON said underlying earnings, a nonstandard measure used to indicate the operating performance of its insurance business, rose 31 percent to $601 million.
Sales slipped to $1.97 billion in the third quarter from $2.06 billion in the same quarter of 2011.
AEGON said new life insurance sales of $515.8 million were stable as increased sales in the United States and the effects of favorable currency movements were offset by lower sales in the Netherlands, the United Kingdom and Spain.
Accident and health sales increase 24 percent to $242 million driven by growth in the U.S.
AEGON said it is seeing strong sales of retirement-linked products in the U.S. through its Transamerica unit as baby boomers hit pension age.