Insurer Aegon Returns To Profit In Q3

AMSTERDAM (AP) — Aegon NV, the bailed-out Dutch insurer that owns Transamerica in the U.S., on Thursday reported a profit for the third quarter, its first since the financial crisis became most acute last fall.

Net profit of euro145 million ($217 million) compared with a loss of euro329 million in the same period a year earlier.

The improvement was attributed to fewer losses on investments and smaller write-downs of asset values — at euro337 million, they were down from euro387 million a year ago. Aegon said losses on assets related to the U.S. housing market had eased.

In addition, several of its smaller businesses — notably pensions and asset management — swung from losses to profits.

Aegon's life insurance business, its largest, reported euro289 million in operating earnings, compared with euro214 million a year ago.

Still, analysts were unimpressed by the figures.

"Other than...some good sales numbers in the Netherlands and U.S. pensions, there is little good to say about these results," wrote KBW analyst Christopher Hitchings in a note on the earnings.