Dutch insurer Aegon NV (AEG,AGN.L) reported first-quarter profit of 204 million euros, down from 525 million euros in the prior year quarter. The decline in net income was mainly due to losses on equity hedging programs established to protect the capital position.
But, underlying earnings before tax for the quarter grew to 445 million euros from 439 million euros last year. Business growth and the positive effects of favorable equity markets were offset by the loss of earnings due to the sale of the company's interests in partnerships in Spain and higher sales and employee performance related expenses.
Quarterly sales declined to 1.738 billion euros, from 1.758 billion euros in the year ago quarter. New life sales grew strongly, driven mainly by higher pension production as a result of strong market propositions in the Netherlands and the United Kingdom. In the Americas, new life sales declined primarily driven by lower universal life sales due to product withdrawals and product redesign, resulting from the focus on value creation.
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