Aegon Q1 Operating Result Increases

Dutch life insurer Aegon NV (AGN.L,AEG) reported that its first-quarter operating result increased 20% year-over-year to 431 million euros, mainly driven by expense savings and higher equity markets, partly offset by adverse claims experience in the United States mostly due to COVID-19.

Net result was 386 million euros in the first quarter of 2021 reflects increased operating result and benign credit environment.

The company said it has reduced the addressable expense base across the Group by 136 million euros and is on track to deliver half of its 2023 target of 400 million euros expense savings by the end of 2021.

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