Aegon 2nd Half Net Profit Dropped Amid Market Turmoil

   By Adria Calatayud 
 

Aegon NV (AGN.AE) said Thursday that net profit fell 83% in the second half of 2018 after a challenging period in which the company was hit by market turmoil.

The Dutch insurance and asset-management company said it made a net profit of 253 million euros ($286.0 million) in the six months to Dec. 31 compared with EUR1.45 billion in the year-earlier period.

The company said the lower net profit reflected value losses as a result of market movements. In 2017, the company received a one-off boost from U.S. tax reforms.

Underlying pretax earnings fell 8% to EUR1.01 billion, as lower retirement-plans earnings in the U.S. offset business growth and higher margins in Europe, Aegon said.

Aegon's Solvency II ratio, a measure of its balance-sheet strength, declined four percentage points during the second half to 211%.

The company declared a final dividend of EUR0.15 a share compared with EUR0.14 a share a year earlier.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

February 14, 2019 01:37 ET (06:37 GMT)

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