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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aegon Ltd | NYSE:AEG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 1.12% | 6.33 | 6.34 | 6.26 | 6.30 | 2,710,997 | 01:00:00 |
By Maarten van Tartwijk
AMSTERDAM--Dutch life insurance and pension company Aegon NV (AEG) Friday reported a sharp rise in fourth-quarter net profit thanks to higher sales, lower restructuring charges and investment gains.
Aegon also said it reached agreement with its largest shareholder, Vereniging Aegon, about the cancellation of preferred shares in a bid to simplify its capital base in the face of new European regulations for the insurance industry. In the transaction, Aegon will pay 1.1 billion euros ($1.47 billion) in cash and common stock, increasing its outstanding shares by around 7%.
Aegon, the owner of U.S. insurer Transamerica Corp, said net profit was 422 million euros, up from 81 million euros in the same period a year earlier when earnings were hit by restructuring charges. The results were broadly in line with analyst expectations.
"Our solid fourth-quarter performance, both in terms of sales and earnings, is a result of the steps we have taken to transform our business," Chief Executive Alex Wynaendts said in a statement.
Aegon received a government bailout in 2008 after suffering heavy investment losses during the financial crisis. Since then, the insurer has restructured its operations in the U.S., the Netherlands and the U.K. and divested a series of assets. The company repaid the Dutch state in 2011 and is now sitting on a large cash pile. It recently made a number of small acquisitions in Romania and Ukraine to bolster its footprint in high-growth markets.
-Write to Maarten van Tartwijk at maarten.vantartwijk@dowjones.com
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