Aegon 1Q Net Result Increases 7%

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By Sabela Ojea

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Aegon NV on Thursday reported a rise in net profit for the first quarter of 2022, missing market expectations, and said that Covid-19 mortality claims in the US continued to hurt its performance.

The Dutch insurance and asset-management’s net profit rose 7% to 412 million euros ($433.2 million), thanks to the EUR372 million book gain from the sale of Aegon’s businesses in Hungary and a non-economic loss on interest-rate hedges, it said . Net profit was expected to come in at EUR743 million, according to the company’s compiled consensus.

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The company’s operating profit also rose 7% to EUR463 million. It was anticipated to reach EUR426 million, taken from the company’s compiled consensus.

Aegon’s Solvency II ratio–a measure of balance-sheet strength–stands at 210%, it added.

The company also said it expects to complete its first EUR100 million share buyback tranche by June 30, adding that its second EUR100 million tranche will start in July 7 and end by Sept. 30.

“I am confident that the progress we are making on the execution of our strategy and the implementation of our operational improvement plan, as well as the actions we are taking to strengthen our balance sheet keep us on track for delivering on our strategic and financial objectives , Chief Executive Lord Friese said.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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Credit: www.marketwatch.com /

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