THE HAGUE (dpa-AFX) - Dutch insurer Aegon NV (AEG, AGN.L) reported higher first-quarter net income of 521 million euros, compared with 327 million euros last year, driven by favorable fair value items results and tax benefits. Including additional adverse mortality experience of 12 million euros, underlying pre-tax earnings for the quarter amounted to 425 million euros, versus 414 million euros a year earlier. This increase is the result of a strong delivery on cost reduction programs, higher fee-based earnings due to favorable equity markets and favorable currency movements.
Earnings were negatively impacted by adverse mortality experience and lower fixed annuity earnings in the Americas, and in the Netherlands by poor morbidity experience, the company stated.
Aegon's quarterly sales advanced to 1.76 billion euros from 1.41 billion euros in the prior-year quarter.
The company said its quarterly results confirm the resilience of its franchise and that the actions being pursued by management are the right ones. 'It is for this reason that we look forward to resuming a dividend payment, which will be decided during our upcoming Annual General Meeting of Shareholders,' Aegon added.
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© 2012 AFX News
