UK markets closed
  • NIKKEI 225

    26,402.84
    -508.36 (-1.89%)
     
  • HANG SENG

    20,120.68
    -523.62 (-2.54%)
     
  • CRUDE OIL

    111.51
    +1.92 (+1.75%)
     
  • GOLD FUTURES

    1,839.70
    +23.80 (+1.31%)
     
  • DOW

    31,253.13
    -236.94 (-0.75%)
     
  • BTC-GBP

    24,125.44
    +692.93 (+2.96%)
     
  • CMC Crypto 200

    669.38
    +17.15 (+2.63%)
     
  • ^IXIC

    11,388.50
    -29.66 (-0.26%)
     
  • ^FTAS

    4,038.94
    -71.55 (-1.74%)
     

Aegon first-quarter operating result rises 7%, U.S. claims improve

·1-min read

AMSTERDAM (Reuters) - Aegon NV, the Dutch insurer with significant operations in the United States, reported a better-than-expected 7% rise in its first-quarter operating result to 463 million euros ($486 million), citing lower U.S. claims and higher fees.

Analysts had seen the operating result at 428 million euros for the three months ended on March 31, according to a company-compiled poll.

In the United States, adverse mortality claims in the company's individual life insurance business, mostly due to COVID-19, were $105 million, down from $157 million in the same period a year earlier.

"We are seeing the impact from COVID-19 subside and several central banks tightening their monetary policies to protect the economy and address rising inflation," CEO Lard Friese said in a statement, adding that against that backdrop the company was "on track for delivering on our strategic and financial objectives.”

In February ,the company set targets including generating 1.2 billion euros in operating capital for the year. It generated 318 million euros in the first quarter, up from 228 million in the first quarter of 2021.

In March, Aegon completed the sale of its Hungarian arm to Vienna Insurance Group (VIG), after a two year delay over opposition by the Hungarian government to the sale as initially structured.

That led to a book gain of 372 million euros and an influx of cash, which helped the company launch a 300 million euro share buyback programme.

Its shares closed at 4.83 euros on Wednesday, up 10% for the year.

($1 = 0.9517 euros)

(Reporting by Toby Sterling; Editing by Mark Potter)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting