Dutch insurer Aegon NV on Thursday reported a much better than expected second quarter, driven by investment gains and operational improvements as the impact of the pandemic eased in the United States, its biggest market.
Its net result of 849 million euros ($997 million) outstripped analyst expectations of 325 million euros in a company-compiled poll and compares with a net loss of 1.07 billion euros in the same period a year earlier.
"Increased fees due to favourable equity markets, the normalisation of claims experience in the United States, and expense savings contributed to a 62% increase in our operating result," CEO Lard Friese said in a statement. The operating result was 562 million euros, also exceeding analyst forecasts.
Investment gains included 468 million in positive asset revaluations, notably on private equity and real estate investments in the Netherlands and the United States, as well as a well-timed hedge on interest rates put in place in March 2021. BBG