AEGON increases profitability during fourth quarter

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Beleggingsadvies 25/02/2010 09:00
“Clearly, the steps we have taken over the past year have delivered solid results - a return to profit, reduced expenses, and continued customer confidence, resulting in increased sales in all country units."

Strong increase in underlying earnings and net income
Underlying earnings before tax of EUR 427 million
Net income of EUR 393 million, due to improved earnings, realized gains on investments and lower impairments
Impairments of EUR 209 million, the lowest level in six quarters
Cost reduction measures of EUR 250 million realized in 2009, exceeding target of EUR 150 million
Robust sales demonstrating solid franchise
New life sales of EUR 549 million, driven by strong sales in most businesses
Net deposits, excluding institutional guaranteed products, of EUR 1.5 billion, due to strong sales of pensions and retail mutual funds
Profitable sales with value of new business of EUR 216 million and an internal rate of return of 17.6%
Continued strong capital position
EUR 0.8 billion in capital freed-up in Q4, totaling EUR 3.3 billion in 2009
Excess capital of EUR 3.7 billion by end December
Insurance Group Directive a) capital surplus of EUR 6.7 billion, equivalent to solvency ratio of 204%
No dividend on common shares


Statement of Alex Wynaendts, CEO
“Clearly, the steps we have taken over the past year have delivered solid results - a return to profit, reduced expenses, and continued customer confidence, resulting in increased sales in all country units. AEGON today is in a stronger financial position, which enabled us to repay one-third of the capital we obtained from the Dutch government. Given the uncertain environment, we believe that it continues to be prudent to maintain a substantial capital buffer, as reflected in our strong capital position. Although impairments improved during the quarter, they remained at elevated levels for the year, which led to lower cash flows from our operating units. Consequently, AEGON will not declare a dividend to common shareholders. Looking ahead, we are confident that our strategy will continue to reinforce AEGON’s strong position in the gradually improving economic environment.”



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