Aegon reports third quarter 2015 results

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Beleggingsadvies 12/11/2015 07:39
Underlying earnings impacted by changes to actuarial assumptions
• Underlying earnings amount to EUR 436 million, impacted by actuarial assumption changes
•Other charges of EUR 950 million driven by book loss on sale of Canadian activities and model updates
•Net loss of EUR 524 million
•Return on equity of 6.8%, or 8.1% excluding assumption changes

Fee-based deposit businesses continue sales growth
•Sustained deposit growth in US retirement plan, asset management and Dutch retail savings; 27% increase in gross deposits to EUR 19.4 billion and 20% higher net deposits of EUR 4.3 billion
•New life insurance sales amount to EUR 435 million mainly due to lower pension sales in NL and UK
•Accident & health and general insurance sales amount to EUR 230 million
•Market consistent value of new business of EUR 125 million impacted by low interest rates

Solid capital position and cash flows
•Operational free cash flows excluding market impacts and one-time items of EUR 350 million
•Holding excess capital increases to EUR 1.8 billion; gross leverage ratio of 28.8%
•Solvency I ratio increases to 225% as a result of divestments and one-time adjustments

CEO
"During the third quarter of the year, Aegon's earnings were impacted by assumption changes, our ongoing model refinement program, and the anticipated book loss on the sale of our low-return business in Canada.

"At the same time, sales for the quarter remained strong, particularly in our fast-growing US retirement plan and asset management businesses.

"We are pleased to have strengthened our position in one of our key growth areas, becoming a top ten provider in the US retirement sector through the acquisition of Mercer's defined contribution record-keeping business. This strategic development demonstrates our determination to grow and diversify our customer base and expand our offering of attractive fee-based retirement solutions.

"The progress we have recently made in preparing for Solvency II gives us confidence that we are well-positioned to operate successfully in this new regulatory framework.

"We remain committed to delivering value to customers and shareholders alike, and look forward to sharing our plans in this respect at our upcoming Analyst & Investor Conference in January."

see and read more on
http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q3-2015/

tijd 09.00
De AEX opent lager op 466.96 -2,24 -0,48% Aegon EUR 5,615 -12ct vol. 375.000



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