Aegon sheds profits, joint venture
By The Holland Times Thu. 9 August 2012
Dutch insurer Aegon on Thursday reported a 37 percent slump in its second quarter net profit and said it was selling is share in a joint venture with Spain's Banca Civica, according to a report by news agency AFP.
Net profit fell to 254 million euro (314 million US dollars) from 403 million euro the same time last year. A statement by Aegon attributed the difference, at least in part, to a 265 million euro charge relating to improvements in insurance products.
The results however were better than the 181 million euro expected by analysts polled by Dow Jones Newswires.
The Hague-based group said it was selling its 50 percent interest in a joint venture with Spain's Banca Civica for 190 million euro to CaixaBank following a merger between the two banks.
Aegon said a cost reduction programme in the Netherlands remained on track, saving the company 62 million euro to date and reducing its cost base to a total of 100 million euro by the end of the year, compared to 2010.
(Photo: Gerard Stolk)