Aegon N.V. reports 14% increase, to $233 million, in quarterly profits

November 16, 1996|By Greg Schneider | Greg Schneider,SUN STAFF

Aegon N.V., a Dutch insurance group with U.S. headquarters in Baltimore, said yesterday that third-quarter earnings were 14 percent higher than during the same period last year.

Its U.S. sales were led by pension plans and variable universal life insurance, the company said. In the Netherlands, an increase in new production, higher investment income and cost management helped boost returns, the company said.

Third-quarter net income was $233 million, compared with $205 million during the comparable period a year ago.

"Apart from the satisfactory growth of results, I am particularly pleased life insurance and pension premiums income showed a healthy growth in all group units, thus improving our market position," company Chairman Kees Storm said in a news release.

Earnings per share jumped 12 percent for the third quarter, to 87 cents a share, compared with 78 cents in the year-earlier quarter.

For the nine months, net income was $657 million, up 12 percent. Gross premiums during that period increased 17 percent, to $7.443 billion, from $6.346 billion in the first nine months of last year.

The company operates Monumental Life Insurance Co. and Monumental General Insurance Group out of Baltimore. Its worldwide headquarters are in the Netherlands, where Aegon is that country's second-largest insurer.

On the New York Stock Exchange, Aegon stock dropped $1 to $55.625 yesterday.

Pub Date: 11/16/96

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