Insurer Aegon returns to profitability in fourth quarter

February 26, 2010

AMSTERDAM - Aegon NV, the bailed-out Dutch insurer, reported a return to profit in the fourth quarter due to gains on investments, a better operating performance and fewer impairments on assets. Net profit was 393 million euros ($530 million), compared with a loss of 1.18 billion euros in the same period a year ago, during the financial crisis. In the Americas, where Aegon does more than half its business and owns the Transamerica company, operating profits were 201 million euros, from a loss of 1.17 billion euros in the fourth quarter of 2008. Aegon has its North American headquarters in Baltimore. Aegon cut around 7 percent of its work force during the year and now employs around 25,000.

- Associated Press

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