Net income for the Dutch-headquartered company was up just 2% in the second quarter over the same period of 2014. However, for the year to date it was down 9% at €666m (£473.4m, $740m)
Aegon chief executive, Alex Wynaendts, described the quarterly results as “solid” given an adverse mortality experience in the US and the negative impact from the hedging programs on net income.
“At the same time, we are pleased with the high level of sales as we continue to secure new distribution agreements and reach many new customers in all our markets,” he said.
Aegon, which owns Transamerica, said underlying earnings before tax from the Americas had risen 8% to €358m over the same period of 2014, due mainly to strong sales of retirement products like variable annuities and a rise in asset management balances.
Elsewhere in that region, Aegon said it had completed the C$600m sale of its Canadian life insurance business to Wilton Re following regulatory approval. This would result in a loss of C$1.2bn (€800m, $900m, £600m), which will be booked in the third quarter.
In the Netherlands, underlying earnings increased by 4% to €136m, as favourable mortality and one-time items were partly offset by higher non-life claims and lower investment income.
Underlying earnings from Aegon UK were up 9% to €34m in the second quarter, though the company said this was mainly due to favourable currency movements.
In the UK, Aegon noted that net inflows to its platform had nearly tripled to £1.0bn, due to a combination of new money coming in and the upgrading of existing customers.
Total assets on the platform reached £4.6bn by the end of second quarter of 2015 with the average customer policy size stading at around £72,000, which is more than double the amount for the traditional book of pensions and bonds.
Total assets under management for drawdown products on the platform more than doubled in a year and was up 18% from the first quarter of 2015.
