Aegon's capital generation down on high US mortality, but beats estimates (updated)

ASR Nederland NV

22/08/2024 06:34

(Adds details and context in paragraphs 2-3 and 5)
       Aug 22 (Reuters) - Dutch insurer Aegon  AEGN.AS  said on
Thursday its key capital generation metric fell in the first
half of the year due high mortality in the U.S., its main
market, though it still beat market expectations.
    A high mortality leads to more insurance claims related to
death, which can strain insurers' ability to generate cash.
    Aegon has been divesting assets in Europe to sharpen its
focus on the U.S market, where it aims to make its Transamerica
unit the country's leading middle-market life insurance and
retirement firm.
    Its half-year operating capital generation before holding
funding and operating expenses fell 5% year-on-year to 588
million euros ($655 million), but beat the average estimate of
551 million from a company-compiled poll of analysts.
    The group said it was on track to meet its 2024 guidance.
($1 = 0.8975 euros)

 (Reporting by Olivier Sorgho and Dimitri Rhodes in Gdansk;
editing by Milla Nissi)
 ((Olivier.Sorgho@thomsonreuters.com;))