Aegon first-quarter operating result rises 7%, U.S. claims improve (updated)

Vienna Insurance Wiener Versicherung Gruppe AG

12/05/2022 07:05

(Updates with details)
    AMSTERDAM, May 12 (Reuters) - Aegon NV  AEGN.AS , the Dutch
insurer with significant operations in the United States,
reported a better-than-expected 7% rise in its first-quarter
operating result to 463 million euros ($486 million), citing
lower U.S. claims and higher fees.   
    Analysts had seen the operating result at 428 million euros
for the three months ended on March 31, according to a
company-compiled poll.
    In the United States, adverse mortality claims in the
company's individual life insurance business, mostly due to
COVID-19, were $105 million, down from $157 million in the same
period a year earlier.
     "We are seeing the impact from COVID-19 subside and several
central banks tightening their monetary policies to protect the
economy and address rising inflation," CEO Lard Friese said in a
statement, adding that against that backdrop the company was "on
track for delivering on our strategic and financial objectives.”
    In February ,the company set targets including generating
1.2 billion euros in operating capital for the year. It
generated 318 million euros in the first quarter, up from 228
million in the first quarter of 2021.  urn:newsml:reuters.com:*:nL1N2UK0C0
    In March, Aegon  AEGN.AS  completed the sale of its
Hungarian arm to Vienna Insurance Group (VIG)  VIGR.VI , after a
two year delay over opposition by the Hungarian government to
the sale as initially structured.
    That led to a book gain of 372 million euros and an influx
of cash, which helped the company launch a 300 million euro
share buyback programme.  urn:newsml:reuters.com:*:nL2N2VQ0OZ
    Its shares closed at 4.83 euros on Wednesday, up 10% for the
year.
    ($1 = 0.9517 euros)

 (Reporting by Toby Sterling
Editing by Mark Potter)
 ((toby.sterling@thomsonreuters.com;))