“I am pleased with the continued earnings momentum that we are seeing as a result of our ambitious expense savings program and the increased contribution from our growing fee-based businesses,” said Aegon CEO Alex Wynaendts.
The insurer’s first quarter net income is 20% lower than the comparable €470m-figure during the last three months of 2016. The insurer also reported a 6% growth in underlying earnings, as driven by expense reductions in the US and higher fee income.
Aegon’s UK business reached a milestone during the first quarter, as its combined platform assets passed the £100 billion mark:
- Aegon platform assets of £15.2 billion
- Cofunds platform assets of £86.8 billion
It also reported quarterly earnings of £31 million – a 45% increase over the same period last year. “This profit figure represents strong new business flows, a focus on customer retention and effective cost management all aided by a buoyant stock market,” he added.
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