Insurer Aegon reports 329 million loss in Q3

AMSTERDAM — Insurer Aegon NV on Thursday said it swung to a net loss of 329 million euros ($425 million) in the third quarter, blaming write-offs and losses on investments resulting from the global financial crisis.

The company made a net profit of 541 million in the same period a year earlier. Revenues from insurance premiums, investment income and commissions fell 16 percent to 8.15 billion euros ($10.5 billion).

The results were largely as analysts expected after the company warned in October it expected a loss of around 350 million euros ($436 million) at the same time it accepted a 3 billion euro ($3.7 billion) investment from the Dutch government to shore up its capital position.

In all, Aegon had 791 million euros ($1.02 billion) worth of investment losses and impairment charges in the quarter.

The company's shares, which have shed more than two-thirds of their value since January, closed down less than 1 percent to 3.97 euros ($5.05) in Amsterdam.

Aegon has two-thirds of its business in the United States, where it owns insurance company Transamerica.

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