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AMSTERDAM, May 11 (Reuters) - Aegon, the Dutch insurer that does most of its business in the United States, on Thursday reported stronger than expected first-quarter net income of 378 million euros ($411 million), helped by the performance of its investment portfolio.
The company's solvency ratio, a gauge of financial strength, remained flat at 157 percent under Europe's new Solvency II regime. But Aegon said it was forced to shift 100 million euros from the group level to its Dutch subsidiary in order to bolster solvency there.
CEO Alex Wynaendts told reporters that resulted in an increase in solvency at the Dutch business from 135 percent at year-end, but he would not be more specific.
Analysts polled by the company had forecast net income at 159 million euros, up from 143 million euros in the same period a year earlier.
Fair value adjustments to Aegon's investment portfolio were a negative 50 million euros, compared to negative 358 million euros in the same period a year ago. ($1 = 0.9204 euros) (Reporting by Toby Sterling. Editing by Jane Merriman)