May 12, 2020 / 5:50 AM / 22 days ago

Insurer Aegon: Q1 pretax income 366 mln euros, solvency rises to 208%

AMSTERDAM, May 12 (Reuters) - Dutch-based insurer Aegon on Tuesday reported worse than expected underlying income due to the impact of coronavirus and falling interest rates in the United States, where it does the bulk of its business.

However, solvency rose to 208%, as the company witheld paying a dividend due to the health crisis.

Underlying pretax income was 366 million euros ($396 million), against 449 million euros in a company-compiled poll.

But solvency was better, against estimates of 199%, due to retaining the dividend, and its net income of 1.27 billion euros was much better than analysts’ estimates of 64 million euros, as the value of the company’s Dutch liabilities were adjusted sharply lower.

Aegon, which usually reports earnings twice a year, provided the first quarter update due to the increased uncertainty caused by the coronavirus outbreak. There are no comparative figures from a year ago. ($1 = 0.9249 euros) (Reporting by Toby Sterling; Editing by Kim Coghill)

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