Dutch insurer Aegon has reported a net income of EUR327m in the first quarter of 2011, compared to EUR372m in the same quarter last year.
The underlying earnings before tax reported EUR414m in the first quarter of 2011, representing a 7% decline, compared to EUR446m in the first quarter of the 2010.
In the first quarter of 2011, the group reported total sales of EUR1.41bn, compared to EUR1.44bn in the corresponding quarter of 2010.
The new life sales for the first quarter of 2011 increased in all units except the UK and amounted to EUR501m.
Gross deposits amounted to EUR7.4bn in the first quarter of 2011.
Insurer said the growth in US pension and variable annuity deposits was offset by lower asset management deposits and lower savings deposits in the Netherlands.
The group reported operating expenses of EUR837m in the first quarter of 2011, an increase of 3%, compared to EUR812m in the same quarter of the last year.