Dutch insurer Aegon has reported a net income of EUR404m for the second quarter of 2011, compared to EUR413m in the same quarter last year.
The underlying earnings before tax was EUR403m in the second quarter of 2011, compared to EUR483m in the second quarter of the 2010.
In the first quarter of 2011, the group reported total sales of EUR1.26bn, compared to EUR1.48bn in the corresponding quarter of 2010, a decrease of 15%.
The new life sales for the second quarter of 2011 declined to EUR1.3bn mainly due to unfavorable currency movements.
The company posted gross deposits of EUR6.7bn, supported by strong variable annuity and pension deposits.
New premium production from Aegon’s general insurance and accident & health businesses decreased to EUR 8m, driven by lower motor insurance production due to increased competition.
Aegon CEO Alex Wynaendts said during the second quarter, the frim made solid progress in delivering on AEGON’s key strategic priorities, not least of which was the completion of repayment to the Dutch State.
"The particularly strong sales of variable annuities and pension and retirement products in the US are a result of the successful repositioning of our business toward more fee-generating income," Wynaendts said.