Dutch insurer Aegon has reported that its net profit for the first quarter of 2012 stood at €521m, with an increase of 59%, compared to a net profit of €327m during the same period a year ago.

The underwriter said that its net profit rose due to the better performance of bottom line, including the quarterly reappraisal of the ‘fair value’ of Aegon’s assets, which led to a €156m and lower taxes and a better operating performance.

For the current quarter period, its underlying earnings grew by 3% to €425m, due to cost reduction in the UK, where the firm registered underlying earnings of €29m from €12m during the same quarter previous year.

In the Netherlands, underlying earnings decreased by 2% to €79m compared to €81m, mainly due to result of adverse claim experience on disability products in the non-life business offset by a higher contribution from AEGON’s growing Dutch mortgage loan portfolio.

Underlying earnings from the US summed up to €292m, down 13% decrease from €347m compared to the first quarter of 2011,primarily due to unfavorable mortality results (€12m) and lower fixed annuity earnings.

Underlying earnings from new markets increased 29% to €88m, compared to €57m during the same quarter last year.

Ageon CEO Alex Wynaendts said that following a year of considerable transformation, the firm delivered early on its target to generate a greater proportion of earnings from fee-based versus spread-based business.

The results from fair value items increased to €156m for the first quarter of 2012, against €85m during the corresponding quarter previous fiscal.