Aegon confirms loss, continues cost cutting

Thursday 12 March 2009

Insurance group Aegon on Thursday confirmed it booked a loss of €1.1bn in the full-year 2008.

Ageon booked €100m profit in the first nine months but this was wiped out by a €1.2bn loss in the final quarter of the year, largely due to write-offs on investments.

Aegon said in a statement it will continue to focus on cutting costs and freeing up capital by reducing its exposure to risky investments.

CEO Alex Wynaendts declined to give a specific outlook for the first quarter but told reporters: 'In the short term our numbers are going to be impacted by fair value items'.

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