Insurance group Aegon booked net profit of €872m in 2011, down some 50% on 2010. Lower share prices and interest rates pressured earnings in what CEO Alex Wynaendts said was ‘a challenging year’.

Aegon completed repayment of its Dutch government bail-out last year, which Wynaendts described as a ‘singular achievement’.
The restructuring programme announced last year has put Aegon ‘on track’ to realise the benefits this year. In particular, cost reductions in Britain have been realised, he said in a statement.