Aegon boosts final quarter earnings

Insurance group Aegon booked a 29% increase in underlying net profit to €447m in the fourth quarter of last year.

The increase was due to ‘business growth, successful delivery on cost reduction programmes, the non-recurrence of exceptional charges in the UK and favourable equity markets and currency movements,’ the company said in a statement.

On an annual basis, underlying net profit was up 17% at €1.8bn, while net profit rose 80% to €1.57bn.

The insurance giant also said it had reached agreement with the Vereniging Aegon to cancel all of Aegon’s preference shares in order to simplify its capital structure.