Aegon returns to profit

Insurance company Aegon said on Thursday it had returned to profit in the third quarter of this year, following a year of losses.

Aegon reported a net profit of €145m, compared with a loss of €329m a year earlier.
Aegon also said its cost cutting programme had taken effect quicker than expected and the group has already achieved its €150m euro cost-savings target for the year, news agencies reported.
In a statement, Aegon CEO Alex Wynaendts said the third quarter numbers showed the company had taken the ‘right actions at the right time’ to deal with the global financial crisis. Aegon had a €3bn capital injection from the Dutch government last year.
ING and SNS Reaal, which also had government bail-outs, also announced a return to profitability earlier this week.

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