Insurance group Aegon booked much higher profits than expected in the first quarter, thanks to a tax windfall and a higher value on assets.
The company posted net profit of €521m, compared with €327m in the year-earlier period. Analysts had forecast net profit at €276m.
The stronger than expected figure meant Aegon kept its write-offs to the lowest level in four years, at €41m. The write-offs came mainly from mortgages in the US market.
Sales of non-life and healthcare insurance grew strongly.
‘The results show the strength of the company and that we are on the right track,’ CFO Jan Nooitgedagt said in a statement.
In February, CEO Alex Wynaendts said the restructuring programme had put Aegon on track to realise the benefits this year.
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