NU Online News Service, Aug. 9, 1:35 p.m. – Aegon N.V., The Hague, The Netherlands, is reporting $1 billion in net income for the first half on $14 billion in revenue, compared with $1 billion in net income on $15 billion in revenue for the first half of 2000.
When Aegon states the results in its native currency, the euro, it reports 1.2 billion euros in net income for the half on 16 billion euros, up from 1 billion euros on 15 billion euros in revenue for the comparable period in 2000.
Aegon provided the dollar conversions itself, based on an exchange rate of 1 euro =89.75 U.S. cents for the 2001 figures, and an exchange rate of 1 euro=96.10 U.S. cents for the 2000 figures,
Aegon sells banking services, commercial loans and property-casualty insurance as well as life insurance, annuities and asset management services.
The life insurance and annuity operations are reporting a total of $1.5 billion in net income for the half on $13 billion in revenue, up from $1.4 billion in net income on $13 billion in revenue.
All Aegon operations in the Americas are reporting a combined total of $696 million in income for the half on $7.7 billion in revenue, compared with $597 million in income on $8 billion in revenue for the first half of 2000.
The life insurance and annuity operations earned $992 million in come for the half on $3.3 billion in revenue, compared with $842 million on $3.5 billion.
Although the recent stock market slump hit variable annuity deposits hard, deposits for fixed-rate and guaranteed-return investments rose so rapidly that total deposits for fixed annuities, variable annuities, funding agreements and guaranteed investment contracts increased 8%, to $13 billion.