NU Online News Service, Mar. 7, 1:42 p.m. – AEGON N.V., The Hague, Netherlands, is reporting the equivalent of $567 million in net income for the fourth quarter of 2001 on $7.2 billion in revenue, compared with $505 million in net income on $7.4 billion in revenue for the fourth quarter of 2000.

Dollar results reflect a decline in the value of the euro relative to the dollar over the past year. When expressed in euros, AEGON’s net income increased 19%, to 640 million euros, and its revenue increased 4%, to 8.2 billion euros.

The fourth-quarter results also include a $482 million provision for losses on U.S. bonds, AEGON says.

The currency translations given here use an exchange rate of 1 euro=88.58 U.S. cents for the 2001 results, and an exchange rate of 1 euro=94.16 cents for the 2000 results, based on exchange-rate data from OANDA Corp., New York.

AEGON is a global financial services company that sells banking services, property-casualty insurance and loans as well as life insurance and annuities. Transamerica is one of its major U.S. units.

Total life insurance revenue fell to $6.2 billion, from $6.6 billion, but the net flow of cash into fixed annuities was up sharply, and variable annuity products also began to recover. Net variable annuity deposits increased to $256 million in the fourth quarter, up from $23 million for the comparable quarter in 2000.

The Americas unit reports its results in U.S. dollars. The unit generated $373 million in net income on $4.4 billion in revenue, up from $313 million in net income on $3.8 billion in revenue. U.S. variable annuity deposits fell 25%, to $1.5 billion, but fixed annuity deposits increased 99%, to $2.2 billion, and total life gross premiums increased 13%, to $2 billion.

Commission payments and expenses increased 10%, to $838 million.