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AEGON Lowers Earnings Expectations

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NU Online News Service, July 22, 1:36 p.m. – AEGON N.V., The Hague, Netherlands, estimates its full-year 2002 earnings will be about 30% lower than it predicted in early May because of the recent wave of bond defaults, the weakness of world stock markets and the weakness of the U.S. dollar.

Earlier, AEGON said it hoped to report the equivalent of about $2.4 billion in profits for the year.

“I want to emphasize that during the past few months our base business remained good,” AEGON Chairman Don Shepard says in a statement about the revised earnings forecast. “We are well-positioned for the future and our solvency position remains good.”

AEGON will publish its second-quarter earnings Aug. 8.