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AEGON Reports $4.4 Billion In U.S. Losses And Charges

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NU Online News Service, March 26, 2003, 4:50 p.m. EST – AEGON N.V., The Hague, Netherlands, says it would have reported the equivalent of a net loss of $2.3 billion for 2002 if it had followed the U.S. Generally Accepted Accounting Principles.

The company reported $1.6 billion in net income in March when it released 2002 financial statements prepared in compliance with Dutch accounting rules.

The U.S. net income figure includes $2.4 billion in additional investment losses and $2 billion in “goodwill write-offs,” or reductions in the stated value of some of AEGON’s past U.S. acquisitions.

AEGON included the write-offs in shareholders’ equity totals in 1999 and 2000, but now U.S. accounting principles also require AEGON to include the write-offs in its net income figures, AEGON says.