Managers of AEGON N.V. are counting on an increase in fee-based earnings on variable annuity and pension operations in the Americas to help the company increase overall earnings.

Alex Wynaendts, the chief executive officer of AEGON, The Hague, Netherlands (NYSE:AEG), and other AEGON executives are talking about growth plans for the company this week during an investor conference.

AEGON, the parent of Transamerica, was hit hard by the recent credit market crisis and recession and has been divesting some operations, such as its U.S. reinsurance operations.

Earlier this month, AEGON repaid the Dutch State for aid received during the credit market crisis.

AEGON now has a lower cost base for its main operations in the United States and other regions, and it should be able to generate solid earnings growth with an improved risk-return profile, Wynaendts says in a statement.

AEGON hopes to increase underlying earnings before tax an average of 7% to 10% per year between 2010 and 2015, and to achieve e a return on equity of 10% to 12% by 2015, the company says.

The company also hopes to increase fee businesses to 30% to 35% of underlying earnings before tax by 2015, the company says.

Strong improvements in the Americas should help lead to strong growth in normalized operational free cash flows, the company says.

“In the Americas, cash flows are benefiting from further business growth,” the company says.”

- Allison Bell

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