AP Photo: Peter Dejong

AMSTERDAM (AP)—Aegon NV, the Dutch insurer that owns Transamerica and does the bulk of its business in the U.S., says its profits fell by 75 percent in the fourth quarter, due mostly due to worse investment results.

Net profit was €79 million ($104 million), down from €318 million in the same period a year earlier. Investment gains were €49 million, down from €255 million.

Aegon issued shares in 2011 and paid the Dutch state back for a 2008 bailout. Aegon said Friday with that behind it, its underlying businesses are improving. CEO Alex Wynaendts said deposits in its annuities and pension management businesses in the U.S. had been strong throughout the year as baby boomers retire. Aegon plans to pay a dividend of €0.10 over the second half of 2011, its first since the bailout.