NETHERLANDS - Aegon, the Dutch insurance and pensions provider, today posted an 8% increase in underlying earnings before tax in its pensions and asset management business in the second quarter of this year.
Presenting its second quarter results in Amsterdam today, Aegon said its underlying earnings before tax for the pension and asset management arm had grown from €119m in the second quarter of last year to €129m in the same period this year.
The company added underlying earnings before tax on the institutional-only business grew to €99m over the quarter - a growth of 48%.
In the Netherlands, the underlying earnings before tax in the second quarter of this year stood at €60m, compared to the €29m in the same period last year.
The company said this growth was mainly thanks to the corporate pension business.
in the UK, however, underlying earnings before tax for the pension and asset management unit decreased by £6m to £27 million, while pension and asset management sales were also decreased to €2.4bn.
Sales through institutional business decreased by 27% to €3.4bn.
Aegon said its operating profits before tax for the unit grew to €37m at the end of the quarter - up from €22m.
That said, the group reported a 58% drop in quarterly profit because of "impairments" on US credit and subprime mortgage investments.
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