Insurer Aegon Q3 operating result misses view on adverse market conditions

AMSTERDAM (Reuters) – Dutch insurer Aegon NV on Thursday reported a weaker-than-expected third quarter operating result of 429 million euros ($430 million) on Thursday, citing lower fees due to “adverse market” conditions.

Analysts had forecast an average operating result estimate of 456 million euros for the three months ended Sept. 30, according to a company-compiled consensus, compared with 443 million euros in the same period a year earlier.

Operating result is a non-standard measure used by Aegon to illustrate its own performance and that of joint ventures consolidated on a proportionate basis.

“Adverse market conditions more than offset an improvement in claims experience in the United States, expense savings and the benefit from growth initiatives,” Chief Executive Officer Lard Friese in a statement.

Last Month, Aegon agreed to sell its Dutch operations to ASR for 2.5 billion euros and a 29.99% stake in ASR.

After the deal, expected to close in the second half of 2023, Aegon will have more than three quarters of its business in the United States, where it operates under the Transamerica brand.

($1 = 0.9968 euros)

(Reporting by Toby Sterling; Editing by Muralikumar Anantharaman and Rashmi Aich)