Aegon reports lower than expected first-half earnings; withdraws 2019-2021 financial targets

Written by Adam Cadle

13/08/2020

Dutch insurer Aegon has reported lower than expected first-half earnings, and has withdrawn
its 2019-2021 financial targets on the basis of the company’s results in the first half of 2020 and in light of the uncertain economic outlook due to the COVID-19 pandemic.

Aegon said it would provide new capital targets in December.

The company reported underlying pre-tax earnings of €700m ($826.7m) for the first half, down 31% from €1.01bn in the same period of 2019, with €202m in net income.

Aegon will cut its interim dividend to 6 cents from 15 cents, and the insurer will use any cash to reduce leverage and strengthen the balance sheet.

The company reported that solvency had declined to 195% from 201% at the end of 2019.

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