AMSTERDAM, Netherlands—The Dutch-based insurer Aegon NV, owner of Transamerica, reported a 58 percent fall in net profit for the second quarter on Thursday, blaming the weak dollar and losses and impairments on its investment portfolio.
The company said net profit was euro276 million (US$425 million), down from euro655 million in the same quarter a year earlier. Total revenue was down 10 percent to euro8.54 billion (US$13.2 billion).
"In this environment, Aegon's businesses performed well with solid underlying earnings and growth in both sales and deposits," Chief Executive Alex Wynaendts said in a statement.
The company said that in dollar terms, its operating earnings in the Americas actually grew 8 percent to US$832 million (euro540 million) despite the downturn, with sales up in all retail businesses, including fixed and variable annuities, mutual funds and life insurance.
Its investment portfolio there suffered US$126 million (euro82 million) in impairments, of which half were related to subprime mortgages investments.
