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Aegon’s net profit increases 10% in Q3

Netherlands-based insurance firm Aegon has reported a 10% increase in net profit in its third quarter, thanks to increased value in new business.

Net profit totaled E679 million, or E0.40 per share, in the third quarter, compared to E617 million, or E0.38 per share, in the corresponding period the previous year.

The profit exceeded analyst profit forecasts polled by Reuters, which averaged E566 million.

Executive board chairman Don Shepard told Reuters: The effects of interest rate changes and strong equity markets have been good for our business overall. We would like to see interest rates a little higher and particularly a more normal yield curve.

The performance in operating profit for the overall nine months has seen a 39% increase, despite the third quarter results falling to E586 million compared to E599 million the previous year. The 39% rise has been mainly driven by the insurer’s core US, UK and Dutch markets.

Shares in the Dutch insurance company have increased by more than 10% since it last published its results in August 2006.

Aegon is continually trying to expand its market share and recently agreed to buy Polish pension fund management company PTE Ergo Hestia.