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Aegon Posts Lower Q1 Earnings, Revenue

05/12/2021 01:54

05:52 AM EDT, 05/12/2021 (MT Newswires) -- Aegon NV (AEG) reported Q1 earnings Wednesday of 0.18 euros ($0.22) per share, down from 0.61 euros per share a year earlier.

Revenue was 6.73 billion euros, down from 7.68 billion euros a year earlier.

Analysts estimates were not immediately available for comparison.

"So far, we have reduced the addressable expense base across the Group by [136 million euros] and are on track to deliver half of our 2023 target of [400 million euros] expense savings by the end of 2021," Aegon Chief Executive Lard Friese said in a statement.

The company also said it has significantly reduced interest rate risk in the US and is on course to expand dynamic hedge to the US legacy variable annuity block in the second half of the year.

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