Aegon Posts Profits, CEO Change

Aegon NV, the second-largest Dutch insurer after ING Groep NV, announced a 47 percent jump in third-quarter profits. Net income increased to 541 million euros ($792 million) from 367 million euros a year earlier.

Published on November 8, 2007

The Hague-based insurer also announced Alexander Wynaendts will succeed current CEO Don Shepard, who is retiring. Shepard is credited with expanding Aegon through purchases and ventures in faster-growing countries such as India and Mexico while adding products in the U.S. and Britain.

The insurer repeated last month that it didn't expect material impairments on its $4.5 billion of subprime investments in the third quarter. The company earlier said it held asset-backed securities, mostly rated AAA or AA, that were linked to U.S. subprime mortgages. Aegon had no impairments in its subprime investments in the period and says is "confident" with its position in the "difficult"' U.S. subprime market.