Aegon had a net income of EUR 1,270 million in first quarter

Aegon had a net income of EUR 1,270 million and reflects fair value gains of EUR 1,372 million, driven by a reduction in the valuation of the liabilities in the Netherlands, reflecting wider credit spreads.

Gross deposits were EUR 52 billion; net outflows of EUR 1 billion caused by Variable Annuities and Mutual Funds in the Americas, partly offset by third-party inflows at Asset Management.

New life sales were EUR 206 million; sales in the US were under competitive pressure and impacted by the phasing out of certain whole life products, while sales in China benefitted from the e-commerce sales model.

Accident & health insurance new premium production was EUR 76 million and property & casualty new premium production was EUR 36 million.

Holding excess cash increased to EUR 1.4 billion, driven by a EUR 100 million remittance from the Netherlands and EUR 153 million proceeds from the sale of Aegon’s stake in joint ventures in Japan

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