April 11, 2017 / 7:25 AM / 14 days ago

BRIEF-Aegon: Q1 Net Profit At EUR 1.27 Bln

May 12 (Reuters) - AEGON NV:

* Q1 NET PROFIT 1.27 BILLION EUR

* RETURN ON EQUITY OF 7.0% IN Q1 OF 2020; VERY UNLIKELY TO REACH ANNUAL 10% RETURN ON EQUITY TARGET, GIVEN EXTRAORDINARY CIRCUMSTANCES DUE TO COVID-19 PANDEMIC

* OTHER CHARGES OF EUR 162 MILLION MAINLY RELATED TO A PROVISION FOR A CLASS ACTION SETTLEMENT, RESTRUCTURING CHARGES, AND IFRS 9 / 17 PROJECT COSTS, PARTLY OFFSET BY A GAIN ON SALE OF AEGON’S STAKE IN JOINT VENTURES IN JAPAN

* Q1 UNDERLYING EARNINGS BEFORE TAX EUR 366 MILLION

* SOLVENCY II RATIO INCREASED TO 208%, AS NEGATIVE IMPACT OF MARKET MOVEMENTS IN US WAS MORE THAN OFFSET BY NORMALIZED CAPITAL GENERATION AND BENEFIT OF A HIGHER EIOPA VOLATILITY ADJUSTMENT IN NETHERLANDS

* Q1 NEW LIFE SALES WERE EUR 206 MILLION

* HOLDING EXCESS CASH INCREASED TO EUR 1.4 BILLION, DRIVEN BY A EUR 100 MILLION REMITTANCE FROM NETHERLANDS AND EUR 153 MILLION PROCEEDS FROM SALE OF AEGON’S STAKE IN JOINT VENTURES IN JAPAN

* NORMALIZED CAPITAL GENERATION AFTER HOLDING EXPENSES WAS EUR 311 MILLION

* CAPITAL POSITIONS IN EACH OF AEGON’S THREE MAIN UNITS REMAINED ABOVE BOTTOM END OF THEIR RESPECTIVE TARGET RANGES

* IT IS VERY UNLIKELY THAT WE WILL REACH OUR ANNUAL 10% RETURN ON EQUITY TARGET IN 2020. - CFO

* UNCERTAINTY AROUND HOW THE PANDEMIC WILL PLAY OUT AND THE CONTINUED ECONOMIC IMPACT IT WILL HAVE, MAKE IT DIFFICULT TO PROVIDE A FULL ASSESSMENT OF COVID-19 RELATED IMPACTS ON OUR MEDIUM-TERM TARGETS - CFO

* GROSS DEPOSITS OF EUR 52 BILLION; NET OUTFLOWS OF EUR 1 BILLION

* ON COVID: OUR AIM IS TO POSITION THE COMPANY WELL AS WE EMERGE FROM THE COVID-19 CRISIS TO ENSURE THE BEST POSSIBLE OUTCOME FOR ALL OUR STAKEHOLDERS - CFO

* CORE TIER-1 RATIO OF AEGON BANK DECLINED SLIGHTLY OVER QUARTER TO 19.7%

* Q1 REALIZED GAINS ON INVESTMENTS EUR 14 MILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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