UPDATE 1-Aegon Q1 profit beats estimates, impairments fall

* Q1 net profit 372 mln euros vs average expected 181 mln

* Impairments fall to 150 mln, downward trend continues

* Aegon working to get EU approval for state aid

(Adds CEO comment, detail)

AMSTERDAM, May 12 (BestGrowthStock) – Dutch insurer Aegon NV
(AEGN.AS: )(AEG.N: ) reported a forecast-beating quarterly net
profit on Wednesday helped by cost savings and continued lower
impairment levels.

Insurers such as Aegon suffered after the 2008 fall in
credit markets, which led to billions of euros of write downs
and losses for insurance companies in early 2009.

Aegon, which still has to pay back 2 billion euros in state
aid, booked a quarterly net profit of 372 million euros ($472.6
million), easily beating analysts’ average estimate of 181
million euros and reversing a 173 million euro loss in the same
period a year earlier.

“Impairments to Aegon’s investment portfolio showed
consecutive improvement, continuing their downward trend,”
Aegon’s Chief Executive Alex Wynaendts said in a statement.

Impairments fell to 150 million euros, the lowest level in
seven quarters and sharply lower from 385 million euros in the
same period a year earlier, Aegon said.

Aegon, which has large operations in the United States
through its Transamerica unit, said it was working to get
European Commission approval for 3 billion euros of state aid it
received in 2008. It has already paid back a third of the aid.

Banking and insurance groups such as Dutch ING Groep
(ING.AS: ) and Belgium’s KBC (KBC.BR: ) have all agreed to sell
assets to get European Commission approval for state aid
received in 2008 during the credit crisis. [ID:nL2281331]

Investing Advice
($1=.7872 Euro)
(Reporting by Gilbert Kreijger)

UPDATE 1-Aegon Q1 profit beats estimates, impairments fall