Aegon Declines the Most in Six Years After $563 Million Loss
- Insurer hurt by sale of Canada unit, risk-assumption changes
- Company hasn't yet got approval for Solvency II model
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Aegon NV dropped the most in six years after the Dutch insurer swung to a third-quarter net loss of 524 million euros ($563 million) on the sale of its Canada business, changes to the way it calculates risk and lower fixed-annuity earnings.
The results were affected by “assumption changes, our ongoing model refinement program, and the anticipated book loss on the sale of our low-return business in Canada,” Chief Executive Officer Alex Wynaendts said in a statement on Thursday. Net income was 52 million euros a year earlier.