Transamerica parent misses profit estimates for Q2 earnings
August 18, 2015 by David De Jong, Bloomberg
(Bloomberg) – Shares of Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., fell the most in almost two years after the company reported second-quarter profit below estimates and lowered its target for a key financial ratio.
The company on Thursday said net income stood at 350 million euros ($389 million) in the three months to June, missing consensus estimates of 546 million euros, according to analysts at Bryan Garnier & Co. Ltd. Lower returns from hedge-fund and energy investments and losses on interest-rate hedges hit profit, the company said.
Aegon, which is preparing for stricter capital demands next year, said it’s reducing its solvency-ratio target, a measure of available capital compared to that required to meet obligations toward policyholders. Click HERE to read article
