August 12, 2010 / 5:50 AM / 7 years ago

UPDATE 1-Aegon Q2 net beats forecasts, sees EU decision soon

* Q2 net profit 413 mln euros vs 353 mln forecast

* Expects European Commission decision on state aid soon

* Continues to look for buyer for Transamerica Reinsurance

(Adds CEO comment, detail)

AMSTERDAM, Aug 12 (Reuters) - Dutch insurer Aegon (AEGN.AS) beat net profit expectations on Thursday helped by higher life sales and investment income and said it soon expects a European Commission decision on state aid received in 2008.

Aegon, a top-10 life insurer in the United States where it owns Transamerica, reported a net profit of 413 million euros for the April-to-June period compared with 353 million euros analysts had expected on average in a Reuters poll.

“We expect soon to receive a final decision from the European Commission on the plan we submitted to demonstrate Aegon’s long-term viability as part of the state support Aegon received at the height of the financial crisis in 2008,” Chief Executive Alex Wynaendts said in a statement.

Aegon, which said it is continuing the sale of Transamerica’s reinsurance unit, has received 3 billion euros of from the Dutch government and still needs to pay back tw-thirds.

Most life insurers such as U.S. rival MetLife (MET.N) and Britain’s Aviva Plc (AV.L) have reported profit growth in the the past month helped by higer life sales tough some, like Canada’s Manulife Financial (MFC.TO) and Dutch group ING Groep ING.AS, suffered from weak equity markets and low bond yields. [ID:nLDE6740HV] [ID:nN05195286] (Reporting by Gilbert Kreijger, editing by Marcel Michelson)

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