Aegon third quarter profits plunge

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International insurance provider Aegon reports a 91 percent fall in earnings for the third quarter of 2011. The Hague-based company announced a net profit of 60 million euros, down significantly from the 657 million in the same period last year. 

The company attributed the figures to a fall in share prices and interest rates. Losses incurred on investments in the American housing market and Greek and Portuguese banks also played a part.

“Challenging financial market conditions clearly impacted Aegon’s earnings during the third quarter,” CEO Alex Wynaendts told ANP news agency.

Aegon reported 1.62 billion euros in sales the third quarter of 2011, a two percent increase over last year's figures.  

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