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InvestmentsAegon, other insurers hit by U.S. COVID-19 deaths in third quarter By...

Aegon, other insurers hit by U.S. COVID-19 deaths in third quarter By Reuters



By Toby Sterling

AMSTERDAM (Reuters) – Dutch insurer Aegon (NYSE:) NV reported a 16% fall in third- quarter working revenue on Thursday resulting from greater COVID-19 associated mortality claims in the Americas, the newest European insurer to endure from new waves of the pandemic.

Aegon, which does two-thirds of its enterprise in the United States, stated “unfavourable mortality claims” in the Americas in the third quarter had been $111 million, up from $31 million a yr earlier.

“Performance improvements across most of our businesses … were offset by elevated mortality in the United States,” Aegon Chief Executive Lard Friese in an announcement.

Among other European insurers, Swiss Re (OTC:) stated its life and well being division incurred “significantly higher COVID-19 related claims of $1.2 billion” in the primary 9 months of 2021 “primarily originating in the U.S.”. CEO John Dacey cited U.S. spikes in February and August.

Munich Re additionally noticed a better than anticipated COVID influence in its outcomes earlier this week.

U.S. agency MetLife (NYSE:) was hit at its home life operations in typically sturdy third-quarter earnings.

It stated that in the third quarter, 40% of U.S. COVID-19 deaths had been of individuals underneath 65 years outdated, “the highest percentage in any quarter since the pandemic began”.

In a notice, S&P Global (NYSE:) Ratings stated that the world’s largest reinsurance firms bear the lion’s share of COVID-19 losses as they’ve “triple exposure” via Property & Casualty and Life reinsurance companies, in addition to via major P&C companies.

Aegon’s 443 million euros ($512 million) working revenue for July-September in contrast a forecast of 490 million euros in a ballot of analysts compiled by Aegon.

Friese added Aegon’s charge and funding revenue had been up and the corporate was assembly other efficiency targets.

Aegon shares, which had been up 34% this yr at their 4.31 euro shut on Wednesday, had been down almost 2% at 4.228 euros at 1135 GMT on Thursday.

($1=0.8648 euros)

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