Advertisement
Canada markets close in 4 hours 5 minutes

  • S&P/TSX

    21,838.42
    +129.98 (+0.60%)
     

  • S&P 500

    4,989.52
    -21.60 (-0.43%)
     

  • DOW

    37,942.27
    +166.89 (+0.44%)
     

  • CAD/USD

    0.7276
    +0.0012 (+0.17%)
     

  • CRUDE OIL

    82.87
    +0.14 (+0.17%)
     

  • Bitcoin CAD

    88,631.72
    +1,321.26 (+1.51%)
     

  • CMC Crypto 200

    1,386.36
    +73.73 (+5.96%)
     

  • GOLD FUTURES

    2,406.60
    +8.60 (+0.36%)
     

  • RUSSELL 2000

    1,947.61
    +4.65 (+0.24%)
     

  • 10-Yr Bond

    4.6060
    -0.0410 (-0.88%)
     

  • NASDAQ

    15,414.34
    -187.16 (-1.20%)
     

  • VOLATILITY

    18.48
    +0.48 (+2.67%)
     

  • FTSE

    7,895.85
    +18.80 (+0.24%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • CAD/EUR

    0.6826
    +0.0005 (+0.07%)
     
MARKETS LIVE BLOG:

STOCKS TRADE MIXED AFTER ISRAEL STRIKE-FUELLED TUMBLE

Apple pulls WhatsApp and Threads from China App Store

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

Toby Sterling
Updated ·2 min read

By Toby Sterling

AMSTERDAM (Reuters) - Dutch insurer Aegon NV reported a 16% fall in third- quarter operating profit on Thursday due to higher COVID-19 related mortality claims in the Americas, the latest European insurer to suffer from new waves of the pandemic.

Aegon, which does two-thirds of its business in the United States, said "unfavourable mortality claims" in the Americas in the third quarter were $111 million, up from $31 million a year earlier.

"Performance improvements across most of our businesses ... were offset by elevated mortality in the United States," Aegon Chief Executive Lard Friese in a statement.

ADVERTISEMENT

Among other European insurers, Swiss Re said its life and health division incurred "significantly higher COVID-19 related claims of $1.2 billion" in the first nine months of 2021 "primarily originating in the U.S.". CEO John Dacey cited U.S. spikes in February and August.

Munich Re also saw a higher than expected COVID impact in its results earlier this week.

U.S. firm MetLife was hit at its domestic life operations in generally strong third-quarter earnings.

It said that in the third quarter, 40% of U.S. COVID-19 deaths were of people under 65 years old, "the highest percentage in any quarter since the pandemic began".

In a note, S&P Global Ratings said that the world's biggest reinsurance companies bear the lion's share of COVID-19 losses as they have "triple exposure" through Property & Casualty and Life reinsurance businesses, as well as through primary P&C businesses.

Aegon's 443 million euros ($512 million) operating profit for July-September compared a forecast of 490 million euros in a poll of analysts compiled by Aegon.

Friese added Aegon's fee and investment income were up and the company was meeting other performance targets.

Aegon shares, which were up 34% this year at their 4.31 euro close on Wednesday, were down nearly 2% at 4.228 euros at 1135 GMT on Thursday.

($1=0.8648 euros)

(Reporting by Toby Sterling, Tom Sims, Carolyn Cohn; Editing by Alexander Smith, Andrei Khalip)