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AMSTERDAM, Aug 11 (Reuters) - Dutch-based insurer Aegon NV is reviewing parts of its business in the UnitedStates, it said on Thursday, after reporting second-quarterearnings that missed estimates, partly due to adverse claims inthe U.S.
Pre-tax underlying earnings were 435 million euros ($486million), down from 505 million euros a year ago. Analystspolled by the company had forecast 481 million euros.
It reported a net loss of 385 million euros after booking a618 million euros loss on the sale of its 9 billion poundannuity portfolio in Britain, in two transactions, to RothesayLife and Legal & General earlier this year.
"Earnings were affected by exceptionally low interest rates,adverse claims experience in our life and health businesses inthe US, and the book loss from the divestment of our UK annuityportfolio," Chief Executive Alex Wynaendts said.
The company said its "geographic footprint in the U.S. isunder evaluation".
Chief Financial Officer Darryl Button said U.S. operationsthe company may dispose of include its runoff "Boli-Coli" orbank and corporate-owned life insurance products, and a variableannuity product it no longer offers.
"Earnings of these are close to zero, perhaps $10 million ayear, but there's a lot of capital associated with holding them,so there's a low return on capital for us," Button said in aninterview.
Aegon is also raising rates on some products and cutting$150 million in costs in the U.S., where it does two-thirds ofits business.
The company's solvency under Europe's new Solvency II regimerose to 158 percent from 155 percent at the end of the firstquarter. Analysts use the metric to gauge a company's abilityto pay dividends.
Button said the improvement was mostly due to the company'sDutch operations, as the company refined its risk modelling,which had been overly conservative when Solvency II went intoeffect Jan. 1.
Aegon raised its 2016 interim divided to 13 cents, from 12cents in 2015.
Separately, Aegon said it would acquire UK online investmentplatform Cofunds for 140 million pounds ($182 million) fromLegal & General. ($1 = 0.8959 euros)($1 = 0.7692 pounds) (Reporting by Toby Sterling; Editing by Sherry Jacob-Phillipsand Susan Thomas)
