UPDATE 3-Aegon posts Q2 loss, to partially repay state aid

* Unit sale loss of 385 mln euros weighs on result

* Q2 impairments of 393 mln euros

* Will sell 1 bln euros in stock to repay Dutch state

* 1 billion euro share issue completed

* Shares close down nearly 6 pct (Adds completion of share issue)

By Ben Berkowitz

AMSTERDAM, Aug 13 (Reuters) - Dutch insurer Aegon NV (AEGN.AS) (AEG.N) reported a surprise second-quarter loss on Thursday and said it would sell up to 1 billion euros ($1.41 billion) in stock to partially repay aid it received from the Dutch state.

Aegon also said it would not pay an interim dividend, but would make a decision on a full-year dividend early in 2010.

In response, Aegon shares closed down nearly 6 percent in Amsterdam at 5.379 euros before the insurer announced that the entire share issue -- a combination of new common shares and existing treasury shares -- was placed. The Euronext Amsterdam-listed shares were placed at 5.25 euros, while shares traded on the New York Stock Exchange were placed at $7.50.

Aegon said it would save at least 370 million euros by using the proceeds to repay the state before Dec. 1. It will be able to repurchase its convertible core capital securities at a lower price than it would have to pay otherwise and will not have to pay a coupon on the repaid amount.

On a conference call with reporters, Chief Executive Alex Wynaendts said there was no timetable on when to repay the rest of the 3 billion euros in aid it received last October.

Aegon had said it would issue new shares representing up to 10 percent of its existing share capital to fund the repayment. Its largest shareholder, Vereniging Aegon, was not taking part in the equity offering but was buying additional class B preferred shares to maintain its level of voting rights.

KBC Securities, in a note to clients, questioned why Aegon would raise the money through a share offering when it has excess capital on hand.

"It is somewhat strange that Aegon is raising 1 billion euros to early repay part of the Dutch State (money) received when Aegon's excess capital position at the end of June was 3.5 billion euros," analyst Dirk Peeters said in a statement.

Peeters said it also raised the question of whether the company might be preparing to repay the rest of the aid next year, or, perhaps, look at acquisitions.

Aegon, Europe's sixth-largest insurer by balance sheet total, posted a net loss of 161 million euros, weighed down in part by a 385 million euro one-time loss on the sale of its Taiwan life insurance operations.

It had been expected to report a second-quarter profit of 9 million euros, according to the average of 13 analysts polled for Reuters. It booked a 276 million euro profit in the same period of 2008.

The weak result from Aegon contrasted with British peer Prudential Plc (PRU.L), which posted a smaller-than-expected drop in first-half profit on Thursday and raised its interim dividend. [ID:nLD341084]

Underlying earnings before tax came in at 404 million euros, versus a consensus analyst expectation of 531 million euros.

Impairments totalled 393 million euros, Aegon said, roughly half of which were related to the downturn in the U.S. housing market ($1=.7079 Euro) (Reporting by Ben Berkowitz; editing by Simon Jessop)