CORRECTED - UPDATE 1-Aegon repays 500 mln euros to Dutch state

(Corrects 4th paragraph to show number of convertible securities as 125 million, deleting superfluous word "euros")

* Total repayments now 1.5 billion euros

* Aegon had received 3 billion euros in state support

* Repayment approved by Dutch central bank

(Adds detail, background)

AMSTERDAM, Aug 31 (Reuters) - Dutch insurer Aegon NV (AEGN.AS) (AEG.N) said on Tuesday it had repaid a further 500 million euros ($636 million) of the 3 billion euros it received in support from the Dutch state in 2008.

Aegon, a top-10 life insurer in the United States where it owns Transamerica, on August 17 announced its intention to repay the money after it concluded the approval process with the European Commission.

"This repayment has been made from excess capital which has been upstreamed from Aegon's operating companies during the third quarter," Aegon said in a statement, adding that the Dutch Central Bank had approved the repayment.

The total repayment amounted to 563 million euros, consisting of 500 million euros for repurchase of 125 million convertible core capital securities, 52 million euros in penalties and 11 million of interest.

With the payment the amount repaid to the Dutch government totals 1.5 billion euros. The first 1 billion euros was repaid in November last year.

Aegon received 3 billion euros from the Dutch state in 2008 at the height of the credit crisis.

The insurer, which is looking at options to sell Transamerica's reinsurance business, said earlier this month that it was committed to repaying the remaining 1.5 billion euros by June 2011. (Reporting by Harro ten Wolde; Editing by Mike Nesbit) ($1=.7861 euros)