UPDATE 1-Aegon hit again by hedging, fair value losses

Thu Aug 8, 2013 2:37am EDT

* Q2 net 243 million euros vs f'cast 341 million

* Result hit by 270 million euro loss on fair-value items

* Underlying pretax 478 million euros vs f'cast 466 mln

AMSTERDAM, Aug 8 (Reuters) - Dutch insurer Aegon missed profit forecasts for a second straight quarter and said hedging losses were again partly to blame.

Second-quarter net profit fell 2 percent to 243 million euros ($324 million), hit by a 270 million euro loss on fair- value items, including hedging-related and other losses.

Four analysts in a Reuters poll had expected net profit of 341 million euros, with estimates ranging between 334 million and 348 million.

Alex Wynaendts, chief executive, said more than half of the loss was on hedges and resulted from higher equity markets, increased equity market volatility and rising interest rates.

He said some of Aegon's investments, including Dutch residential property, are marked to market and also contributed to the loss.

Aegon's first-quarter net profit had also missed forecasts, falling nearly two thirds because of hedging losses resulting from an unexpectedly strong rise in U.S. stocks.

Aegon's second-quarter underlying earnings before tax rose 5 percent to 478 million euros, beating analysts' forecasts for 466 million euros.

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