* 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 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.