UPDATE 1-Aegon strikes compensation deal on product charges

* Final deal costs 110 mln euros, bringing total to 250 mln

* Sees no significant impact on its 2009 income statement

* Sees an extra impact on embedded value of 70 mln euros (Adds detail, background)

AMSTERDAM, July 13 (Reuters) - Dutch insurer Aegon (AEGN.AS) said on Monday it had reached a final settlement with consumer groups to compensate policyholders for what regulators found were excessive premiums on some insurance products.

The total costs of the settlement would be 250 million euros ($348 million) before tax, of which 140 million had already been announced in September, but the deal would not have a significant impact on 2009 earnings, Aegon (AEG.N) said, as the company had already made adequate provisions.

Dutch regulators found in 2006 that significant portions of premiums for investment-linked insurance policies were not invested and instead were lost on costs and commissions, and that information about some products was not adequate.

The final deal will hurt Aegon's embedded value by an additional 70 million euros after tax, Aegon said.

Embedded value reflects the current worth of insurance policies and invested assets owed to shareholders, giving an indication about the profitability of an insurer's portfolio.

Aegon is the last big listed Dutch insurer to have reached a settlement with consumer groups on this issue, as ING (ING.AS), SNS Reaal (SR.AS), Fortis's (FOR.BR) former Dutch insurance unit ASR, and British insurer Aviva's (AV.L) Dutch business, Delta Lloyd, reached deals in the previous 12 months. (Reporting by Gilbert Kreijger, editing by Will Waterman) ($1=.7189 Euro)