(Adds share price, background)
AMSTERDAM, Sept 29 (Reuters) - Shares in Dutch insurer Aegon NV AEGN.ASAEG.N fell to an 11-day low on Monday after it said its exposure to failed U.S. savings and loan Washington Mutual WM.N came to 125 million euros ($182.9 million).
Aegon, one of Europe’s top 10 insurance groups, said it had cut its exposure by about 47 percent following Washington Mutual’s problems, with its fixed income gross exposure of 125 million euros including credit default swaps related to the U.S. bank.
Last week, U.S. officials sold Washington Mutual out of receivership for just $1.9 billion to JPMorgan Chase & Co JPM.N, marking the end of the 119-year-old institution headquartered in Seattle.
Aegon shares were down 5.2 percent to 6.82 euros by 0817 GMT, underperforming a 4.14 percent lower DJ Stoxx insurance index .SXIP.
“Any effect of credit losses on Aegon’s excess capital and net income will be substantially lower as a result of a variety of factors, including taxes and recovery values,” Aegon said in a statement.
Washington Mutual was one of the lenders hardest hit by the U.S. housing bust and credit crisis, and had suffered from soaring mortgage losses. (Reporting by Foo Yun Chee)
Our Standards: The Thomson Reuters Trust Principles.