Aegon gets $650m boost

Dutch insurer Aegon has made $650m in regulatory capital available to its US operations by tapping future life insurance profits in a 10-year reinsurance transaction with JPMorgan Chase.

The company also owns US insurer Transamerica.

Chief financial officer Jan Nooitgedagt told newswire Reuters: "This latest transaction, which is part of our capital preservation program, will further strengthen our overall capital position and enable us to manage our capital more effectively."

The company also said it "is committed to exploring additional capital preservation initiatives."

In August, Aegon sold €1bn worth of new shares to repay one third of the state aid it received from the Dutch government in October 2008.