Aegon’s Chief Financial Officer Jan Nooitgedagt revealed the firm had successfully completed a capital management transaction that will make available approximately $650 million of additional regulatory capital to its US operations.

In a statement the insurer said: “The transaction, which has an initial size of $900 million, serves to realize the value of a portion of future profits associated with an existing book of traditional life business.”

The transaction term is a decade and Mr Nooitgedagt added: "Improving returns of Aegon’s businesses continues to be one of our key priorities.

"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.”

Between the third quarter of 2008 and the second quarter of 2009, Aegon released Eur3.3 billion of capital from its businesses and is committed to exploring additional capital preservation initiatives, said its statement.

Analysts welcomed the reinsurance deal which they said would continue the group’s efforts to release further capital and continue its repayment programme to the Dutch government which pumped Eur3 billion into the group a year ago.

In August Aegon repaid a third of the debt and has agreed a scheme of repayment with the government for the residue.