The company also withdrew its financial guidance for this year and next, citing an uncertain economic outlook. It said it would provide new targets at its capital markets day in December.

New Chief Executive Lard Friese introduced a number of measures to preserve capital at Aegon, whose performance has been weak for years, and said he would be reviewing some of its operations.

The company reported underlying pre-tax earnings of 700 million euros ($826.7 million) for the first half, down 31% from 1.01 billion euros in the same period of 2019, with 202 million in net income.

Analysts in a company-compiled poll had forecast on average underlying pre-tax earnings of 753 million euros, with net income of 262 million euros.

Friese, who left competitor NN Group to take the top job at Aegon in May, said he intends to transform the company into one with reliable results.

"I realize this is not where the company is today and it will take time to get there," he told reporters.

Aegon will now cut its interim dividend to 6 cents from 15 cents. He said the company would use any cash for the time being to reduce leverage and strengthen the balance sheet.

The company reported on Thursday solvency had declined to 195% from 201% at the end of 2019.

Its U.S. arm, operating largely under the Transamerica brand, will retain its profit in the second half rather than contributing it to the overall group earnings pool, it said.

Friese announced a review of operations in several countries outside of core markets in the United States, Britain, and the Netherlands.

Shares closed at 3.02 euros on Wednesday, down 26% in the year to date.

(Reporting by Toby Sterling; Editing by Muralikumar Anantharaman and Jan Harvey)