NEW YORK (Associated Press) - The Dutch insurance company Aegon NV on Wednesday reported a 78 percent drop in first-quarter profit, blaming the weak dollar and worsening business conditions in the United States, where its Transamerica Corp. unit is based.

Aegon said net profit skidded to 153 million euros ($237 million) in the first three months of the year, down from 707 million euros a year ago. Revenues fell 12 percent to 917 million euros ($1.42 billion).

The company said that, stripping out the effects of the weak U.S. dollar and a decline in value of its investment portfolio, "underlying" earnings were up 9 percent. By this measurement, U.S. operations were flat while Dutch operations grew strongly.

On a standard reporting basis, the company's individual savings and retirement business was the worst performer, dropping to a loss of 58 million euros ($90 million) loss from a profit of 136 million euros last year.

The company also reported a 39 million euro ($61 million) loss on investments, compared with a profit of 283 million euros a year ago.

Chief Executive Alexander Wynaendts noted the company's "underlying" performance, and pointed out Aegon had not been forced to take impairment charges on any large investments.

He said credit conditions had improved since the end of the quarter, which "would have reduced significantly the negative impact" of investment valuations on the company's bottom line.