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Aegon reports expected £1bn Q4 loss

Aegon has reported an expected fourth quarter loss of around £1.08bn and an underlying loss before tax of £179m.

The Dutch firm has blamed the poor results on continued market turmoil but claims it is taking measures to help it counter the effects of the global crisis.

Aegon’s core businesses remain fairly healthy despite the losses with new life sales totalling £538m while total gross deposits reached £10.7bn as a result of stellar fixed annuity sales, the firm says. Meanwhile net deposits reached almost £1.52bn.

The firm’s capital position tipped £8.07bn in December including a £2.6bn surplus.

Aegon says it is pushing through a program aimed at reducing risk, lowering costs and releasing more capital from its businesses in response to the economic situation.

It also claims to be on track to deliver around £134m in cost savings in 2009 primarily through restructuring the firm’s operations in the United States, the Netherlands and the United Kingdom.

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