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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.


Life sentences

The current rules of law relating to insurable interest in life assurance contracts are restrictive and, if not complied with, will render the contract illegal and void from inception. That is a severe sanction.

FSA picks Suisse’s Norris as COO

The FSA has appointed Mark Norris as its new chief operating officer, taking over from David Kenmir, who is leaving in April. Norris has 25 years experience in the industry, most recently as COO of Credit Suisse’s UK private banking business.

GRS picks five to build insurance

Pension recruitment specialists GRS Group has hired five senior recruitment consultants from Mansion House.

Broker Talkback

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