View more on these topics

Losses for adviser firms as Aegon profits rise 25%

Positive Solutions and Origen continued to run at a loss in the second quarter this year although parent company Aegon has reported a 25 per cent increase in underlying earnings before tax.

The Dutch insurer reported a £2m loss for the distribution businesses, stating the firms “benefited from improved business performance and market conditions, which limited losses during the quarter”.

Origen and Positive Solutions recorded a loss of £2m for the first quarter after posting losses of £8m in the fourth quarter of 2009, £3m in both the first and third quarters of last year and £2m in the second quarter – totalling a £16m loss for 2009.

Aegon refused to give an update on plans announced in June to cut a quarter of its costs in the UK as it revealed that underlying earnings jumped to £429m from £341m in the second quarter. Aegon cites improved financial markets for the boost and a stronger dollar.

New life business in the UK leapt by 25 per cent to £263m on an annual premium equivalent basis due to strong pension sales of £240m, up from £;169m last year.

UK chief executive Otto Thoresen says: “We see strong growth potential in the at-retirement and workplace savings markets – both of which are areas where we already have leading market positions so we will move forward from a position of strength.”

Recommended

1

Critical war switches to ABI+ battle

The race among insurers to offer the biggest number of critical-illness conditions has been replaced by increasing competition to offer the most ABI+ definitions, according to Defaqto. The Association of British Insurers’ statement of best practice for CI cover aims to provide clarity with industry definitions for illnesses frequently covered by policies. Where providers include […]

Open market annuity service set up

Fair Investment Company has partnered with The Annuity Team to offer its customers a new open market option annuity service.

Aberdeen’s Duce defends performance fees

Aberdeen Asset Management multi-manager Graham Duce has defended performance fees. The multi-manager says that provided the fees are levied on outperformance of a genuinely challenging benchmark and come with a high watermark, they can be justified. He says: “It is a contentious issue for us at the moment but we do not have a blanket […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com