Aegon-owned IFA firms Positive Solutions and Origen posted combined losses of £1m for the first quarter, compared to a £2m loss for the same period the previous year.
The two firms, which have both recently seen a change in leadership, posted combined losses of £6m for 2011 and £5m for 2010.
In February, Pos Sol announced Jim Reeve was to be replaced as chief executive by commercial director Peter Coleman. In November, former AWD Chase de Vere chief executive Mike Kirsch was appointed Origen interim managing director after Stephen Greenstreet left earlier in the year.
Aegon posted underlying earnings before tax of £25m for the first quarter, compared to £10m for the same period the previous year and a loss of £22m for the last quarter of 2011. This was driven by lower costs, due to the provider’s recent cost-cutting measures and an end to the firm’s Scottish Equitable redress programme, which totalled over £170m.
Life earnings dropped 29 per cent year on year, from £21m to £15m, due to lower annuity earnings and higher protection claims.
New life sales fell 16 per cent, from £211m to £178m, due to lower group pension sales the firm attributes to a reduction in commission levels.
Aegon chief executive Adrian Grace (pictured) says: “We have positioned the UK business to ensure we are well placed to capitalise on the opportunities of pensions reform and the RDR. For example, this quarter we linked with NEST and outlined our plans for an auto-enrolment hub.
“We have already delivered a new platform focused on meeting the retirement needs of our customers and we’re on track to further develop our platform proposition with the addition of a workplace savings solution towards the middle of this year.”