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PosSol and Origen continue to post combined losses

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.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. If they didn’t fleece their IFAs so much so many wouldn’t be leaving the network.

  2. Borh Pos Soll and AWD are being pursued by Herbert Smith on behalf of the FSCS in connection with Keydata plans, I don’t know about Oirgen.
    So with Pos Sol making a loss, if Herbert Smith win, does that mean AEGON will meet the liability? AEGON’s earning say £100 mill a year and I have heard of at least one IFA firm alone being chased for £1million by HS (the IFA firm will probably have earnt £30k on that £1 million).
    As they used to say on goodness gracious me…..”Cheque please”….. Capital adequacy issues anyone?

  3. Origen consultant 10th May 2012 at 8:59 pm

    With 100% pre sale file checking we have no chance of hitting bonus. So profit is always going to be difficult! Thankfull for a job! but not happy!

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