View more on these topics

PosSol and Origen see combined £1m loss

Aegon-owned IFA firms Positive Solutions and Origen posted combined losses of £1m for the first quarter compared with a £2m loss for the same period in 2011.

The two firms, which have both recently had a change in leadership, recorded combined losses of £6m for 2011 and £5m for 2010.

In February, PosSol announced Jim Reeve was being 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.

Aegon UK’s underlying earnings before tax were £25m for the first quarter compared with £10m for the same period the previous year.

Life earnings dropped by 29 per cent from £21m to £15m due to lower annuity earnings and higher protection claims.

New life sales fell by 16 per cent from £211m to £178m due to lower group pension sales which the firm attributes to a reduction in commission levels.

Aegon chief executive Adrian Grace says: “We have positioned the UK business to ensure we are well placed to capitalise on the opportunities of pension reform and the RDR.

“We have already delivered a new platform focused on meeting the retirement needs of our customers and we are on track to further develop our platform proposition with the addition of a workplace savings solution towards the middle of this year.”

Wingate Financial Planning director Alistair Cunningham says: “Aegon will want to see these results improve.”



PIMS: Firms say FSA is unsure over role of platforms

Axa and Seven Investment Management say the FSA is confused over whether platforms are service providers or product providers. Speaking at the PIMS conference yesterday, Axa managing director of UK distributors David Thompson said the regulator seems to be undecided about what kind of businesses platforms operate. Thompson said: “It seems like the FSA cannot […] and Standard Life to launch value of advice campaign has partnered with Standard Life ahead of launching a media campaign to highlight the benefits of independent financial advice to consumers. The Value of Advice campaign will launch later this summer. It will be based on a research report looking at the attitudes to advice among advised and non-advised consumers, and their financial circumstances. […]

Pension providers to cut guarantee periods ahead of EU gender pricing ban

Pension providers are considering slashing annuity quote guarantee periods ahead of the implementation of European rules that will ban gender pricing in insurance contracts. In March last year, the European Court of Justice ruled gender pricing for insurance products will be banned from December 21, 2012. The ruling, based on a challenge by Belgian consumer […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment