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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.”

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