Aegon UK made a loss before tax of £22m in the fourth quarter of 2011, dragged down by further redress payments following administrative problems at Scottish Equitable and a slump in life and pensions sales.
The company made £52m in redress payments and also incurred an extra £19m in costs related to the programme.
It said further payments in the programme "are not expected to recur in 2012".
Aegon UK's loss in Q4 follows on from a profit of £8m in Q3 and a loss of £6m in Q4 2010.
New life and pensions sales were worth £161m, down from £175m in the previous quarter and £190m during the same period in 2010.
Of this, £120m came through independent financial advisers, still by far its largest channel but down from £132m in Q3 and £148m in Q4 2010.
Aegon said the fall in new sales had been anticipated "following reductions in the commission levels paid to advisers on these products".
Meanwhile, Aegon UK's distribution arms, Positive Solutions and Origen, made losses of £2m in the quarter, bringing total losses for the year to £6m, following on from a loss of £5m in 2010.
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