Aegon UK sales up 3% despite global loss

Across the world, Aegon made a net loss of €1.2bn during the final quarter of 2008, blaming reserve strengthening and deferred acquisition costs in the US. In the UK, new life and pensions business climbed to £1.2bn, with £289m in the final quarter, a 5% increase. However, underlying earnings before tax fell by £13m in Q4 due to the effects of lower equity and corporate bond markets and their impact on fund related charges. Asset management and pensions business made an £8m loss, while life and protection business made a profit of £18m, though this had fallen £3m compared with the pre...