Aegon UK life earnings soar as distribution arms improve

Underlying earnings before tax, on an IFRS basis, were £18m in Q1 compared with £10m in the previous quarter and £7m in Q1 2009. Meanwhile, earnings from pensions fell from £27m in the final three months of last year to just £9m in Q1, but Aegon says this reflects a decision to report its asset management performance separately from now on. Elsewhere, Aegon UK's distribution arms, Positive Solutions and Origen, recorded a £2m loss in Q1. This was up from an £8m loss in the final three months of 2009 and a £3m loss in Q1 2009. The insurer says cost cutting measures implemented acros...