Positive Solutions and Origen posted a combined £1m profit in the third quarter as parent company Aegon noted a "considerable" decline in the value of new business.
The IFAs bounced into profit following combined losses of £2m in the previous quarter but they remain £3m in the red year-to-date. Aegon says earnings from its two distribution businesses, which are not published separately, improved as a result of further cost savings and improved market conditions. Elsewhere, the company saw a decline in the value of new business worldwide and in the UK. New life sales in the UK fell 14% to €264m compared with sales of €308m in the previous quarter. Aegon said the fall was attributable to a drop off in immediate annuity sales and margins. The ...
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