Aegon's UK distribution businesses, including Positive Solutions and Origen, managed to recoup some of 2009's losses last year but were still in the red by £5m.
However, this was an improvement on the £16m loss recorded in 2009, with the pick-up attributed to cost savings and improved market conditions Underlying earnings before tax for the distribution businesses were also in the red at £2m for Q4 2010, lower than the £1m profit recorded in Q3. Nethertheless, the results for the last three months of the year were still up on Q4 2009, when a loss of £8m was reported. In total, Aegon UK reported a loss in underlying earnings before tax of £6m in Q4, including a hit from a £25m customer redress charge. New business fell to £7m as a result of...
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