Earnings at Aegon UK declined in the second quarter as the insurer continues to pay millions in customer redress following administrative problems at Scottish Equitable.
Underlying earnings before tax declined to €10m (£8.7m) in Q2 compared with €12m (£10.5m) in the previous quarter and €22m (£19m) in the corresponding three months last year. Aegon said the decrease was mainly due to charges of €14m related to an ongoing program to compensate customers affected by administrative errors at Scottish Equitable, but also as a result of continued investment in the development of new propositions. Scottish Equitable - rebranded as Aegon in 2009 - was fined a total of £2.8m last year for a series of administrative failings which, the FSA said, led to thousan...
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