Aegon's net income fell 2% in the first half of this year, as higher underlying earnings were offset by losses on hedges due to rising equity markets and volatility - and an £18m loss on the sale of Positive Soltuions.
Net income fell to 243m euros (£209m) across the group, dragged down in part by a net loss of £3m for the UK business, which suffered due to "business transformation costs" and the sale of distribution arm Positive Solutions which resulted in an £18m loss. However, new life sales were up by 45% to £247m in the UK, driven by auto-enrolment and strong platform and group pensions sales, with the platform growing at more than £100m a month. UK earnings from the life business increased by £23m, driven by improved mortality in annuities and individual protection - though earnings from pensi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
