Aegon's UK business has reported a £5m fall in earnings before tax for the final quarter of last year, which it said is the result of a £7m spend on technology including on a non-advised platform.
Earnings before tax for the group's UK business during the quarter were £18m, down from £23m in the previous quarter. As a result of the dip, Aegon UK's pre-tax profits for the full year were down at £84m compared to £89m in 2012. Net income for the year was £102m, down from £140m in 2012, led by a heavy drop in net income during the final quarter of last year to £2m, down from £88m in Q3. Earnings from the UK life business increased 53% to £26m during the quarter, which Aegon said was driven by a one-time benefit from reserving changes for annuity products of £8m. On the UK pen...
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