Aegon UK made a loss before tax of £22m in the fourth quarter of 2011, dragged down by further redress payments following administrative problems at Scottish Equitable and a slump in life and pensions sales.
The company made £52m in redress payments and also incurred an extra £19m in costs related to the programme. It said further payments in the programme "are not expected to recur in 2012". Aegon UK's loss in Q4 follows on from a profit of £8m in Q3 and a loss of £6m in Q4 2010. New life and pensions sales were worth £161m, down from £175m in the previous quarter and £190m during the same period in 2010. Of this, £120m came through independent financial advisers, still by far its largest channel but down from £132m in Q3 and £148m in Q4 2010. Aegon said the fall in new sales ha...
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