Aegon-owned national IFAs Positive Solutions and Origen have reported a combined £1m loss in the first quarter of the year, down from £2m in the final three months of 2011.
The loss is also half of that recorded in the first quarter of last year. The group said underlying earnings before tax in the UK increased to £25m, driven by lower expenses as it rolls out an ambitious cost-cutting programme. Earnings from its life units declined to £15m from £21m last year, it said, largely as a result of lower earnings from annuities. Meanwhile, earnings from pensions improved to £11m from a £9m loss in the same period last year.
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