Aegon profits fall after £18m Pos Sol sale hit

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 (£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 pensions d...