UK - AEGON UK posted disappointing Q1 results with a 63% fall in institutional asset management business compared to the same period last year.
Otto Thoresen, chief executive, AEGON UK, said: "In a challenging first quarter, our new business results are good. We have matched last year's strong first quarter and improved the value of new business at the same time."
The company said the poor institutional asset management results of £35.3m down from £95.6m were a consequence of lower new business volumes and negative market sentiment.
Overall, the asset management division saw total returns almost halve from last year, down 48% to £141.2m.
AEGON's life and pensions division posted new annual premiums (API) of £288m, the same amount as over the same time in 2007.
Thoresen concluded: "This will be a more challenging year but I am confident AEGON has the right proposition to build on the significant achievements of recent years."
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