General Insurance Article - Aegon's third quarter results

Commenting on Aegon UK’s Q3 results Adrian Grace, Chief Executive said:“Against a backdrop of ongoing regulatory pressures and a fall in equity markets we have a strong set of numbers for the third quarter with underlying earnings of £19 million.

 “Our platform is unique in its ability to serve people saving through an employer, through an adviser or a personal pension. Growth of the platform accelerated as planned for the year, as a further 47,000 new customers were added in the third quarter of 2015. The total number of customers on the platform increased to nearly 200,000.

 “With high levels of growth maintained the net inflow on Aegon’s platform increased by nearly £1 billion. As a result, total assets on the platform grew to £5.3 billion. The average size of new advised individual policies on the platform is around £64,000, more than double the amount for the traditional book of pensions and bonds.

 “Pension reforms have put the wind in the sales of further platform success with a surge in drawdown sales. Assets in drawdown have increased significantly with considerable growth continuing to push the value of assets up 15% from the second quarter taking total assets under management up an impressive 88% for the year.

 “The platform makes us more efficient and our capital light, fee based strategy continues to drive assets under management and our results.

 “We continue to innovate ahead of the competition and the recent launch of the first guarantee available from a platform, which serves retirees requirements for income certainty and flexibility, has proved immediately popular. Since its launch in July demand for our Secure Retirement Income product has been so strong that we’ve revised our sales expectations up by more than 100% for the year.

 “Our focus is doing the right thing by our customers and helping them have access to a modern digital pension solution. With the average household now owning six internet connected devices digital engagement and online pensions are the way forward. We have over 100,000 Retiready customers who agree and are using technology to take control of their financial future.”


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