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A-Day boost for Aegon pension business

Aegon saw life and pension sales surge by more than a half in the first quarter, driven by the A-Day effect.

The firm saw life and pension sales rise by 51 per cent from 144m to 217m on the same period last year.

Aegon says the restructuring of the business in October last year into two arms – Aegon Individual and Aegon Corporate – has brought greater focus and the results of that are now starting to filter through.

There was also sustained growth in non-pension areas, which accounted for 57m in new business compared with 42m in 2005. Individual protection business rose by 59 per cent and onshore bonds by 58 per cent.

Individual annuities single-premium new business leapt by 127 per cent from 77.97m to 177m with the firm’s launch into the open market for annuities largely behind this increase.

In asset management, Aegon’s retail funds business saw sales growth of 97 per cent from 63m to 124m. Overall, off-balance-sheet asset management business rose to 303m, an increase of 223m compared with the previous year.

Chief executive Otto Thoresen says: “Aegon has started the year strongly with a continued rise in underlying earnings and impressive new business growth across all areas of the group.

“A-Day has had a positive impact on group and individual pensions, reflecting strength and expertise in this area, but this was not achieved at the expense of growth in other areas.”


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