Aegon UK says it is continuing to see the benefits of A-Day come through in its pension sales.
The firm’s life and pension business rose by 21 per cent to £606m in the first half of this year from £499m in the same period last year.
Individual pension sales leapt by 39 per cent from £152m to £206m and operating earnings rose by 23 per cent from £75m to £92.6m.
Aegon UK chief executive Otto Thoresen says the initial rush of people consolidating pensions after A-Day has slowed but factors such as increased contribution limits continue to boost growth.
He says: “There are two aspects to the A-Day effect. The first is the reorganisation of existing portfolios, which has slowed down. The second is people taking advantage of opportunities offered by the new rules and this effect is continuing.”
Aegon Asset Management’s institutional funds dropped by 78 per cent from £311m to £67m due to the loss of mandates.