View more on these topics

Aegon earnings boosted by positive markets

Aegon UK saw a 15 per cent increase in underlying earnings before tax for Q3 from £20m to £23m, as the firm was boosted by positive equity markets. 

Aegon’s life business fell 11 per cent from £19m in Q3 2012 to £17m, while pensions earnings grew three-fold from £2m to £6m. The results for distribution arm Origen are now included as part of the insurer’s pensions figures. 

Earnings were hit by the costs of developing Aegon’s new self-direct service as well as £4m of costs related to poor persistency levels.

The firm recorded a one-off £79m boost to net income due to a corporate tax rate reduction. Overall net income was £88m, including £8m of restructuring costs, compared to £30m for the same period in 2012.

Aegon UK chief executive Adrian Grace says: “We are now seeing the strategy we have put in place beginning to pay off and we still have a lot more of our proposition to roll out early next year. We look forward to working with advisers to help them service all of their clients in a post RDR world.”

Investment Quorum chief executive Lee Robertson says: “A lot of the predictions post-RDR were that advisers would push life business as they could still earn commissions in that sector but these results have not borne that out. It does seem to show that everyone is focusing on pensions right now. The message is reaching consumers that they need to start taking responsibility for their futures.”



Govt says Help to Buy 2 has seen £365m of mortgage applications

Prime Minister David Cameron says £365m worth of mortgage applications are being processed under the second part of Help to Buy scheme in its first four weeks.  Writing in the Sun newspaper today, Cameron says 2,000 people have been accepted in principle to use the scheme and put in offers. He also claims Help to […]


Apfa joins calls for Govt to rethink auto-enrol commission ban

The Association of Professional Advisers has joined calls for the Government to rethink a proposal to ban schemes with “built in” commission being used for automatic enrolment. A DWP consultation setting out plans to cap pension charges, published last month, also asked for views on whether commission should be banned in all auto-enrolment qualifying schemes. […]


Bank of England eyes earlier interest rate rises as recovery takes hold

Bank of England governor Mark Carney says there is a 40 per cent chance his threshold for interest rate rises could be met by the end of next year. Under his forward guidance plans, unveiled in August, Carney said interest rates should not rise until unemployment falls below 7 per cent unless inflation was consistently […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm