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Aegon earnings up 37% but life business slumps by a quarter

Aegon UK’s pre-tax earnings grew 37 per cent year-on-year despite the firm’s life business being hit by the costs of complying with Solvency II regulations.

The insurer’s Q4 2014 results statement, published this morning, reveals underlying pre-tax earnings rose 37 per cent to £22m, up from £16m in Q4 2013. Aegon says the increase was mainly driven by “improved persistency”.

But over the same period earnings from the life business fell 25 per cent, from £27m to £20m.

Aegon blamed “selective de-risking” of its investment portfolio to boost its position under Solvency II regulations and a one-off £8m boost in 2013 for the fall.

Pensions earnings grew to £2m, compared to a £10m loss in the last quarter of 2013.

Assets under administration on the platform rose from £1.3bn to £2.7bn also grew.

Aegon UK chief executive Adrian Grace says: “As the legislative revolution continued to unfold across the pensions industry at the end of 2014 we drove forward with the development of our multi-channel platform which provides solutions for advisers, workplace based employees and non-advised customers, to and through retirement on a single platform.”



Govt confirms extension of annuity death benefit changes

Nominees and successors will be able to receive an annuity from a money purchase scheme following the death of a member, draft legislation on the changes to the death tax treatment of pensions confirms. Without the changes, only dependants would have been able to purchase an annuity using untouched pension savings. Talbot & Muir head of […]


Tony Wickenden: Another brick in the tax avoidance wall

Last week I looked at (yet) another brick in the formidable wall of tax avoidance measures being built by the Government in the shape of the diverted profits tax to be applied to corporations satisfying certain conditions laid down in the legislation. Given its potential impact a “breezeblock” in the wall might be a more […]

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Auto-Enrolment Live – February 2015

769,900 reasons why Auto Enrolment will be critical to your corporate advice business over the next two tax years… These two FREE events will discuss what advisers have learnt from auto enrolment to date and how they can effectively prepare to support the 769,900* SMEs, who will have reached staging before April 2017. Drawing on […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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