View more on these topics

Aegon eyes platform revenue boost after passing £10bn in assets


Aegon has said it is planning to drum up more business from platform fees and move away from insurance products as assets on its platform passed £10bn in the third quarter of 2016.

The provider’s results today show that Aegon moved €1.5bn (£1.32bn) of client assets from its backbook onto its platform between July and September, taking total assets to £11.2bn.

Having announced both the acquisition of Legal & General owned platform Cofunds and BlackRock’s defined contribution pension platform business this year, Aegon’s UK chief executive Adrian Grace says that the firm has set out its stall to move to a more platform orientated business.

Grace says: “We’re now in a period of transition as we move from being a business whose earnings are driven by traditional insurance products like annuities, to one that generates revenues via platform fees and this process will accelerate as the integrations gather pace.”

“The [Cofunds] acquisition will give us the scale that is so critically important in the platform market. There was a time when the market thought £30-£40bn might be enough to be competitive over the long-term, but that figure now looks closer to £50-60bn. We’re expecting the deal to complete by the end of the year and we will provide further details then. We recognise that our success will depend on getting the integration right for the advisers and customers who use the platform and our plans will be built around meeting their needs.

Worldwide, Aegon’s underlying earnings before tax were €461m in the third quarter of 2016, up from €435m in the second quarter, but down 7 per cent from €495m for the same period last year.

Over the year to date, comparative earnings are down from €1.43bn to €1.36bn.



Aegon acquires 350k customers in swoop for BlackRock platform

Aegon is to acquire BlackRock’s defined contribution platform and administration business for an undisclosed sum. The deal sees Aegon acquires around £12bn of assets and 350,000 customers, creating a workplace savings platform with total assets of £30bn. BlackRock head of DC Paul Bucksey will be managing director of the merged business. Following the transaction, the US […]


Aegon sells majority of UK annuity book

Aegon is selling two-thirds of its UK annuity portfolio to specialist insurer Rothesay Life for an undisclosed sum. The deal will see Aegon reinsure £6bn worth of liabilities to Rothesay Life, with the transfer process taking place over the next two years. Aegon will continue to make annuity payments to customers on behalf of Rothesay […]


Claire Trott: Time to undo past annual allowance mistakes

Working out how much you can put into a pension has never been the easiest thing. Over recent years, the variations on the annual allowance has only made it harder for higher earners and those seeking to access their benefits earlier in life. The issues could be enough to restrict the amount people pay into […]


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