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Aegon life and pensions business increases 21 per cent

Aegon UK’s new life and pensions business increased by 21 per cent from £499m in the first half of 2006 to £606m in the same period this year.

The life office released its interim results yesterday which showed operating earnings increased by 23 per cent from £75m to £92.6m.

Aegon’s value of new business rose 48 per cent from £53m to £77.9m while individual pensions rose by 39 per cent from £152m to £206m.

Aegon has recently extended its distribution partnership with Openwork to include 5 for life and offshore bonds in addition to pensions. It also announced in May that it will be selling 5 for life and its business protection proposition through Barclays.

Aegon Asset Management’s institutional funds dropped by 78 per cent from £311m in the first half of 2006 to £67m in the first half of this year.

Aegon UK chief executive Otto Thoresen says this is due to smaller lump sum investments entering the funds this half while a couple of large lump sum investments bolstered the funds in the first six months of last year which distorted the figures.

Thoresen 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.”

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