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Aegon platform inflows top £3bn

UK coins currency pounds growth 480Aegon has reported net platform inflows of more than £3bn in its latest results that begin to show the impact of its acquisition of Cofunds.

Financials for the second quarter of 2017 show that combined assets on the Aegon Retirement Choices and Cofunds platforms have nudged further above the £100bn mark, rising from £102bn to 106.6bn.

Outflows were up marginally from £5.6bn to £6.1bn over the quarter but this was offset by increased inflows.

Through 2016, Aegon increased its own platform’s assets £7.4bn to £13.3bn. The acquisition of Cofunds added around £80bn in assets. The deal completed in January, with today’s results marking the second quarter the figures will show up on Aegon’s books.

Aegon UK chief executive Adrian Grace says: “The platform growth is due to a combination of exceptional new business flows and buoyant stock markets and the combined platforms experienced net inflows of £3.2bn. It’s clear that despite macroeconomic uncertainty, advisers are in a bullish mood and are benefiting from a demand for advice which is driving these flows.”

Grace added plans to integrate Cofunds into the business were “on track and on budget”.

New life sales for the company overall declined by 8 per cent, however, dropping to €224 million due to lower sales in US and the decision to pull out of the UK annuity market.

UK new protection sales did tick up from £7m to £8m though.

The Aegon Group has also had its eye on capital requirements under Solvency II regulations.

Group chief executive Alex Wynaendts says: “Today, we are also announcing a range of measures that significantly increase our solvency ratio, including a capital injection of 1 billion euro in Aegon the Netherlands and agreement with our regulator on a number of outstanding solvency-related topics.

“These measures, together with the recently announced strategic divestments, increase our financial flexibility, strengthen our capital position and improve the outlook for capital generation.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Actually, it’s likely to be a result of all of the clients stolen from advisers under the guise of “upgrading” their plans.

    Come clean Aegon – give us thermal figures/

  2. that should be ‘the real’ figures

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