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Aegon says multi-ties will change market in long term

Multi-ties will not fundamentally change the market immediately but will provide opportunities in the longer term, claims Aegon group chief executive David Henderson.

Henderson says platforms are of more immediate interest to providers, with the technology underpinning them the best way to reduce the cost of distribution. He says it is unlikely that the group will buy any more IFA firms, focusing instead on its wrap proposition and multi-tie links.

Henderson says: “The market is consolidating to the top players and that trend will continue. The total market may well be flat or negative but the big guys are growing their market share.”

Total new business for Aegon’s UK life insurance operations increased by 5 per cent to £493m in the nine months to the end of September. New annual-premium business increased by 3 per cent to £291m and new single-premium business rose by 8 per cent to £2bn.

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