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Aegon sees 41 per cent rise in new business value

Aegon UK has announced that the value of new business has increased by 41 per cent to £118m in the first nine months of 2007, compared with the same period last year.

Operating earnings have increased by 21 per cent to £138m and Aegon says it is on track to achieve 10 per cent market share and 20 per cent value of new business margin by 2010.

New business for Aegon UK’s life and pensions businesses in the first nine months of 2007 reached £907m, which represents an increase of 18 per cent on the same period in 2006.

Aegon says its Individual business saw pensions new business rise by 20 per cent to £299m API and individual annuities increased by 58 per cent to £106.9m API.

Individual protection new business also rose 8 per cent to £34.2m according to Aegon and offshore bonds rose 42 per cent to £62.7m API.

Aegon UK chief executive Otto Thoresen says Aegon has achieved a “strong level of profitable new business growth which is ahead of most of our competitors in the sector”.

He says: “We’ve seen healthy new business levels in individual pensions. But we’ve also seen good growth in areas where I believe there is considerable development potential, where as an insurer our products create certainty for customers. Aegon is now an established key player in annuities and individual protection and we have led the way in the UK with the launch of our 5 for Life retirement solution.”

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