Aegon sees platform inflows triple

Aegon has seen net inflows on its platform triple for the first three months of the year to £968m.

Inflows reached £305m in March 2014.

Assets under administration stand as £3.8bn as at 31 March, compared to £1.6bn from the same time last year.

Aegon says there are now 100,000 investors using its platform, with 20,000 new customers added in Q1.

The company’s pension earnings climbed from £5m to £14m, which the company attributes to lower expenses and positive market movements.

But Aegon says it is braced for a hit to its legacy pensions book in the wake of pension freedoms. It is planning to launch a guaranteed pension drawdown product in Q2.

The life business saw earnings drop from £18m to £15m, which Aegon says is due to its derisking process ahead of Solvency II.

Overall Aegon posted underlying earnings of £28m, up 27 per cent on the  £22m reported in 2014.

Aegon UK chief executive Adrian Grace says: “In a period of unprecedented reform in the industry, we’ve focused our energy on embracing change to build a stronger business that addresses the needs of our advisers, employers, employees and our customers.

“Our strategy and determination to meet the rapid pace of change has meant we’ve delivered an increase in underlying earnings to £28 million up 27% against the same period a year ago.”

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