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Aegon still looking for buys as profits double

Scottish Equitable parent company Aegon UK says it is still on the hunt for further acquisitions after record new business results for the first half of this year.

The group says following the successful acquisition and integration of Guardian life and pension business, which it bought from Axa last year, it is still “interested in selected and appropriate acquisitions”.

Aegon profits for the first six months nearly doubled to £103m from £53m over the same period last year while total premium income grew by nearly a quarter to £1.95bn from £1.57bn.

Total new premiums increased by 20 per cent to £1.57bn from £1.31bn.

ScotEq&#39s equivalent premium income rose by 16 per cent to £222m from £191.4m.

New single-premium personal investment business rose by a third to £288mfrom £218.2m.

New single-premium sales for Scottish Equitable Asset Management rose by more than three-quarters to £196m from £111.36m.

Single-premium sales at Scottish Equitable International fell to £141m from £152m. But the company&#39s new sales in the Italian market have risen by 47 per cent to £37m from £25.17m.

Aegon group develop-ment director Otto Thoresen says: “We are pleased with the results. We are glad ourgroup pensions and indivi-dual pension markets have both grown.

“There will be only a handful of providers who can capture the stakeholder market and it is our intention to bea major player.”

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