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Aegon targets 35 per cent UK new business growth by 2010

Aegon has unveiled ambitious targets to grow the value of UK new business by 35 per cent to £213m by 2010.

In 2007 the value of UK new business was £157m. The firm is also planning to reach underling earnings growth of at least 10 per cent per year and an increased return on equity of at least 15 per cent by 2012 across its businesses worldwide.

Speaking at a conference on the firm’s strategic growth plans today, chief executive Alex Wynaendts also expressed Aegon’s goal of becoming a leader in variable annuities across Europe.

Aegon is also planning to create a single global organisation for its asset management activities, grouping together its UK, US and Dutch businesses.

Andrew Fleming, currently chief executive officer of Aegon UK asset management has been appointed head of european asset management.

Wynaendts said: “Today’s global environment requires us to think and act differently. It’s clear that we can and will do much better with Aegon’s significant resources. We will make better use of our capital, improve our financial performance and organise the management of Aegon to focus on the global opportunities for our businesses.”

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