View more on these topics

Aegon UK reveals 22% fall in pre-tax underlying earnings

Aegon has announced a 22 per cent fall in pre-tax underlying earnings for the first half of 2008.

Earnings dropped from £92.6m in H1 2007 to £71.9m in H1 2008 with the asset management arm falling 19 per cent.

The group has also announced a rise in overall new business figures of 16 per cent to £91m compared to 2007 figures.

Aegon has reported strong growth in life and pensions business, with the first half API up 4 per cent to £630m from 2007, with second quarter figures up 10 per cent on last year.

Aegon UK says growth has been driven by an increase in corporate pensions new business, both in new increments and new scheme activity, up 22 per cent and 35 per cent respectively.

Individual life and pensions also rose, with individual annuities up 17 per cent to £70m API. Individual protection new business also rose 16 per cent to £26m API.

Asset management fell to £304m in 2008, down from £377m for the first half of 2007, a loss of 19 per cent, second quarter figures were static at £192m.

AEGON UK chief executive Otto Thoresen says: “This year has brought challenges for the long term savings sector but Aegon UK is weathering the storm well. We have seen robust growth in life and pensions new business, driven partly by growth in corporate pensions. Our focus on corporate customers as well as retail customers means our business is more resilient to market volatility.

“On the retail side, we saw further good growth in our individual annuities business where we have underlined our position as one of the key players in this market. Aegon UK continues to innovate with new solutions to meet the needs of the baby boomer generation entering retirement. Our new income for life product has been warmly received and our 5 for life bond product is gaining momentum in the market as volatility prompts more investors and their advisers to seek guaranteed, yet flexible sources of income for retirement.

“Aegon UK has brought new thinking to capital management with our recent securitisation which released capital for use by Aegon in line with its global strategy. We are in a strong position to move forward in the UK long-term savings market in the months ahead.”


Defence mechanism

I am a moderator on a couple of internet forums. The job generally involves making sure that people behave when responding to each other’s comments and observe the rules of that internet community.

Bank votes for rate hold at 5%

The Bank of England’s Monetary Policy Committee has voted to keep the Base Rate at 5 percent.

Wealth and safety

Keydata has produced a highly attractive plan called the 100 per cent capital protected growth plan. It pays 109.5 per cent of the return on the FTSE 100 index with no upper growth limit over a period of six years, with 100 per cent capital protection.

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm