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L&G to provide annuities for Aegon customers

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Aegon customers will be directed to Legal & General for annuity purchases under the terms of a new deal signed by the insurers.

Aegon has not been active in the annuity market since 2010 and sold the bulk of its book to specialist provider Rothesay Life earlier this year.

L&G will provide annuity quotes for Aegon customers and provide annuities where guaranteed rates or guaranteed minimum pensions are embedded in contracts.

Aegon chief executive Adrian Grace says: “Not having been an active player in the annuity market for some time, it made perfect sense to sell our £9bn annuity portfolio and concentrate on accelerating the growth of our platform and protection businesses.

“The deal supports our strategy of focussing on platform growth and providing choice for our customers.”

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