Aegon UK chief executive Otto Thoresen says A-Day could help drive pension sales for two or three years.He expects to see the current business momentum continue in the second half of this year and into next year and beyond. Aegon UK saw a 55 per cent increase in life and pension business in the first half of this year compared with the same period last year. Individual pension new business nearly doubled to 148m, on an annual premium income basis. Thoresen says it is difficult to analyse how much of this business increase is new money and how much is churn. He says although A-Day has been the key driver of growth in pensions business, the rise is also in part due to renewed confidence in the stockmarket and a greater number of people approaching retirement age. Underlying earnings in the first half rose by 26 per cent to 86m from 68m. Thoresen says: “It is difficult to predict how long the effects of A-Day will last, as there is clearly a lot of advisory activity to carry out. I would expect there to be strong momentum in the second half of the year but we could continue to feel the effects for two to three years.”
AIG Direct has postponed the launch of its cancer cover product, which was due to be introduced this week. The product is expected to include Red Arc’s client support services package.
The Government has developed such a nasty habit for U-turns that it is amazing anyone in financial services ever gets anywhere. Added to property in Sipps comes Hips and arguably Asps. There have been many other changes of stance but these are the big ones that have seen intermediaries and everyone else in financial services […]
In years gone by, it was difficult to open a trade publication without looking at Mary Blair pushing the Fidelity line. At least she was pushing the Fidelity message and not Mary Blair. John Lawson and Ned Cazalet state the obvious week by week and one cannot help but think that this is for the […]
Risk Placement Services has bought niche insurance brokerage Special Risks Bureau for an undisclosed sum in a deal that will see the two firms marketed under the RPS brand. Special Risks Bureau chairman Garry Heath is leaving the firm as a result of the deal and is in talks with a number of firms about […]
Matt Shafer, Head of International Distribution, discusses the firm’s philosophy around Durable Portfolio Construction, particularly the importance of putting risk first, thinking about better ways to use traditional asset classes and how to position alternatives in portfolios.
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Things are moving fast over at the newly merged Standard Life Aberdeen. The very first results for the combined company hit the wires this morning and, finally, a clear strategic direction is emerging. Overall, there were net outflows. Not a great start, particularly given Scottish Widows’ parent Lloyds’ decision to pull its £109bn mandate earlier […]
Providers looking to re-brand must carefully consider those buying the products and the advisers who have to explain them I started my working life at Hill Samuel Life Assurance Ltd. As company names go, it was not the most exciting and we were occasionally confused with H Samuel the jeweller, but at least it said […]
Standard Life Aberdeen has reported outflows of £31bn in its full year results, six months after the mega merger at the Scottish fund houses completed. In August 2017, Standard Life and Aberdeen Asset Management joined forces to become Standard Life Aberdeen, a giant global asset management powerhouse running £655bn assets. In its full year results, […]