By Robyn Hall Guardian Employee Benefits and Guardian Financial Services are set to expand their IFA...
By Robyn Hall
Guardian Employee Benefits and Guardian Financial Services are set to expand their IFA product ranges in the wake of their takeover by Aegon UK last month
A top priority at Guardian Employee Benefits will be the expansion of its corporate protection menu a range of group protection products for employers by integrating income protection and PMI cover
The move will be one of a series of new measures being introduced following Aegon UK's acquisition of Guardian Royal Exchange's UK life, pensions and unit trust businesses from Sun Life & Provincial Holdings, part of the AXA group
Ray Milne, managing director at Guardian Employee Benefits, said: "IFAs will benefit because of the financial strength being part of the Aegon group gives us
"Guardian Employee Benefits and Guardian Financial Services will be able to offer a wider range of employee benefits and protection products to the market since money is invested in new product development
Milne revealed firm plans had been set in place for intetgrating income protection and PMI cover
He added: "Evidence is emerging that savings can be made by integrating these types of cover so they work together in harmony
"Rather than taking out income protection with one company and PMI with another, by integrating both it would make it more cost effective for the employer
Subject to formal approval from the Department of Trade and Industry, Aegon UK will have picked up the life insurance operations of Guardian Royal Exchange for £759m
Aegon UK has acquired full rights to the Guardian name and owl logo, as well as its distinctive 28 28 20 phone number. But the name Guardian Royal Exchange will disappear
Both Guardian Financial Services and Guardian Employee Benefits will run along side Scottish Equitable, Aegon UK's main IFA company
Milne added: "In effect, Scottish Equitable is now our sister company. That will undoubtedly lead to a number of business opportunities as it is strong in pensions and we are strong in protection
"Together we can offer a bigger proposition to the market
Under the deal, SLPH retains ownership of PPP lifetme care and plans are already underway to relocate staff and integrate the long term care insurer into the Bristol-based offices of AXA Sun Life
Aegon UK is not active in the UK long term care market but the group is a leading player in the US, ranking in the top five
Scott White, Aegon UK group PR manager, said: "We have a large amount of experience gained in the US long term care market. It is an area that we are keeping a watchful eye on and the benefits that it might add to the distribution network of our companies in the UK
"It is a gap in our current product range and it may well be that it is an attractive avenue for us to explore once our studies are complete
Milne added: "My personal view is that if the long term care market gets the right signals from the Government, it could be large
