Aegon UK's protection business up 30%

clock • 1 min read

Aegon's protection business 'thrived' this quarter with earnings in Q3 2014 from the protection business up 30% on 2013's year-to-date figure.

Meanwhile, across the UK business which includes pensions, the insurer revealed that its  earnings before tax "continued to be strong" with Q3 earnings up 13% to £22 million on Q3 in 2013.

This performance has been driven by better persistency, Aegon said. 

Its platform, which was launched in 2012, was recently recognised by Platforum as "fastest growing platform" and reached £2.4bn assets under management this quarter.

Aegon said its expects to see continued growth of the platform business as the new pension flexibilities are introduced by the government enabling customers to have more freedom and choice with what they can do with their pension savings from April 2015.

Aegon also acquired 59,000 new customers this quarter, 10,000 more that in the previous quarter. This could be attributed to the ongoing attraction of the platform as well as the success of Aegon's auto-enrolment programme, which staged a further 97 new schemes this quarter, it said. 

Adrian Grace, CEO of Aegon UK said: "We expect demand for guaranteed products, income drawdown and our platform across our three core channels of workplace, advisers and non-advised to continue to increase over the next few years and we are already now well established with clear propositions in each of these areas."

More on Insurer

LV= posts profitable protection business

LV= posts profitable protection business

50% increase in protection profits

Cameron Roberts
clock 25 March 2024 • 1 min read
DeadHappy closes doors to new life insurance customers

DeadHappy closes doors to new life insurance customers

Existing policies are protected

Jaskeet Briah
clock 18 March 2024 • 2 min read
EDI has a positive impact on business: CII

EDI has a positive impact on business: CII

Improving representation has the most impact

Cameron Roberts
clock 13 March 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read