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06 Mar, 2008

Nicola York - 06-Mar-2008

Aegon's new business increased by 27 per cent to £157m last year.

Life and pensions new business rose by 12 per cent compared with 2006 with individual pensions up 10 per cent to £381m.
Individual protection rose by 15 per cent to £47m while offshore bonds rose 33 per cent to £81m.

Annuities grew by 41 per cent to £136m while Aegon Asset Management new business on the retail side rose by 30 per cent to £556m.

Aegon UK chief executive Otto Thoresen says: "Aegon has delivered another excellent year's performance reaching new levels of profitability and record levels of new life and pensions business. We have made important progress in developing our business mix - building on our expertise in pensions but also underlining our position as a leading player in individual annuities and protection.

"I am particularly pleased with the new developments we are seeing in asset management where Andrew Fleming's team is delivering good equity performance despite volatile market conditions and this has led to growth, particularly on the retail side. Our fixed income capability is still a fundamental strength.

"Last year we established our most significant bank distribution deal to date, with Barclays, bringing Aegon products to new customers. Our aim this year is to continue to diversify our distribution further with more new partnerships."

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