steering the with-profits ship

Attrition in Aegon's with-profits investment bonds has seen business in this area shrink to some £500m, although it still has some £9bn in offshore and onshore pension funds as well as other products that link to its with-profits portfolio. Actuary Dave Metcalf, head of valuation and product services at Aegon, says there is a whole range of closed with-profits funds at the group, all of which feed into one main pot. The asset allocation of each of these funds, or products, is determined by the guarantees attached, meaning the equity to bond holding varies significantly between each. Metca...