INCREASED pension activity and a solid start to annuity business helped Aegon UK produce record first-half sales, reports the Scotsman.
The paper says the Edinburgh-based division, which uses the consumer brand Scottish Equitable, saw new business in the six months to 30 June leap to £499m on an annual premium equivalent basis, up 55% from £321m in the year-earlier period, boosted by the overhaul of the pension system in Britain. New business in the second quarter was up 59% to £282m, making it a record quarter for new business volumes. The value of new business, which reflects margins, rose 61% to £53m, as a rise in demand for less lucrative individual pensions was offset by cost controls and strong protection insura...
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