Aegon UK today unveiled Adrian Grace as its new chief operating officer (COO), life and pensions, as the company seeks to create a "more competitive" business in light of challenges presented by RDR, pensions reform and Solvency II.
The announcement comes as the company reports life and pensions new business fell 23% to £943m last year compared with 2008, although Q4 new business was up 9% on the previous three months on an APE basis. Underlying earnings for the quarter were £30m, an increase of 131% on Q4 2008, while the Value of New Business (VNB) measure advanced 10% on Q3 to £32m. Earnings for full year 2009 were £43m, down 62% from £113m in 2008. Grace, currently Aegon UK's director of sales, distribution and development, will be responsible for all aspects of the company's life and pensions business, re...
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