Aegon sees profits rise to £158m in 2021

Aegon sees profits rise to £158m in 2021

Mike Holliday-Williams

Edinburgh-based financial services firm Aegon UK has posted an operating profit of £158 million in 2021.

This is an increase from the £128m posted in 2020.

In the fourth quarter of last year, the Dutch-owned group’s net result rose by 45% to £42m.

The results revealed that Aegon UK was the best-performing part of the Dutch-owned Aegon Group after benefitting from a substantial increase in the value of assets under administration on its platforms.

Inflows net of withdrawals amounted to £9.2 billion, compared with net outflows of £3.7bn in the fourth quarter of 2020.

Aegon Group also highlighted Aegon UK’s success with clients in markets such as workplace pensions.

Lard Friese, CEO of Aegon Group said: “Our fourth quarter 2021 results demonstrate our progress in achieving our financial and strategic objectives. Our operating result for the quarter decreased only slightly – despite adverse claims experience mainly due to COVID-19 – as it was supported by increased fees from higher equity markets and a positive contribution from business growth.”

Mike Holliday-Williams, chief executive of Aegon UK, said the firm had benefitted from positive inflows of business during the quarter and over the course of 2021 as the group invested in its platforms and attracted new clients.

He stated that the business was adopting a fully hybrid and fully flexible working model in with about 50% of staff expected to be office-based over time.

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