Aegon platform assets hit £110bn

Aegon’s platform assets continue to increase after the acquisition of Cofunds as the life company looks to become the dominant player in the platform market.

Aegon reported net inflows of £1.4bn into its platforms for the third quarter of 2017 this morning, pointing to “favourable equity markets” as a boost to business.

The accounts note that over the period, Aegon spent around £13m in integration costs on bringing Cofunds and its existing Aegon Retirement Choices platform together.

UK chief executive Adrian Grace says: “We have an important couple of months ahead but I’m confident that if we stick to our task and focus on providing advisers with the tools and services that help them to manage their business more efficiently, both advisers and Aegon will be successful. The move to a single retail platform will mark a new chapter for the business, but the combination of Cofunds’ platform know-how and investment expertise, with Aegon’s pensions and protection heritage sets us up well for the future.”

Aegon will soon begin phasing out the Cofunds brand.

Across Europe, new life says dipped 1 per cent in the quarter after Aegon completed the sale of most of its UK annuity book last year.