The UK government has set out the rules and regulation for its planned secondary annuities market which will allow holders to sell their scheme back to a provider or onsell the income stream to an FCA-authorised buyer.
Dutch-headquartered life group Aegon is selling two-thirds of its UK annuity book to insurer Rothesay Life.
Aegon’s UK platform business has benefited significantly from the pensions freedoms announced in April, the firm said.
Rothesay Life, the UK-based insurer is in exclusive talks to buy Aegon’s £9bn UK annuity book, Reuters has reported.
Old Mutual Wealth-owned adviser network Intrinsic is believed to have begun talks to buy Tenet, according to UK media reports.
Dutch-headquartered life group Aegon reported a 30% third quarter fall in its total UK life sales but also revealed a more than 50% leap in Asia compared to the same period in 2014.
Nearly 75% of people surveyed by British insurer Aegon UK said the prospect of having to pay for financial advice puts them off, though of those that have obtained advice, 90% said they were satisfied with the service.
Aegon is to leave the Association of British Insurers (ABI) at the end of the year.
Dutch insurance giant Aegon is looking to sell its annuity business in the UK, following on from a move by the French insurer Axa to offload its British business, as international insurers react to the changing regulatory environment.
UK-based pension provider Aegon is refusing to give savers flexible access to their pension pots without financial advice.
Canada Life’s reinsurance division has reached a deal with insurance giant Aegon to cover the longevity risk on a €6.0bn (£4.3bn, $6.7bn) portfolio of Dutch annuities.
Life insurance giant Aegon has posted a 7% rise in underlying earnings for the second quarter as a growth in fee business and the stronger US dollar were only partly offset by lower US life and protection results.
