Insurance sector must reinvent itself with ‘dramatic measures’
Insurers are failing to adapt to changing customer needs and technology, instead focusing more on complying with new regulations, a new report by KPMG has found.
Aegon
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PEOPLE MOVES: BSI Bank, BlackRock, Aegon…
On what has been a very trying day for Switzerland-headquartered BSI Bank, the company’s chief executive has stepped down with immediate effect. BlackRock has poached its new senior managing director from a Canadian pension fund, while Aegon’s managing director for retail is to retire after 30 years with the company.
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L&G buys £3bn UK annuity book from Aegon
Insurance giant Legal & General (L&G) has bought a £3bn ($4.3bn, €3.9bn) UK annuity portfolio from Dutch-headquartered life group Aegon.
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More UK savers on track for retirement
The UK appears to be taking their retirement a bit more seriously, with 12% of the population now on track for the retirement they aspire to have, up from 7% in April 2015, according to Aegon UK.
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UK outlines how new secondary annuities market will work
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.
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Aegon sells two-thirds of UK annuity book
Dutch-headquartered life group Aegon is selling two-thirds of its UK annuity book to insurer Rothesay Life.
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Aegon platform business surges in pension ‘perfect storm’
Aegon’s UK platform business has benefited significantly from the pensions freedoms announced in April, the firm said.
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Aegon set to sell annuity book to Rothesay – report
Rothesay Life, the UK-based insurer is in exclusive talks to buy Aegon’s £9bn UK annuity book, Reuters has reported.
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Old Mutual’s Intrinsic reported to be in talks to buy Tenet
Old Mutual Wealth-owned adviser network Intrinsic is believed to have begun talks to buy Tenet, according to UK media reports.
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Aegon sees UK life sales dive as Asia business soars
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.
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Advice costs still weigh on uncertain UK pension savers
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.
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Aegon to exit the Association of British Insurers
Aegon is to leave the Association of British Insurers (ABI) at the end of the year.