Group strategy update highlights Aegon UK as core business as it signals ongoing investment
- Strategy update reiterates UK’s focus on serving financial advisers and the workplace market
In his first major strategy update since taking over as the CEO of Aegon NV, Lard Friese today set out his priorities for the international financial services group in a presentation to investors. The strategy identified Aegon UK as one of the core businesses within the group and also signalled the company’s commitment to investment in the UK with a view to further strengthening the company’s capabilities.
The presentation highlighted the attractive nature of the long-term savings market in the UK where Aegon UK is aligned to both the growth of workplace savings, and demand for financial advice which it supports via its investment platforms. The presentation signalled that Aegon will invest in the UK, to ensure the business is able to capitalise on these opportunities and deliver propositions and services which help customers achieve a lifetime of financial security.
Three core areas for investment were identified as follows:
- The financial adviser channel – Aegon will focus on developing a new front-end adviser/customer digital portal, improving service and distribution support, enhancing platform functionality and user experience and the introduction of further decumulation and model portfolio propositions
- The workplace channel – Aegon will focus on digitisation and personalisation of employer and member experience, embedding wider savings offerings including ISAs/GIAs and extending localised employer engagement activities
- Integration of propositions – Aegon will focus on integrating propositions such as its recently launched Risk Managed Portfolio proposition for the adviser market
Today’s announcement aligns with the strategy Aegon UK CEO Mike Holliday-Williams set out earlier this year where the focus was on capitalising on the company’s strong position in the platform and workplace markets. This included his ambitions to create a purpose led business which focused on growth, improving its customers’ financial wellbeing, delivering an exceptional experience, while maintaining its strong financial position and also giving back to the communities in which it operates.
Commenting on today’s announcement Aegon UK Chief Executive, Mike Holliday-Williams said: “Both Aegon NV and the UK are entering new chapters and I’m excited about the opportunities and challenges that lie ahead. Aegon UK is well positioned to capitalise on both the growing demand for financial advice and the increasingly important role of workplace savings. We have identified a number of areas where we will invest in order to achieve profitable growth and capitalise on these opportunities. There are a number of common themes including a focus on user experiences, service, greater personalisation and proposition development. These changes are underpinned by a renewed focus on purpose and our ambitions to help people achieve a lifetime of financial security. I believe this year in particular has highlighted the vital role our industry and financial advisers play in helping people prepare for the unexpected and in providing financial security and flexibility.”
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Notes to Editors
- In the UK, Aegon offers retirement, workplace savings and protection solutions to over three million customers. Aegon employs around 2000 people in the UK and together with a further 800 people employed by Atos, we serve the needs of our customers. More information: aegon.co.uk
- As an international life insurance, pensions and asset management group based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ approximately 26,000 people and have millions of customers across the globe. Further information: aegon.com
Figures correct as of November 2019