Aegon earnings up 37% following increased demand for income drawdown

Aegon UK posted a 37% increase in earnings in the fourth quarter of last year, compared with the same period in the year before, citing increased demand for income drawdown on its platform.

The provider recorded pre-tax earnings of £22m in the period. Its platform's assets under administration reached £2.7bn by the end of the year following fresh inflows of £0.3bn in the last quarter. The platform observed a 40% upswing in demand for income drawdown compared with Q4 2013, saying it expects to see continued growth as the new pension flexibilities are introduced and more people will have access to drawdown from April. Aegon's protection business saw a 25% increase in volumes relative to Q4 2013, largely attributed to the launch of a new whole of life product in the last...