Last year, Aegon UK said it was reviewing its annuity portfolio as part of a wider look at its business. In November, Aegon UK revealed total new life sales were down 30 per cent to £139m, primarily due to lower demand for traditional pension products (Annuity Advice Bristol).
Rothesay Life, which purchased Zurich’s legacy UK annuity business in May, has also been touted as a possible buyer for Aegon UK’s portfolio. Neither L&G nor Rothesay Life has commented on the rumours so far. An Aegon UK Spokesman said in September we confirmed we’d initiated a review of our UK annuity portfolio. This process continues, and we will update the market in due course”.
Despite the review of Aegon UK businesses, chief executive Adrian Grace has said the Dutch-owned company, which is based in Edinburgh, is committed to the UK. In an internal note in September, he stated : “we have built a market-leading platform which continues to be the fastest platform both by percentage and in terms of asset growth.”
Annuity Advice Bristol
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Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.