Edinburgh-based financial provider Aegon UK goes hybrid as operating profits strengthen
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The Dutch-owned group, which has about 2,000 people working in the Scottish capital, posted an operating profit of £158 million for 2021, up from £128m the year before. The result for the closing quarter of last year rose by 45 per cent to £42m, year on year.
Mike Holliday-Williams, chief executive of Aegon UK, pointed to “positive” inflows of business during the quarter and over the course of 2021 as the group invested in its platforms and attracted new clients.
He also noted that the business, which has a large base at Edinburgh Park, was adopting a “fully hybrid and fully flexible” working model in the wake of the pandemic with about 50 per cent of staff expected to be office-based over time.
On the sales front, the latest quarterly figures showed net inflows amounted to £9.2 billion, compared with net outflows of £3.7bn in the fourth quarter of 2020.
Aegon group chief executive Lard Friese said: “Our fourth quarter 2021 results demonstrate our progress in achieving our financial and strategic objectives.
“Our operating result for the quarter decreased only slightly, despite adverse claims experience mainly due to Covid-19, as it was supported by increased fees from higher equity markets and a positive contribution from business growth.
“We continued to invest in the expansion of our distribution network, while simultaneously improving the digital experience for customers, advisers, and employers.
“Looking ahead to 2022, we will continue to make progress on delivering on our strategic objectives.”