Strong growth in Aegon’s UK workplace business has contributed to a significant boost in group profits.
The company reported a 24 per cent increase in net flows in its UK workplace business in the first half of 2025, compared to the same period last year — generating £2.1bn in net deposits.
Speaking to Corporate Adviser, Aegon UK chief executive Mike Holliday-Williams said this reflected the investment the company had made in its workplace proposition and adviser platform, which were helping it to win new business and retain existing clients.
The figures were boosted by 113 new scheme wins during this period, including one large scheme that transferred 42,000 members into its master trust.
Overall, Aegon UK has seen a 7 per cent rise in total platform assets, which now stand at £118bn. Its total AUA for the first half of 2025 now stands at £226bn, up 4 per cent from the same period.
Holliday-Williams said that is backed by an operating result of £88m (up from £80m last year) which has provided the financial stability needed to continue investing in the business.
These UK results come as the Aegon Group reported an overall net profit of €606m — compared to a €65m loss in the same period last year. Announcing the results, the company said it is considering relocating its head office from the Netherlands to New York and making the New York Stock Exchange (NYSE) its primary listing.
Holliday-Williams confirmed this would not affect its UK operations. “It will be business as usual, with the firm continuing to invest in its workplace business, particularly in terms of investment proposition, engagement and retirement options.”
He added that UK growth had been supported by the launch of Aegon’s digital engagement tool, Mylo, which has now been rolled out to 300 schemes covering 80,000 members. Aegon says this offers a new way for members to interact with the provider. Holliday-Williams said improving engagement was a critical step, and would benefit the firm when it came to establishing the new targeted support services.
Aegon said three LTAFs will be implemented into their largest workplace default fund later this year, offering members access to private markets, and it plans to review the asset allocation of its master trust in the second half of the year.
Looking ahead, Holliday-Williams said the company would continue to invest in its proposition with a particular focus on retirement options. This includes launching a new retirement income planning tool and “cleaning up” default investment options to streamline the offering and meet Mansion House commitments.
“We are aware that the UK workplace market is highly competitive, so we will continue to invest in our proposition. We have had a strong half year and want to build on this positive momentum.”