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Daily Insurance Industry News
Sunday 21st of January 2018
September 29, 2010

AEGON progresses UK restructure

by Gill Montia

Story link: AEGON progresses UK restructure

AEGON has provided further details of the restructure of its UK business, first announced in June.

The group aims to sharpen its focus on the At-Retirement and Workplace Savings markets and reduce operating costs by 25%.

It has therefore decided to close its third party pension administration and its employee benefits software businesses but will be retaining the closed book of business of Guardian Financial Services.

The Dutch insurer will also retain its life insurance and protection business.

A “broad range” of cost-saving measures is being introduced, resulting in the loss of a number of senior management roles over the course of the coming year.

According to a BBC report, the company will cut an administration division in Cheshire with the loss of 82 jobs, and a further seven posts will go at its London-based software division.

Commenting on the restructure, AEGON N.V. chief executive officer, Alex Wynaendts, says: “The UK continues to be a key market for AEGON and we are committed to pursuing the future opportunities from a position of strength.”

 

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