NETHERLANDS - ING Group saw assets under management increase 17.8% to e538bn in the nine months to end September 2005.
According to the groups Q3 report, the increase was driven by a net inflow of e23.1bn, the impact of higher currencies and higher stock markets. In the nine-month period to end of September, net profits climbed 23.5% to e5.4bn.
Elsewhere, AEGEON saw net income increase by 30% in the nine months to end September to e2bn. In Q3, net income rose by 25%, or e643m.
The increase was said to reflect higher operating earnings and increased net gains on investments.
Sales of annuity and institutional guaranteed products in the Americas increased 5% compared to Q3 2004. This was attributed to higher sales to individuals and higher sales through the pension businesses.
Off balance sheet production increased in all country units with the largest portion coming from new pension mandates in the United Kingdom.
AEGON's chairman Donald J Shepard said: “At a time when the fixed annuity market has experienced steady decreases, AEGON's new fixed annuity deposits in the third quarter were higher than in the first and second quarters, mainly due to new distribution agreements in the bank channel.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers