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.”
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.