NETHERLANDS – Aegon’s first-half earnings have been boosted by its TKP Pensioen pension administration arm.
Insurer Aegon reported a net income of 790 million euros in the first six months of 2004, compared with 329 million euros of the same period last year.
The company’s fee business in the Netherlands rose 120% to 22 million euros. It said: “This increase is largely due to better results at the distribution units, a stable development in asset management profits and higher results at TKP Pensioen.”
A spokesman declined to provide details, but told IPE that TKP, which manages pension schemes for pension funds, had won a five-year-contract with Stichting Pensioenfonds UWV, the Workers’ Insurance Authority pension scheme.
TKP is working for the 2.2 billion-euro pension scheme, which has approximately 46,000 members, on administration, pension payment, communication, administration and advice.
Aegon bought TKP, the administration agency created by the Dutch posts and telecoms pension funds, at the end of 2002
“The strong and continuing earnings improvement across all of our major country units is a clear indication that our business is progressing in line with our priorities,” said chairman Donald Shepard.