Aegon’s assets under administration in the UK have reached £200bn for the first time as the provider continues to increase scale in the UK pensions and savings markets.

Aegon’s platform business in the UK doubled its net deposits (excluding the low-margin institutional business) compared with Q2 2020 to £1bn. The growth was primarily driven by the workplace segment which saw net inflows of £1.2bn. The net inflows were almost double the inflows seen in Q2 2020.

The provider said that it aims to reduce the impact from the gradual run-off of its UK traditional product portfolio by growing its platform business and reducing its expenses. The run-off was the main driver behind lost revenue on net deposits for the provider in the second quarter.

Operating profit for the firm increased 16% year on year to £38m for the quarter.

However, the provider saw retail sector net outflows of £78m. Aegon noted that both inflows and outflows increased due to more activity as a result of the “improved Covid-19 environment”.

The provider said it would continue to invest in its UK workplace pensions proposition. It said the acquisition of Pension Geeks, announced in April, is expected to “further improve the customer experience, make communications more personalized, and drive growth”.