Aegon’s UK adviser platform continued to see net outflows in the second half of 2024, according to its latest financial results.

The adviser platform reported outflows of £1.77bn for the second half of the year, a slight improvement from the £1.9bn outflows reported for the second half of 2023.

Aegon said the continued net outflows reflected continued elevated levels of customer withdrawals, ongoing consolidation and vertical integration in non-target adviser segments.

The adviser platform ended 2024 with £51.6bn in assets under administration, an increase of 2% year-on-year (31 December 2023: £50.45bn).

Last summer Aegon UK said it planned to invest around £70m a year for the next three years to enhance its adviser platform.

Lard Friese, CEO of Aegon, said the firm expects its adviser platform to return to growth by 2028.

He said: "While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms."

Aegon’s UK workplace platform reported a strong end to the year, doubling its workplace net flows for the full year to £3.7bn (2023: £1.8bn).

Total assets for the combined workplace and adviser platforms rose 11% to £115bn at the end of 2024.

In the UK, total assets under administration ended the year at £220bn (2023: £203bn).

The Aegon group posted an overall net profit of EUR 741m for the second half of 2024, with the investment, insurance and platform giant proposing a final dividend for 2024 of EUR 0.19 per share, a 19% increase on 2023.

Mr Friese said that Aegon plans to provide an update on its strategy and new targets on 10 December in London.