AEGON Appoints Adrian Grace CEO AEGON UK

Quote: THE HAGUE, The Netherlands, March 8, 2011 /PRNewswire-FirstCall/ -- AEGON today announces the appointment of Adrian Grace as Chief Executive Officer of AEGON UK. He will replace Otto Thoresen, who is leaving AEGON after six years as UK CEO. Mr. Thoresen will become Director General of the Association of British Insurers (ABI). Mr. Grace, whose appointment is subject to approval by the Financial Services Authority (FSA) will take up his new role as of April 1, 2011. Adrian Grace is currently Chief Operating Officer of AEGON UK, a position he has held for the past twelve months. During that time, he has been responsible for developing and implementing the major business transformation plan for AEGON UK currently underway. AEGON introduced a restructuring program in June 2010 aimed at reducing operating costs by 25% of the life and pensions business by end 2011 in order to improve the returns of the business. At the same time, efforts are aimed at refocusing the business on the two growth markets of At Retirement and Workplace Savings, in which AEGON already has strong positions. Adrian Grace joined AEGON in February 2009. In his first year with AEGON, as Director of Group Development, he was responsible for delivering greater operational efficiency in AEGON's sales force and in its owned adviser businesses Origen and Positive Solutions. Prior to joining AEGON, Mr. Grace held a variety of business development roles at GE Capital, during which he was based also in the United States and Far East. He also held managing director roles at Sage Group, HBoS and Barclays Insurance. AEGON's CEO Alex Wynaendts stated: "We are grateful to Otto Thoresen for his years of leadership and many contributions to AEGON UK throughout his long career. Adrian Grace is uniquely qualified to lead our organiza...
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