Its announcement comes after reports that Aegon is looking to sell its annuity business in the UK.
Adrian Grace, Aegon’s chief executive, said the industry was entering an “exciting new era” with the Government encouraging innovation as it pursues a radical modernising agenda for consumers.
“The industry is responding positively, with each business developing its own priorities and strategies to meet their customers’ needs”, he said.
He further explained in a statement that Aegon’s strategy is to modernise its proposition, integral to which is an emphasis on digital technology.
This involved continuing to build its multi-channel platform, offer ‘to and through’ retirement solutions and focus on advisers, workplace, protection, drawdown and guaranteed products.
“With this in mind, we feel the time is right to separate from the ABI and focus on our strategic aims and put our point of view forward direct to the Government and regulators.”
In August last year, Legal and General said that it would cease to be a member of the ABI at the end of 2014, citing similar reasons for the exit.
