Aegon has announced that it will leave the Association of British Insurers by the end of the year.
The insurer is the second high-profile company to leave the ABI in recent times. Legal & General quit the organisation last August.
Adrian Grace, Aegon’s chief executive, said that Aegon wished to now put its point of view directly to the Government.
“Aegon has enjoyed benefitting from and contributing to ABI discussions over legislative, regulatory and industry-wide developments over the years,” he was reported as saying by New Model Adviser.
“Looking ahead, we’re entering an exciting new era with the government encouraging innovation as it pursues its radical modernising agenda to meet the needs and preferences of consumers,” he said.
ABI director general Huw Evans (pictured) has said that it was disappointing to lose Aegon’s membership but maintained that the move was “not unexpected”.
He also said that the ABI remained the voice of the insurance industry.