New Aegon chief Grace plans 'agenda for growth'

Grace, who will succeed Otto Thoresen as chief executive next month, has steered the 80 million restructuring of the firm and yesterday pledged to "turn the cost agenda into the growth agenda" over the next six to nine months.

Thoresen leaves after six years at the helm to become director general of the Association of British Insurers (ABI).

Grace joined Aegon only two years ago as group development director and took on his present role last year in a surprise shake-up at the top that cost two high flyers, Feilim Mackle and Steve Clode, their jobs. Yesterday Grace enthused about the company's prospects and paid tribute to Thoresen who had been his "mentor and inspiration".

"The cost savings are important but hard on people, but we are making good progress and are on track to deliver what still needs to be done," he said.

From April when he takes over the job, attention will turn towards the company's core markets and how he intends to build the business.

"We will turn from the cost agenda to the growth agenda over the next six to nine months. Otto dealt with the cost story and I can now build the growth story and what will fuel it," he said. He intends to move quickly to make four or five senior appointments, expected to come from within the company.

He heard about his promotion soon after Christmas when he received a call from the company's head office in The Hague. He said a succession plan had been put in place some time ago. "But you have to perform otherwise you are out of the succession plan," Grace added.

After delivering 33m of savings so far he said he went into Christmas believing he had done what had been asked of him when he took on responsibility for the transformation plan announced last summer. About 600 jobs will be lost in Edinburgh, where the firm employs about 2,400.

Prior to joining Aegon in 2009, Grace held a variety of business development roles at GE Capital, during which he was based also in the US and Far East. He held managing director roles at Sage Group, HBOS and Barclays Insurance.

Aegon group chief executive Alex Wynaendts said: "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 organisation in the UK given his extensive industry experience and the significant role he has played in repositioning our business."

Thoresen said of his appointment to the ABI: "This is an industry I care passionately about and I will relish the opportunity to engage in crucially important debates with governments, regulators, customers and stakeholders. The insurance industry is facing very significant changes over the next few years and it will be vital that we punch our weight and contribute all we can to the challenges facing us."