Edinburgh-based Aegon UK said the acquisition of Cofunds and “exceptional” organic growth has seen the firm add more than £15 billion to take its “platform” assets up to £117 billion.

Adrian Grace, Chief Executive of Aegon UK said: “The business has transformed itself over the last few years.

“We have built services that enable intermediaries to manage both individual and workplace savings on a single platform and to invest in a wide range of assets including funds, ETFs and Investment Trusts all without the need for paper processes.

“It’s our belief that the platform market is about scale and efficiency we’ve taken huge strides in both areas over the last twelve months.

“In 2016 we added £7bn to the platform taking us to £13.4bn of assets.

“This year thanks to the Cofunds acquisition and exceptional organic growth we added over £15bn taking us to £117bn.

“The strong performance of our overall business meant we delivered earnings of £22m in Q4 and we’ve also increased earnings by 94% over the last twelve months taking us to £109m for the year.”