Edinburgh-based Aegon UK said on Thursday its total assets administered on behalf of customers hit £173 billion as its Dutch parent firm announced first-half results.

Aegon UK CEO Adrian Grace said the Edinburgh operation passed another milestone in the first half with platform assets rising from £128 billion at the start of the year and passing the £140 billion level for the first time.

“In combination with our existing business, total assets administered on behalf of customers hit £173 billion,” said Grace.

Aegon UK said it generated a profit of £61 million during the period and remitted £160 million to Aegon group — its highest dividend ever paid.

Grace added: “Looking at the broader trends shaping our industry the priorities of politicians are arguably a bigger influence than any time in recent memory.

“Whatever your views on the pros and cons of Brexit, one thing we can say with certainty is that it has already absorbed a huge amount of Government time and focus leaving little time to address other pressing concerns.

“We are pleased that the new Prime Minister has acknowledged this and we hope he and his team will now make up lost time in areas such as social care funding and pensions.

“For pensions, we need to push ahead with pension dashboards and the Government needs to solve the technical problems that stop non taxpayers getting the tax relief top-up they deserve and reform other elements of the pensions tax system which make higher earners fearful that if they save ‘too much’ they’ll be penalised.”