This compared to net outflows of £310m in the fourth quarter of 2020.

Aegon said the improvement in flows was due to improved retail investor sentiment and reflected the result of its continued investment in the UK platform business.

The provider’s UK retail business includes adviser platforms Aegon Retirement Choices and the Aegon Platform (formerly known as Cofunds).

Lard Friese, CEO of Aegon, said: “We continued to invest in the expansion of our distribution network, while simultaneously improving the digital experience for customers, advisers, and employers.

“This resulted in solid growth in our US Life business, record-high asset balances in our Dutch mortgage and defined contribution businesses, and UK platform net deposits turning positive. In Asset Management, we recorded our tenth consecutive year of positive third-party net deposits. However, there is still more work to be done.”

Aegon decreased its platform expenses as a percentage of assets under administration by two basis points for the final quarter.

Across the wider UK business, which includes institutional and workplace, net flows for the quarter were £9.2bn. This compared with £3.7bn in net outflows for the fourth quarter of 2020.

The institutional business recorded £9bn in net inflows compared to outflows of £2.7bn for the fourth quarter of 2020.

Aegon’s workplace net inflows were £542m (Q4 2020: £486m outflows).