Aegon UK, the Edinburgh-based financial provider, has hailed “good progress” in its latest quarter with a sharp jump in profits.

The Dutch-owned group, which has some 2,000 people working in the Scottish capital, reported a 57 per cent year-on-year increase in its third-quarter operating profit to £44 million.

This was driven by higher fee revenues as a result of “favourable” equity markets, a provision release and lower expenses.

Mike Holliday-Williams, chief executive of Aegon UK, said the business remained in transition but added that he was pleased with the “positive momentum” seen in the latest three-month period.

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