The chief executive of life insurance giant Aegon has admitted his industry suffers from a credibility problem for selling over-complex products to savers, the Financial Times reports on Tuesday.

Alex Wynaendts told the paper life insurers had, in effect, boosted their profit margins by selling complex products. However, insurance companies risk becoming ‘irrelevant’ if they fail to adjust to ‘new realities’, the FT quoted him as saying.
‘Customers need more simple and transparent products,’ he told the paper. ‘There is this issue about these complex products, and nobody knows exactly what’s going on.’