Royal London posts £404m profit
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Royal London has reported EEV profit after tax of £404m for the year ending December 31, 2009, compared to a loss of £762m for 2008.
Using IFRS accounting standards, the firm delivered a £410m profit compared with a loss of £432m a year earlier.
The firm is allocating a mutual dividend of £25m for with-profits policyholders.
Royal London says its capital strength has been improved significantly in 2009 following a difficult year in 2008 due to deteriorating economic position and the effect on capital measures of the acquisition of Resolution businesses from Pearl.
Group chief executive Mike Yardley says: “In difficult conditions we have achieved a good overall performance. We have grown our sales, increased our profits from new business and further strengthened our capital position.”
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