Bright Grey and Scot Prov record 17% new business increase

Royal London protection arms Bright Grey and Scottish Provident saw new business rise 17 per cent to £393m in 2011, up from £337m in 2010.

Royal London’s accounts for the year to December 31, published today, show Royal London saw total new life and pensions business increase 6 per cent to £3.3bn in 2011, up from £3.1bn in 2010.

Royal London Asset Management saw a 67 per cent fall in net new business in 2011 to £379m, down from £1.1bn in 2010, while Ascentric new assets under administration rose 8 per cent to £1.3bn, up from £1.2bn.

Scottish Life’s new business rose 4 per cent to £2.3bn, up from £2.2bn the previous year.

Royal London 360˚ recorded a 21 per cent rise in new business, up from £329m in 2010 to £398m last year.

Royal London group chief executive Phil Loney says: “Our protection businesses and Royal London 360˚ have delivered double digit growth, Scottish Life and Ascentric have built on their considerable achievements of the past few years and RLAM has once again delivered positive net new business, which is commendable in the current environment.

“Our plans assume that market conditions will remain uncertain and difficult in 2012, but we remain focussed on delivering good performance, in terms of both new business and financial results.”