Ascentric strength bolsters Royal London
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Royal London has seen new life and pension business boosted by strong performances from its asset management business, the Ascentric wrap and Scottish Life.
Life and pension business for 2010 rose to £3.1bn from £2.5bn the previous year.
Last year was the strongest for Ascentric since the wrap launched in 2007. New assets under administration have nearly tripled from £421m to £1.2bn. Funds under administration total more than £2.5bn.
New business at Royal London Asset Management almost doubled from £589m to £1.1bn.
Scottish Life saw a 37 per cent rise in business from £1.6bn to £2.2bn while Royal London 360°, the group’s international markets division, saw business volumes rise by 39 per cent from £237m to £329m.
But protection sales under Bright Grey and Scottish Provident continued to decline, with business down by 10 per cent from £370m to £332m. It follows a 19 per cent drop in new protection business for the first nine months of 2010.
Group chief executive Mike Yardley says: “Both our pension and international operations have achieved record new business levels. RLAM is attracting new funds across all asset clas- ses and Ascentric is going from strength to strength. This will be another difficult year for the economy but I am confident our focus on quality products and service will help ensure continuing strong performance.”
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