Royal London sees 26% rise in new business

24 February 2011 9:41 am | By Natalie Holt

Royal London has reported a 26 per cent increase in new life and pensions business for 2010 from £2.5bn to £3.1bn.

Scottish Life, Royal London’s asset management businesses including the Ascentric wrap, and Royal London 360°, Royal London’s international markets business, led the group’s performance.

Scottish Life reported a 37 per cent rise in new business from £1.6bn to £2.2bn, while Royal London 360° saw new business volumes go up 39 per cent from £237m to £329m.

Ascentric saw new assets under administration go up by a massive 189 per cent from £421m to £1.2bn. Funds under administration now total over £2.5bn.

The wrap says 2010 marked Ascentric’s strongest year since 2007.

Royal London Asset Management saw new business increase 92 per cent from £589m to £1.1bn.

But protection business under the Bright Grey and Scottish Provident brands continued to decline last year, with new business down 10 per cent from £370m to £332m. It follows a 19 per cent drop in new protection business reported for the first nine months of 2010.

Group chief executive Mike Yardley (pictured) says: “Both our pensions and international operations have achieved record new business levels and RLAM, our asset management company, is attracting new funds across all asset classes. Ascentric, the wrap provider we acquired in 2007, goes from strength to strength.

“2011 will be another difficult year for the economy, but I am confident that our focus on quality products and quality service will help ensure continuing strong performance.”

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