The results from parent Royal London show that Bright Grey has seen sales fall from £91m in the first six months of 2007 to £80m in the first half this year.
Bright Grey distribution director Andy Peters says: “In terms of the figures, the credit crunch and the shrinking mortgage market has had an effect on protection business with sales across the UK broadly down by 10 to 15 per cent. However, we are confident about the fact that we have a very strong proposition, there is a great deal of potential in the market and things will bounce back.”
Royal London Asset Management business fell by a third from £1.5bn to £1bn.
Royal London chief exec- utive Mike Yardley says: “Des-pite market turbulence, RLSM continues to attract strong net new business flows, building on the success of the last few years and the reputation of its highly exp- erienced team”
Scottish Life present value new business premiums increased by 4 per cent from £746.8m to £778.6m and Scottish Life International saw a rise of 4 per cent, from £75.7m to £79m.
Wrap platform Ascentric, which was bought by Royal London in October 2007, took in £113m of new funds during the first half of this year. “The main focus of the Ascentric wrap business has been to strengthen the administration and systems’ capabilities,” says Yardley.