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Bright Grey new business falls 19 per cent

Bright Grey’s new business levels have fallen by 19 per cent from £47m in the first quarter of 2007 to £38m in the same period this year.

Royal London’s first quarter business results released today show that total life and pensions new business is up 5 per cent from £398m in the first three months of last year to £417m this year.

Scottish Life new business was up 9 per cent from £310m to £337m while Scottish Life International new business was up 20 per cent from £30m to £36m.

Royal London Asset Management business remained flat at £620m.

Group chief executive Mike Yardley says: “Considering the economic environment and the increasingly competitive markets in which we operate, these are very satisfactory results. 

“I am particularly pleased that Scottish Life has achieved increased levels of business in both individual and group pensions.  Our international business has also delivered healthy growth, with 20 per cent overall increase in business and UK operations performing particularly well.

“In line with other major product providers our protection business has been impacted by the slowdown in the mortgage market.  However the potential market for protection is huge and we are working with IFAs to help them develop and grow their protection businesses.”


A commission conundrum

PruProtect’s decision to boost the commission it pays advisers who sell its severity-based critical illness cover has come under fire this week.

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Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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