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.”