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Bright Grey records 20% rise in new business premiums

Bright Grey has recorded a 20 per cent increase in new business premiums for the first six months of the year.

From January until June Bright Grey saw new business premiums reach £96m, up from £80m for the same period last year.

Scottish Provident, acquired by Royal London in December 2008, saw new business premiums reach £114m.

Royal London says the “excellent” new business results for its protection brands is down to its efforts to help IFAs sell non-mortgage-related protection.

Scottish Life saw new business levels drop 11 per cent to £694m, from £779m during the first half of 2008, while Royal London Administration Services new business volumes dropped to £111m this year from £115m in 2008.

Royal London 360°, formed in January 2009, recorded £127m in new business, while new assets under administration on the Ascentric platform reached £120m, up from £113m in 2008.

Total new life and pensions business on a new premium basis increased 12 per cent to £1.2bn, up from £1.06bn for the same period last year.

London group chief executive at Royal London Mike Yardley says: “Once again the group has reported a good new business performance in what continue to be very challenging markets.

“I am particularly pleased with the performance of our protection businesses and, more generally, with the former Resolution businesses we acquired last year. The International business has been fully integrated and the protection operations are performing ahead of initial expectations.”

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