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Buoyant ScotLife helps lift life and pension sales for RoyLon

Royal London’s life and pension sales increased by 12 per cent from £2.3bn in the first nine months of 2010 to £2.5bn at the end of September.

New business at Scottish Life increased 13 per cent from £1.6bn in the first nine months of 2010 to £1.8bn in the first nine months of this year.

Sales at Royal London 360°, the group’s international arm, were up by 32 per cent from £233m last year

to £308m this year. Sales for the provider’s protection businesses Bright Grey and Scottish Provident remained almost unchanged at £250m.

New assets under administration on the Ascentric platform increased by 20 per cent from £868m last year to just over £1bn in September.

But Royal London Asset Management suffered a 66 per cent slump in new business from £619m last year to £218m this year.

Royal London chief executive Phil Loney says: “Over the past few years, Scottish Life has significantly increased its market share for individual pensions through IFAs, which is testament to the quality of the overall product proposition and service delivery.

“Our focus remains firmly on the customer agreed remuneration market, placing us well to benefit from the impact of the RDR.”

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