View more on these topics

Life and pensions buoyant but protection hits RoyLon

Royal London had a mixed first quarter as growth in new life and pension sales was tempered by an 80 per cent slump in new asset management business.

Results for the first three months of this year show Royal London Asset Management net new business fell to £113.4m from £578.7m in the first quarter of 2010.

Chief executive Mike Yardley says: “The fall has to be seen in the context of an outstanding first quarter of 2010”.

Total new life and pension business for the company increased by 9 per cent to £841m from £775m.

New business at Scottish Life was up by 5 per cent to £615m from £586m.

The group’s Ascentric platform increased its assets under administration by 72 per cent to £388m from £225m.

The bancassurance arm saw a 52 per cent rise in new business to £35m from £23m and its international business Royal London 360 increased new business by 50 per cent, to £117m from £78m.

But RoyLon’s protection businesses Bright Grey and Scottish Provident, were hit by a 14 per cent drop new business to £73m from £85m.

Royal London head of communications Alasdair Buchanan says: “The protection businesses are in good shape and we are committed to the market but it is difficult as the mortgage market is horrendously depressed right now.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com