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.”