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Protection sales fall for Royal London firms

Royal London fell to a loss of £2m for the first six months of this year under international financial reporting standards after an £18m profit in the same period in 2009.

The company did make a profit of £111m on an European embedded value basis, up from £108m.

The company’s group chief executive Mike Yardley is stepping down after 12 years in the role. He will stay on at the company until a replacement is found. A recruitment firm has been appointed and the Royal London board says internal and external candidates will be considered.

Royal London’s interim results show business volumes are up by 62 per cent at Scottish Life on a present value of new business premiums basis, from £694m to £1.13bn.

But protection brands Bright Grey and Scottish Provident both saw lower volumes compared with 2009.

New business at Bright Grey fell by 22 per cent from £96m to £75m while sales at Scottish Provident dropped by 17 per cent from £114m to £95m.

Business at Royal London Asset Management leapt by 60 per cent from £813m in 2009 to £1.3bn on a PVNBP basis.

Yardley says: “On leaving Royal London, I hope to use my experience to help the life insurance and asset management industry tackle the many challenges ahead.”

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