Royal Liver has announced it will launch a range of multi-manager investment funds in early 2008 as part of its modernisation strategy.
The mutual will out-source the funds to external managers but will actively oversee their performance.
Royal Liver’s first half results, which it released today, are the strongest for five years.
While it is not required to publish its full numbers Royal Liver says it has experienced growth in most of the group’s arms and the benefits of its three year strategy are filtering through.
Progress and Caledonian Life, its manufacturing and operations businesses, have delivered a surplus of income over expenses for the first time in five years.
But Park Row, the mutual’s adviser arm, has been hit by regulatory reviews and rising compliance costs, like other IFA distribution businesses, as well as increased central costs following the integration of the managed sales force in the second quarter of 2006.
Royal Liver Assurance chief executive Steve Burnett says: “We are now seeing good momentum with our four new customer facing brands whilst we manage our legacy with profits business efficiently.
“Despite a favourable first half we cannot afford to be complacent and must constantly review our success against an ever changing market place to ensure that Royal Liver remains a strong and relevant participant in today’s fast moving financial services market.”
Last month Royal Liver and Royal London announced a potential merger was off the cards.
Burnett says: “We had a duty to our members to examine carefully Royal London’s proposal. The strong determination by the Board that our current strategy was the choice which was in the best interests of our members come with a strong vote of confidence in management’s ability to implement that strategy.”