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Royal London life and pensions sales up 12%

Royal London’s life and pensions sales have increased 12 per cent from £2.3bn in the first nine months of 2010 to £2.5bn on September 30, 2011.

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 this year.

New business at Royal London 360˚, the group’s international arm, increased 32 per cent from £233m last year to £308m this year.

Sales at the provider’s protection businesses Bright Grey and Scottish Provident remained almost unchanged at £250m over the same period.

New assets under administration on the Ascentric platform increased 20 per cent from £868m last year to just over £1bn September, 2011.

However, 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: “All our operating businesses have performed well in very difficult markets.

“I am confident that the group remains well positioned for the future.”

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