Scottish Life’s sales were down 13 per cent in the three months to March 31, falling from £337.3m to £293m.
Meanwhile Royal London-branded life and pensions sales have dropped 54 per cent to £2.6m in the first quarter of the year compared to Q1 2008. This is related primarily to Department of Work and Pensions rebates.
The firm puts the increase in sales down to its acquisition of Scottish Provident which brought £55m to the table. It also cites Bright Grey’s impressive 18 per cent increase in new protection business to £44.8m.