Royal London’s new life and pensions business fell by 10 per cent for the first three months of the year.
The firm’s results, published today, show life and pensions new business fell from £843m for the same period in 2011 to £761m, with the firm blaming volatile markets.
Bright Grey and Scottish Provident new business was up 45 per cent to £107m, from £74m in 2011. Scottish Life new business was down 12 per cent to £542m from £615m in 2011.
Royal London 360° new business was down 23 per cent to £90m, from £117m in 2011. The firm says the next wrap partnership will launch this month with a white-labelled off-shore bond in conjunction with Ascentric.
Royal London Asset Management, excluding cash mandates, recorded a net new business outflow £495m, compared to £113m of inflows in 2011.
Funds under management stood at £44.8bn at 31 March 2012, compared to £44bn at the end of 2011.
Ascentric net inflow of new assets under administration was £293m, compared to £388m in 2011.
Assets under administration on Ascentric was £4.1bn at March 31 2012, compared to £3.7bn at the end of 2011.
Royal London group head of communications Alasdair Buchanan has announced he is to retire next month, after 16 years at the mutual. He will continue to work on a part-time basis for Scottish Life.
Royal London group chief executive Phil Loney (pictured) says: “Market conditions generally remain uncertain and difficult in 2012, with some growth in group pensions, individual pensions slowing and the protection market flat.”
He adds: “RLAM experienced a net outflow in Q1 as two large clients changed their investment strategy.”