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Royal London new business growth continues

Royal London’s new life and pensions business increased by 15 per cent in the first half of 2006.

UK life and pension sales rose to £949m on a PVNB basis compared with £823m in the same period last year.

Scottish Life’s new business was up 8 per cent to £695m and Bright Grey’s new business showed an increase of 18 per cent to £79m compared with £67m in the same period last year.

Overall Royal London-branded new business was up 67 per cent to £74m compared with £44m in 2005.

Group finance director Stephen Shone says: “Each of the Group’s specialist businesses continues to perform well, demonstrating once again the value of Royal London’s strategy of having distinct businesses focused on key market segments.

“In the pensions market, Scottish Life has continued to very deliberately target profitable new business. We have taken a firm decision that we will not destroy capital by writing business which can only ever be profitable on paper – and then only if unrealistic assumptions are made about future persistency.”

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