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Royal London new business up 8 per cent

Royal London’s life and pensions new business rose 8 per cent to £1.8bn in the first three quarters of 2009 compared to £1.7bn the first three quarters of last year.

But Scottish Life new business fell 5 per cent from £1.2bn in the first nine months of 2008 to £1.1bn in the same period this year. Individual pensions business rose 6 per cent from £671m to £710m but group pensions business fell by 24 per cent from £319m to £244m.

Royal London 360° new business sales was £188m. It is the international business formed in January this year by combining Scottish Life International and Scottish Provident International .

Royal London Asset Management gross new business was down 13 per cent from £1.3bn in 2008 compared with £1.2bn year-to-date in 2009.

Ascentric new assets under administration rose by 61 per cent from £145m to £223m.

Bright Grey new business was up 10 per cent to £140m from £127m in the first three quarters of 2008. Scottish Provident which Royal London acquired last June saw new business of £170m.

Royal London’s retail arm produces products for Abbey and the mutual says its contract has been extended to cover Santander’s enlarged UK business. This includes the Alliance & Leicester network and the Bradford & Bingley network along with Abbey.

Group chief executive Mike Yardley says: “The Group has continued to achieve good overall results, increasing the total amount of profitable new business despite the uncertain economic backdrop.

“Our protection businesses have again performed well, with steadily increasing market share.  Despite a very difficult market for pensions, Scottish Life performed well in the third quarter and new business figures are now close to last year’s record level.  Ascentric had an excellent third quarter performance, reflecting the hard work that has been undertaken over the two years since acquisition to establish a very powerful proposition in the Wrap market.

 “Although economic conditions will remain difficult, I am confident that we will continue to attract good levels of new business during the rest of the year and into 2010.”

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