Royal London’s total new life and pensions business was down 1 per cent to £1,903m in 2007 from £1,919m last year.
The group’s new business results for the year ending 31 December 2007 also show that group pensions were down 15 per cent at £489m, which it attributes to a fall in single premiums and transfer values.
Individual pensions, however, were up by 10 per cent to £711m.
Royal London-branded new business was down 14 per cent to £150m and Scottish Life new business was down 1 per cent to £1,415m, from £1,425m in 2006.
Scottish Life International new business remained unchanged at £165m and Bright Grey new business rose 12 per cent to £173m.
Royal London Asset Management saw gross new business increase by 113 per cent to £2,620m.
Royal London group chief executive Mike Yardley labels the results “satisfactory”.
He says: “The group pensions market continues to be characterised by the high initial commissions being paid by some product providers, although there have been increasing signs that this has begun to change. We have made it clear that we will not compete on these terms as we remain focused on writing new business that we believe has good potential for being profitable. Much of the apparent market growth for group pensions is, in our view, illusory with existing business being switched among product providers.”