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Royal London posts £228m profit

Royal London has reported EEV profits after tax of £228m for the year to December 31 2010 , down 43 per cent from a profit of £404m in 2009.

On an IFRS basis, the group posted a profit after tax of £189m, a drop of 53 per cent compared to the £410m profit reported for the previous year.

The company says the drop in profit partly reflects the increase in the mutual dividend, which has gone from £25m in 2009 to £85m.

Group chief executive Mike Yardley says: “The overall performance of our businesses has been impressive, especially given the prevailing conditions.  We have grown sales; increased significantly our operating profit and our profit from new business; and further strengthened our capital position.

“The economic environment remains difficult, with little likelihood of a marked improvement in the short term. However I am confident that the group will continue to perform well.”

Royal London announced earlier this week that Phil Loney has been appointed as the company’s new group chief executive. He joins from Lloyds Banking Group where he is currently managing director of life, pensions and investments.

The company says it is continuing to work with Royal Liver on the potential transfer of its business to Royal London.

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