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Royal London profits surge to £138m

Royal London has revealed pre-tax profits of £138m for the first six months of the year compared with a £2m loss in the first half last year as new life and pensions business surged 11 per cent.

Total new business in the mutual’s life and pensions business surged from £1.62bn in the first half of 2010 to £1.79bn this year.

Scottish Life reported a 10 per cent boost in new business from £1.13bn in H1, 2010 to £1.24bn this year.

New business at Royal London 360°, the providers offshore investment business, was up 37 per cent from £153m in the first six months of 2010 to £209m this year.

However Bright Grey and Scottish Provident, the firm’s protection arms, posted a 17 per cent drop in new business from £170m in the first half last year to £141m this year.

Royal London’s wrap platform, Ascentric, saw new assets under administration surge 34 per cent from £522m in the first half last year to £741m this year.

Royal London group chief executive Mike Yardley (pictured) says: “I am sure that members and other policyholders will appreciate the financial benefits and additional security that these results provide.

“Markets may well continue to be volatile, but our strong capital position will help ensure that Royal London continues to deliver good performance.

“The group has also achieved strong overall new business growth in challenging markets, with Scottish Life and Royal London 360° continuing to perform very well.”

Yardley will step down as group chief executive on September 30, with former Lloyds  managing director of life, pensions and investments Phil Loney due to take over at the beginning of October.

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