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Royal London reports 28% growth in pensions new business

Royal London saw a 28 per cent growth in pensions business for the first nine months of the year, from £1.7bn in 2012 to £2.2bn.

Pensions accounted for 75 per cent of all new business within the Royal London group, which was £2.9bn, up 14 per cent on the £2.6bn for the same period in 2012.

However, the protection division saw a 4 per cent fall on 2012 figures, with revenues of £342m, down from £356m.

The company says the decrease has been due to a subdued protection market and expects this trend to continue at least until the end of the year.

Offshore arm Royal London 360 saw new business figures of £345m, a rise of 28 per cent from £231m in 2012.

Group chief executive Phil Loney says: “New business growth across most of our core specialisms is very encouraging. New pensions business and especially group pensions continue to grow at an impressive rate.

“During the third quarter we acquired the life & pensions and asset management business of The Co-operative Group and this has significantly increased the scale of Royal London Group in terms of both customers and assets under management.”

Since the Co-op acquisition, Royal London has grown its customer base from 3.5m to 5.5m and assets under management has grown from £50bn to £70bn.

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