Royal London has reported an IFRS loss before tax of £2m for the first six months of the year, compared to an £18m profit at the same time last year.
On an embedded value basis the group made a loss before tax of £47m, compared to a £49m profit in June 2009.
The life and pensions company says Scottish Life has performed very well with a 62 per cent increase in present value of new business premiums compared to June 2009.
But it adds that the protection market continues to be “very challenging in the current difficult economic environment.” Both Bright Grey and Scottish Provident reported reduced sales for the first six months of the year.
Royal London Asset Management has seen its PVNBP value go from £813m in June 2009 to £1.3bn.
The latest figures from Royal London relate to the group’s profit and loss figures. It reported its new business figures at the end of July.
Outgoing group chief executive Mike Yardley (pictured), who announced last week that he is to step down, says: “We continue to focus on our core markets – pensions, protection and asset management – and on writing profitable new business.
“Having a diversified portfolio of brands and products has served us well during the period. Protection new business continues to be hard hit by the downturn in the property market but this has been offset by our life and pensions business which delivered significant growth in the period.”