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RoyLon profits are hit hard by turbulence

Royal London blames market turbulence for a 58 per cent fall in profits to £181m last year from £431m in 2006.

The firm says the reduction “reflects, to a considerable extent, adverse investment market conditions, particularly in the second half of 2007”.

Royal London says the group continues to be well capitalised and has an excess over regulatory capital of £1.9bn.

Its new asset management mandates more than doubled to £2.6bn in 2007 and the company completed its acquisition of the Ascentric wrap.

Group chief executive Mike Yardley says: “The Resolution transaction will strengthen Royal London’s position in the protection market in the UK and also our international operations. This once again demonstrates that, as a well run and financially strong mutual company, we can make strategic acquisitions as and when good opportunities arise, so as to grow value for the benefit of members and other policyholders.

“Looking forward, our strategy remains unchanged. We will continue to focus on our core markets – pensions, protection, international and asset management – and on writing new business that we believe will be profitable.

“Although there will undoubtedly be challenges to be overcome from turbulent economic conditions, Royal London is well placed to continue to grow profitably.”


Hips hit Network Data results

Network Data Holdings made a loss of £1.1m in 2007 after a £300,000 profits in 2006. It blames the loss on the delays in implementing Hips.

Aifa wants FSA to set out list of consultants

Aifa says the FSA should consider publishing a list of compliance consultants it uses to undertake skilled person’s reports to guide advisers towards good quality consultants.In its response to the FSA’s consultation paper on organisational systems and controls, Aifa says the regulator could also work with the Compliance Institute to raise standards.Aifa says there will […]

Tech on the turn

Microsoft’s huge bid for Yahoo is probably a sign that technology shares are likely to start rising again. By historical standards, tech stocks are trading near a 10-year low.

Positive moves

It is a cause of some delight when there is some light in all the doom and gloom. In Scotland, they are forecasting a 14 per cent rise in house prices so the crisis is not being felt so acutely as in other parts of the UK.


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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