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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.”

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

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