Scottish Life has reported a 29 per cent rise in new business during the first quarter, from £542m in 2011 to £698m this year, driven by post-RDR adviser demand.
Royal London, Scottish Life’s parent company, has today published an interim management statement detailing sales figures for the first three months of 2013.
Total new life and pensions business across Royal London group increased 22 per cent, from £761m to £929m, boosted by the growth in pension sales at Scottish Life.
Bright Grey and Scottish Provident, Royal London’s protection businesses, saw new business increase 12 per cent, from £107m in Q1 2012 to £121m this year.
Ascentric, the mutual life company’s platform, saw net inflows of new assets under administration rise 34 per cent, from £293m to £392m.
Total assets under administration at Ascentric were up 16 per cent, from £5.1bn at the end of 2012 to £5.9bn at the end of March 2013.
New business figures at the company’s international division, Royal London 360°, were unchanged at £70m. Royal London Plus, the provider’s life and pensions administration arm, suffered a 19 per cent drop in new business, from £12.9m to £10.4m.
Royal London chief executive Phil Loney says: “The positive momentum in our business performance from the second half of last year has continued in the first quarter of 2013.
“Our pensions business has experienced significant growth. We expect further growth in group pensions as our high quality offerings and service continue to prove extremely popular with advisers in the post RDR market.”