Royal London profits up on CIS acquisition and new business surge

The 2013 total included a £150m one-off gain from the acquisition of the CIS business.  Its results for year ended 31 December 2013 said continuing new life and pensions business was up 18% to £3,464m. Group funds under management were £73.6bn, up 48%, and included £20.4 from the CIS acquisition. Phil Loney, group chief executive, said: “A lot changed in 2013, both for Royal London and for financial services in general. Our businesses had to contend with new regulations at the same time as tough market conditions. We did so, for the most part, very successfully by producing one of the...