Royal London posts loss after £1.6bn market decline

The company, which recorded a positive £632m investment return in H1 last year, saw its profits plunge from the £305m posted in the previous period (IFRS basis). On an EEV basis however, which excludes the volatility of investment markets, the group increased operating profit before tax from £77m to £100m. Royal London says its loss was compounded by a £114m reduction in its pension scheme surplus. The Royal London fund fell 6.4% after negative returns in all asset classes, while the Scottish Life fund lost 4.4%. Royal London group chief executive Mike Yardley says the company posted a ...