Scottish Life new pensions business has fallen 9% in the first quarter of the year compared to the same period in 2006, following a slump in the group pensions sector.
Latest business figures from Royal London reveal total new life and pensions business fell 16% to £398m compared to £471m in the first quarter of 2006, while for Scottish Life new business fell to £310m from £343m in 2006. However, Bright Grey, Royal London’s protection arm, increased business by 22% to £47m from £38m in 2006, while Scottish Life International saw a fall of 52% in new business in the first quarter, on a Present Value of New Business Premiums (PVNBP) basis. In addition, Royal London Asset Management saw a rise in gross new business, excluding cash mandates, of 128% to £6...
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