Royal London recorded a 1% drop in life and pensions new business in 2007.
The fall has been attributed to a downturn in the mortgage market and “tough conditions” in protection. Total new life and pensions business for the group dipped to £1.9bn last year, from £1.92bn in 2006. Scottish Life new business was down 1% to £1.42bn, while like-for-like Royal London-branded new business also fell 14% to £150m. However, Bright Grey new business climbed 12% to £173m, while gross new business for the firm’s asset management arm, RLAM, jumped 113% to £2.62bn. Royal London group chief executive Mike Yardley says the “satisfactory results” demonstrate a shifting of focus...
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