Royal London reported a mixed bag of new business results for the first nine months of 2009, with its Scottish Life pensions arm down 5% but Bright Grey sales up 10% on last year.
Total life and pensions business (on a PVNBP basis) was £1.847m over the period, up 8% on the same time last year, but this included the effect of new businesses acquired in 2008 such as Scottish Provident.
Group pensions were the main drag on Scottish Life sales, tumbling 24% in the first nine months of 2009 to £244m, as a result of economic turmoil. However, individual pension sales were up 6% to £710m.
There was also an improvement in the three months to the end of September, with Scottish Life new business sales up 6% compared to the same time last year.
Bright Grey, Royal London's protection business, exhibited the strongest showing, with sales up 10% on 2008 to £140m from £127m.
Ascentric, the group's wrap business, also showed very strong growth as assets under administration rose a dramatic 61% to £233m compared to £145m in 2008.
However, Royal London Asset Management had a less strong showing and gross new business fell 13%.
There was no comparable 2008 figure for Royal London 360, the group's offshore arm, which was formed in Janaury 2009 from the merger of Scottish Life International and Scottish Provident International. This year, the newly formed group reported new business of £188m, which reflects a drop off in investment bond sales but a steady flow of new regular premium business.
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