Royal London Group increased its overall total new business by 8% in 2003 to £1.65bn in 2003, however, its offshore division, Scottish Life International, saw new business drop by a third, suggest the latest figures.
Royal London increased funds under management to £24bn annual premium equivalent to £250m in 2003 as its main business, Scottish Life, increased its share of the pensions market and IFA distribution and Bright Grey successfully launched into the protection market last March. Bright Grey now has an annual premium equivalent of £4.6m according to Royal London, and is ahead of its launch targets at this stage, says group chief executive Mike Yardley. That said, Scottish Life’s total new premiums did fall 8% last year to £780m compared with 2002 and its international division suffered a f...
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