Royal London capital cushion shrinks £1.1bn - papers

The official measure of capital strength, the IGD capital surplus, shrank from £1.9 billion to £773 million. But Royal London said its "realistic" capital position was more resilient - down from £1.9 billion to £1.2 billion. Mike Yardley, chief executive of Royal London, said, "Arguably, one would regard the fall in markets coupled with the banking crisis during 2008 as being a 1-in-200-year event. Despite this, our realistic capital position remains strong and is more than sufficient to withstand a further 1-in-200-year event." Full story...