Royal London says the slowdown in the mortgage market is to blame for a 19% slump in new business at Bright Grey, its protection arm.
The mutual life and pension firm’s new business figures for the first quarter of 2008, released today, show Bright Grey took £38m in the first three months of the year compared with £47m in the same period in 2007. However, other Royal London propositions have fared better with new business for both Scottish Life and Scottish life International up 9% and 20% respectively. In addition, total new life and pensions business at Royal London climbed 5% to £417m, while the group’s newest business, Fundsdirect, which operates the Ascentric wrap platform, is celebrating a 43% climb. Mike Yard...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
