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 Yardley...
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