New business at the asset management arm of Royal London (RLAM) plunged 32% in the first six months of 2008 compared with the same period last year, while new business at Bright Grey, its protection proposition, also fell.
But the firm says total new life and pensions business for the group climbed 6% to £1,063m, £57m more than the £1,006m recorded in H1 2007. Scottish Life, Royal London’s pensions arm, says new business is up 4% to £779m, while Scottish Life International (SLI) is also toasting a 4% hike to £79m, on a present value of new business premiums (PVNBP) basis. New business at Bright Grey, Royal London’s protection proposition, fell 12% to £80m in H1 2008, down from £91m in the same period in 2007. Net new funds under administration for Fundsdirect/Ascentric stand at £113m, Royal London adds....
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