Royal London suffered a 42pc fall in gross new business over nine months for its Asset Management arm, RLAM, though group life and pensions business was up, driven by a strong performance from Scottish Life.
In the nine months to 30 September, RLAM new business, excluding external cash mandates, fell to £1.35bn. Despite the drop, Royal London group chief executive Mike Yardley said this was a strong performance given challenging investment conditions. Royal London group new life and pensions business was up 7pc on a like-for-like PVNBP basis to £1.59bn over the same period. This included a 6pc rise in new business at Scottish Life to £1.17bn - individual pensions sales were up 22pc to £671m, though group pensions sales fell 17pc to £319m. Stephen Shone, group finance director, said: "Clea...
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