RLAM slump taints Royal London new business figures

Overall group new life and pensions business increased by 6pc to £1.06bn for six months to 30 June. Scottish Life posted a rise of 4pc to £770m, while Scottish Life International grew similarly, also at 4pc, to £79m. Royal London-branded new business was up 23pc to £115m. Bright Grey was the exception, with new business down 12pc to £80m. Royal London said its protection business has been impacted by the dramatic slowdown in the mortgage market. Wrap provider Fundsdirect/Ascentric, which was acquired by Royal London last year, had net new funds under administration of £113m over the h...