Royal London's protection business offsets pension losses

However, these losses were offset by the demand for protection insurance, which helped the group report a 12% increase of total new life and pensions business for the six month period to 30 June, 2009. In its half yearly report, Royal London said group pensions were down 25% compared to the same period last year at the group's UK pensions arm Scottish Life (on a PVNBP basis). New group pensions were valued at £163.8m for the period, down from £218m, while the value of individual pensions was also lower, down 4%. The investment businesses of Scottish life and Royal London Asset Managem...