Royal London has reported a drop in its pensions and investment business in the first half of the year, blaming market volatility and a weak economic environment.
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...
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