Royal London reported a mixed bag of new business results for the first nine months of 2009, with its Scottish Life pensions arm down 5% but Bright Grey sales up 10% on last year.
Total life and pensions business (on a PVNBP basis) was £1.847m over the period, up 8% on the same time last year, but this included the effect of new businesses acquired in 2008 such as Scottish Provident. Group pensions were the main drag on Scottish Life sales, tumbling 24% in the first nine months of 2009 to £244m, as a result of economic turmoil. However, individual pension sales were up 6% to £710m. There was also an improvement in the three months to the end of September, with Scottish Life new business sales up 6% compared to the same time last year. Bright Grey, Royal Lond...
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