Royal London profits up as new pension business grows

Profit after tax (EEV basis) was £404m for last year compared to a loss of £762m in 2008 although operating profit was down at £171m compared to £213m in 2008. The group's profit from new life, pensions and asset management business rose 25% to £80m, compared to £64m in 2008. There was also a strong showing for the Ascentric wrap with assets under administration up 94% to £1.15bn. Meanwhile, the value of new life and pensions business premiums rose 10% to £2.46bn over the year. Royal London's stronger performance in 2009 has allowed the firm to pay a mutual dividend of £25m for wit...