Royal London new life and pensions business increased by more than 50% in Q1 this year, led by a strong performance from its pensions arm Scottish Life.
Total new business for the three months to 31 March rose 56% to £775m, up from £498m for the previous quarter on a PVNBP basis. At Scottish Life, new business soared 100% to £586m, up from £293m for the previous three months, benefiting from increased business levels due to last month's rise in the minimum pension age to 55. However, these gains were partly offset by weaker performance from the protection side the business with a slowdown in the mortgage market a drag on sales. Bright Grey new business dropped 17% to £37m, compared with £45m for Q4 2009. Scottish Provident new b...
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