Royal London suffers £2m pre-tax loss

The IFRS loss before tax was due to investment returns dropping significantly below expectations, the mutual life company reports. IFRS loss after tax was £31m. Operating profit on an EEV basis advanced 3% to £111m while the total present value of new life and pensions business premiums was up 35% to £1,615m. Protection new business was hit hard by the downturn in the property market, with value down to £12.1m from £17m in H1 last year. Life and pensions new business rose from £40.9m in 2009 to £51.2m in H1. Meanwhile, Royal London Asset Management saw new business levels drop...