Royal London protection sales dip on consumer inaction

Sales in the three months to 31 March 2011 were £73m, down from £85m last year. It said the current pressure on budgets is making people take stock of their finances. Overall new life and pensions business at the group was up 9% at £841m, and Scottish Life new business was up 5% at £615m. Royal London Asset Management (RLAM), meanwhile, saw a marked decline in new business compared with the same period last year. Net sales were £113m in Q1 2011, compared to 2010's £579m. However, RLAM said Q1 2010 was a bumper quarter for the asset management division, when new business grew ...