Royal London new business up 11% but protection sales fall

Stronger sales helped turn last year's H1 loss of £2m into a pre-tax profit of £138m (IFRS basis) for the first six months of 2011. Total new business (PVNBP) for the group rose 11% to £1,788m over the period compared to £1,615m during H1, 2010. Pensions arm Scottish Life's new business increased 10% to £1,243m while international arm Royal London 360° saw sales up 37% to £209m. However, the picture was less rosy for the protection side of the business with Bright Grey/Scottish Provident sales down 17% at £141m compared to £170m in H1, 2010. Royal London Asset Management (excl c...