Royal London reports 10% fall in new life and pensions business

Total new life and pensions business fell to £761m, compared to £843m in 2011. Scottish Life new business slipped 12% to £542m and Royal London 360° new business fell from £117m to £90m, a fall of 23%. Market turmoil also impacted its wrap platform Ascentric, which saw net inflows of new assets under administration decline from £388m in 2011 to £293m. Against this, the platform saw assets under administration increase from £3.7bn at the end of 2011 to £4.1bn as at 31 March. The group also announced Royal London 360° will launch a new wrap partnership this month - a white-labelled o...