Royal London profits slip in 'adverse' market

Operating profits were £94m in the six months to the end of June, compared to £126m in the same period last year, on an IFRS reporting basis. Royal London group comprises Scottish Life, Bright Grey and Royal London Asset Management (RLAM), among several other brands. Group CEO Phil Loney said the company had "traded robustly" despite the tough market conditions. He said profits were particularly affected by the low interest rate environment, which had slowed the revenues generated from existing customers' policies and increased the value of liabilities in its defined benefit pensio...