Royal London has reported a stark mix of success and disappointment in its first quarter results, with massive outflows from its investment business and soaring sales of its pension products.
The life company part of the group saw sales rise 40% in the first quarter compared to the same period a year ago. Total new life and pensions business rose to £1.4bn, up from £988m in March 2014, driven by the Budget bounce - a jump in the sale of all types of Royal London pension products after the pension freedoms were announced last spring. But the group's investment business, Royal London Asset Management (RLAM), saw a massive exodus of money, with outflows rising by 142%, pushing net new business down from £902m a year ago to £111m, a fall of 88%. A spokesperson for Royal Lon...
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