Royal London full-year profits rise despite dip in assets

The life, pensions and investment firm said full-year profits climbed 58% to £210m. As with many financial services firms, market turbulence meant AUM fell though, with the firm reporting a drop to £147bn from £164bn a year earlier. Net flows remained in positive territory at £3.7bn, but this was down sharply on the 2021 figure of £5.3bn. ProfitShare allocation rates have been maintained, with a total of £155m versus £169m in 2021. The reduction in the total value was attributable to market movements, the firm said. Royal London added a total of £675m to long-standing customers' po...