Royal London pension business up almost 20% in first quarter

The mutual said group pensions sales were up 65% to £443m, individual pensions were up just 1% to £282m and drawdown was up 29% to £146m. The company said annuity sales had dropped 3% but this was offset by the surge in drawdown usage. Protection sales were down 39% to £80m, it said new products were scheduled for launch in July. It said its asset management business continues to perform well, with Royal London Asset Management (RLAM) achieving net new external business inflows of £902m (2013 £224m). Total group funds under management were £76.2bn at 31 March 2014, up 46% on 31 ...