ROYAL London, the UK's largest mutual life and pensions company, yesterday reported a 6 per cent rise in new business.
New life and pensions business reached £1.063 billion in the six months to 30 June, compared with £1.001bn in the same period last year.
The group said new pensions business in its Scottish Life division increased by 4 per cent to £779 million, a
rise matched by new business at Scottish Life International, which reached £79m.
But new business at Bright Grey – which operates in the UK protection market – fell by 12 per cent to £80m.
Royal London-branded new business rose 23 by per cent to £115m but Royal London Asset Management's gross new business fell by 32 per cent to £1.025bn.
Mike Yardley, group chief executive at Royal London, said: "Despite the difficulties faced by UK consumers, Scottish Life has achieved increased business levels.
"This is due to the quality of our products and service and has been achieved despite our decision not to follow some of our competitors, who are continuing to offer high, old-style, commissions.
"We anticipate that economic conditions will remain difficult for the rest of the year and well into 2009.
"The recent acquisitions, of the Scottish Provident businesses and Phoenix Life Assurance, give us strong positions in both the international and protection markets, and Scottish Life is competing successfully in the pensions market."
Royal London said it has £32.4bn of funds under management and about three million customers.
Scottish Life and Bright Grey both have their main offices in Edinburgh.
The full article contains 270 words and appears in The Scotsman newspaper.
