Pensions group Royal London sees managed assets hit a record £153bn high
Pensions and life insurance firm Royal London’s assets under management have hit a record high at £153bn in the past six months.
Climbing higher from £148bn in late December, the group put the growth down to positive market movements and net inflows in the six months to 30 June.
The group pulled in profit before tax of £228m, swinging from a loss of £181m in the same period last year, due in part to higher returns on UK investments.
Its life and pensions new business sales slipped three per cent to £4.6bn, down slightly from £4.7bn in the first half of 2020.
Protection products have continued to sell strongly in the UK and Ireland in the first half of the year, the group said in a statement, with new business sales for pensions showing signs of recovery.
While stronger than the reduced levels seen in the second half of 2020, pensions sales continue to remain below pre-pandemic levels.
“During the first half of 2021, we paid claims totalling over £397m to families who faced a life shock, whether that was someone contracting a serious illness or dying,” group boss Barry O’Dwyer said.
The boss added that the group’s increasing “focus on responsible investments” continue to drive strong activity for the firm.