Royal London, a mutual life and pensions company, has reported 71% growth in its profits before tax for the first half of 2007.
The company’s profit for the period increased to GBP357 million from GBP209 million reported for the same period in 2006, while operating profit before tax decreased 31% to GBP66 million. New business contribution increased 50% to GBP27 million from GBP18 million.
Embedded value increased to GBP2.33 billion, 17% more than the end of 2006 figure of GBP1.99 billion. Funds under management increased GBP1.9 billion to GBP32.7 billion.
Mike Yardley, group chief executive of Royal London, said: I am pleased to report that Royal London has continued to deliver good financial results, with the profit before tax of GBP357 million representing an increase of GBP148 million over the equivalent period last year. This result also compares very favorably with the 2006 full year figure of GBP431 million.