Royal London, a mutual life and pensions company, has announced that the total life and pensions business for the nine months ending on September 30, 2007, is down 1% at GBP1.49 billion, compared with GBP 1.50 billion in the equivalent period in 2006.
The Royal London has reported that its Scottish Life’s new business premiums grew to GBP1.11 billion in the first nine months of 2007, a 1% higher than GBP1.09 billion posted in the same period of 2006. The company’s individual pensions increased 13% to GBP548 million.
Bright Grey’s new business premiums up 2% to GBP130 million from GBP127 million reported in the same period of 2006. Scottish Life International’s new business premiums were down 8% at GBP125 million from GBP135 million in 2006.
Mike Yardley, group chief executive of Royal London, said: I am pleased that our key operating businesses, Scottish Life and Bright Grey, have maintained their levels of new business despite intense price competition in the markets in which they operate.
Through the development of its value proposition, Bright Grey continues to grow its reach in the adviser market and was recently appointed to the Thinc Destini multi-tie protection panel. New business performance is set against a background of the downturn in the mortgage market and the ongoing flat market for protection products across the industry. Bright Grey’s performance in increasing new business volumes by 23% in APE terms was therefore particularly impressive. PVNBP figures reflect a strengthening of the persistency assumptions for business being written, and changes in economic conditions.