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Royal London annual life and pensions business up 17%

On the like-for-like basis, the group's fourth quarter performance was 4% up on the same period in 2007

Royal London, a British mutual life and pensions company, has reported that its new life and pensions business on a present value of new business premiums basis increased 17% to GBP2.23 billion for the 12 months ended December 31, 2008, compared to GBP1.9 billion for the year 2007.

For 2008, on a like-for-like basis, total new life and pensions business of the group increased 6% to GBP2.02 billion, compared to GBP1.9 billion in 2007. Scottish Life’s new business increased 6% to GBP1.49 billion, compared to GBP1.41 billion in 2007. Individual pensions increased 24% to GBP879 million in 2008 and group pensions decreased 17% to GBP403 million in 2008.

Scottish Life International’s new business increased 1% to GBP167 million in 2008, compared to GBP165 million in 2007. Royal London-branded new business increased 17% to GBP175 million in 2008, compared to GBP150 million in 2007. Royal London Asset Management’s gross new business (excluding external cash mandates) decreased 41% to GBP1.55 billion in 2008, compared to GBP2.62 billion in 2007.

Mike Yardley, group CEO of Royal London, said: On the like-for-like basis, the group’s fourth quarter performance was 4% up on the same period in 2007. Looking forward, we do not see any respite from the difficult conditions we experienced through most of 2008 and it would be no great surprise if the economic environment gets even tougher.