Royal London saw protection sales through its Scottish Provident and Bright grey brands drop 4% in the last nine months, according to the mutual's New Business Results and Interim Management Statement for the 9 months to 30 September.
Discussing the £324m sales for the first three quarters of the year, the report said a subdued protection market had resulted in a small decrease in total protection PVNBP for the nine months to end September 2013, 4% lower than the same period last year.
It added: "We see this trend likely to continue in the market through the remainder of the year. Over the last quarter we have reviewed both our Critical Illness and Income Protection product ranges and made significant improvements; we have broadened our cancer definitions and launched enhanced income protection products, making it easier for customers to claim."
Phil Loney, Group Chief Executive of Royal London, said: "The double-hit of the EU gender directive and RDR has resulted in a rather subdued protection market which is still taking some time to readjust and settle down again.
"It's important that we continue to deliver product enhancements and innovation to deliver solutions that answer the needs of our customers."
Elsewhere in the business, key performance indicators were:]
Pensions £2,214m (+28%)
oRoyal London 3600 £345m (+28%)
o£23m of new business written by Royal London (CIS) Limited (acquired on 1 August 2013).
Asset management business continues to perform well, with RLAM net new business inflows of £1,453m (Q3 2012 net new business of £157m).
Total Group funds under management £73.5bn (+48% on 31 Dec 2012). This includes £20.4bn of funds from the acquisition of The Co-operative Asset Management on 1 August 2013.
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