Royal London protection business up 43%

clock

Royal London saw its protection intermediary new business volumes increase by 43% to £231m, the insurer's half year results have revealed.

New business volumes for Royal London's consumer protection, offering rose 207%, to £83m comapred with the first half of 2014, with growth attributed new products.

Application levels from protection intermediaries from Royal London were up 53% compared to the same period in 2014.

Across the whole life and pensions business, the Present value of new business premiums rose 34% to £3,032m.

The margin for new insurance business rose from 1.1% in the first half of 2014 to 2% in the first half of 2015.

European Embedded Value operating profit before exceptional items rose by 5%, with new business profits up 86% to £65m.

Phil Loney, group chief executive of Royal London, said: "We are pleased to be reporting a strong set of new business results and robust operating profits for the first half of 2015.

"The protection division has made strong improvements, with new business figures up 43% compared to the same period last year.

"This demonstrates that our strategy of refining the intermediary protection proposition to meet the real needs of customers and investing in technology is beginning to pay off."

Further reading:

Royal London paid nine out of ten IP claims in 2014

Royal London pays 94% of CI claims

Royal London admits Bright Grey and Scot Prov were 'tired' propositions

More on Employee Benefits

COVER Wellbeing 360 Summit now open for registration

COVER Wellbeing 360 Summit now open for registration

Virtual conference on 24 March

COVER
clock 12 January 2022 • 2 min read
New FCA authorisation fees come into effect on 24 January

New FCA authorisation fees come into effect on 24 January

Advice firms to pay £2,500

James Baxter-Derrington
clock 12 January 2022 • 2 min read
Employee benefits not meeting needs of diverse workforce: MMB

Employee benefits not meeting needs of diverse workforce: MMB

Around half of employees received good support during the pandemic

John Brazier
clock 11 January 2022 • 2 min read

Highlights

The Rising Stars of Protection: Lauren Hygate

The Rising Stars of Protection: Lauren Hygate

“It all comes back to those real life stories that get shared”

John Brazier
clock 06 January 2022 • 7 min read
Blue Monday and beyond: The whole wellbeing proposition

Blue Monday and beyond: The whole wellbeing proposition

Latest COVER webinar

COVER
clock 04 January 2022 • 1 min read
The Top 20 Stories on COVER in 2021

The Top 20 Stories on COVER in 2021

The most-read news stories of last year

John Brazier
clock 04 January 2022 • 6 min read