Royal London: New advised protection sales increase by 49%

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Royal London: New advised protection sales increase by 49%

Royal London's new protection sales increased by 49% to £502m, its full year results for 2015 have revealed.

During 2014, the mutual had experienced a 21% fall in new protection sales in 2014 from £439m to £346m, highlighted by a 23% fall in sales through intermediaries (from £436 m to £338m).

During 2015, sales were driven through changes to the products and digital capability.

Protection insurer Bright Grey also rebranded under the Royal London brand during Q4 2015.

Meanwhile Royal London's direct-to-consumer business increased in sales by 385% to £165m. The insurer had launched two over 50s life cover policies sold directly to consumers during 2014.

Phil Loney, group chief executive of Royal London, said: "In the last year or so we have invested heavily in the development of our offering to the intermediary protection market. This investment is beginning to yield results as we see an improvement in sales of protection through advisers of nearly 50%.

"A similar story can be told of our new venture in simple direct to consumer products which we launched in 2014 and which really started to establish a name for itself during the latter part of 2015. We are beginning to win a reputation for fairer and better value for money products in the direct to consumer market.

"I firmly believe that this success is down to our mutual status. We are not driven by short term payback periods demanded by shareholders and can focus on products and service that deliver real customer value. We are proud to share our profits with our growing numbers of eligible members and customers"

Further reading 

Royal London: The rebrand story so far

HY results: Royal London protection business up 43%

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