Royal London reports 37% increase in intermediated protection sales

clock
Royal London reports 37% increase in intermediated protection sales

Royal London Protection Intermediary sales increased by 37% to £147m, according to the insurer's new business results for the 3 months ending 31 March 2016.

New life and pensions business (on a PVNBP basis) were £2,093 million (+52%) (Q1 2015: £1,379m).

Consumer new business sales increased by 179% to £67m (Q1 2015: £24m) as sales of simple Term Assurance and Over 50s insurance "benefitted from concerted marketing campaigns."

The Total Group funds under management were £87.9bn at 31 March 2016, up 4% (£84.5bn at 31 December 2015).

Royal London said in the first quarter to 31 March 2016, there was strong growth in life and pension sales which were up 52% to £2,093m (Q1 2015: £1,379m).

Assets under management have grown by 4% in the first quarter of 2016 to £87.9bn (£84.5bn at 31 December 2015) which is a "pleasing performance during a period of volatile stock market movements resulting in lack of investor confidence."

Phil Loney, group chief executive of Royal London, said:"The first quarter of 2016 has repeated the record-breaking pattern established throughout 2015. Our strategy of striving to bring the best quality proposition and best customer outcomes to the market is really paying off.

"While our Pension propositions have been leading the way for some time it is good to see that our Protection proposition in the intermediary market is now finding strong levels of support from advisers.

"Our new Consumer division which looks to bring real value to areas of the market where there has been little competition historically is now a significant source of new business in its own right. It focuses on simple products offering better value for money and fairer customer outcomes than our competitors.

"We continue to concentrate on a non-advised offering to customers who will not or do not utilise regulated financial advisers.

"There has been strong growth in new business through our existing corporate partnerships. The partnerships with Co-operative Funeralcare and Ecclesiastical mean that we have the largest share of the pre-paid whole-of-life funeral plan market.

"We continue to look for more partnership opportunities with corporate partners who share Royal London's interest in offering customers better value and fairer products."

More on Adviser / Broking

Financial planning and mental, physical health intrinsically linked: HSBC Life

Financial planning and mental, physical health intrinsically linked: HSBC Life

Advice also plays an important role in good mental and physical wellbeing

John Brazier
clock 24 November 2021 • 1 min read
Turnbull has held previous digital-focused roles with British Gas and The AA.

Reassured appoints James Turnbull as first chief digital officer

“Maximising this potential is my main priority”

John Brazier
clock 24 November 2021 • 2 min read
Alain Desmier: Planning for a winter 'lead gen' slow down

Alain Desmier: Planning for a winter 'lead gen' slow down

'Focus on enrichment, staff training and company strategy'

Alain Desmier
clock 22 November 2021 • 4 min read

Highlights

COVER Excellence Awards 2021: All the winners revealed!

COVER Excellence Awards 2021: All the winners revealed!

Leading With Distinction

COVER
clock 03 November 2021 • 2 min read
COVER Excellence Awards 2021: The Night in Pictures

COVER Excellence Awards 2021: The Night in Pictures

A photo gallery from COVER Excellence Awards 2021, held at The Brewery, London, on 2 November.

COVER
clock 03 November 2021 • 1 min read
Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

'The key to supporting menopausal women is creating a culture in which conversations are welcomed and expected'

Gosia Bowling
clock 02 November 2021 • 6 min read