Royal London pays out £731m in 2023

The provider paid out 99% of all claims last year, totalling over 77,000 individual protection claims, with the highest individual payout being £4m. More than £228m was paid in life insurance and terminal illness claims in 2023. This was across 2,396 claims, averaging £95,371 per claim. Meanwhile, £315m was paid out across 70,000 whole of life claims. The mutual paid 99.9% of these claims, averaging £4,461 per claim. For critical illness (CI), Royal London paid 90.5% of claims in 2023, averaging more than £68,000 per claim and a total of more than £173m. Overall, 6.8% of CI clai...