Royal London announces FY24 results

Across the UK and Ireland, Royal London paid out £751 million to over 65,000 claimants. It paid 98.7% of its claims, representing a 0.3% downturn from 2023's pay out rate (99%). The provider pointed to strong new business growth in Ireland as a positive point, it saw a 29% increase in sales across its protection and pensions portfolio, up to £297m. These numbers do represent a decrease year-on-year for the provider's protection claims, it said that decreased mortgage sales were the key factor in this downturn, however it did point out that its market share had increased across 2024. ...