Royal London 360 sees sales jump in H1
From News Aug 31 2010 BY: Simon Danaher
, Online News Editor
, International Adviser
Sales at Royal London 360 increased by 20% over the first half of this year compared with the first half of 2009.
The company, which is part of the Royal London Group, said it was particularly pleased with the growth as the key markets in which RL 360
operates, such as Germany and the UK, continue to be very difficult in the current climate.
In total the international arm of Royal London grew its assets to £2.026bn during the first half of the year, £192m more than the £1.834bn it had under management at the end of June 2009.
The wider group however, suffered a £2m loss in the first half of 2010 compared with an £18m profit last year. The company said the IFRS loss £31m before tax was due to investment returns dropping significantly below expectations.
Operating profit on an EEV basis increased 3% to £111m, while the total present value of new life and pensions business premiums was up 35% to £1,615m.
Royal London Group CEO Mike Yardley, who announced last week he is planning step down, said: “The overall financial results reflect an improved operating profit; increased contribution from new business; and an underlying fund performance that was ahead of benchmark.”