In its full year results, Royal London reports intermediary protection was up by 29% to £647m compared to £502m the year before.
Individual pensions and drawdown sale rose a sizable 17% to £3.8bn, which the insurer put down to the “continued popularity” of its flagship Governed Retirement Income Portfolios (GRIPs) and the introduction of the drawdown governance tools for advisers.
Consumer sales in life and pensions soared by 82% to £301m, up from £165m in 2015, spurred on by strategic partnerships such as Royal London’s recent deal with the Post Office.
Announced in January 2017, the distribution deal means the Royal London is the sole provider of life insurance products to be sold through 11,500 Post Office outlets and online.
Ascentric platform
The Ascentric wrap platform saw assets under administration increase by 22% to £12.3bn as the business recorded gross sales of £2.3bn, maintaining its current market share.
Royal London Asset Management (RLAM) continued to perform well, attracting gross inflows of £6.7bn, with funds under management increasing by 18% to £100bn.
Phil Loney, group chief executive of Royal London, said: “These results reflect the continued excellent progress of Royal London in 2016, performing well despite the backdrop of a turbulent year in politics and markets.
“It is clear from the sustained track record of growth that our strategy is working: we are delivering high-quality products and service; we are investing in our capabilities, making it easier for advisers to do business with us; and we are entering new consumer markets to offer better value where we see that the market is delivering a poor deal for consumers.
“As a result, our customers and financial advisers are increasingly recommending us to others.”
