Royal London has reported robust profit growth in the first half of the year following an uptick in new business sales.
The mutual insurance firm recorded a 15 per cent increase in pre-tax profit to £166m, compared to £144m in 2024, attributing this to higher business sales and bulk purchase annuity buy-ins, as reported by .
The group completed eight BPA buy-ins, securing £658m in premiums, with a further £142m secured so far in the second half of the year.
It finalised the acquisition of infrastructure asset manager Dalmore Capital to bolster its ongoing BPA proposition, whilst also launching two asset-backed securities funds.
Royal London chief executive Barry O'Dwyer said: "We entered the [BPA] market in the fourth quarter of last year and we've had a very successful start."
"And one of the things that make us stand out is the fact that we're mutual, which appeals a lot to the trustees...and that has driven a lot of demand".
Its flagship fund offering, The Governed Range, witnessed an increase in net flows to £1.6bn from £1.5bn in 2024.
Gross inflows climbed to £22.4bn, whilst assets under management leapt by £3bn in the first half of the year, reaching £75bn.
The company also distributed £181mn amongst its 2.3m customers in April, after announcing it would do so in its full year results.
O'Dwyer added that trustees had experienced a "positive reaction" to this morning's results due to metrics being "strongly up."
Royal London's tech improvements continue
Royal London's tech improvements continue The firm pressed ahead with digital enhancements designed to strengthen customers' financial resilience, with more than 160,000 º£½ÇÊÓƵ clients utilising online guidance tools.
Mobile app usage maintained its upward trajectory, with an additional 50,000 customers adopting the platform since the end of 2024, bringing total users to 447,000.
Corporate pension sales witnessed a modest uptick to £4.5bn, whilst individual pension sales climbed three per cent to £2.4bn.
However, transfers to the fund for appropriations plummeted sharply to £115m from the previous year's £312m, as returns fell short of expectations.
O'Dwyer commented: "For six years running, Royal London has been the most preferred personal pension provider by financial advisers, testament to the strength and quality of our customer propositions."
Ireland maintains robust performance
The group's Irish operations sustained their impressive track record, with new business sales surging 76 per cent to £227m.
This performance reflected the company's dominant position in the Irish broker protection marketplace and its successful expansion of pension products, with O'Dwyer noting the market has experienced "massive growth" in recent years.
