The Irish arm of British pension business Royal London delivered record new business sales of £230 million (€270 million) last year, its parent’s accounts show.
The group, which published its results for the full year ended December 31st, 2023, on Friday, said its Irish business “had another successful year”.
“The business delivered record new business sales of £230 million, despite the reduction in the mortgage market, ensuring we retained our position as the clear market leader in the Irish broker protection market,” it said.
The company added that its Irish pension business, which was launched in September 2022, had “grown steadily” throughout 2023.
“We have continued to work on enhancing our pension offering too and our investment in growing this part of our Ireland business has meant that operating profit has remained [unchanged year-on-year] at £5 million,” it said.
It outlined how it had continued a nationwide advertising campaign in Ireland throughout 2023, which included advertising on television, online channels and on-demand streaming platforms, as well as paid social media promotion.
“The campaign conveyed our proud heritage in Ireland of providing valued products and encouraged viewers to contact their financial broker,” it said.
The company further added that the broker protection market in Ireland continued to grow in 2023 with brokers “continuing to be the largest distribution channel in the Irish market”.
“During 2023 we saw a reduction in the mortgage market due to higher interest rates, which led to a reduction in mortgage protection products, though growth on other protection products more than offset this,” the company said.
Furthermore, the group’s accounts show it paid out over 98 per cent of claims, totalling £49 million, to customers and their families across its Irish protection business. New business sales from pensions were £51 million for the year.
In terms of outlook on the Irish side, the group said: “We continue to strive to deliver the best possible outcomes for our customers through broader propositions and by championing the broker market.
“We will enhance customer choice, with further enhancements planned for our pensions offering and a focus on continuing to develop our footprint in this market.
“We remain focused on delivering our market-leading protection products and maintaining the high standards of service that brokers and customers have come to expect from Royal London Ireland.”
The Irish subsidiary of British mutual Royal London launched its first personal retirement bonds and approved retirement funds, which allow individuals to manage their own pensions, in September 2022.
The Royal London Mutual Insurance Society Ltd is Britain’s biggest mutual life, pensions and investment company.
Royal London Ireland’s company heritage goes back almost 200 years to the Caledonian Insurance Company’s first office opening on Dublin’s Dame Street in 1824. It is now based on St Stephen’s Green.
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