Royal London grows Irish business by 31%

Royal London’s Irish business reported a 31 per cent jump in new business in the first half of 2015, driven by strong growth in the company’s protection business.

In the six months to June 30th, Royal London’s total new life and pensions business rose to € 4.1bn, up by 34 per cent on the same period in 2014, reflecting strong sales in pensions due to pension freedoms and auto enrolment in the UK, and in protection products. Operating profit rose by 5 per cent to €156m.

In Ireland, Royal London, formerly known as Caledonian Life, reported a 31 per cent jump in new premiums.

Jon Glen, managing director of Royal London in Ireland, attributed the company's growth to listening to what financial brokers and clients want.

Sales in the company’s protection division soared by 170 per cent since 2011, up to €7.3m, despite an overall decline in the Irish protection market. This means that Royal London now has a 9 per cent share of the overall protection market in Ireland and 15 per cent of the broker protection market, a new high for the company.

Royal London is the largest mutual life, Pensions and investment company inp the UK and Ireland with group funds under management of over € 110 billion.