Workplace pensions boost for Royal London
Royal London, the UK’s biggest mutual pensions and savings group, posted a 16% rise in half year operating profit to £127 million on the back of growth in workplace pensions.
The mutual saw a 25% surge in net inflows to more than £3.2 billion and has welcomed 120,000 workplace pensions customers at 479 additional employers since the start of the year.
Life and pensions new business sales came in lower at £4,865m (H1 2022: £5,494m) as higher interest rates decreased the present value of new business premiums.
Barry O’Dwyer, group chief executive, commented: “As many of our customers continue to come to terms with the increased cost of living and higher interest rates, our priority has been to help them navigate these challenges, while building their long-term financial resilience.
“In April, we shared £155 million in ProfitShare with over 2 million members, and the 120,000 new Workplace Pensions customers we have welcomed since the start of the year all became members and are eligible for future ProfitShare allocations.
“Our success in Workplace Pensions is driven by employers increasingly valuing the benefit as a key way of supporting their employees’ financial wellbeing.”