Royal London Mutual Insurance Society Ltd - London-headquartered mutual insurer - 2020 pretax profit GBP131 million, down from GBP414 million in 2019. 2020 total income GBP6.45 billion, down 48% from GBP12.38 billion the year before. Says decreases are due to economic uncertainty, market volatility and the national lockdowns causing disruption. Assets under management increases 6.5% to GBP148 billion from GBP139 billion at the end of 2019, driven by positive market movements.
"Our asset management business successfully navigated volatile financial markets in 2020. Assets under management increased to GBP148 billion and we saw strong inflows into our sustainable funds. Pensions new business sales reduced, primarily due to individuals delaying the decision to consolidate their investments and fewer people moving employer during these uncertain times. Our robust capital position has allowed us to continue our investment in systems and service to benefit our customers," says Chief Executive Barry O'Dwyer.
By Zoe Wickens; zoewickens@alliancenews.com
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