Royal London reports pension business drop

Royal London has reported a drop in pensions business for the first quarter in 2007. According t...

Royal London has reported a drop in pensions business for the first quarter in 2007. According to figures from the company, total new life and pensions business reduced by 16% to £398m compared to £471m for 2006. Scottish Life new business is down 9% to £310m from £343m in 2006 while Scottish Life International business dropped 52% to £30m. Mike Yardley, group chief executive at Royal London, said the pensions market, particularly group, has been less buoyant than over the past year. “We have found the environment for individual pension new business in the first quarter more satisfa...