Royal London, the Scottish Life and Scottish Provident owner, has lifted its surplus capital to over £2 billion, though pre-tax profits fell by 38% in the first half of 2012.
Royal London, the Scottish Life and Scottish Provident owner, has lifted its surplus capital to over £2 billion, though pre-tax profits fell by 38% in the first half of 2012.
OPTIMISTIC: Chief executive Phil Loney said the group had won a number of new mandates and its investment performance remains strong.
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SIMON BAIN
The key International Financial Reporting Standards (IFRS) operating profit measure was down by 25%, but group funds under management rose 2% to a record £47bn.
The £2bn of regulatory capital reflects the growth of the life industry's biggest mutual, and compares with the £3bn surplus declared last week at Standard Life, the sector's largest mutual until its flotation in 2006.
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