Pandemic drives Royal London protection sales up 15% - H1 2020

Overall new business sales down 18%

Adam Saville
clock • 2 min read

Operating profit reduced to £36m during first half of year despite protection sales increase

The mutual's 18% drop in new business sales overall can largely be attributed to reduced pensions volumes particularly in Q2, while the rise in intermediated protection sales (up 15%) was driven by a spike in customer interest, Royal London said. New protection business sales increased to £407m (compared to £354m in H1 2019) for the first half of this year. Royal London said initiatives such as premium deferral options and increased underwriting non-medical limits brought in during the crisis have helped customers retain or gain access to cover. While the mutual has not be hit by any ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

New non-exec director for ABI

New non-exec director for ABI

Sacha Romanovitch takes the role

Cameron Roberts
clock 04 November 2024 • 1 min read
Iress adds Zurich to The Exchange platform

Iress adds Zurich to The Exchange platform

Adopts ex-smoker questions

Jaskeet Briah
clock 24 October 2024 • 1 min read
IFoA names new CEO

IFoA names new CEO

Paul Lewis to take position

Jaskeet Briah
clock 18 October 2024 • 1 min read