LONDON, Feb 12 (Reuters) - Royal London Mutual Insurance Society, the largest mutual life, pensions and investment company in Britain, on Thursday posted full-year results that were boosted by a surge in group pensions business.
The company, which has around 5.3 million policyholders, said the business grew 83 percent to 2.2 billion pounds ($3.35 billion) in the year ended December as smaller firms began to enroll staff automatically into a group pension scheme.
With a range of new pensions freedoms due to come into force in April, Royal London Chief Executive Phil Loney said many of the firm’s customers were not ready to take full advantage of the changes.
Continuing new life and pensions business sales for the year rose 39 percent to 4.8 billion pounds, from 3.5 billion pounds in 2013, while individual pensions business climbed 25 percent to 1.4 billion pounds.
The group, which employs 2,829 people, said asset management business in the year also continued to perform well, with net new external business sales of 2 billion pounds, although this lagged the previous year’s 2.5 billion pounds.
Total assets under management were 82.3 billion pounds, up 12 percent on the year.
$1 = 0.6564 British Pounds Reporting by Simon Jessop; Editing by Mark Potter