March 17, 2020 / 9:02 AM / 19 days ago

Royal London expects to ramp up equity exposure in 2020

LONDON (Reuters) - British insurer and asset manager Royal London is planning to increase its allocation to equities during 2020, after a drop in the value of the sector due to coronavirus, its chief executive said on Tuesday.

“We expect to go overweight equities in the course of the year,” Barry O’Dwyer told Reuters by phone, adding that the firm had seen some of its institutional investors starting to switch from bonds to stocks, as “equities have fallen so much”.

Royal London reported a 5% rise in 2019 operating profit to 416 million pounds on Tuesday, and said it did not see a long-term impact to its business from coronavirus.

Reporting by Carolyn Cohn, Editing by Lawrence White

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