REG - Royal London RL Fin Bnds No.6 PLC RL Fin Bnds No.4 PLC RL Fin Bnds No.3 plc RL Fin Bnds No.2 PLC - Interim financial results 2025
08/08/2025 08:15
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RNS Number : 5010U Royal London 08 August 2025
Interim Results Announcement 2025
8 August 2025
Operating profit increases 15% as more advisers recommend Royal London
Barry O'Dwyer, Group Chief Executive Officer, commented:
"For six years running, Royal London has been the most preferred personal
pension provider by financial advisers a (#_ftn1) , testament to the strength
and quality of our customer propositions. Our new Bulk Purchase Annuity
offering, the only mutual option in the market, is also resonating well with
trustees and advisers as we completed eight buy-in transactions in the first
half of this year.
"Support from financial advisers has meant our Governed Range attracted £1.6
billion of net inflows in the first half of the year. This range offers
valuable diversification for customers amid market volatility with allocations
to assets such as real estate and commodities. The recently announced
acquisition of Dalmore Capital will also provide access for Governed Range
customers to the long-term, stable returns that infrastructure investments can
offer.
"When most of our competitors perform well, they reward their shareholders
with higher dividends. Royal London is a mutual with no shareholders so when
we perform well, our eligible customers benefit through ProfitShare. In April,
we demonstrated the value of mutuality by sharing £181 million with 2.3
million customers through our ProfitShare scheme."
Highlights
* Protection new business sales up 14% to £455m (H1 2024: £399m), supported by
the strength and quality of our proposition and a buoyant protection market.
* The Governed Range, where most of our pension customers are invested, saw net
inflows of £1.6bn (H1 2024: £1.5bn), with assets under management reaching
£75bn (31 December 2024: £72bn).
* Enhanced our digital services with 469,000 customers now registered for the My
Royal London web portal.
* Successfully completed eight Bulk Purchase Annuity (BPA) buy-ins in the first
half of the year securing £658m of premiums. Further premiums of £142m
secured to date in the second half of the year, with total premiums since
launch hitting the £1.0bn milestone.
* Paid 98.5% (H1 2024: 98.9%) of protection claims, delivering £415m (H1 2024:
£355m) to 33,000 customers and their families.
* In Ireland, new business sales increased by 76% to £227m (H1 2024: £129m),
reflecting our leading position in the Irish broker protection market and the
successful expansion of our Pension offering.
* Expanded our Private Assets capabilities, including the launch of two
asset-backed securities funds and, subject to regulatory approvals, the
acquisition of infrastructure asset manager Dalmore Capital, to support our
BPA proposition and provide Governed Range customers with access to new asset
classes.
* Secured a £4.6bn multi-asset mandate win from St. James's Place, showcasing
our ability to deliver bespoke, actively managed solutions.
* 86% (31 December 2024: 81%) of actively managed funds outperformed their
three-year benchmark(3) on an equally weighted basis and 56% (31 December
2024: 60%) outperformed on an AUM weighted basis.
* Adopted the Sustainability Focus label across all eight in-scope funds in our
£11bn Sustainable Fund Range, under the Financial Conduct Authority's
Sustainability Disclosure Requirements. This builds on our long-term track
record in sustainable investing, where we have delivered award-winning
investment performance.
Financials
Six months ended Six months ended
30 June 2025 30 June 2024
UK GAAP Operating profit before tax(4) £166m £144m
Transfer to the fund for future appropriations(5) £115m £312m
New business Life and pensions new business sales(6) £5,885m £5,048m
Inflows Gross inflows(7) £22,371m £16,317m
Net inflows (7) ( ) £4,068m £77m
30 June 2025 31 December 2024
Funds Assets under management(8) £181bn £173bn
Capital(9) Regulatory View solvency surplus £2.8bn £2.7bn
(Solvency II(10))
Regulatory View capital cover ratio 197% 196%
Investor View solvency surplus £2.8bn £2.7bn
Investor View capital cover ratio 204% 203%
* Operating profit before tax(4) increased by 15% to £166m (H1 2024: £144m)
benefiting from higher Protection new business and sales of our new BPA
proposition.
* Transfer to the fund for future appropriations (FFA)(5) of £115m (H1 2024:
£312m) includes negative economic movements of £39m as market gains were
below our long-term expectations.
* Life and pensions new business sales(6) were up 17% to £5,885m (H1 2024:
£5,048m) supported by an uplift from BPA sales.
* Gross inflows(7) rose to £22.4bn (H1 2024: £16.3bn) with net inflows(7)
increasing to £4.1bn (H1 2024: £0.1bn), boosted by a new £4.6bn multi-asset
mandate with St. James's Place.
* Assets under management(8) increased to £181bn (31 December 2024: £173bn) as
a result of the net inflows and positive market movements of £3.2bn.
* Capital position remains robust with our hedging programmes continuing to
operate as intended. The Investor View and Regulatory View(9) ratios increased
to 204% (31 December 2024: 203%) and 197% (31 December 2024: 196%)
respectively after including a 2% capital strain from writing BPA business.
Investor Conference call
Royal London will hold an Interim financial results conference call to present
its 2025 interim results on Friday 8 August 2025 at 08:30. Interested parties
can register here
(https://events.teams.microsoft.com/event/ad00cd6e-b596-468a-b9de-cad8d14b50f0@e0cfe368-5773-4452-b8c6-671891a3f98a)
. A copy of the presentation to investors is available on the Group's website
(https://www.royallondon.com/about-us/our-performance/investor-relations/) .
For further information please contact:
Lora Coventry, Senior PR Strategy Manager (lora.coventry@royallondon.com /
07919 170673)
About Royal London
Royal London is the UK's largest mutual life, pensions and investment company
and is in the top 30 mutuals globally b (#_ftn2) . Working with advisers and
customers, we provide long-term savings, protection and asset management
products and services. Our Purpose, 'Protecting today, investing in tomorrow.
Together we are mutually responsible', drives us and defines the impact we
want to have.
Financial calendar:
* 8 August 2025 - Interim Financial Results for 2025 and conference call
* 7 October 2025 - RL Finance Bonds No. 4 plc subordinated debt interest payment
date
* 13 November 2025 - RL Finance Bonds No. 3 plc subordinated debt interest
payment date
* 25 November 2025 - RL Finance Bonds No. 6 plc subordinated debt interest
payment date
Editor's notes
1. The information in this announcement relates to The Royal London Mutual
Insurance Society Limited ('RLMIS' or 'the Company'), and its subsidiary
undertakings, together referred to as 'Royal London' or 'the Group'.
2. The Group assesses its financial performance based on a number of measures,
some of which are not defined or specified in accordance with relevant
financial reporting frameworks such as UK GAAP or Solvency II. These measures
are known as Alternative Performance Measures (APMs). APMs are disclosed to
provide further information on the performance of the Group and should be
viewed as complementary to, rather than a substitute for, the measures
determined according to UK GAAP and Solvency II requirements. Accordingly,
these APMs may not be comparable with similarly titled measures and
disclosures by other companies.
3. Investment performance has been calculated for funds with a defined external
benchmark on an equally weighted basis, by measuring the number of in-scope
funds outperforming their three-year benchmark divided by the total number of
in-scope funds and, on an AUM weighted basis, by using a weighted average of
active assets under management. Benchmarks differ by fund and reflect their
mix of assets to ensure direct comparison. Passive funds are excluded from
this calculation as, whilst they have a place as part of a balanced portfolio,
they represent a minority of our AUM as Royal London believes in the long-term
value added by active management.
4. Operating profit before tax is an APM and is the transfer to the fund for
future appropriations before other comprehensive income, excluding short-term
investment return variances and economic assumption changes (economic
movements); charges/credits arising from mergers and acquisitions;
ProfitShare; ValueShare; tax; and one-off items of an unusual nature that are
not related to the underlying trading of the Group. Profits or losses arising
within the closed funds are held within the respective closed fund surplus;
so, operating profit before tax represents the result of the Royal London Main
Fund (RL Main Fund) and the RLI DAC Open Fund.
5. Transfer to the fund for future appropriations represents the statutory UK
GAAP measure 'Transfer to the fund for future appropriations' in the technical
account within the Consolidated statement of comprehensive income.
6. Life and pensions new business sales is an APM and represents life and
pensions business only, excluding Asset Management, other lines of business
and Bulk Purchase Annuity buy-ins transacted with the Group's defined benefit
pension schemes. New business sales are presented as the Present Value of New
Business Premiums (PVNBP), which is the total of new single premium sales
received in the period plus the discounted value, at the point of sale, of the
regular premiums the Group expects to receive over the term of the new
contracts sold in the period. The rate used to discount the cash flows in the
reported results has been derived from the opening swap curve at the start of
the financial period for all new business except annuities, where the rate
used is the future yield (less an allowance for downgrade and default risk) on
assets expected to back these annuitant liabilities over the lifetime of the
contracts.
7. Gross and net inflows incorporate flows into Royal London Asset Management
(RLAM) from external clients (external flows) and those generated from the
Group's life and pensions business (internal flows). External client net flows
represent external inflows, less external outflows, including cash mandates.
Internal net flows from RLMIS represent the combined premiums and deposits
received (net of reinsurance), less claims and redemptions paid (net of
reinsurance). Given its nature, non-linked Protection business is not
included.
8. Assets under management (AUM) is an APM and represents the total of assets
managed by the Group, including funds managed on behalf of third parties.
9. The capital cover ratio is calculated as the Group's Own Funds, being the
regulatory capital under Solvency II, divided by the Solvency Capital
Requirement (SCR). The 'Investor View' is an APM and equals the RL Main Fund
capital position (i.e. excluding ring-fenced funds). The 'Regulatory View'
solvency surplus and capital cover ratio exclude the closed funds' surplus as
a restriction to Own Funds. All capital figures are stated on a Group Partial
Internal Model basis.
10. In November 2024 the Prudential Regulation Authority (PRA) announced the final
policy statement to implement reforms to the Solvency II framework previously
applicable in the UK. The resultant new prudential regime for UK insurers
became effective on 31 December 2024 and will eventually be known as 'Solvency
UK'. However, in line with the approach outlined in the policy statement, the
UK regime will continue to be referred to as Solvency II until such time as
the PRA has changed all references from Solvency II to Solvency UK across all
their relevant materials.
11. Figures presented throughout are rounded. The capital cover ratios, new
business margins and period-on-period percentage changes are calculated based
on exact figures.
Business Review
Royal London continues to be the most preferred personal pension provider by
financial advisers and our performance in the first half of the year
underlines the strength of our propositions. In times of uncertainty, advisers
provide customers with valuable reassurance. We have been actively helping
advisers to offer this support with timely, proactive communications that
reinforce the importance of maintaining a long-term perspective on pension
investments. As markets reacted sharply to the proposed US trade tariffs,
advisers continued to value the long-term focus and diversification of our
Governed Range, which again attracted strong net inflows.
Whilst many customers benefit from the support of a financial adviser, many
more still lack access to the support they need. We welcome the outcomes of
the Financial Conduct Authority's consultation on Targeted Support. We have
seen increasing demand for our guidance services from customers and believe
that this new regime could offer customers valuable help in a scalable way,
particularly customers saving into workplace pensions.
In the meantime, we have strengthened our customer proposition further with
enhancements to our digital services, offering more self-serve capabilities
and tools through our mobile app and web portals. Customer satisfaction grew
as we saw increased usage of these services with customers seeking to make
informed decisions about their pensions, levels of protection and how they
plan for retirement.
During the year we extended our Protection proposition to support customers
with estate planning and we are building a wider range of investment
capabilities in RLAM. We continue to develop our Private Assets expertise, and
the recently announced acquisition of Dalmore Capital, subject to regulatory
approvals, brings an infrastructure investment offering to the Group. Our
Private Assets capability directly supports our new Bulk Purchase Annuity
(BPA) business, and we plan to integrate many of these new capabilities into
the Governed Range, giving customers access to exciting new asset classes
within a diversified portfolio that we expect to generate superior long-term
risk adjusted returns.
Our BPA proposition is supporting our growth and in June we secured our
largest external BPA transaction to date with a £275m buy-in completed with
the Grant Thornton Pension Fund. Our offer stands out as the only mutual
option in the market, which is proving to be highly valued by trustees and
advisers.
As a major workplace pensions provider, we are a signatory to the Mansion
House Accord. We already allocate a substantial investment to UK real estate
and expect to increase our allocation to other private asset classes over
time. We remain committed to making the right long-term decisions for
customers and do not believe that the government should mandate the proportion
of pensions investments that should be invested in the UK. As Royal London has
consistently shown, the right expertise in asset management already results in
allocations to UK productive assets in our Governed Range being higher than
the 5% envisaged under the Accord.
Our customers' standard of living in retirement will also be dictated by how
much progress the world makes in tackling climate change. Royal London
continues to play its part and we were pleased to publish our first Climate
Transition Plan in June. It outlines how we will support the transition to a
low-carbon economy. We continue to be reliant on policymakers and regulators
not only to deliver on their climate commitments, but also to establish and
support rules that enable progress towards climate ambitions globally.
The value of mutuality was demonstrated again in April when we shared £181m
with 2.3 million eligible customers through our ProfitShare scheme, once more
highlighting the distinction between Royal London and many of our competitors
who reward shareholders when they perform well, rather than customers.
Our trading performance
UK
We are focused on helping customers to build their financial resilience. In H1
2025, over 160,000 customers engaged with our online guidance tools, including
services that support financial wellbeing, retirement planning and access to
state benefits. These tools are designed to help customers make informed
decisions and feel more confident about their financial future, particularly
as they approach retirement.
We have introduced new functionality across our digital platforms, including
new digital forms for ad hoc payments and the rollout of live web chat for
Protection customers. Engagement with our mobile app continues to grow, with
the number of active users rising to 447,000 - an increase of 50,000 since the
end of 2024. In the same period, there have been 70,000 new registrations on
the My Royal London portal, now reaching 469,000 customers in total. These
platforms are becoming an increasingly important part of how customers
interact with their plans and access support, reflecting our commitment to
delivering accessible and personalised digital services.
In May, we confirmed that Royal London was one of the first cohort of pension
providers connected to the Pensions Dashboards ecosystem. As an early adopter,
we are helping to bring forward a more transparent and accessible retirement
landscape by enabling customers to view all their pensions in one place.
Overall pensions new business sales increased slightly to £4.5bn (H1 2024:
£4.4bn). Individual Pensions sales increased by 3% to £2.4bn (H1 2024:
£2.3bn) with growth primarily in our non-advised Income Release product.
Workplace Pensions new business sales were flat at £2.1bn (H1 2024: £2.1bn)
with increasing transfers broadly offset by lower new workplace pension
schemes.
Our Workplace AUM grew 6% in the first half of 2025 to £33.1bn, driven
primarily by net inflows of £1.5bn. Higher transfer values and volumes have
been a major driver of our growth in Workplace, as we continued to see
increases in customer take up and conversion rates through our online transfer
hub. Over 25,000 customers completed a transfer to Royal London, up 8% on the
same period last year. We also delivered a series of enhancements across the
Workplace proposition, including further improvements to the consolidation
journey and direct offer process, and upgrades to our video benefit
statements. These developments, alongside closer collaboration with employers
and advisers, have helped strengthen customer engagement.
Our flagship investment solution, the Governed Range, attracted net inflows of
£1.6bn (H1 2024: £1.5bn), which together with market growth drove an
increase in AUM to £75bn (31 December 2024: £72bn). The Governed Range is
our range of multi-asset funds which support our pensions proposition and is
where the majority of our Workplace Pensions customers are invested.
Protection new business sales increased 14% to £455m (H1 2024: £399m) with
continued success in the mortgage-related market. We also saw further momentum
in high net-worth business, where we have expanded our proposition to support
estate planning needs. This included the launch of our 'Joint Life Second
Death term' product in late 2024, which, alongside our Whole-of-Life offering,
has seen strong demand following the proposed changes to inheritance tax
announced in the October Budget.
We launched our BPA business in September 2024, focusing on delivering good
outcomes for trustees and their defined benefit members. As the only mutual in
the BPA market, our proposition has been well received by trustees and their
advisers. Our momentum has continued in 2025, securing eight transactions in
the first half of the year covering over 5,000 pension scheme members and
total premiums of £658m, including our largest external pension scheme
transaction to date at £275m. Our pipeline for the second half of the year is
strong, with three further transactions with total premiums of £142m written
to date in the second half of 2025 and total premiums since launch now at
£1.0bn.
Customer satisfaction, as measured by our Customer Value Statement (CVS c
(#_ftn3) ) score, improved by 1 percentage point from the end of 2024, with
44% of customers rating Royal London 9 or 10 out of 10 across each of seven
key measures.
During the first half of 2025 we continued to be recognised through key
industry awards and accreditations. We retained our Defaqto five-star rating
for Workplace Pensions (Group Personal Pension and Group Stakeholder) and
Individual Pensions (Personal Pensions and Drawdown) and were rated gold in
Defaqto's Pension Service Ratings 2025. At the Lifesearch Awards 2025, we won
the award for Exceptional Claims Support, and we were named Protection
Provider of the Year at The Right Mortgage Network Awards 2025.
Asset Management
While US markets began the year positively, the introduction of tariffs by the
US government triggered significant market volatility and declines in both US
and global markets. Equity markets have now rebounded, with a number of
indices recording record highs. In fixed income markets, persistent inflation
has led to reduced expectations for rate cuts, and global government bond
yields declined during the tariff-related volatility. Sterling investment
grade markets have delivered positive returns, helped by lower government bond
yields but also strong corporate performance, although activity in bond
markets slowed as companies were reluctant to borrow while rates were more
volatile.
Against this backdrop, our investment performance track record remains good,
with 86% of actively managed funds outperforming their benchmark on an equally
weighted basis over the three years to 30 June 2025 (31 December 2024: 81%)
and 56% (31 December 2024: 60%) of funds outperforming their three-year
benchmark on an AUM weighted measure d (#_ftn4) . Assets under management
increased to £181bn (31 December 2024: £173bn).
Net inflows in the first half of the year were £4.1bn (H1 2024: £0.1bn),
including £2.9bn of external net inflows (H1 2024: £0.7bn of net outflows)
underpinned by a £4.6bn multi-asset mandate win from St. James's Place. This
bespoke, active asset allocation mandate demonstrates our ability to create
solution-orientated products for our external customers that build on the
value we provide to the Group's life and pensions customers. In Global
Equities we saw net outflows of £1.8bn following the departure of a number of
members from the Global Equities team in 2024 and net outflows of £0.6bn from
our Sustainable Fund Range due to the wider shift in market sentiment for
responsible investment, despite three year fund performance remaining above
median relative to peers.
Our Private Assets business is gaining momentum, with the launch of two
asset-backed securities funds. As well as supporting external clients, this
business is supporting the Group's ability to win BPA transactions by sourcing
a wider range of assets with attractive risk-adjusted returns. Alongside
building our internal capabilities, we recently announced the acquisition of
UK-based infrastructure asset manager Dalmore Capital, subject to regulatory
approvals. By acquiring Dalmore, we are taking another step in building our
Private Assets capability, broadening our investment proposition and expanding
and diversifying our client base.
In April, we announced that all eight in-scope funds in our £11bn Sustainable
Fund Range will adopt a Sustainability Focus label under the Financial Conduct
Authority's Sustainability Disclosure Requirements. RLAM has a long record of
investing sustainably and these labels demonstrate our continuing support to
clients seeking long-term sustainable investment solutions.
Our Asset Management business continued to win a variety of awards in 2025 in
recognition of our success. Notable achievements included Equity Manager of
the Year - UK and Europe (Insurance Asset Risk Awards), Best Asset Manager
(Morningstar UK Fund Awards) and Best Sustainable Fund (Professional Adviser
PA Awards) for the Royal London Sustainable World Trust.
Ireland
The first half of 2025 saw Royal London Ireland continue its track record of
strong performance, with new business sales increasing by 76% to £227m (H1
2024: £129m). The growth reflects our leading position in the Irish broker
protection market and the successful expansion of our Pensions offering with
the launch of a regular premium Personal Retirement Savings Account product at
the end of last year.
The Protection business continues to perform well, underpinned by our focus on
service excellence and the strength of our Individual Protection product
offering. We have maintained our leading market share in the broker protection
market and in February we were recognised as being the best income protection
provider at the bonkers.ie awards.
In April we awarded ValueShare, Royal London Ireland's equivalent to
ProfitShare, for the third year in a row, which resulted in the value of
eligible customers' policies again receiving an uplift of 0.13%.
Looking ahead
Looking ahead, we remain focused on strengthening our proposition for both
customers and advisers. Our Pensions and Protection offerings are designed to
support customers build their long-term financial resilience, and through our
Asset Management capabilities, we aim to deliver strong returns while
contributing positively to the world around us. Above all, we will continue to
champion the value of mutuality, creating benefits not just for our customers,
but for the wider society in which we live.
Financial Review
Group operating profit before tax for the six months ended 30 June 2025
increased to £166m (H1 2024: £144m). We saw significant increases in new
business contribution from our Protection proposition, supported by growth in
the high net-worth segment, and from our BPA business, which is building
momentum following our entry into this market in H2 2024.
Assets under management increased by £7.3bn, primarily driven by net inflows
of £4.1bn, largely attributable to a new £4.6bn multi-asset mandate with St.
James's Place. As expected, the contribution from the Asset Management
business declined over the period following the impact of Global Equities net
outflows in 2024 and reflecting our continuing investment in building new
capabilities organically.
The transfer to the fund for future appropriations (FFA) was £115m (H1 2024:
£312m), with negative economic movements of £39m reflecting returns that
were lower than our long-term expectations.
Our capital position remains robust with the Solvency II Investor View capital
cover ratio increasing to 204% (31 December 2024: 203%). This is due to the
surplus arising from existing business being sufficient to offset the
aggregate impact from the strain from new business (which includes the strain
of writing new BPA business), strategic development and corporate costs. The
Solvency II Regulatory View capital cover ratio increased to 197% (31 December
2024: 196%) for similar reasons.
Group operating profit before tax
The following table shows the Group operating profit before tax for the six
months ended 30 June 2025. Further details of the Group's segmental reporting
are included in note 2 of the Interim Financial Statements.
Six months Six months Change
ended 30 June 2025 ended 30 June 2024 £m
£m £m
Long-term business
New business contribution 137 103 34
Existing business contribution 149 141 8
Contribution from AUM and other businesses 31 49 (18)
Business development costs (29) (22) (7)
Strategic development costs (30) (39) 9
Amortisation of intangibles (8) (8) -
Result from operating segments 250 224 26
Corporate items (41) (37) (4)
Financing costs (43) (43) -
Group operating profit before tax 166 144 22
New business contribution
New business contribution increased to £137m (H1 2024: £103m), including a
£26m contribution from our BPA business following our entry into the market
in H2 2024. On a present value of new business premiums (PVNBP) basis, new
business sales rose by 17% to £5,885m. Performance was particularly strong in
our Protection proposition, reflecting growth in high net-worth products and
higher volumes in mortgage products. The change in business mix contributed to
an increase in new business margin to 2.3% (H1 2024: 2.0%).
New business contribution PVNBP New business
margin
Six months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024 30 June 2025 30 June 2024
£m £m £m £m £m £m
Individual Pensions 31 38 2,399 2,322 1.3 1.6
Workplace Pensions 38 42 2,086 2,112 1.8 2.0
Protection 30 11 455 399 6.7 2.9
Bulk Purchase Annuities 26 - 658 - 4.0 -
Individual Annuities and other 3 6 60 86 4.5 6.9
UK 128 97 5,658 4,919 2.3 2.0
Ireland 9 6 227 129 3.8 4.3
Total 137 103 5,885 5,048 2.3 2.0
UK
Individual Pensions new business sales increased to £2,399m (H1 2024:
£2,322m) with higher volumes in our non-advised Income Release proposition.
Due to a changing mix and lower charges for customers with smaller pots, new
business margins decreased by 0.3 percentage points to 1.3%, with new business
contribution decreasing as a result to £31m (H1 2024: £38m).
Workplace Pensions new business sales of £2,086m (H1 2024: £2,112m) were
supported by an 8% increase in the number of transfers to Royal London,
reflecting the continued benefit of enhancements to our online transfer hub.
The impact of increased transfers was offset by fewer new scheme wins versus
the corresponding period in 2024. The changing mix of new business and higher
relative costs resulted in new business contribution and margin decreasing to
£38m (H1 2024: £42m) and 1.8% (H1 2024: 2.0%).
Protection new business sales increased by 14% to £455m. The momentum we
built in 2024 has continued with growth in volumes across our Whole-of-Life
propositions and more cases within the high net-worth market. As a result of
the increased volumes and a favourable product mix, new business contribution
rose to £30m (H1 2024: £11m) at a new business margin of 6.7% (H1 2024:
2.9%).
Following our successful launch into the BPA market during the second half of
2024, we have completed a further eight transactions in the first half of this
year, generating new business sales of £658m at a new business margin of
4.0%.
Individual Annuities and other new business sales were £60m (H1 2024: £86m),
impacted by higher long-term interest rates resulting in the lower take-up of
guaranteed annuity rates. The volume reduction resulted in new business
contribution decreasing to £3m (H1 2024: £6m) with margins also lower at
4.5% (H1 2024: 6.9%).
Ireland
New business sales increased to £227m (H1 2024: £129m), primarily through
increased Pensions sales of £133m (H1 2024: £39m), including from our
regular premium Personal Retirement Savings Account product launched in H2
2024. Protection new business sales increased to £94m (H1 2024: £90m). New
business contribution increased to £9m, (H1 2024: £6m) while new business
margin decreased to 3.8% (H1 2024: 4.3%), reflecting the changes in business
mix.
Existing business contribution
Existing business contribution increased to £149m (H1 2024: £141m),
summarised in the table below.
Six months ended 30 June 2025 Six months Change
£m ended 30 June 2024 £m
£m
Expected return 141 127 14
Experience variances and assumption changes 30 11 19
Modelling and other changes (22) 3 (25)
Total 149 141 8
Expected return for the period increased by £14m to £141m primarily due to a
half percentage point increase in the UK risk-free rate compared to the rate
used in H1 2024.
Experience variances and assumption changes were a gain of £30m (H1 2024:
£11m) driven mainly by higher than expected workplace premiums received as
annual salary increases and ad hoc payments into schemes were higher than
assumed levels.
Modelling and other changes were a charge of £22m (H1 2024: gain of £3m) as
part of ongoing activities to ensure our actuarial models remain as reliable
as possible.
Contribution from AUM and other businesses
Contribution from AUM and other businesses decreased to £31m (H1 2024:
£49m), primarily due to expected reductions in the contribution from our
Asset Management business. This was due to continued investment in new
capabilities to support future growth, including Private Assets, reduced
one-off fees and the full period impact on revenues of Global Equities
outflows in 2024.
Business development costs
Business development costs increased to £29m (H1 2024: £22m) as we continued
to strengthen our propositions, predominantly in our UK and Asset Management
segments. In the UK, costs were £20m (H1 2024: £15m), including costs to
enhance our digital services and technology. Asset Management costs of £9m
(H1 2024: £7m) were incurred as we continued to invest in data and technology
to enhance client service and reporting.
Strategic development costs
Strategic development costs of £30m (H1 2024: £39m) represent the costs of
ongoing long-term investment we are continuing to make across our businesses.
In the UK, this includes continuing investment into our Pensions and related
savings propositions and the ongoing development of our BPA capabilities and
digital advice tools. Costs in our Asset Management and Ireland segments have
decreased following the completion of their respective key projects during
2024.
Amortisation of intangibles
Amortisation of intangibles of £8m (H1 2024: £8m) relates to capitalised
software assets.
Corporate items and financing costs
The net charge for Corporate items of £41m (H1 2024: £37m) includes costs
arising from the acquisition of businesses, strengthening the Group's
operational resilience and investment in our data capabilities as well as
costs in relation to defined benefit pension scheme items.
Financing costs of £43m (H1 2024: £43m) primarily represent the interest
payable on the Group's subordinated debt.
Reconciliation of operating profit before tax to transfer to the FFA
The transfer to the FFA of £115m (H1 2024: £312m) was lower than Group
operating profit before tax due to negative economic movements following
returns over the first half of the year being lower than our long-term
expectations.
Six months Six months Change
ended 30 June 2025 ended 30 £m
£m June 2024
£m
Group operating profit before tax 166 144 22
Economic movements (39) 241 (280)
Credits arising from mergers and acquisitions 9 1 8
Profit before tax and before transfer to the fund for future appropriations 136 386 (250)
Tax attributable to long-term business (21) (74) 53
Transfer to the fund for future appropriations 115 312 (197)
Economic movements
Economic movements include short-term investment return variances from our
longer-term expected return assumptions on the surplus assets of the Royal
London Main Fund and the impact of changes to economic assumptions used to
value liabilities. This amount therefore includes the impact on the FFA of
market value movements and interest rate changes over the period.
During H1 2025, economic movements were a charge of £39m (H1 2024: gain of
£241m), as investment returns were below our longer-term expected return
assumptions.
Credits arising from mergers and acquisitions
Credits arising from mergers and acquisitions comprise amortisation of
goodwill and other gains or losses arising from corporate transactions,
including adjustments in respect of prior acquisitions.
Balance sheet
Royal London's balance sheet position is robust. Our total investment
portfolio increased in value to £128.0bn (31 December 2024: £124.6bn), as a
result of fair value movements in equity and bond asset classes and positive
net internal flows. At 30 June 2025, £2,397m of assets were ring-fenced (31
December 2024: £1,818m) to back annuitant liabilities net of reinsurance of
£2,317m (31 December 2024: £1,748m). The ring-fenced portfolio of assets
continues to grow as our BPA proposition builds scale and it includes a mix of
corporate bonds, gilts, cash, commercial real estate loans and private
placement debt.
Our financial investment portfolio remains well diversified across a number of
financial instrument classes, with the majority invested in equity securities
and fixed income assets.
A significant portion of our debt securities portfolio is in high-quality
assets with a credit rating of 'A' or above. In our non-linked portfolio, 73%
(31 December 2024: 77%) of our non-linked debt securities and 66% (31 December
2024: 69%) of our non-linked corporate bonds had a credit rating of 'A' or
better at 30 June 2025. There have been no significant defaults in our
corporate bond portfolio.
Assets under management
Assets under management increased to £181bn (31 December 2024: £173bn),
driven by net inflows of £4.1bn, and positive market movements of £3.2bn.
Gross inflows Net inflows/(outflows)
Six months ended 30 June 2025 Six months Six months ended 30 June 2025 Six months
£m ended 30 June 2024 £m ended 30 June 2024
£m £m
External flows 16,007 10,703 2,929 (687)
Internal flows 6,364 5,614 1,139 764
Total 22,371 16,317 4,068 77
External net inflows were £2.9bn (H1 2024: £0.7bn net outflow) which
included a £4.6bn multi-asset mandate from St. James's Place. Net outflows
from other strategies totalled £1.2bn, including net outflows of £1.8bn in
Global Equities and £0.6bn from Sustainable funds, offset by flows into our
liquidity funds.
Internal net inflows increased to £1.1bn (H1 2024: £0.8bn), due to £0.6bn
of additional flows from BPAs with external schemes, with H1 2024 benefiting
from a £0.3bn inflow from a BPA policy transacted with the trustees of the
Royal London Group Pension Scheme.
Strength of our capital base
The strength of our capital base is essential to our business, both to ensure
we have the capital to fund further growth and to give peace of mind to our
customers that we can meet our commitments to them.
Managing our capital base effectively is a key priority for us. In common with
others in the industry, we present two views of our capital position: an
Investor View for analysts and investors in our subordinated debt, and a
Regulatory View where the closed funds' surplus is excluded as a restriction
to Own Funds.
We review our capital management framework regularly, although we would not
expect the ranges we manage our capital within to change frequently. On an
Investor View basis, we manage the capital cover ratio (the investor ratio)
within an acceptable range, the lower end of which is 165%. In practice, we
expect to operate with an investor ratio above 180% under normal
circumstances. Given the business is managed for the benefit of its members on
a long-term basis, the level of the investor ratio of the business may be
higher to provide flexibility for future investment in the business.
We expect the Regulatory View capital cover ratio to be above 150% under
normal circumstances.
Key metrics 30 June 2025 31 December 2024
Regulatory View solvency surplus £2,804m £2,745m
Regulatory View capital cover ratio 197% 196%
Investor View solvency surplus £2,804m £2,745m
Investor View capital cover ratio 204% 203%
The increase in both Regulatory and Investor View cover ratios since 31
December 2024 is primarily driven by benefits from the release from existing
business being sufficient to offset the aggregate impact from the strain from
new business (which includes the strain of writing new BPA new business),
strategic development and corporate costs. There has been a 2% capital strain
from new BPAs written so far in 2025 and we expect the investor ratio to
reduce gradually over the short term as we write more BPA business and
continue to invest in additional capabilities.
The Group's Solvency Capital Requirement reflects the diversified nature of
our market and insurance risk exposures and, in particular, longevity risk
written through our annuity businesses diversifies well with other risks of
the in-force book of business.
We are broadening the range of illiquid assets we invest in within the
Matching Adjustment Portfolio and entered into a new private placement credit
mandate with RLAM, utilising their new investment capabilities. We also
successfully gained regulatory Matching Adjustment approval for infrastructure
debt and income-producing real estate debt assets in H1, broadening the scope
of illiquid debt assets available for investment.
Within the UK, Royal London has one closed fund - the RL(CIS) Fund. The
capital position of this closed fund is managed on a standalone basis and
continues to be well capitalised with the residual estate being distributed to
policyholders over time.
We continue to monitor closely our capital position given market volatility
and wider global economic pressures. Scenario testing performed as part of our
regular capital management activities demonstrates that our capital position
continues to be robust under a number of severe but plausible market
scenarios.
The Solvency II leverage ratio e (#_ftn5) is 23% (31 December 2024: 22%),
with the level of outstanding debt unchanged over the period.
Statement of directors' responsibilities
The Interim Results Announcement, including the Interim Financial Statements,
is the responsibility of, and has been approved by, the directors.
In preparing the Interim Financial Statements, the directors:
* select suitable accounting policies and then apply them consistently;
* state whether applicable United Kingdom Generally Accepted Accounting Practice
(UK GAAP) has been followed, subject to any material departures disclosed and
explained in the Interim Financial Statements;
* make judgements and accounting estimates that are reasonable and prudent; and
* prepare the Interim Financial Statements on the going concern basis unless it
is inappropriate to presume that the Company will continue in business.
They are responsible for such internal controls as they determine are
necessary to enable the preparation of Interim Financial Statements that are
free from material misstatement, whether due to fraud or error, and have
general responsibility for taking such steps as are reasonably open to them to
safeguard the assets of the Company and the Group and to prevent and detect
fraud and other irregularities.
The directors are also responsible for keeping adequate accounting records
that are sufficient to show and explain the Group's transactions and disclose
with reasonable accuracy at any time the financial position of the Group.
Principal risks and uncertainties
The Board last reviewed the principal risks and uncertainties facing the Group
in March 2025 at the time of the publication of the 2024 Annual Report and
Accounts (ARA). The review took account of the ongoing economic conditions and
the evolving geopolitical and regulatory environment. The Board considers that
they have not changed significantly from those set out in the 'Principal risks
and uncertainties' section of the Strategic Report within the 2024 ARA
(royallondon.com/siteassets/site-docs/about-us/annual-reports/annual-report-and-accounts-2024-rl.pdf
(https://royallondon.com/siteassets/site-docs/about-us/annual-reports/annual-report-and-accounts-2024-rl.pdf)
).
The risks and uncertainties continue to be monitored and managed through our
risk management system, including those related to the economy and Royal
London's key markets, the risks associated with climate change and cyber
security, and the political and regulatory environment.
Forward-looking statements
Royal London may make verbal or written 'forward-looking statements' within
this announcement, with respect to certain plans, its current goals and
expectations relating to its future financial condition, performance, results,
operating environment, strategy and objectives. Statements that are not
historical facts, including statements about Royal London's beliefs and
expectations and including, without limitation, statements containing the
words 'may', 'will', 'should', 'continue', 'aims', 'estimates', 'projects',
'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates', and
words of similar meaning, are forward-looking statements. The statements are
based on plans, estimates and projections as at the time they are made and
involve unknown risks and uncertainties. These forward-looking statements are
therefore not guarantees of future performance and undue reliance should not
be placed on them.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances, some of which will be
beyond Royal London's control. Royal London believes certain factors could
cause actual financial condition, performance or other indicated results to
differ materially from those indicated in forward-looking statements in the
report. Potential factors include, but are not limited to: geopolitical
conditions; UK and Ireland economic and business conditions; future
market-related risks such as a prolonged period of high interest rates; the
performance of financial markets generally; the policies and actions of
governmental and regulatory authorities (for example, new government
legislation and initiatives); the impact of competition; the effect on Royal
London's business and results from, in particular, mortality and morbidity
trends and policy lapse rates; and the timing, impact and other uncertainties
of future mergers or combinations within relevant industries. These and other
important factors may, for example, result in changes to assumptions used for
determining results of operations or re-estimations of reserves for future
policy benefits.
As a result, Royal London's future financial condition, performance and
results may differ materially from the plans, estimates and projections set
forth in Royal London's forward-looking statements. Royal London undertakes no
obligation to update the forward-looking statements in this announcement, or
any other forward-looking statements Royal London may make. Forward-looking
statements in this announcement are current only at the date on which such
statements are made. This announcement has been prepared for the members of
Royal London and no one else. None of Royal London, its advisers or its
employees, accept or assume responsibility to any other person and any such
responsibility or liability is expressly disclaimed to the extent not
prohibited by law.
The Royal London Mutual Insurance Society Limited is registered in England and
Wales (99064) at 80 Fenchurch Street, London, EC3M 4BY. www.royallondon.com
(http://www.royallondon.com)
Interim Financial Statements
Consolidated statement of comprehensive income
for the period ended 30 June 2025
Group
Technical account - long-term business Six months Six months Year ended
ended 30 ended 30 31 December
June 2025 (unaudited) June 2024 (unaudited) 2024
£m £m £m
Gross premiums written 1,318 980 1,851
Outwards reinsurance premiums (281) (98) (358)
Earned premiums, net of reinsurance 1,037 882 1,493
Investment income 2,380 2,500 4,643
Unrealised gains on investments 253 3,615 5,046
Other income 358 372 728
Total income 4,028 7,369 11,910
Claims paid
Gross claims paid (1,602) (1,595) (3,318)
Reinsurers' share 366 292 616
Change in provision for claims
Gross amount (17) 3 11
Reinsurers' share (5) 4 46
Claims incurred, net of reinsurance (1,258) (1,296) (2,645)
Change in long-term business provision, net of reinsurance
Gross amount (134) 208 268
Reinsurers' share (23) (234) 12
(157) (26) 280
Change in technical provision for linked liabilities, net of reinsurance (1,968) (5,404) (8,247)
Change in technical provisions, net of reinsurance (2,125) (5,430) (7,967)
Change in non-participating value of in-force business 179 391 309
Net operating expenses (336) (320) (652)
Investment expenses and charges (216) (194) (409)
Other charges (136) (134) (286)
Total operating expenses (688) (648) (1,347)
Profit before tax and before transfer to the fund for future appropriations 136 386 260
Tax attributable to long-term business (21) (74) (93)
Transfer to the fund for future appropriations 115 312 167
Balance on technical account - long-term business - - -
Other comprehensive income, net of tax:
Remeasurement of defined benefit pension schemes (8) (3) (7)
Foreign exchange rate movements on translation of Group entities 8 (4) (10)
Transfer to/(deduction from) the fund for future appropriations - (7) (17)
Other comprehensive income for the period, net of tax - - -
Total comprehensive income for the period - - -
As a mutual company, all earnings are retained for the benefit of
participating policyholders and are carried forward within the fund for future
appropriations. Accordingly, the total comprehensive income for the period is
always £nil after the transfer to or deduction from the fund for future
appropriations.
Consolidated balance sheet
as at 30 June 2025
Group
30 June 2025 (unaudited) 30 June 2024 31 December 2024
£m (unaudited) £m
£m
ASSETS
Intangible assets
Goodwill 31 36 33
Negative goodwill (22) (29) (25)
9 7 8
Other intangible assets 131 138 134
140 145 142
Non-participating value of in-force business 3,264 3,167 3,085
Investments
Land and buildings 49 109 75
Other financial investments 33,398 33,730 33,275
33,447 33,839 33,350
Assets held to cover linked liabilities 94,516 87,088 91,279
Reinsurers' share of technical provisions
Long-term business provision 3,233 3,034 3,278
Claims outstanding 136 124 141
Technical provisions for linked liabilities (54) (47) (57)
3,315 3,111 3,362
Debtors
Debtors arising out of direct insurance operations 155 51 21
Debtors arising out of reinsurance operations 76 80 61
Other debtors 3,924 3,369 3,280
4,155 3,500 3,362
Other assets
Deferred taxation 7 - 3
Tangible fixed assets 25 27 25
Cash at bank and in hand 566 458 499
598 485 527
Prepayments and accrued income
Deferred acquisition costs on investment contracts 49 53 50
Other prepayments and accrued income 76 74 62
125 127 112
Pension scheme asset 154 169 164
Total assets 139,714 131,631 135,383
LIABILITIES
Subordinated liabilities 1,285 1,284 1,284
Fund for future appropriations 4,371 4,411 4,256
Technical provisions
Long-term business provision 30,978 31,007 30,906
Claims outstanding 422 357 404
31,400 31,364 31,310
Technical provisions for linked liabilities 94,275 86,912 91,072
Provisions for other risks
Deferred taxation 122 89 107
Other provisions 150 172 176
272 261 283
Creditors
Creditors arising out of direct insurance operations 325 319 300
Creditors arising out of reinsurance operations 1,511 1,644 1,540
Amounts owed to credit institutions 117 73 27
Other creditors including taxation and social security 6,017 5,212 5,123
7,970 7,248 6,990
Accruals and deferred income 141 151 188
Total liabilities 139,714 131,631 135,383
Notes to the Interim Financial Statements
1. Basis of preparation
The Interim Financial Statements of the Group have been prepared in accordance
with the recognition and measurement requirements of UK accounting standards,
including Financial Reporting Standard (FRS) 102, 'The Financial Reporting
Standard applicable in the United Kingdom and the Republic of Ireland' and FRS
103, 'Insurance Contracts'.
The accounting policies applied in the Interim Financial Statements are the
same as those applied in the Group's 2024 ARA. The full UK GAAP accounting
policies can be found in the Group's 2024 ARA on the Royal London website
(royallondon.com/siteassets/site-docs/about-us/annual-reports/annual-report-and-accounts-2024-rl.pdf
(https://royallondon.com/siteassets/site-docs/about-us/annual-reports/annual-report-and-accounts-2024-rl.pdf)
).
The reporting rules applicable for the Group do not require compliance with
the requirements of FRS 104 'Interim Financial Reporting' and these Interim
Financial Statements have not been prepared in compliance with the disclosure
requirements of that standard. The Interim Results Announcement for the period
ended 30 June 2025 does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. The comparative results for the full
year 2024 have been taken from the Group's 2024 ARA unless stated otherwise.
The Group's 2024 ARA has been reported on by the Group's auditor and filed
with the Registrar of Companies. The report of the auditor was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The Interim Financial Statements have been prepared on a going concern basis
under the historical cost convention, as modified by the inclusion of certain
assets and liabilities at fair value as permitted or required by FRS 102.
The Group regularly performs sensitivities and stress testing on a range of
severe but plausible scenarios. Stress testing has been performed on the
capital position for severe adverse economic and demographic impacts arising
over the short to medium term, and on the liquidity position for severe
adverse economic impacts over the short term. The most adverse scenarios
contain severe but plausible assumptions including adverse economic and
insurance risk impacts, prolonged effects from cost-of-living pressures and
subdued financial markets, significant third-party failure and the effects of
climate change on economic and insurance risks. There are a range of
management actions, both in the RL Main Fund and the closed RL (CIS) Fund,
available to the directors in stress scenarios which could be considered if
there were a deterioration in the capital and/or liquidity position of the
Group, to restore the position to within risk appetite.
Sufficient liquidity is available to settle liabilities as they fall due and
the capital and liquidity positions remain sufficient to cover capital
requirements and liquidity requirements respectively in all scenarios tested.
Having considered these matters and after making appropriate enquiries, the
directors are satisfied that the Group has adequate resources to continue to
operate as a going concern for a period of at least 12 months from the date of
approval of the Interim Financial Statements. For this reason, they consider
it appropriate to continue to adopt the going concern basis in preparing the
Interim Financial Statements. The directors have also concluded that there are
no material uncertainties over the Group's ability to adopt the going concern
basis of accounting.
2. Segmental information
Operating segments
The operating segments reflect the level within the Group at which key
strategic and resource allocation decisions are made and the way in which
operating performance is reported internally to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been
identified as the Company's Board of Directors.
The activities of each operating segment are described below.
UK
The UK business provides propositions to customers, employers and pension
scheme trustees, primarily through intermediaries. Products offered include
workplace and individual pensions, as well as protection products, later life
offerings and bulk purchase annuities to pension schemes via the scheme
trustees.
Asset Management
The Asset Management business provides investment propositions to Royal
London's life and pensions customers and to external institutional and
wholesale clients, primarily through intermediaries.
Ireland
The Ireland business provides propositions to customers through brokers.
Products offered include individual pensions and protection products.
Operating profit before tax
A key measure used by the Company's Board of Directors to monitor performance
is operating profit before tax, which is classed as an APM. The Company's
Board of Directors considers that this facilitates comparison of the Group's
performance over reporting periods as it provides a measure of the underlying
trading of the Group.
Operating profit excludes short-term investment return variances. Expected
return therefore represents the longer-term investment return expected to be
generated by the net assets of the Royal London Main Fund based on our opening
economic assumptions applied to assets held at the start of the year. Any
differences between the expected and actual investment return are shown
outside of operating profit within Economic movements.
The operating profit by operating segment is shown in the following table.
Group
Six months ended 30 June 2025 (unaudited)
UK Asset Ireland Total
£m Management £m £m
£m
Long-term business
New business contribution 128 - 9 137
Existing business contribution 148 - 1 149
Contribution from AUM and other businesses 1 30 - 31
Business development costs (20) (9) - (29)
Strategic development costs (29) - (1) (30)
Amortisation of intangibles (5) (3) - (8)
Result from operating segments 223 18 9 250
Corporate items (41)
Financing costs (43)
Group operating profit before tax 166
Group
Six months ended 30 June 2024 (unaudited)
UK Asset Ireland Total
£m Management £m £m
£m
Long-term business
New business contribution 97 - 6 103
Existing business contribution 138 - 3 141
Contribution from AUM and other businesses (3) 52 - 49
Business development costs (15) (7) - (22)
Strategic development costs (29) (6) (4) (39)
Amortisation of intangibles (5) (3) - (8)
Result from operating segments 183 36 5 224
Corporate items (37)
Financing costs (43)
Group operating profit before tax 144
Group
Year ended 31 December 2024
UK Asset Ireland Total
£m Management £m £m
£m
Long-term business
New business contribution 196 - 13 209
Existing business contribution 287 - 2 289
Contribution from AUM and other businesses (8) 89 - 81
Business development costs (38) (16) - (54)
Strategic development costs (58) (8) (5) (71)
Amortisation of intangibles (11) (6) - (17)
Result from operating segments 368 59 10 437
Corporate items (73)
Financing costs (87)
Group operating profit before tax 277
a (#_ftnref1) Royal London was the most frequently nominated preferred
pension provider in each of the last six editions of the Defaqto Pension
Service Review (2019-2024) and most frequently selected Personal Pension
Provider (published in February 2025).
b (#_ftnref2) Based on total 2022 premium income. International Cooperative
and Mutual Insurance Federation Global 500 Report, 2024.
c (#_ftnref3) The Royal London Customer Value Statement (CVS) model tracks
seven key pillars of importance across approximately 2,900 Royal London
customers twice a year: Communicate, Membership, Resolution, Be Personal, Pay
Out, Investment and Reputation. The results are reported by each factor and
through an overarching CVS weighted index that represents the percentage of
customers rating the company 9 or 10 out of 10 overall.
d (#_ftnref4) Consistent with previous periods, the AUM weighted measure is
calculated using a weighted average of active assets under management for
funds with a defined external benchmark. The equally weighted measure takes
the numbers of funds outperforming their benchmark divided by the total number
of in-scope funds.
e (#_ftnref5) Solvency II leverage ratio is the Solvency II value of the
Group's outstanding debt (which is entirely subordinated liabilities) divided
by the Group's Solvency II Own Funds (Regulatory View).
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