Zarah ChoudharyRoyal London reported a 19% increase in workplace pensions new business sales in 2024, driven by a rise in employer scheme sign-ups.
The company added 966 new workplace pension schemes and 240,000 new scheme members.
Digital service changes, including a contribution guidance tool and pension consolidation enhancements, contributed to a 39% increase in workplace pension transfers.
The Governed Range fund had net inflows of £3.2bn, with assets under management increasing to £72bn from £61bn the previous year.
Total assets under management reached £173bn, up from £162bn in 2023.
Royal London has introduced a new online service for financial advisers, incorporating an updated ‘quote and apply’ function.
Customer Value Statement scores increased by three percentage points over the year and 11 percentage points since 2020.
The company allocated £2.8m to social impact initiatives, including donations to Cancer Research UK and Turn2us.
It also made a natural capital asset purchase, acquiring a large UK farmland asset, and expanded its UK Living strategy with the purchase of 500 apartments in the Thames Valley.
Barry O’Dwyer, group chief executive officer at Royal London, commented: “Royal London is customer-owned and is run for the benefit of customers, not shareholders.
“We share our profits with eligible customers and our ProfitShare scheme will distribute £181m to 2.3 million customers in April.
“This was underpinned by the business delivering an 11% increase in operating profit to £277m in 2024.
“Our customer focus means we continually enhance our offerings and digital services to help customers build their financial resilience, often partnering with independent financial advisers.
“We have recently launched an innovative new online application process for individual pensions business, making it substantially easier for advisers to work with us.
“Our customer-first approach also appeals to employers wanting to pick the best possible offering and, in 2024, nearly 1,000 employers chose to establish a Royal London Workplace Pension scheme, very often moving from a shareholder-owned competitor.
“2024 also saw Royal London enter the bulk purchase annuity market, giving trustees the option of choosing the only customer-owned provider in this market.”
