Royal London has seen its protection sales soar 66.7% in the first half of the year following income protection product updates and continued momentum in its high net-worth business.
It also noted a favourable product mix which continued to increase new business margin to 10.3%, up from 6.7% in H1 2025.
The mutual completed £50m of new business in the first six months of the year – up from £30m in the previous year, according to interim results.
On a present value of new business premiums (PVNBP) terms, protection sales rose 6% to £483m, amid continued strong demand for whole-of-life term products which the mutual attributed to heightened customer focus on estate planning and wealth transfer.
The period saw the mutual add 545 occupations and reduce and increase rates across its income protection (IP) product as part of several changes to the product proposition.
It also refreshed its anniversary emails to protection customers.
In Ireland, protection sales inched up to £10m from £9m in the first half of last year, while on PVNBP terms sales were maintained at £94m.
New business margin decreased to 3.4% from 3.8% over the same period which the mutual said reflected growth in its pensions product within the overall sales mix.
Profits up
Group adjusted operating profit increased by 13% to £187m from £166m, supported by higher contributions from the protection and workplace pensions propositions and asset management business.
It also highlighted the role of its profit sharing with members.
Barry O’Dwyer, group chief executive officer at Royal London, (pictured) said: “As a customer-owned business, when we do well, our customers share in that success.
“In April, we distributed £199m to 2.4 million eligible customers, including new ISA customers, taking the total we’ve shared since 2007 to over £2bn – a clear demonstration of the value that mutuality can deliver.
“Our workplace pensions business continued to grow in the first half of 2026, as more customers chose to bring their pensions together with Royal London.
“We also launched our targeted support ISA service, making it easier for people to access the recommendations they need when making savings decisions.
“Our ongoing focus on delivering long-term value for customers helped to deliver a 13% increase in operating profit, allowing us to continue investing in enhancing services for their benefit.
“Built on our strong relationships with advisers and employers, our strategy positions us well to deliver for customers now and into the future,“ he added.
