Life and pensions mutual Royal London today said it had seen robust trading in the first half of the year despite a dip in new business sales.
The group, which is a major employer in Scotland, saw profit before tax more than double to £411 million thanks to a strong market performance for equities and debt securities.
Net inflows rose 31% higher at £5.5 billion and assets under management hit a record £130 billion.
However, new business sales came in 4% lower at £5.8 billion, blamed on factors including the industry-wide reduction in defined benefit transfers.
Chairman Kevin Parry said the group, which employs around 1,400 in Edinburgh and Glasgow, is well prepared for Brexit.
“We continue to maintain a robust capital foundation to allow us to invest in our future core products and propositions whilst also innovating to deliver better outcomes for customers in underserved markets.”
Standard Life veteran Barry O’Dwyer is due to join the firm as chief executive on 23 September. He began his career at Standard Life after qualifying as an actuary. He later joined HBOS and then Prudential before returning to Standard Life in 2013.
In 2017, O’Dwyer became chief executive of pensions and savings and joined the board of Standard Life. Following the group's merger with Aberdeen Asset Management and the sale of Standard Life Assurance to Phoenix Group, he became head of Standard Life Aberdeen’s UK business.
