"Advisers are recommending a range of retirement income strategies for their clients and this has consistently generated rising levels of new business for Royal London."
Total intermediary new life and pensions business is up by 28% to £6.1bn and intermediary protection rose by 22% to £440m.
Group Pensions increased by 50% to £2.9bn and individual pensions and drawdown rose by 11% to £2.7bn.
The funds managed by the Group have reached the milestone of £100bn for the first time with total Group funds under management of £101bn at 30 September 2016, up 20%.
Phil Loney, Group Chief Executive of Royal London, said: “Increasingly individual pensions and drawdown should be regarded as a single sector because, following introduction of Pension Freedoms, the line between pension accumulation and the drawdown phase has blurred. Advisers are recommending a range of retirement income strategies for their clients and this has consistently generated rising levels of new business for Royal London.
"The third quarter saw record sales for our intermediary protection business and the response from the market for our products and service remains extremely positive. The newly rebranded Whole of Life product has been very well received.
“The combination of new businesses inflows in our asset management and pensions business and rising asset values, means that Royal London for the first time has more than £100bn in funds under management. Institutional sales have been particularly strong and wholesale business has held up well through the volatility stemming from the UK referendum on EU membership.
“Reaching this significant funds under management milestone reflects growth by acquisition and organically, as well as the expanded fund range developed by our asset management arm over the past five years. At the end of December 2011 funds under management were £46.2bn. The impressive growth demonstrates the commitment to growing institutional and wholesale assets through innovation in the credit and multi asset capabilities as well as the success of our award–winning pensions range for individual and workplace pensions.”
