Scottish Life maintains record form

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Scottish Life continued to pull in record levels of new business last year, despite “very challenging” conditions.

The pensions arm of Royal London added £2.26 billion of business in 2011, up 4 per cent on the year before and a third successive record high. Royal London, which employs 1,300 people in Edinburgh, also includes the Bright Grey and Scottish Provident protection businesses.

Chief executive Phil Loney said all of the group’s businesses had performed well, despite the impact of austerity measures and a difficult economic backdrop.

“Our plans assume that market conditions will remain uncertain and difficult in 2012, but we remain focused on delivering good performance, in terms of both new business and financial results,” he added.

Royal London’s total new life and pensions business increased 6 per cent to £3.3bn. Its overseas division delivered 21 per cent growth, with international single premium bonds and savings products among the best sellers.

Bright Grey and Scottish Provident benefited from high profile marketing campaigns as the company established a single sales force for the two brands. New business was up 17 per cent.