Royal London’s assets under management (AUM) rose to a record £212 billion in the first half of 2026, up £13bn from the end of the last financial year.
The life and pensions mutual posted a 13% increase in operating profit to sit at £187m, the first six months of the year boosted by increased contributions from the protection and workplace pensions packages.
Gross inflows stayed flat at £22.4bn, although there was a drop in net inflows from £4.1bn to £1.8bn.
Barry O’Dwyer, group chief executive, 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 profits, allowing us to continue investing in enhancing services for their benefit.”
The group paid out £392m in settling 98% of customers’ protection claims, while it said the number of active users of its app sits at 573,000, a rise of around 30%.
Legal & General
Pensions and life insurance company Legal & General (L&G) reported an increased operating profit of £918m for the first half of 2016.
Profits rose by 7%, while the interim dividend is up 2% at 6.24p per share.
CEO António Simões said the FTSE 100 firm had completed around £450m of its £1.2bn share buyback.
Fee-related earnings rose 37%, which was a “highlight” of the first-half performance, according to Mr Simões.
In asset management, private markets made up £79bn of the £1.2tn global AUM, an increase of 22%.
Commenting on the figures, Mr Simões said: “We are making good progress in becoming a simpler, more focused L&G. We are on track to meet or exceed our strategic targets.
“Core operating profit grew 7%, core operating EPS increased 11%, and we have completed c.£450m of our £1.2bn buyback programme.
“We have improved dividend cover by earnings and capital generation. We are pleased to confirm a 2% interim dividend increase as we continue to deliver strong and sustainable shareholder returns.
“The highlight of the first half was the performance in Asset Management, with fee-related earnings increasing 37%, supported by record Annualised Net New Revenue and a reduced cost-income ratio of 71%.”
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