Royal London's AE business grows 50%
Royal London has seen its auto-enrolment (AE) pensions business grow by 50% in the past year.
New AE sales went from £1.9bn as at 30 September 2015 to £2.9bn as of 30 September 2016, according to its latest results.
The expansion is based on combination of companies that had just staged and companies with around 200 employees that had switched provider.
Head of corporate affairs Gareth Evans said: "We have seen an increasing trend of businesses changing their providers. Some people are disaffected with their existing arrangements and are looking for providers which would be more suitable for them."
Other parts of the business which grew included individual pensions and drawdown up by 11% to £2.7bn compared to £2.4bn as at 30 September 2015.
The number of funds managed by the group also hit £100bn for the first time with total group funds under management of £101bn by 30 September 2016.
Royal London group chief executive Phil Loney (pictured) said this was down to a combination of new businesses inflows in its asset management and pensions business and rising asset values.
"Institutional sales have been particularly strong and wholesale business has held up well through the volatility stemming from the UK referendum on European Union membership," he added.
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