Royal London

Royal London has signed a deal agreeing terms for the potential takeover of Royal Liver.

Lloyds Banking Group managing director Phil Loney has been appointed group chief executive of Royal London.

Total life and pensions new business across Royal London increased 26% to £2.3bn in the nine months to the end of September.

Royal London Group lost £2m in the first half of 2010, compared with an £18m profit last year.

Scottish Life, the pensions division of Royal London, has seen new business increase by 62% to £1.1bn in the six months ending June 30.

Even more industry figures have backed the call for the new coalition government to form a steering group to set out the terms for a permanent pensions commission.