The results – published this morning (5 August) – revealed a 19% increase in the firm’s life and new pension sales, to £5,494m compared to £4,620m in the same period the year prior.
The firm said this was driven by a rise in workplace sales along with the “strength of investment offering”.
The increase over the first half of the year brings the total number of UK pension policies to more than 3.1 million.
The results also showed Royal London paid out £304m in protection claims in the six months to 30 June 2022, which supported around 40,000 customers.
Additionally, the firm’s operating profit before tax in the first six months of the year reached £109m, compared to £80m in the same period last year. Royal London said this was “driven by a higher contribution from new business sales and lower corporate costs”.
The firm said the investment performance of actively managed funds over the last three years “remains strong in difficult market conditions”.
Group chief executive Barry O’Dwyer said: “Recent market turmoil means that investors look to their independent financial advisers for reassurance and these advisers, in turn, look to providers they can rely on.
“The trust advisers have in Royal London comes from a consistent track record of transparent investment governance, excellent returns, market-leading service and a mutual mindset focused on delivering for customers, not shareholders.
“As a result, we have seen strong growth in new business sales, helping to deliver a 36% increase in operating profit over the first half of the year.”
He continued: “As the increased cost of living continues to create uncertainty, building customers’ financial resilience remains at the forefront of our priorities.
“We are committed to supporting our members and customers to make the right, informed choices to protect their standard of living now and over the long term.”