Royal London Ireland boosts sales to €238m

Pension business Royal London Ireland boosted sales by more than 10 per cent last year to €238 million, new figures show.

The Irish subsidiary of British mutual Royal London launched its first personal retirement bonds and approved retirement funds, which allow individuals to manage their own pensions, in September last year.

The business said at the weekend that it boosted sales last year by more than 10 per cent to €238 million from €216 million in 2021.

Royal London Ireland sells its pensions through financial brokers. The company has more than 30 per cent of this market, maintaining what it says is a leading position.

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Noel Freeley, chief executive at Royal London Ireland, said the results were a testament to the company’s reputation with financial brokers.

“We’re now in a position where we are market leader for broker protection products so we’re building from a great platform as we continue to grow and innovate,” he added.

“Our focus on service has been key to this growth and we have proudly won the award for service excellence for the past five years,” Mr Freeley noted.

The Royal London Mutual Insurance Society Ltd is Britain’s biggest mutual life, pensions and investment company.