The Irish branch of UK-based pension company, Royal London, reported a record-breaking £230 million (€270 million) in new business sales in the previous year, as revealed by their parent company’s financial report. Royal London Ireland’s success story last year, was confirmed in the year-end results released on Friday.
Despite a contracting mortgage sector, the company secured an impressive £230 million in sales, which ensured they kept a firm hold on their status as a prime player in the Irish broker protection market. Royal London’s pension division in Ireland, established in September 2022, witnessed a consistent growth throughout 2023.
The company maintained its £5 million operating profit, mirroring the previous year’s figures, underscoring their commitment to expanding their pension services. In 2023, Royal London executed a nationwide Irish media push, utilising TV, online platforms, on-demand streaming services and paid social media to promote their longstanding heritage of providing excellent products and urging viewers to engage with financial brokers.
Royal London asserted that the Irish broker protection market saw growth in 2023, with brokers persisting as the dominant distribution route in the Irish sector. The company experienced a downturn in the mortgage market due to rising interest rates, leading to a decrease in mortgage protection products. Nonetheless, other protection product sales growth offset any losses.
Royal London’s statement also revealed that 98% of claims were paid out, amounting to £49 million, benefiting customers and their relations across its Irish protection business. New pension sales reached £51 million during the year.
Looking forward, the company stated its dedication to maximising customer satisfaction through extensive offerings and supporting the broker market. Plans are underway to further expand their pensions offering and to consistently develop their presence in this market.
Royal London Ireland remains committed to offering top-tier protection products and continuing the high-quality service that brokers and customers have come to associate with the brand.
Royal London’s Irish branch, a subsidiary of the UK’s largest mutual life, pensions, and investment enterprise, unveiled its inaugural personal retirement bonds and approved retirement funds in September 2022, presenting individuals with the option to control their own pensions. With a rich company lineage that traces back nearly two centuries, Royal London Ireland can be traced back to the establishment of the Caledonian Insurance Company’s first operation site on Dame Street, Dublin, in 1824. Its current headquarters are situated on St Stephen’s Green.
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