Royal London Ireland delivers record new business sales

• Present Value of New Business Premiums: €238m (2021: €216m)
• Number one position in the Irish intermediated (broker) protection market achieved, with 30.2% market share1
• Expanded business with a compelling and customer-focused new pension proposition

Royal London Ireland, one of the leading life insurance and pensions companies in Ireland and a subsidiary of UK-based mutual, Royal London¹, has today announced its 2022 annual results.

Building on its continued growth over the past 10 years, in 2022 Royal London Ireland recorded life and pension sales of €238m (2021: €216m), as well as holding a 30.2%² share of the Irish intermediated protection market, maintaining its market leading position.

In addition, building on its strong brand and reputation with Financial Brokers, Royal London Ireland entered the individual pension market in September 2022, launching a Personal Retirement Bond (PRB) and an Approved Retirement Fund (ARF). It now offers customers access to its investment fund range and services.

Commenting on the results, Noel Freeley, CEO of Royal London Ireland, said:

“We are firm believers in the value of advice and that impartial financial advice is key to customers achieving the best outcomes. That’s why our products are only available through Financial Brokers. Royal London Ireland’s 2022 results are testament to the strength of our reputation within the financial broker community for delivering excellent service and great value.

“We continue to innovate, enhance, and widen our product range to ensure we meet consumers’ evolving needs. We added improvements to our Income Protection and Specified Serious Illness protection policies during the year, without any cost increase for customers. And to help more people build financial resilience into retirement, we launched our new pensions proposition, which followed extensive consultation with brokers and consumers.

“We have been delighted with the initial response to what has been the first life assurance provider to enter the Irish pensions market in more than 30 years, and we look forward to supporting even more customers with their financial planning. 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. Our focus on service has been key to this growth and we have proudly won the award for Service Excellence³ for the past five years.”

The pensions proposition also includes ValueShare, a unique feature that is exclusive to Royal London Ireland pension customers.

Noel added, “In addition to providing products developed with customers in mind, supported by excellent funds and service, we also offer eligible pension customers ValueShare.

“ValueShare offers an additional policy value percentage savings boost that may be added to eligible customers’ fund returns, allowing them to share in Royal London Ireland’s success⁴.  Our ability to share our success with customers is possible because we are owned by a mutual and adopt a mutual mindset.

“We made our first ValueShare award last month, with all eligible Personal Retirement Bond and an Approved Retirement Fund customers receiving a boost to their policy values. In the UK, a similar feature, ProfitShare, has awarded over £1.5bn in total to eligible customers since it was established in 2007.”