City of Sabela Ojea
Royal London Mutual Insurance Society Ltd. on Friday reported a swing to pretax loss for the first half of the year on falls in equity and bond markets.
The largest mutual insurer in the UK posted a pretax loss of 228 million pounds ($277.2 million) compared with a profit of GBP228 million for the same period a year earlier.
The insurer also posted an operating pretax profit of GBP109 million from GBP80 million, it added.
Total income fell to GBP2.15 billion from GBP4.76 billion a year earlier, the company said. Assets under management declined to GBP150 billion from GBP164 billion as of Dec. 31, with net inflows offset by negative market movements, it said.
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