Royal London Mutual Insurance Society Swung to 1H Pretax Loss on Negative Market Movements

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.

Write to Sabela Ojea at; @sabelaojeaguix

Leave a Comment