However, the firm’s investment returns ended the year 1% below the firm’s benchmark of 14.8%.
This was because: “our investment strategies at the beginning of 2016 were based on rising interest rates and a slow performance for the FTSE 100. The vote to exit the EU meant that investment markets took a very different course”.
Returns were however up 4.1% on 2015, which was “good in absolute terms” the firm said, standing at 13.8% by the 31 December 2016.
The Ascentric wrap platform, of which Royal London is a majority shareholder, increased the number of assets held under administration by 22% last year, the firm’s results add, and stood at £12.3bn by the end of 2016.
While assets were up from previous rate of £10.1bn, overall sales at the wrap platform were down from £2.5bn in 2015, to £2.3bn in 2016.
