Royal London said its assets under management (AUM) hit a record of £130 billion in the first half of the year “due to market growth of £10.5bn and net inflows of £5.5bn.”

The mutual said however that its first-half new business sales were 4% lower at £5.8 billion, partly due to less defined benefit pension transfer activity.

Royal London said first-half IFRS profit before tax soared 116% to £411 million “due to strong market performance for equities and debt securities.”

Royal London is the UK’s largest mutual life, pensions and investment company which employs more than 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.

In June, Royal London announced that former Standard Life Aberdeen executive Barry O’Dwyer was appointed its new group chief executive.

Royal London chairman Kevin Parry said: “First half trading was robust. RLAM won new mandates on the back of strong investment performance across asset classes.

“New business in pensions was marginally lower reflecting the industry-wide reduction in defined benefit transfers, offset by higher workplace sales.

“Consumer and protection traded in line with expectations, making excellent progress in the Irish market.

“Royal London is well prepared for Brexit and will continue to monitor carefully any developments that might affect our business and customers.

“We will keep customers informed of significant developments relevant to their policies.

“We continue to maintain a robust capital foundation to allow us to invest in our future core products and propositions whilst also innovating to deliver better outcomes for customers in underserved markets.

“The board looks forward to welcoming Barry O’Dwyer as group chief executive on 23 September 2019.”