Royal London said on Friday its assets under management increased about 11% to a record high of £164 billion due to positive market movements and increased net flows.

The mutual said its profit before tax rose 46% to £192 million and its ProfitShare for 1.8 million eligible customers increased 15.8% to £169 million.

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

Royal London CEO Barry O’Dwyer said: “2021 was a good year for Royal London. Sales and profits are both up on last year. 

“We have maintained very strong flows into our asset management business, helping assets to hit record levels. 

“Our Governed Range remains a hugely popular choice amongst independent financial advisers and this range alone accounts for over £50bn of our customers’ investments. 

“The action we have taken to reduce the carbon intensity of the equity investments in this range shows that a well-run portfolio can generate excellent returns in a responsible way.”

 Royal London chairman Kevin Parry said: “We are committed to our mutual status and are strong advocates of the role mutuals play in financial services.

“This year we will share £169m with 1.8 million eligible customers.

“Since we introduced ProfitShare in 2007, Royal London has returned more than £1.2bn, which is only possible because we are a mutual.

“In the last 10 days, the conflict in Ukraine has significantly increased the human and socio-economic risks in Europe and the World.

“We are closely monitoring all developments and have made an emergency charitable donation of £250,000 to the British Red Cross Ukraine Crisis Appeal that is providing humanitarian relief in Ukraine.”