Scottish Widows grew its workplace pensions assets under administration by 17% to £108 billion in 2024.

The business is part of Lloyds Banking Group, which published its 2024 full year results on Thursday.

Widows also disclosed that it now has more than one million digitally registered customers, with over 400,000 on its relaunched app.

Growth in 2024 was helped by a 9% increase in regular contributions, as the firm continues to champion pension engagement.

Scottish Widows said it is now the UK’s second biggest defined contribution workplace provider, and a top three individual annuities provider with annualised annuity payments of over £900 million.

Underlying profit across Lloyds’ Insurance, Pensions and Investments division increased 16% to £220 million after the recent sale of its bulk annuities business.

“2024 also saw the successful launch of a refreshed independent financial advisor protection proposition, including the launch of income protection, driving significant new business with applications up 50 per cent in second half of the year,” said Scottish Widows.

With a total of £232bn assets under administration and over 10 million customers, Scottish Widows’ product range includes workplace and individual pensions, annuities, life cover, critical illness and income protection, as well as savings and investment products.

Chira Barua, Chief Executive of Scottish Widows and Lloyds’ Insurance, Pensions and Investment business, said: “2024 was a year of innovation and growth for Scottish Widows. We’re harnessing the power of the broader Lloyds Banking Group, the UK’s only integrated financial services provider, to deliver great experience, products and services for our customers and the advisers who help them navigate their financial futures.

“We’ve delivered top three positions in workplace and individual annuities with robust plans to grow our intermediary wealth and protection market share. Underlying profit is up 16% as we make rapid progress on our ambitious transformation program.”