Mutually-owned Royal London, the life insurance, pensions and investment company, has announced its 2025 results showing assets under management increased to a record £199 billion, including £6 billion via the recent acquisition of infrastructure asset manager Dalmore Capital.

The Royal London group employs more than 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.

Group adjusted operating profit grew 18% to £327 million. The group said life and pensions new business sales were up 13% to £12.2 billion.

Royal London said it will share £199 million with eligible customers through its ProfitShare scheme, bringing the total shared since 2007 to over £2 billion.

Gross inflows rose to £42.5 billion, with net inflows of £4.1 billion, boosted by flows into liquidity funds and a new £4.6 billionn multi asset mandate with St. James’s Place.

Royal London said its flagship Governed Range, where most of its pensions customers are invested, attracted net inflows of £2.6 billion (2024: £3.2bn), with assets under management in the business reaching £83 billion (2024: £72 billion).

Protection new business sales rose 17% to £991 million. The group’s Bulk Purchase Annuity (BPA) buy-in business performed strongly in its first full year of trading, with 18 completed transactions and £1.3 billion of premiums.

Royal London Group CEO Barry O’Dwyer said: “We recorded another strong performance in 2025 with operating profit up 18%, reflecting the positive momentum across our business. This was supported by our first full year in the bulk purchase annuities market, where we secured a series of key transactions as trustees and advisers valued the stability and long-term commitment that a mutual can offer.

“Workplace Pensions are core to our business, providing 2.2 million customers with access to our flagship Governed Range investment portfolios. Our continued success and long-term focus as a mutual on customers are enabling us to invest £100m over the next three years to enhance our Workplace Pensions offer, allowing us to support an increasing number of employees with their retirement savings.

“We’re owned by our customers and, when we do well, they share in our success. In April, we will share £199m with eligible customers through ProfitShare, bringing the total shared since 2007 to over £2bn – a tangible demonstration of mutuality in action.

“We continue to focus on helping customers to make informed choices to build lasting financial resilience. In 2025, we saw an increasing number of advisers choosing Royal London to meet customers’ protection needs and we broadened our savings offering for our Individual and Workplace Pensions customers with the launch of our new Stocks and Shares ISA, which, like our pensions, qualifies for ProfitShare.”