Royal London Asset Management had a bumper first half experiencing a 357% rise in net inflows.
The business recorded net inflows of £2.1 billion over the six months to 30 June, compared to £467 million over the same period in 2016.
This was a result of £5.1 billion in gross inflows over the period, majority, some £3.1 billion, from institutional markets, offset by £3 billion outflows.
Funds under management for the business reached £106 billion during the period, up from £100 billion at 31 December 2016.
The company said market conditions were more stable in the first half of the year compared to 2016 and funds, especially its short duration bond funds, UK equity and sustainable strategies, performed well.
Over the period the business unveiled two new funds, the Emerging Markets Equity Tracker and the Multi Asset Credit fund.
At group level, Royal London had an EEV operating profit before tax of £185 million, up 34% year-on-year. This was attributed mainly to strong new business profit of £149 million in pensions, consumer and Royal London Asset Management.
Phil Loney (pictured), group chief executive, said: ‘Our market position reflects our strategy of delivering high-quality products and service. We continue to invest in our capabilities to increase value for money for customers and to make it easier for their advisers to do business with us.’
Commenting on the group’s decision to have its EU base in Ireland, he added: ‘During the first half of 2017 Article 50 was triggered and the process commenced for the UK to leave the European Union (EU). We are in the process of domiciling a subsidiary in Ireland to enable our business in the Republic of Ireland to continue to trade and to mitigate any uncertainty. We expect to maintain strong capitalisation and profitability as the UK leaves the EU.’